Major Estimate Revision • May 25
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from ₹148.2b to ₹128.3b. EPS estimate fell from ₹16.27 to ₹11.24 per share. Net income forecast to grow 59% next year vs 24% growth forecast for Construction industry in India. Consensus price target down from ₹411 to ₹357. Share price fell 5.4% to ₹300 over the past week. Reported Earnings • May 19
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹6.82 (down from ₹13.24 in FY 2025). Revenue: ₹123.2b (down 1.8% from FY 2025). Net income: ₹2.52b (down 48% from FY 2025). Profit margin: 2.0% (down from 3.9% in FY 2025). Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Duyuru • May 14
Afcons Infrastructure Limited to Report Q4, 2026 Results on May 18, 2026 Afcons Infrastructure Limited announced that they will report Q4, 2026 results on May 18, 2026 Price Target Changed • Feb 14
Price target decreased by 9.8% to ₹425 Down from ₹471, the current price target is an average from 9 analysts. New target price is 28% above last closing price of ₹332. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₹14.42 for next year compared to ₹13.24 last year. Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹2.63 (down from ₹4.05 in 3Q 2025). Revenue: ₹30.3b (down 5.8% from 3Q 2025). Net income: ₹970.9m (down 35% from 3Q 2025). Profit margin: 3.2% (down from 4.6% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Duyuru • Feb 03
Afcons Infrastructure Limited to Report Q3, 2026 Results on Feb 10, 2026 Afcons Infrastructure Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 10, 2026 Price Target Changed • Nov 20
Price target decreased by 7.5% to ₹496 Down from ₹537, the current price target is an average from 6 analysts. New target price is 25% above last closing price of ₹399. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₹14.91 for next year compared to ₹13.24 last year. Major Estimate Revision • Nov 19
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₹149.2b to ₹136.0b. EPS estimate also fell from ₹17.09 per share to ₹15.23 per share. Net income forecast to grow 30% next year vs 20% growth forecast for Construction industry in India. Consensus price target down from ₹537 to ₹509. Share price fell 7.9% to ₹389 over the past week. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 14
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹2.85 (down from ₹3.98 in 2Q 2025). Revenue: ₹31.0b (up 4.8% from 2Q 2025). Net income: ₹1.05b (down 22% from 2Q 2025). Profit margin: 3.4% (down from 4.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Duyuru • Nov 05
Afcons Infrastructure Limited to Report Q2, 2026 Results on Nov 12, 2025 Afcons Infrastructure Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Duyuru • Sep 26
Afcons Infrastructure Announces Board Appointments Firoz Cyrus Mistry has become a member of the Afcons Infrastructure board, indicating a growing engagement of the next generation of the Shapoorji Pallonji family in the group's infrastructure and construction operations. Firoz, 29, has been appointed as a non-executive director. Additionally, veteran banker Santosh Balachandran Nayar has been appointed as an independent director on the Afcons board. Mistry is on the boards of SC Finance and Investments Pvt Ltd. and Cyrus Investments Pvt Ltd, and is a designated partner in CPM Nexgen Ventures LLP and Mistry Ventures LLP. Santosh Balachandran Nayar has over four decades of experience in project finance, banking, and insurance. He has held several senior leadership roles, such as Deputy Managing Director and Group Executive (Corporate Banking) at the State Bank of India, Managing Director and CEO at IFCI Limited, and Chairman and Managing Director at India Infrastructure Finance Company Limited.Nayar currently serves as an independent director on the boards of several companies in the power, finance, and infrastructure sectors. Last month, Pallon Mistry, 32, who was previously inducted on the board of the group holding company joined the board of Afcons. Reported Earnings • Aug 09
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ₹3.74 (up from ₹2.69 in 1Q 2025). Revenue: ₹34.2b (up 8.4% from 1Q 2025). Net income: ₹1.37b (up 50% from 1Q 2025). Profit margin: 4.0% (up from 2.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Duyuru • Aug 02
Afcons Infrastructure Limited to Report Q1, 2026 Results on Aug 08, 2025 Afcons Infrastructure Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jul 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹13.24 (up from ₹13.20 in FY 2024). Revenue: ₹125.5b (down 5.4% from FY 2024). Net income: ₹4.87b (up 8.2% from FY 2024). Profit margin: 3.9% (up from 3.4% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. New Risk • May 27
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹13.24 (up from ₹13.20 in FY 2024). Revenue: ₹130.2b (down 1.8% from FY 2024). Net income: ₹4.87b (up 8.2% from FY 2024). Profit margin: 3.7% (up from 3.4% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Duyuru • May 16
Afcons Infrastructure Limited to Report Fiscal Year 2025 Results on May 23, 2025 Afcons Infrastructure Limited announced that they will report fiscal year 2025 results on May 23, 2025 Buy Or Sell Opportunity • Mar 20
Now 21% overvalued Over the last 90 days, the stock has fallen 9.7% to ₹470. The fair value is estimated to be ₹389, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 64%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹4.05 (vs ₹2.09 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.05 (up from ₹2.09 in 3Q 2024). Revenue: ₹33.3b (down 1.4% from 3Q 2024). Net income: ₹1.49b (up 17% from 3Q 2024). Profit margin: 4.5% (up from 3.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Duyuru • Feb 07
Afcons Infrastructure Limited to Report Q3, 2025 Results on Feb 13, 2025 Afcons Infrastructure Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Recent Insider Transactions • Dec 14
Chairman recently bought ₹3.0m worth of stock On the 10th of December, Shapoor Mistry bought around 6k shares on-market at roughly ₹532 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Shapoor's only on-market trade for the last 12 months. Reported Earnings • Nov 24
Second quarter 2025 earnings released: EPS: ₹3.97 (vs ₹2.09 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.97 (up from ₹2.09 in 2Q 2024). Revenue: ₹30.9b (down 8.6% from 2Q 2024). Net income: ₹1.35b (up 6.4% from 2Q 2024). Profit margin: 4.4% (up from 3.8% in 2Q 2024). The increase in margin was driven by lower expenses. Duyuru • Nov 15
Afcons Infrastructure Limited to Report Q2, 2025 Results on Nov 23, 2024 Afcons Infrastructure Limited announced that they will report Q2, 2025 results on Nov 23, 2024 Board Change • Nov 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Atul Sobti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.