AFCONSAfcons Infrastructure Ltd.
Afcons Infrastructure Q2 FY27 Results: Consolidated Net Profit ₹41.09 Crore on Total Income of ₹2,906 Crore
- Earnings
- construction and engineering
Reviewed byKeshav SehgalBlacklitt Research
Afcons Infrastructure (NSE: AFCONS) reported consolidated total income of ₹2,906.28 crore and net profit of ₹41.09 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹2,907.55 crore and net profit ₹131.84 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,906.28 crore, down 6.3% YoY and up 6.6% QoQ
- Net profit: ₹41.09 crore, down 60.9% YoY and up 35.6% QoQ
- EPS: ₹1.12 basic, against ₹2.85 a year earlier
- Other income: ₹271.03 crore, including ₹183.33 crore of arbitration interest
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,907.55 crore, down 6.1% YoY and up 6.6% QoQ
- Net profit: ₹131.84 crore, up 17.7% YoY and up 257.5% QoQ
- EPS: ₹3.58 basic, against ₹3.05 a year earlier
- Other income: ₹272.29 crore, including ₹183.33 crore of arbitration interest
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,906.28 | 3,100.93 | -6.3% | 2,726.68 | +6.6% | |
| Revenue from operations | 2,635.25 | 2,988.39 | -11.8% | 2,671.00 | -1.3% |
| Other income | 271.03 | 112.54 | +140.8% | 55.68 | +386.8% |
| 41.09 | 105.08 | -60.9% | 30.30 | +35.6% | |
| Profit before tax | 82.38 | 149.24 | -44.8% | 50.59 | +62.8% |
| Finance costs | 182.34 | 169.78 | +7.4% | 173.05 | +5.4% |
| Depreciation | 97.99 | 122.14 | -19.8% | 83.52 | +17.3% |
| Tax expense | 41.29 | 44.16 | -6.5% | 20.29 | +103.5% |
| Net profit margin | 1.41% | 3.39% | -1.97 pp | 1.11% | +0.30 pp |
| EPS, basic (₹) | 1.12 | 2.85 | -60.7% | 0.82 | +36.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 60.9% YoY while total income fell only 6.3%. Revenue from operations dropped 11.8% to ₹2,635.25 crore, and other income rose to ₹271.03 crore from ₹112.54 crore. The filing says other income includes about ₹183.33 crore of interest on an arbitration award in favour of the company, which is 9.3% of total income this quarter.
Profit before tax of ₹82.38 crore is 44.8% below the year-earlier ₹149.24 crore. Finance costs of ₹182.34 crore equal 6.3% of total income, up 7.4% YoY. Tax of ₹41.29 crore is 50.1% of profit before tax, so the tax charge is high relative to the pre-tax profit.
The consolidated statement shows an exceptional item of ₹76.51 crore for the year ended 31 Mar 2026, the incremental impact of the new Labour Codes on retiral benefits, which is not part of this quarter's figures. Profit for the period attributable to owners is ₹41.25 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,907.55 | 3,097.12 | -6.1% | 2,727.34 | +6.6% | |
| Revenue from operations | 2,635.26 | 2,987.67 | -11.8% | 2,670.90 | -1.3% |
| Other income | 272.29 | 109.45 | +148.8% | 56.44 | +382.4% |
| 131.84 | 112.03 | +17.7% | 36.88 | +257.5% | |
| Profit before tax | 172.71 | 156.17 | +10.6% | 57.17 | +202.1% |
| Finance costs | 182.44 | 169.72 | +7.5% | 172.57 | +5.7% |
| Depreciation | 97.67 | 121.71 | -19.8% | 83.18 | +17.4% |
| Tax expense | 40.87 | 44.14 | -7.4% | 20.29 | +101.4% |
| Net profit margin | 4.53% | 3.62% | +0.92 pp | 1.35% | +3.18 pp |
| EPS, basic (₹) | 3.58 | 3.05 | +17.4% | 1.00 | +258.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 17.7% YoY to ₹131.84 crore while total income fell 6.1%. Profit before tax rose 10.6% to ₹172.71 crore, and the tax expense of ₹40.87 crore is 23.7% of that figure.
Other income of ₹272.29 crore is 157.7% of standalone profit before tax, against ₹109.45 crore a year earlier. Of this, the filing ties about ₹183.33 crore to interest on an arbitration award. Revenue from operations fell 11.8% to ₹2,635.26 crore.
Standalone finance costs of ₹182.44 crore are 6.3% of total income. The standalone debt equity ratio stands at 0.94 times, against 0.71 times a year earlier.
Consolidated net profit of ₹41.09 crore is ₹90.75 crore lower than standalone net profit of ₹131.84 crore for the quarter. Total income is almost the same in both, at ₹2,906.28 crore consolidated and ₹2,907.55 crore standalone.
The auditors draw attention to uncertainties in arbitration, High Court and Supreme Court proceedings on Transtonnelstroy Afcons Joint Venture variations, with ₹659.87 crore recognised as contract assets. Management states these amounts are good and recoverable. Separate uncertainties cover the Dahej Standby Jetty project and ₹115 crore of Konkan Railway bridge claims shown as non-current contract assets.
Inference
The filing reports a dividend paid of ₹73.56 crore on equity shares in the half year ended 30 Sep 2026, in the standalone cash flow statement. The filing does not say whether this relates to a declared dividend for a stated financial year.
The company's consolidated debt equity ratio is 0.87 times and its consolidated net worth is ₹5,312.34 crore as at 30 Sep 2026. The filing does not say the reason the consolidated profit attributable to owners differs from profit for the period, nor the outcome or timing of the arbitration and court proceedings.
Filed with BSE on . Reference: Original filing (PDF)
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