Event Type: Q2 & H1 FY '27 Earnings Conference Call hosted by Anand Rathi Share and Stock Brokers Limited.

Date and Time: The conference call was held on Thursday, November 05, 2026. The specific time was not mentioned in the disclosure.

Purpose: Discussion of quarterly results (Q2 FY27) and half-yearly results (H1 FY27) performance, operational updates, and business outlook.

Management Participants:

  • Mr. Srinivasan Paramasivan – Managing Director
  • Mr. Ramesh Jha – Chief Financial Officer
  • Mr. Hitesh Singh – Head Corporate Strategy

Availability of Materials: The transcript of the earnings conference call was submitted to the stock exchanges and is available on the company's website at https://afcons.com/financials/.

Financial Period Discussed: Q2 FY27 (Quarter ended September 2026) and H1 FY27 (Half Year ended September 2026).

Key Financial Highlights Disclosed:

  • Q2 FY27 Revenue: INR 2,906 crores (down 6.3% YoY from INR 3,101 crores)
  • Q2 FY27 EBITDA: INR 316 crores with EBITDA margin of 10.9%
  • Q2 FY27 PAT: INR 41 crores
  • H1 FY27 Revenue: INR 5,633 crores (down 13.6% YoY from INR 6,520 crores)
  • H1 FY27 EBITDA: INR 578 crores with EBITDA margin of 10.3%
  • H1 FY27 PAT: INR 71 crores
  • Order Book: INR 43,836 crore (excluding L1 orders)
  • H1 FY27 Order Inflow: INR 19,437 crores
  • Full-year Order Inflow Guidance: INR 30,000 crores maintained

Forward-Looking Statements:

  • Expectation of stronger execution in H2 FY27 compared to H1 FY27
  • Revenue growth guidance of 20-25% for FY28 from FY26 levels
  • Identification of project pipeline of around INR 80,000 crores for FY27
  • Expectation of Pune Ring Road project award in Q4 FY27
  • Revenue from Croatia railway project to start in FY28

Compliance Statement: The document is a regulatory filing submitted pursuant to Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No specific statement about UPSI was included.

Additional Notes Section

The document includes the full transcript of the earnings conference call with detailed management commentary and Q&A session.

Financial data was extensively disclosed in the transcript including revenue, EBITDA, PAT, order book, working capital metrics (147 days), debt levels (Gross debt: INR 4,765 crore; Net debt: INR 4,050 crore), and tax details.

Key operational updates included progress on Mumbai-Ahmedabad High-Speed Rail project (both tunnel boring machines operational), completion of Thilamale Bridge segment in Greater Male Connectivity Project, and inauguration of Mithapur–Sipara Elevated Corridor Phase-II.

Challenges discussed include liquidity constraints, stretched payments across projects, issues with Jal Jeevan Mission project in U.P. (INR 372 crores outstanding), geopolitical tensions affecting Middle East operations, and new ECL provisioning matrix implementation.