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Afcons Infrastructure Limited
(AFCONS)
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Rating:44Neutral
Price Target:
₹235.00
▼(-17.82% Downside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by weakened financial performance—especially worsening negative operating/free cash flow and a sharp drop in profits—alongside rising debt. Technicals add caution as the price is below key longer-term moving averages with negative MACD. Valuation further constrains the score due to a high P/E and low dividend yield.
Positive Factors
Complex infrastructure execution platform
The company operates across several technically complex infrastructure categories and provides integrated design, procurement and construction services. This breadth can support access to large projects and preserve strategic relevance as public- and private-sector infrastructure spending develops over the coming quarters.
Negative Factors
Persistent and worsening cash burn
Negative operating and free cash flow across both reported years indicate that accounting revenue is not converting into cash effectively. Continued cash burn can increase dependence on funding and working-capital support, limiting flexibility to absorb execution pressure or finance new projects internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Complex infrastructure execution platform
The company operates across several technically complex infrastructure categories and provides integrated design, procurement and construction services. This breadth can support access to large projects and preserve strategic relevance as public- and private-sector infrastructure spending develops over the coming quarters.
Read all positive factors
Afcons Infrastructure Limited (AFCONS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹88.95B
Dividend Yield0.83%
Average Volume (3M)229.79K
Price to Earnings (P/E)62.0
Beta (1Y)1.34
Revenue Growth-11.87%
EPS Growth-73.37%
CountryIN
Employees3,626
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)3.90
Shares Outstanding367,784,640
10 Day Avg. Volume70,703
30 Day Avg. Volume229,788
Financial Highlights & Ratios
PEG Ratio-0.82
Price to Book (P/B)1.83
Price to Sales (P/S)0.84
P/FCF Ratio-9.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹290.00Price Target Upside1.42% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)8.86
Revenue Forecast (FY)₹122.89B
Afcons Infrastructure Limited Business Overview & Revenue Model
Company Description
Afcons Infrastructure Ltd., along with its affiliated companies, operates in the infrastructure, engineering, and construction sectors across India and globally. The firm specializes in a diverse range of civil engineering projects, including mari...
How the Company Makes Money
AFCONS primarily makes money by executing infrastructure construction contracts awarded by government agencies, public-sector entities, and private developers. Its revenue model is project-based: income is recognized as work progresses on EPC/cons...
Afcons Infrastructure Limited Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 112.49B | 119.48B | 125.04B | 131.94B | 125.39B | 109.43B |
| Gross Profit | 28.34B | 21.51B | 39.68B | 38.88B | 34.87B | 28.28B |
| EBITDA | 12.82B | 15.14B | 16.62B | 15.83B | 13.74B | 10.69B |
| Net Income | 1.45B | 2.52B | 4.87B | 4.50B | 4.11B | 3.56B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 191.31B | 171.19B | 162.34B | 143.01B | 129.74B |
| Cash, Cash Equivalents and Short-Term Investments | 8.20B | 8.86B | 6.62B | 6.23B | 3.30B | 4.60B |
| Total Debt | 0.00 | 36.27B | 23.43B | 25.23B | 16.12B | 16.23B |
| Total Liabilities | -54.51B | 136.80B | 118.57B | 126.36B | 111.24B | 102.71B |
| Stockholders Equity | 54.51B | 54.50B | 52.61B | 35.96B | 31.76B | 27.12B |
Cash Flow | ||||||
| Free Cash Flow | -9.03B | -10.52B | -4.77B | -89.50M | 2.97B | 2.53B |
| Operating Cash Flow | -6.69B | -6.80B | -1.32B | 7.07B | 12.15B | 6.10B |
| Investing Cash Flow | -1.84B | -5.19B | -1.31B | -8.59B | -8.70B | -2.51B |
| Financing Cash Flow | 7.84B | 11.43B | 2.90B | 2.46B | -4.83B | -5.21B |
Afcons Infrastructure Limited Technical Analysis
Negative
285.95
Price Trends
268.34
Negative
287.78
Negative
307.16
Negative
Market Momentum
-8.96
Positive
33.17
Neutral
21.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AFCONS, the sentiment is Negative. The current price of 285.95 is above the 20-day moving average (MA) of 252.36, above the 50-day MA of 268.34, and below the 200-day MA of 307.16, indicating a bearish trend. The MACD of -8.96 indicates Positive momentum. The RSI at 33.17 is Neutral, neither overbought nor oversold. The STOCH value of 21.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AFCONS.
Afcons Infrastructure Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹76.20B | 7.50 | ― | 0.32% | 25.06% | -7.89% | |
62 Neutral | ₹5.09T | 28.41 | ― | 1.03% | 9.78% | 13.15% | |
56 Neutral | ₹78.54B | 11.23 | ― | 1.76% | -1.81% | -12.78% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹98.38B | 18.77 | ― | 1.82% | -9.92% | -21.60% | |
45 Neutral | ₹49.82B | 24.69 | ― | 1.34% | -20.64% | -12.46% | |
44 Neutral | ₹88.95B | 62.00 | ― | 0.83% | -11.87% | -73.37% |
* General Sector Average
IN:AFCONS
Afcons Infrastructure Limited
241.85
-218.45
-47.46%
IN:GRINFRA
G R Infraprojects Ltd.
787.50
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-37.64%
IN:HCC
Hindustan Construction Co. Ltd.
19.02
-9.25
-32.72%
IN:IRCON
IRCON International Ltd.
104.60
-66.82
-38.98%
IN:LT
Larsen & Toubro Limited
3,699.10
-34.78
-0.93%
IN:NCC
NCC Limited
125.10
-80.08
-39.03%
Afcons Infrastructure Limited Corporate Events
Afcons Infrastructure Schedules Investor and Analyst Meetings in Mumbai
Sep 18, 2026
Afcons Infrastructure Limited has informed stock exchanges that its officials will meet investors and analysts at PhillipCapital’s Bharat Maritime Renaissance Investor Conference 2026 in Mumbai on September 23, 2026. The interactions, which ...
Afcons wins ₹335.5 crore arbitration award against UPEIDA
Aug 24, 2026
Afcons Infrastructure Limited has secured an arbitral award of ₹335.50 crore in a dispute with the Uttar Pradesh Expressways Industrial Development Authority, comprising a principal amount of ₹152.25 crore and ₹183.25 crore in pr...
Afcons Infrastructure Aligns Dividend Payout With New Tax and SEBI Norms
Jul 14, 2026
Afcons Infrastructure Limited has recommended a dividend of Rs.2 per equity share for the financial year ended March 31, 2026, with payment proposed on or after July 30, 2026, following shareholder approval at the upcoming AGM. The company has cir...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.