The shares of a Small-cap company, which specializes in complex engineering, procurement, and construction (EPC) projects, primarily in the areas of marine and industrial, surface transport, urban infrastructure, hydro and underground, and oil and gas, are gaining attention. In this article, we will explore where the company earns most of its money.
With a market capitalization of 15,040.55 Crores on Friday, the shares of Afcons Infrastructure Ltd declined upto 2.3 percent, reaching a low of Rs. 405.45 compared to its previous close of Rs. 415.10.
Afcons Infrastructure Ltd. is a large Indian engineering and construction company, a part of the Shapoorji Pallonji Group, that specializes in complex infrastructure projects globally. Founded in 1959, the company has worked on diverse projects including marine and industrial works, surface and rail transport, urban infrastructure, and oil and gas.
The company is a leading global EPC firm with an established track record in executing large, complex, and high-value projects. With experience spanning over 5,100 lane km of roads, 235 marine works, and 195+ bridges, flyovers, and viaducts, the company has proven expertise in delivering major infrastructure.
Its portfolio includes over 150 km of elevated and underground metro systems, 65+ km of underground tunnels using NATM, 47 general civil engineering and industrial structures, 8 LNG tanks, and 6 irrigation, water supply, and hydro projects. Additionally, the company has completed 60+ overseas projects, showcasing its international presence and capabilities.
It is known for building large-scale infrastructure, such as India’s longest railway bridge in Ghana and the Chenab Bridge, and has been involved in large projects like the Mumbai-Ahmedabad high-speed rail undersea tunnel.
Orderbook Segmentation
By Segment
As of September 2025, the company’s order book stands at Rs. 32,681 Cr, with key sector distributions as follows: Rs. 10,457.9 Cr (32%) for Underground & Elevated Metro, Rs. 7,189.8 Cr (22%) for Bridges & Elevated Corridors, Rs. 8,170.25 Cr (25%) for Hydro & Underground projects, Rs. 4,248.53 Cr (13%) for Marine & Industrial works, Rs. 1,960.86 Cr (6%) for Surface Transport, and Rs. 653.62 Cr (2%) for Oil & Gas. This reflects a strong focus on urban infrastructure and hydro projects.
By Geography
As of September 2025, 89% of the company’s order book, or Rs. 29,086.09 Cr, comes from domestic projects, while 11%, or Rs. 3,594.91 Cr, is from overseas projects. This highlights a dominant focus on the domestic market with a growing international presence.
By Client Type
As of September 2025, 79% of the company’s order book, or Rs. 25,826.39 Cr, comes from government projects, 9% or Rs. 2,941.29 Cr from multilateral clients, and 12% or Rs. 3,921.72 Cr from the private sector. This indicates a strong reliance on government contracts, with notable contributions from both multilateral and private sector clients.
Financials & Others
The company’s revenue rose by 0.97 percent from Rs. 2,960 crore to Rs. 2,988 crore in Q2FY26. Meanwhile, the Net profit declined from Rs. 135 crores to Rs. 105 crores during the same period.
The company has a robust financial performance with a 19.6 percent ROCE and 11.1 percent ROE, reflecting strong profitability. Its debt-to-equity ratio of 0.66 indicates a balanced financial structure.
Conclusion
Afcons Infrastructure Ltd. earns most of its revenue from large-scale domestic infrastructure projects, particularly in urban metro systems (32%) and hydro & underground projects (25%). With 89% of its order book from India, the company relies heavily on government contracts, which make up 79% of its revenue. This strong focus on government-driven urban and hydro projects is its key revenue source.
Written by Sridhar J
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