Afcons Infrastructure

AFCONS.NS

Engineering & Construction · Industrials

Exchange

National Stock Exchange of India

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

Track this stock — start free trial

Winston Score History

The full picture

Afcons Infrastructure Ltd. is a large Indian construction company that builds complex infrastructure projects like bridges, tunnels, metro rail systems, highways, and offshore oil platforms. Its main customers are government agencies, public sector companies, and large private clients across India and several other countries. It is part of the Shapoorji Pallonji Group, one of India's oldest and most established construction conglomerates.

Afcons earns money by winning contracts to design and build infrastructure projects, getting paid in stages as work is completed. The company operates across India and has an international presence in regions including the Middle East, Africa, and Southeast Asia, giving it geographic diversification. Its long relationship with the Shapoorji Pallonji Group and its technical expertise in difficult projects like underground tunnels and marine structures provide some competitive advantage, though the business faces risks from thin operating margins, project execution delays, and heavy dependence on government spending on infrastructure.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-17.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-179.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

56.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹8.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Afcons Infrastructure's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

15.2%

Thin — 15.2% gross margin

Profit after running costs

Operating Margin

6.3%

Modest — 6.3% operating margin

Return on the money invested

ROCE

7.1%

Weak — 7.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-11.6%

Shrinking sales (-11.6% YoY)

Profit growth

EPS YoY

-73.1%

Earnings shrinking (-73.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

0/4 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

-553%

Weak — only -553% of profit becomes cash

Spare cash per sale

FCF Margin

-12.3%

Burning cash (-12.3%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Covers its interest

Interest Cover

0.93x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

71.5x

no trend

Expensive — P/E 71.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+45.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (71.5 → 26.4)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

0.74%

no trend

Small dividend — 0.74% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial