AFCONS IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 10,753 | 10,753–10,753 | 90.0% | — | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): Sr. No. Description of Main Activity Description of Business Activity % of Turnover of the…” AR p.85 · 31-MAR-26 · +2 DOC | ||||||||
| RELIANCEReliance Industries Ltd. | CONTRACT | 10,753 | 10,753–10,753 | 90.0% | CAPEX | FY26 | EST | 80% |
| “In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are plea…” ORDER p.1 · 02-JUL-25 · +2 DOC | ||||||||
| SBINState Bank of India | UNSTATED | 10,753 | 10,753–10,753 | 90.0% | CAPEX | FY25 | EST | 70% |
| “Foreign Currency loan: HSBC (ECB) 112.98 - LBBW Germany 31.75 - Total - Equipment loan 595.24 586.88 (ii) Other Loans and Advances from banks - Buyer’s Credit …” AR p.228 · 31-MAR-25 DOC | ||||||||
| ONGCOil & Natural Gas Corporation Ltd. | CONTRACT | 8,986 | 999–8,986 | 75.2% | — | FY26 | EST | 60% |
| “AFCONS GUNANUSA JOINT VENTURE (AGJV) AGJV had submitted claims to ONGC, arising on account of cost overruns due to change orders, in terms of the provisions of…” AR p.149 · 31-MAR-26 · +2 DOC | ||||||||
| SBINState Bank of India | UNSTATED | 4,056 | 4,056–4,056 | 34.0% | — | FY26 | EST | 70% |
| “Foreign Currency Loan: Buyers Credit Refer note 20.3 below Axis Bank 29.33 57.76 State Bank of India 35.05 5.91 HSBC Bank - 12.84 Cash credit facility and Book…” AR p.138 · 31-MAR-26 · +1 DOC | ||||||||
| ICICIBANKICICI Bank Ltd. | UNSTATED | 3,767 | 3,767–3,767 | 31.5% | — | FY26 | EST | 75% |
| “From banks: State Bank of India Refer note 20.3 below 420.00 300.00 IDBI Bank 85.00 60.00 Indian Bank 30.00 38.50 Export Import Bank of India 300.00 300.00 Uni…” AR p.138 · 31-MAR-26 DOC | ||||||||
| UNIONBANKUnion Bank of India | UNSTATED | 2,556 | 2,556–2,556 | 21.4% | — | FY26 | EST | 75% |
| “Rupee loan: ICICI Bank Refer note 14.1 (iii) 195.00 - SBM Bank - 66.67 Indian Bank 47.67 75.26 Export Import Bank of India 90.22 152.49 Punjab National Bank - …” AR p.135 · 31-MAR-26 · +1 DOC | ||||||||
| PNBPunjab National Bank | UNSTATED | 2,211 | 2,211–2,211 | 18.5% | — | FY26 | EST | 75% |
| “Rupee loan: ICICI Bank Refer note 14.1 (iii) 195.00 - SBM Bank - 66.67 Indian Bank 47.67 75.26 Export Import Bank of India 90.22 152.49 Punjab National Bank - …” AR p.135 · 31-MAR-26 · +1 DOC | ||||||||
| BANKBARODABank of Baroda | UNSTATED | 1,883 | 1,883–1,883 | 15.8% | — | FY26 | EST | 75% |
| “Rupee loan: ICICI Bank Refer note 14.1 (iii) 195.00 - SBM Bank - 66.67 Indian Bank 47.67 75.26 Export Import Bank of India 90.22 152.49 Punjab National Bank - …” AR p.135 · 31-MAR-26 · +1 DOC | ||||||||
| AXISBANKAxis Bank Ltd. | UNSTATED | 1,344 | 1,344–1,344 | 11.3% | — | FY26 | EST | 75% |
| “From banks: State Bank of India Refer note 20.3 below 420.00 300.00 IDBI Bank 85.00 60.00 Indian Bank 30.00 38.50 Export Import Bank of India 300.00 300.00 Uni…” AR p.138 · 31-MAR-26 · +1 DOC | ||||||||
| Authority. | CONTRACT | CT 2,086 | — | — | CAPEX | FY27 | EST | 85% |
| “” The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has awarded the contract, valued at approximately ₹2,086 crore (excluding GST), for t…” ORDER p.2 · 29-OCT-26 · +2 DOC | ||||||||
| Brihanmumbai Municipal Corporation | CONTRACT | CT 1,918 | — | — | CAPEX | FY27 | EST | 85% |
| “Date: 06.08.2026 Press Release Afcons receives LoA for ₹1,918-cr desalinated water tunnel project in Mumbai Manori-to-Mahavir Nagar tunnel critical to boost Mu…” ORDER p.2 · 06-AUG-26 DOC | ||||||||
| Uttar Pradesh | CONTRACT | — | — | — | CAPEX | FY27 | EST | 80% |
| “In addition, Afcons has received notice of award for a major contract from Uttar Pradesh Metro Rail Corporation (UPMRC) for the design and construction of a 6.…” ORDER p.2 · 29-OCT-26 · +2 DOC | ||||||||
| Deputy Commissioner | CONTRACT | — | — | — | CAPEX | FY25 | EST | 80% |
