Afcons Infrastructure Falls 9% After Q4 Loss of Rs 88 Cr

Shares of Afcons Infrastructure Limited slid to a day low of Rs 289.80 on 19 May, after the company posted a net loss of Rs 88.4 crore for the fourth quarter of FY26. That compares to a profit of Rs 110.9 crore in the same period last year.

The numbers were hard to ignore. Revenue fell 18.9% year-on-year to Rs 2,613.8 crore. EBITDA dropped sharply to Rs 170 crore, with the margin compressing to 6.1% from 12.2% a year ago. To put it plainly, Afcons was winning work but struggling to make money from it.

The guidance picture was worse. At the start of FY26, the company had guided for 20-25% revenue growth. That was cut to 10% mid-year, then trimmed again to 5% in Q3. 

The actual outcome was a 5% decline. On order inflows, management had guided for Rs 20,000 crore. The year closed at Rs 4,125 crore. Not even close.

For the full year, consolidated PAT came in at Rs 251 crore, down 48.5% from Rs 487 crore in FY25. Borrowings rose to Rs 3,538 crore from Rs 2,235 crore a year ago, and operating cash flows stayed negative.

The order book stood at Rs 32,496 crore as of March 2026, with metro and elevated corridor projects making up 51.9% of the pipeline. 

The company completed key milestones during the year, including the Bangalore Silk Board metro stretch and two packages on the Delhi-Meerut Namo Bharat Corridor. 

The board also recommended a dividend of Rs 2 per equity share for FY26, subject to shareholder approval at the upcoming AGM.

At 10:21 am on NSE, shares of Afcons were trading at Rs 304.30, down 2.17% on the day. The stock is now down 22.25% year-to-date and 34.46% over the past year.

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