Synopsis: A flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group has received a Letter of Award from Vadhvan Port Project Limited for the construction of a 10.14 km long breakwater at the upcoming Vadhvan Port in Maharashtra, with a project award value of Rs. 5,301 crore, in a contract received in the normal course of business.
India’s maritime infrastructure ambitions are translating into some of the largest engineering contracts the country has ever seen. In the latest development, a Mumbai-headquartered EPC major has secured a landmark marine project that will, upon completion, rank as the second longest breakwater in the world, a contract that underscores the scale of opportunity unfolding across India’s port sector.
With a market capitalization of Rs.12,195 crore, the shares of Afcons Infrastructure Limited were trading at Rs.346 per share, up 9% from the previous day’s closing of Rs.315.54. It is trading at a P/E of approximately 42x.
Order Update
Afcons Infrastructure Limited has received a Letter of Award from Vadhvan Port Project Limited (VPPL) for the construction of a 10.14 km-long breakwater at the upcoming Vadhvan Port in Maharashtra. The project award value stands at Rs.5,301 crore.
When completed, the Vadhvan breakwater will be the second longest in the world, reflecting the extraordinary engineering ambition behind the project. The port itself is envisioned as India’s largest public port and one of the world’s biggest container ports, with a projected handling capacity of 23.2 million TEUs, a development that positions India more prominently on the global trade map.
Afcons brings considerable marine credentials to the project, having previously delivered landmark assignments, including the Bulk Jetty at the Port of Sohar in Oman and the New Owendo International Port in Gabon. The order has been received in the normal course of business.
Financial Snapshot & Business Overview
Afcons Infrastructure Limited is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, incorporated in 1976 and headquartered in Mumbai. The company delivers EPC projects across marine, transport, urban infrastructure, hydro, and oil & gas segments, with a presence spanning 31 countries.
On a consolidated basis, Afcons reported total income of Rs.12,322 crore in FY26, compared to Rs.13,023 crore in FY25. EBITDA came in at Rs.1,439 crore, with an EBITDA margin of 11.7%. PAT for FY26 stood at Rs.251 crore after absorbing a one-time provision of Rs.76.51 crore related to the new labor code. As of March 2026, its order book stood at Rs.32,496 crore.
In Q4 FY26, total income was Rs.2,777 crore, with EBITDA of Rs.170 crore and a net loss of Rs.89 crore at the PAT level, impacted by elevated costs and margin pressure in the quarter. The company holds a net debt-to-equity ratio of 0.5x, with ROCE at 11.9% for FY26.
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