| “Subject : Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations Pursuant t…” ORDER p.1 · 08-JAN-25 DOC | ||||||||
| State Tax Officer | CONTRACT | — | — | — | CAPEX | FY25 | EST | 80% |
| “Subject : Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations Pursuant t…” ORDER p.1 · 11-DEC-24 DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Clean Mobility Development of infrastructure for metro rail systems, high-speed rail, bridges, embankments and related works Water Resilience Systems Implement…” AR p.21 · 31-MAR-26 · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| INDIANBIndian Bank | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| IDBIIDBI Bank Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| INDUSINDBKIndusInd Bank Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| IOBIndian Overseas Bank | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| MAHABANKBank of Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Santosh Nayar : Independent Director (DIN No. 02175871) (w.e.f. 25th September, 2025) BANKERS State Bank of India UCO Bank Punjab National Bank Axis Bank L…” AR p.27 · 31-MAR-26 · +1 DOC | ||||||||
| Financial Year | CONTRACT | CT 80,000 | — | — | — | FY26 | EST | 75% |
| “Export performance and net foreign exchange collaborations (Standalone Financials) Foreign Exchange Earnings and Outgo Financial Year (` in Crores) 2023-24 202…” AR p.40 · 31-MAR-26 · +2 DOC | ||||||||
| Parties | CONTRACT | CT 202 | — | — | — | FY26 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES All contracts / arrangements / transactions entered into by the Company during the year under rev…” AR p.48 · 31-MAR-26 · +2 DOC | ||||||||
| Authority. | CONTRACT | CT 39 | — | — | — | FY25 | EST | 75% |
| “(d) During the year under review, the following major works were completed: i. Rehabilitation & Improvement of Water Supply System in Zanzibar- LOT 2 at Tanzan…” AR p.59 · 31-MAR-25 · +2 DOC | ||||||||
| UCOBANKUCO Bank | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “From banks: State Bank of India Refer note 20.3 below 420.00 300.00 IDBI Bank 85.00 60.00 Indian Bank 30.00 38.50 Export Import Bank of India 300.00 300.00 Uni…” AR p.138 · 31-MAR-26 · +1 DOC | ||||||||
| Mumbai | CONTRACT | CT 270 | — | — | — | FY26 | EST | 75% |
| “The Company had executed project awarded by the Board of Trustees of the port of Mumbai (MbPT) for Modernization of the existing Marine Oil Terminal and berths…” AR p.150 · 31-MAR-26 · +2 DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Construction & Civil Engineering Engineering Procurement and Construction (EPC) company, delivering projects in the fields of Roads and Highways, Bridges, Mass…” AR p.136 · 31-MAR-25 DOC | ||||||||
| Vadhvan Port Project Limited | CONTRACT | CT 5,301 | — | — | CAPEX | FY27 | EST | 75% |
| “Date: 09.06.2026 Press Release Afcons awarded landmark Breakwater Project for Vadhvan Port Mumbai – Afcons Infrastructure Ltd is pleased to announce that it ha…” ORDER p.2 · 09-JUN-26 DOC | ||||||||
| Govt of India | CONTRACT | CT 1,085 | — | — | CAPEX | FY25 | EST | 75% |
| “Bagging/Receiving of orders/contracts Afcons Infrastructure Limited has informed the Exchange about Bagging/Receiving of orders/contracts from the Govt of Indi…” ANN · 03-JAN-25 · +2 DOC | ||||||||
| Ministry of Defence | CONTRACT | — | — | — | CAPEX | FY25 | EST | 75% |
