Afcons Infra Share Price: Q3 mein Profit ka Dhakka, Revenue Bhi Gira, Par Thodi Khushkhabri Bhi!

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AuthorVihaan Mehta|Published at:
Afcons Infra Share Price: Q3 mein Profit ka Dhakka, Revenue Bhi Gira, Par Thodi Khushkhabri Bhi!
Overview

Bhaiyo, Afcons Infrastructure ka Q3 FY26 result aa gaya hai aur picture thodi mixed hai. Revenue **9%** saal-dar-saal gir gaya, aur profit toh **35%** niche chala gaya. Lekin ek achhi baat ye hai ki company ne apne EBITDA margins ko **14%** tak improve kiya hai.

Toh kya chal raha hai company mein?

Dekho, revenue ₹3,025 crore par aa gaya, jo pichhle saal is quarter mein ₹3,325 crore tha. Iske peeche reasons hain projects execute karne mein issues aur kuch sarkari clients ke paas paison ki kami. Profit after tax (PAT) toh 35% kam hokar ₹97 crore reh gaya, jabki pichhle saal yeh ₹149 crore tha.

Is profit drop ka ek bada reason hai ₹76.51 crore ka one-time provision jo New Labor Code ke liye kiya gaya. Agar yeh exceptional item na hota, toh picture thodi alag dikhti.

Par achhi khabar yeh hai ki operational efficiency badhi hai. EBITDA margins 50 basis points sudhar kar 14% ho gaye. Yeh cost saving aur kuch arbitration awards ki wajah se hua hai, jaise Chenab Bridge project se mila ₹165 crore ka award.

Agar nine months (9M FY26) ki baat karein toh, income ₹9,545 crore rahi jo pichhle saal se bas 0.9% kam hai. EBITDA 1.8% badh kar ₹1,269 crore ho gaya, aur margins 13.3% par aa gaye. Lekin 9-month PAT 9.7% gir kar ₹339 crore ho gaya.

Aage kya challenges hain?

Company par ₹3,633 crore ka gross debt aur ₹2,779 crore ka net debt hai. Finance costs bhi badh rahe hain kyunki paisa clients se nahi aa raha.

Risk factor kaafi hain:

  • Projects mein delays ho rahe hain.
  • Sarkari clients se payment time par nahi mil raha, khaas kar UP ke Jal Jeevan Mission projects mein jahan ₹405 crore outstanding hain.
  • Maharashtra ke kuch bade projects (Pune Ring Road, Nagpur-Gondia) shayad re-bid honge.
  • Gabon mein ek arbitration chal raha hai, jismein EUR 17.85 million ki surety bonds ko lekar issue hai. Paris court ne payment guarantees ko uphold kiya hai.
  • Promoters ne apne 53.50% holding pledge kar rakhi hai, jo investors ke liye achha signal nahi hota.
  • High-speed rail project ke liye TBM clearance ka wait hai.

Management kya bol raha hai aur outlook?

Management ko full year FY26 mein 10% revenue growth ki umeed hai, aur 5% toh pakka lag raha hai. EBITDA margins 11% se behtar rehne ki ummeed hai.

Order inflow ka target ₹20,000 crore ka hai FY26 ke liye, jismein se ₹16,300 crore Q4 mein aane ki ummeed hai. Company BOT projects mein bhi interest dikha rahi hai.

Recent wins mein Uganda mein EUR 100 million+ ka road project aur ₹1,400 crore ke domestic marine contracts shaamil hain.

Competitors ka kya haal hai?

L&T ne bhi revenue 10.49% badhaya, par unka bhi PAT new labor code provisions ke karan gira. Dusre competitors jaise KNR Constructions ka profit 58.65% gira aur PNC Infratech ka bhi profit kam hua. Is context mein Afcons ke improved EBITDA margins ek achhi baat hai.

Bas bhaiyo, yeh thi Afcons ki story. Thode challenges hain, par kuch points positive bhi hain. Investors ko risks aur governance par nazar rakhni hogi.

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