Afcons Infrastructure Q4 FY26: Net Loss of ₹89 Crore, Revenue Declines 18%
Afcons Infrastructure reported a net loss of ₹89 crore in Q4 FY26, with full-year revenue at ₹12,322 crore (down 5.4%). The company faced challenges from payment delays, geopolitical issues, and project disruptions. Order booking guidance for FY27 is ₹30,000 crore. CAPEX for FY27 is projected at ₹725 crore.
The announcement details a net loss, a decline in revenue, and addresses significant operational challenges, which are material to the company's financial health and investor sentiment.
The company reported its first-ever quarterly loss and a decline in revenue, significantly impacted by external factors and project-specific issues. While order booking guidance is positive, the immediate financial performance is negative.
Afcons Infrastructure Limited reported a net loss of ₹89 crore for the fourth quarter of FY26, a significant deviation from its historical performance. This marks the first loss since the company began publishing quarterly numbers in 2010.
For the full fiscal year FY26, revenue stood at ₹12,322 crore, a decline of 5.4% year-on-year. EBITDA for the year was ₹1,439 crore, with a healthy EBITDA margin of 11.7%. Profit after tax for the full year was ₹251 crore, which includes a one-time impact of ₹76 crore due to the implementation of the new Labor Code. Excluding this, PAT would be ₹327 crore.
The company cited several reasons for the poor performance, including slower-than-anticipated ordering activity, delays in project conversion, prolonged tender evaluation timelines, and execution disruptions. Liquidity constraints at the client level also affected execution momentum. Furthermore, geopolitical developments in overseas project regions and design-related changes in some projects contributed to the challenges.
Despite the setbacks, Afcons highlighted the commissioning of the HRRL crude oil terminal project and the operationalization of several metro and RRTS projects. The company also received recognition for its execution capabilities, being ranked 8th globally in the Marine Category by Engineering News Record USA.
In terms of future outlook, Afcons secured new orders worth ₹4,125 crore during FY26, excluding variation and change orders. The company has provided an order booking guidance of ₹30,000 crore for the current financial year (FY27). The company expects to book another ₹15,000 crore of orders in FY27, with approximately ₹15,000 crore of assured inflows including L1 positions already secured.
Regarding capital expenditure, Afcons incurred ₹1,069 crore in FY26, with ₹700 crore of this in the fourth quarter. For FY27, the company is looking at a CAPEX of around ₹725 crore.
The company also detailed a new provisioning matrix for receivables, which led to some extra provisioning in Q4 FY26. Specific one-time costs in Q4, including provisioning due to arbitration developments and extra costs on marine operations, amounted to approximately ₹260-265 crore.
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Afcons Infrastructure Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Afcons Infrastructure Limited. Read the original for the full detail.