Afcons Infrastructure Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Afcons reported Q4 revenues of INR3,387 Cr, down 11% YoY, while FY25 revenues declined 4.6% to INR13,023 Cr. EBITDA rose 5% to INR1,662 Cr (12.8% margin) and PAT increased 8% to INR487 Cr. Debt fell to INR2,285 Cr with a net debt-to-equity of 0.28x. Order book hit a record INR36,869 Cr, with INR10,600 Cr in L1 orders pending.

Slower project execution and payment delays in Jal Jeevan Mission and Bangladesh affected Q4, though payments are expected to normalize from Q1 FY26. International revenues formed 31% of turnover, with plans to grow in the Middle East. FY26 targets include 20-25% revenue growth and maintaining EBITDA margins above 11%, supported by strong order inflows and contract escalations. Management highlights prudent risk management, a robust bid pipeline (~INR3.2 lakh Cr), and confidence in ~15% long-term CAGR.