Afcons Infrastructure Limited is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group. It has a strong track record of executing numerous technologically complex engineering, procurement, and construction (EPC) projects both within India and internationally. The company was founded in 1959 as Rodio Hazarat & Co, a joint venture between Rodio Foundation Engineering of Switzerland and Hazarat & Co of India. In the initial years, the company undertook foundation work of office buildings in Mumbai's then-business district Nariman Point.
The company later expanded its business interests beyond foundation engineering to include marine construction (jetties, docks, and harbors) and transportation works (roads and bridges). In 1997, the company was renamed to Afcons Infrastructure. In 2000, the Shapoorji Pallonji Group acquired a majority stake in Afcons by buying out ICICI's entire stake and an additional 6.59% from promoter Hazarat family. Since then, Afcons has grown into a global infrastructure powerhouse with operations spanning over 25 countries across Asia, Africa, and the Middle East.
Afcons is ranked 6th globally in Marine and Port facilities, and 21st globally in the Bridges sector. It is the only Indian company in Top 25 International Contractors in both sectors. Afcons is also the highest-ranking Indian contractor in Top 50 International Contractors in Transportation sector. The rankings are as per the latest Engineering News-Record (ENR), USA, survey.
The company has distinguished itself through its innovative approach to complex engineering challenges. Afcons is the only infrastructure company, globally, to win the Most Admired Knowledge Enterprise Award (MAKE), re-christened in 2018 as the Most Innovative Knowledge Enterprise Award (MIKE), for nine consecutive years. Afcons has had the distinction of being the only infrastructure company, in 2019, to win the 'Africa Best Employer Brand Award'. Afcons has also won the Maharashtra State Best Employer Brand Award in 2021 for excellence in COVID-19 management.
Afcons operates across five primary business segments, each contributing to its diversified portfolio and revenue streams. The company's expertise spans marine and industrial projects, surface transport infrastructure, urban infrastructure including metro rail systems, hydro and underground projects, and oil and gas facilities.
In the marine sector, Business vertical covers ports and harbor, jetties, dry docks, wet basins, breakwaters, outfall and intake structures, Liquefied Natural Gas (LNG) tanks, and material handling systems. Since inception, the company has executed 235 Marine and Industrial projects in 15 countries, including 206 projects in India. In India, Afcons has a leadership positions in: Marine: 190+ Marine works, LNG: 8 LNG tanks, Metro Rail: 120+ km elevated & underground Metro works.
The company's engineering capabilities are further demonstrated by its impressive portfolio of completed projects. The company also has a strong track record in several segments: 150+ bridges/flyovers, 4,500+ lane km of roads, 12 Tunnels and Hydro works. Some of the most notable projects include the Chenab Bridge - the world's tallest single-arch railway bridge, the Atal Tunnel - the world's longest highway tunnel above 10,000 feet, and India's first underwater metro tunnel in Kolkata.
Afcons Infrastructure Ltd has a market capitalization of ₹15,770 Crore. The company has demonstrated consistent profitability in recent years. On a consolidated basis, Afcons Infrastructure Ltd reported a profit of ₹110.92 Crore on a total income of ₹3,387.45 Crore for the quarter ended 2025. Afcons Infrastructure Ltd's net profit jumped 35.68% since last year same period to ₹148.85 Crore in Q3 FY2024-2025.
The company's annual financial performance shows steady growth:
- Revenue from operations increased from ₹11,018.97 Crore in FY22 to ₹12,637.38 Crore in FY23 to ₹13,267.49 Crore in FY24.
- PAT increased from ₹357.60 Crore in FY22 to ₹410.86 Crore in FY23 to ₹449.74 Crore in FY24.
- Afcons reported an EBITDA of INR 1,662 Crore for FY25, reflecting a 5% increase.
Afcons' order book remains robust, with a total value of ₹38,021 Crore as of December 31, 2024. Despite challenges, management remains optimistic, targeting a 20%-25% growth in top-line revenue for FY26, supported by a robust order book of INR 37,000 Crore and a diverse project pipeline.
The order book is well-diversified across segments:
- Urban Infrastructure: Accounts for 57% of the total order book, with significant projects in metro rail and bridges.
- Surface Transport: Accounts for 25% of the total order book, with ongoing projects in highways and railways.
- Marine & Industrial: Accounts for 9% of the total order book, with ongoing projects in ports and LNG tanks.
- Hydro & Underground: Accounts for 5% of the total order book, with ongoing projects in tunnels and water supply.
- Oil & Gas: Accounts for 4% of the total order book, with ongoing projects in pipelines and process plants.
Promoter holding in Afcons Infrastructure Ltd has gone down to 50.17% as of March 2025 from 99.48% as of March 2024. This significant reduction in promoter holding is primarily due to the company's initial public offering (IPO) in 2024, which brought in public shareholders and improved the stock's liquidity.
The company has recently strengthened its project pipeline with new contract wins. Afcons Infrastructure has been awarded a Letter of Commitment (LoC) from Reliance Industries (RIL) for the Civil & Structural Erection work at Jamnagar, Gujarat. The estimated value of the contract is ₹175 Crore.
100% of analysts recommend a 'BUY' rating for Afcons Infrastructure Ltd. The recent credit rating upgrade to AA- and inclusion in major indices underscore its strong market position and execution capabilities. However, operational hurdles, including delayed payments and skill shortages, continue to impact liquidity and project timelines, necessitating a cautious approach to future expansions, particularly in international markets.
The company's 52-week performance shows volatility typical of infrastructure stocks. The Afcons Infrastructure Ltd's 52-week high share price is ₹570.00 and 52-week low share price is ₹382.40. Recent price movements indicate Last 1 Month: Afcons Infrastructure Ltd share price moved up by 1.73% on BSE. Last 3 Months: Afcons Infrastructure Ltd share price moved down by 6.14% on BSE.
With its strong global positioning, diversified order book, and technological expertise in executing complex infrastructure projects, Afcons Infrastructure continues to be a significant player in India's infrastructure development story and international markets.