| “Awarding of order(s)/contract(s) Afcons Infrastructure Limited has informed the Exchange about Awarding of order(s)/contract(s) please attached herewith the co…” ANN · 08-JAN-25 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and The Securities and Exchange Board of In…” AR p.53 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “OTHER FINANCIAL LIABILITIES (` in Crore) Particulars As at 31st March, 2026 As at 31st March, 2025 Current Non Current Current Non Current (a) Capital creditor…” AR p.137 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “REVENUE FROM OPERATIONS (` in Crore) Particulars For the Year ended 31st March, 2026 For the Year ended 31st March, 2025 (a) Revenue from sale of goods (Constr…” AR p.139 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Interest On: Bank overdrafts and loans 297.14 262.50 Advance from clients 159.63 108.36 Lease liabilities 8.62 7.85 Others 56.16 81.98 521.55 460.69” AR p.140 · 31-MAR-26 · +1 DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “DAHEJ STANDBY JETTY PROJECT UNDERTAKING (DJPU) Management of Dahej Standby Jetty Project Undertaking (“DJPU”) has submitted variations towards the amount of cl…” AR p.150 · 31-MAR-26 · +1 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Agra UG Metro Project awarded with” Long Term Planned Intervention Safety Culture Transformation Award in Construction Sector” 9th Annual BBS Conference with I…” AR p.67 · 31-MAR-25 DOC | ||||||||
| Rajasthan | CONTRACT | CT 297 | — | — | — | 2026-08 | EST | 70% |
| “Rajasthan is INR297 crores.” CONCALL p.16 · 31-AUG-26 DOC | ||||||||
| Office | CONTRACT | — | — | — | CAPEX | FY26 | EST | 70% |
| “In continuation to our announcement dated December 11, 2024, intimating you of the Company being declared the Lowest Bidder (L1) for the Water Supply Project o…” ORDER p.1 · 30-MAY-25 DOC | ||||||||
| Hindustan Gateway Container Terminal Kandla Private Limited | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “Subject : Intimation of Receipt of Letter of Award from M/s. Hindustan Gateway Container Terminal Kandla Private Limited under Regulation 30 of SEBI (LODR) Reg…” ORDER p.1 · 29-JAN-25 DOC | ||||||||
| Maharashtra | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to …” ORDER p.1 · 13-JAN-25 DOC | ||||||||
| Defence Research and Development Organisation | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “Ref : Project Awarded by DRDO” ORDER p.1 · 08-JAN-25 DOC | ||||||||
| Goods and Service Tax | CONTRACT | — | — | — | CAPEX | FY25 | EST | 70% |
| “The details of order received by the Company from the Goods and Service Tax (GST) Authority is enclosed herewith as Annexure A. You are requested to take the s…” ORDER p.1 · 11-DEC-24 DOC | ||||||||
| Croatian Motorways Ltd | CONTRACT | CT 2,398 | — | — | CAPEX | FY26 | EST | 65% |
| “In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are plea…” ORDER p.1 · 17-JUL-25 · +1 DOC | ||||||||
| Public Health Engineer Department | CONTRACT | CT 504 | — | — | CAPEX | FY25 | EST | 65% |
| “Subject : Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obli…” ORDER p.1 · 11-DEC-24 DOC | ||||||||
| BSEBSE Ltd. | CONTRACT | CT 10,000 | — | — | SG&A | FY26 | EST | 60% |
| “crossed ₹ 10,000 Crores revenue 2021-2026 2021 Secured Greater Male Connectivity Project (Maldives) 2022 Entered Domestic Water Supply segment 2023 Won M…” AR p.8 · 31-MAR-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR p.35 · 31-MAR-26 · +1 DOC | ||||||||
| National Highways Authority of India | CONTRACT | CT 109 | — | — | CAPEX | FY26 | EST | 60% |
| “As of 31st March, 2026 the Company has an outstanding receivables amounting to ` 108.65 Crore (including interest of ` 15.88 Crore) (outstanding as on 31st Mar…” AR p.159 · 31-MAR-26 · +2 DOC | ||||||||
| FY27 | CONTRACT | CT 15,968 | — | — | — | FY27 | EST | 60% |
| “In FY27, we have booked order amounting to INR15,695 crores till now, taking the pending order book in excess of INR45,000 crores.” CONCALL p.6 · 31-AUG-26 · +1 DOC | ||||||||
| Madhya Pradesh Metro Rail Co. Ltd. | CONTRACT | — | — | — | CAPEX | FY25 | EST | 60% |
| “Subject: Intimation of Receipt of Letter of Acceptance from Madhya Pradesh Metro Rail Co. Ltd. under Regulation 30 of SEBI (LODR) Regulations, 2015.” ORDER p.1 · 14-DEC-24 DOC | ||||||||
