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Afcons reported a muted Q4FY25, with revenue declining 11.4% year-on-year to ₹3,223.3 crore. EBITDA margin slipped to 9.1% from 9.7% and profit after tax fell 23.5% to ₹110.9 crore.
Afcons Infrastructure is targeting a strong 20–25% revenue growth in FY26, bouncing back from a weak FY25, Managing Director Paramasivan Srinivasan told CNBC-TV18. “While our long-term CAGR has been about 15%, this year should see 20–25% growth over the previous year,” he said.
This growth optimism is backed by a robust order pipeline. Afcons has guided for ₹30,000–35,000 crore in total orders for FY26. This includes ₹10,600 crore worth of L1 (lowest bidder) jobs that are expected to convert in the April to June quarter (Q1FY26), and an additional ₹20,000–25,000 crore in fresh inflows.
FY25 was a strong year for order inflows, with the company booking ₹16,000 crore — one of the highest in its history. However, revenues declined 4.6% year-on-year, missing internal guidance. Srinivasan attributed the miss to external disruptions, including a ₹600 crore hit from stalled projects in Bangladesh and execution delays under the Jal Jeevan Mission due to payment issues. “Both these factors together led to the 4.6% drop. I must say, over the past 10 years, this is only the second time we have missed our internal guidance, the first being the COVID year,” he said.
The ₹10,600 crore L1 pipeline consists entirely of domestic projects, Srinivasan confirmed.
Meanwhile, Afcons is also in the race for a major infrastructure project in Dubai. The company, in consortium with a local partner, is bidding for a $5 billion EPC contract floated by Dubai Municipality. Afcons holds a 47% stake in the consortium. “We are currently bidding… the Dubai government has indicated Q3FY26, but I personally believe it will be in Q4,” Srinivasan said, adding that the outcome will not impact the FY26 guidance. If the bid is successful, it could add another ₹20,000 crore to Afcons’ order book.
Afcons reported a muted Q4FY25, with revenue declining 11.4% year-on-year to ₹3,223.3 crore. EBITDA margin slipped to 9.1% from 9.7% and profit after tax fell 23.5% to ₹110.9 crore.
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