AFCONS · Construction
Afcons Infrastructure Ltd. reported revenue of ₹2,614 cr for January to March 2026, −18.9% on the year and −12.2% on the quarter. Over the last four quarters revenue comes to ₹11,948 cr, −4.8% on the four before.
Operating profit (EBITDA) was ₹43.0 cr, a margin of 1.6%, −748 bps on the year and −1,213 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 1.6% to 13.8%). Operating costs grew −12.2%, faster than revenue at −18.9%, so operating profit grew less than sales.
The company swung to a net loss of ₹89.0 cr from a profit of ₹111 cr a year earlier, with earnings per share of −₹2.40. Profit before other income, one-offs and tax fell 1,260.0%, so 1,080 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹250 cr, −48.7% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹6.85 over the last four quarters, the stock at ₹243.92 trades at 35.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 1.6%, −748 bps on the year (−1,213 bps on the quarter).
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Expected for Capital goods and EPC: Quarters swing with the season or with project milestones here; read the year, not the quarter. Net loss −₹89.0 cr against a profit of ₹111 cr.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,334 cr | ₹3,126 cr | ₹3,636 cr | ₹3,154 cr | ₹2,960 cr | ₹3,211 cr | ₹3,223 cr | ₹3,370 cr | ₹2,988 cr | ₹2,976 cr | ₹2,614 cr | ₹2,671 cr |
| YoY | — | — | — | −1% | −11% | +3% | −11% | +7% | +1% | −7% | −19% | −21% |
| EBITDA margin | 10.0% | 12.0% | 9.8% | 11.2% | 11.6% | 11.3% | 9.1% | 12.9% | 11.0% | 13.8% | 1.6% | 9.4% |
| Other income, % of PBT | 63% | 31% | 84% | 44% | 68% | 61% | 89% | 27% | 76% | −22% | — | 110% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 35% | 39% | 30% | 32% | 29% | 26% | 40% | 25% | 30% | 21% | — | 40% |
| Net profit | ₹104 cr | ₹110 cr | ₹145 cr | ₹92.0 cr | ₹135 cr | ₹149 cr | ₹111 cr | ₹137 cr | ₹105 cr | ₹97.0 cr | −₹89.0 cr | ₹30.0 cr |
| YoY | — | — | — | +1% | +30% | +35% | −23% | +49% | −22% | −35% | −180% | −78% |
| Core profit YoY | — | — | — | −3% | +2% | −35% | −41% | +76% | −41% | +90% | −1,260% | −104% |
| EPS | ₹14.47 | ₹15.24 | ₹4.25 | ₹2.69 | ₹3.97 | ₹4.05 | ₹3.02 | ₹3.74 | ₹2.87 | ₹2.64 | −₹2.40 | ₹0.83 |
| Flags | 1 | 1 | 1 | ✓ | 2 | 2 | 1 | ✓ | 1 | ✓ | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Afcons Infrastructure Ltd. reported revenue of ₹2,614 cr (−18.9% on the year) and net profit of −₹89.0 cr (−180.2% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −1,260.0% on the year, against −180.2% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.