| Uttarakhand Project Development and Construction Corporation Ltd. | CONTRACT | — | — | — | CAPEX | FY25 | EST | 60% |
| “Subject: Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Afcons Infrastructure Limited (“Company”/ “Afcons”) has received Letter of acceptanc…” ORDER p.1 · 21-NOV-24 DOC | ||||||||
| Middle East | UNSTATED | — | — | — | — | 2026-11 | EST | 60% |
| “Third, in Middle East, we have certain outstanding in one of the subsidiary, and for this financial year, we have set up a task force which is following up wit…” CONCALL p.7 · 30-NOV-26 DOC | ||||||||
| HZ INFRASTRUTURA | CONTRACT | — | — | — | CAPEX | FY26 | EST | 55% |
| “Bagging/Receiving of orders/contracts Afcons Infrastructure Limited has informed the Exchange about Bagging/Receiving of orders/contracts-Company being declare…” ANN · 21-JUL-25 DOC | ||||||||
| Government of Rajasthan. | CONTRACT | — | — | — | CAPEX | FY25 | EST | 55% |
| “Awarding of order(s)/contract(s) Afcons Infrastructure Limited has informed the Exchange about the disclosure under regulation 30 of SEBI LODR Regulation 2015 …” ANN · 11-DEC-24 DOC | ||||||||
| Delhi Metro Rail Corporation | CONTRACT | CT 373 | — | — | — | 2026-05 | EST | 50% |
| “Paramasivan Srinivasan: INR 373 crores of DMRC and INR 7,544 of Croatia are the orders in that INR 8,000.” CONCALL p.25 · 31-MAY-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| China. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Compounding the challenges facing the global economy is the resurgence of tariff wars under the Trump administration, which has introduced sweeping tariffs on …” AR p.82 · 31-MAR-25 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “At the bidding stage, the Supply Chain Management and Business Unit teams conduct detailed assessments of supplier capability and identify alternative sourcing…” AR p.62 · 31-MAR-26 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Less: Reversal of loss allowance on account of debts written-off - - - (49.81) Closing balance for loss allowance 52.36 198.82 98.45 13.57 NOTE NO 8.2 OTHER NO…” AR p.132 · 31-MAR-26 · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY24 | EST | 70% |
| “Key Social Highlights–FY 2024-25 3,892 Total Employees 65%+ 100% Members of the team have Engineering and Advanced Safety Degrees Performance and Career Develo…” AR p.27 · 31-MAR-25 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Details as at the end of Financial Year: a. Employees and workers (including differently abled): Sr. No. Particulars Total Male Female (A) No. (B) % (B / A) No…” AR p.137 · 31-MAR-25 DOC | ||||||||
| ITCITC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “67.25 69.63 (g) GST Represents demand confirmed by GST Authorities for various dispute in relation to differential tax rate of GST for works contract, GST on t…” AR p.141 · 31-MAR-26 · +1 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 23/23 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| ORDERS | 23/23 | 100% | 08-NOV-26 |
| RATINGS | 1/5 | 20% | 25-OCT-26 |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.193 | 14-NOV-26 | Punjab National Bank share 6% · Bank of Baroda share 5% · Union Bank of India share 7% · Axis Bank Ltd. share 4% · ICICI Bank Ltd. share 11% · State Bank of India share 11% |
| CUST MOM 1M | +13.3% | 14-NOV-26 | from 15-OCT-26 · BSE Ltd. +14.9% w 0 · Bank of India +18.2% w 0 · Indian Bank +11.7% w 0 · IDBI Bank Ltd. -4.1% w 0 · IndusInd Bank Ltd. +3.3% w 0 · Indian Overseas Bank +2.9% w 0 |
| DISTRESS SCORE | 0.443 | 13-OCT-26 | roe 0.05 · operatingMargin 0.1 · debtToEquity 0.67 · interestCoverage 1.57 · assetTurnover 0.62 · leverage 3.51 |
| SUPP MOM 1M | +8.0% | 14-NOV-26 | from 15-OCT-26 · ITC Ltd. +8.0% |