Afcons Infrastructure Ltd

CP maturity record date

• Record date fixed for maturity of Rs 100 crore CP (ISIN INE101I14EQ2) maturing Oct 6 2026; listed.

Afcons Infrastructure Limited – Trading window closed from October 01, 2026 until 48 hours after the declaration of unaudited Standalone and Consolidated Financial Results for the quarter and half-year ending September 30, 2026

Rating Details

• Instrument: Commercial Paper programme of INR 500 crore.
• Rating: IND A1+ with no explicit Outlook.
• Rating Action: Affirmed.
• Rating date: September 24, 2026.

Meeting Details

• Date: Tuesday, September 29, 2026; time not disclosed.
• Type of interaction: Group investor meeting.
• Mode: Virtual; venue: Mumbai (online).
• Event/organiser: Arihant Bharat Connect Conference.
• Key participants from the company: Officials of the Company.
• Purpose: Investor interaction; discussions based on publicly available information; no presentation.

Meeting Details

• Date: September 28, 2026; time not disclosed.
• One-to-one in-person meeting with Nuvama Emerging India CEO, Mumbai.
• Group investor forum meeting, in-person, Mumbai.
• Organised by Afcons Infrastructure; company officials to participate.
• Discussions based on publicly available information; no presentation.
• Subject to change; schedule may vary.

Meeting Details

• Wednesday, September 23, 2026 — One-to-one meeting with PhillipCapital's Bharat, Mumbai.
• Wednesday, September 23, 2026 — Group meeting at Maritime Renaissance Investor Conference 2026 (in-person).

Participants

• Company participants: Officials of Afcons Infrastructure Ltd (Company Secretary and Compliance Officer).

Purpose

• Purpose: Investor/analyst meetings to discuss publicly available information; no presentation.

Meeting Details

• Aug 26, 2026: Group meetings with Elara Capital in Mumbai.
• Sept 2, 2026: In-person session with Ashwamedh – Elara India.

Participants

• Company officials (management) to meet investors/analysts.

Purpose

• Investor interaction based on publicly available information; no presentation.

Additional Notes

• No presentation will be made during the meetings.

Arbitration Award Update

• Arbitral Tribunal awarded Afcons ₹335.50 crore in its favour against UPEIDA.
• Total award of ₹335.50 crore comprises ₹152.25 crore principal plus ₹183.25 crore interest.
• Payment is subject to counterparty not challenging the award within the legal period.
• Positive impact expected on Afcons' financial position.

Rating actions

• Long-term bank facilities rating downgraded to AA-/Negative from AA-/Stable.
• Non-Convertible Debentures rating downgraded to AA-/Negative from AA-/Stable.
• Commercial Paper Programme reaffirmed at CRISIL A1+.

Agency and outlook

• Rating agency: CRISIL Ratings Limited.
• Outlook updated to Negative for LT facilities and NCDs; CP remains at A1+.

Material change

• Outlook changed from Stable to Negative on LT/NCD ratings.

Financial Performance

• Q1 FY27 total income ₹2,727 crore, down from ₹3,419 crore in Q1 FY26.
• EBITDA ₹263 crore, margin 9.6% for the quarter.
• PAT ₹30 crore; PBT ₹51 crore; weaker due to lower turnover.
• ₹57 crore other operating income included; TBM depreciation largely absent this quarter.
• End-Q1 order book ₹43,290 crore; Q1 inflows ₹13,219 crore.
• FY27 YTD orders booked ₹15,695 crore; pending book over ₹45,000 crore.
• Overseas revenue share was 16% in Q1; domestic 84%.
• Capex in Q1 ₹150 crore; FY27 capex guidance ₹700–800 crore; FY28 ₹600–650 crore.
• Net debt to equity around 0.68x; debt-related pressures influenced by capex funding.

Operating Update

• Mumbai-Ahmedabad HSR TBM drives commenced; main tunneling to start in coming months.
• Croatia railway is the largest single order; Vadhvan port breakwater opportunity.
• Overseas projects tend to yield higher margins; delta of 200–300 bps vs domestic.
• Bid pipeline remains robust: ₹1.5 lakh crores for 9 months; ₹3.96 lakh crores long-term.
• Geopolitical uncertainty weighing award activity; momentum expected as uncertainties ease.

Balance Sheet and Cash Flow

• Net working capital elevated due to project funding and certification delays.
• Cash flow from operations negative in Q1, typical due to March-year-end payments.
• Capex payments contributed to higher debt in the quarter.
• Tax rate elevated due to JV and overseas entity contributions.
• Collections and stuck receivables expected to improve gradually through year.

Projects and Capex

• Q1 capex about ₹150 crore; CWIP around ₹900 crore.
• TBM depreciation expected to rise in H2 as TBMs capitalize.
• Croatia turnover expected to be minuscule this year; Vadhvan geotech/design work this year.
• Strategic equipment base around ₹4,300 crores; selective, high-utilization investments.

Guidance and Q&A

• FY27 full-year order inflow guidance ₹30,000 crore; execution ramp expected in H2.
• Pipeline supports steady growth; Q&A indicates ramp in Q3/Q4 and FY28 strength.
• Overseas revenue target around 30% again as order book diversifies.
• Net debt target discussed: around ₹2,700–₹2,800 crores; capex pacing outlined.