Afcons Infrastructure Downgraded to HOLD by ICICI Securities on Q2 FY26 Weakness

Overview

ICICI Securities has downgraded Afcons Infrastructure to 'HOLD' due to subdued Q2 FY26 performance, citing prolonged monsoon, delayed project starts, and payment issues. Order inflows were soft, leading to a reduced revenue guidance. Despite a steady order book, near-term growth visibility is cautious due to execution lags and elevated working capital. The brokerage revised its target price to INR 420.