Afcons Infrastructure Q4 FY25: Revenue ₹3,388 Cr, PAT ₹111

Key takeaway from Afcons’ Q4 FY25 print

Afcons Infrastructure’s March quarter results for FY24-25 showed a split trend: revenue grew year-on-year, but profit fell sharply. The company reported consolidated revenue from operations of ₹3,387.5 crore in Q4 FY25, up 11% year-on-year (YoY). Profit after tax (PAT) declined 24.2% YoY to ₹110.9 crore, with the company attributing pressure to higher expenses and the absence of exceptional gains recorded in the previous year.

Market participants tracked the result against a broader FY25 picture where consolidated sales are also described as having “de-grew by 4.57%” and where the company noted this was the first revenue contraction in the last three years (as per the cited consolidated financials summary). The quarter’s numbers also arrived amid mixed stock-price references across data sources, reflecting different timestamps and trading venues.

Q4 FY25 numbers: revenue up, profit down

For Q4 FY25, Afcons Infrastructure reported profit before tax (PBT) of ₹186.0 crore, down 10.1% from ₹206.7 crore YoY. Total comprehensive income for the quarter stood at ₹138.7 crore, down 5.5% YoY. Earnings per share (EPS) for the quarter was ₹3.02 (basic and diluted). The equity share capital was reported at ₹367.78 crore.

A separate line item in the provided data also shows “Total Income” at ₹3,387.5 crore for Q4 FY25, compared with ₹3,052.7 crore a year earlier, indicating 11.0% growth.

Q4 FY25 snapshot (as reported)

Note: “NA” is used where the corresponding base-period figure is not provided in the input.

Cost pressure visible in quarterly income statement lines

The quarterly income statement data shared alongside the result highlights how cost and operating metrics moved over the last five reported quarters. Revenue moderated from ₹3,419 crore in Jun 2025 to ₹3,101 crore in Sep 2025 and ₹3,026 crore in Dec 2025. Over the same period, expenses were ₹2,935 crore (Jun 2025), ₹2,660 crore (Sep 2025), and ₹2,642 crore (Dec 2025).

Operating profit moved between ₹294 crore (Mar 2025) and ₹435 crore (Jun 2025), before easing to ₹329 crore (Sep 2025) and ₹334 crore (Dec 2025). Operating profit margin ranged from 9% (Mar 2025) to 13% (Jun 2025), with 11% in Dec 2024, Sep 2025, and Dec 2025.

Below operating line, the same quarterly table shows interest costs between ₹150 crore and ₹170 crore and depreciation between ₹93 crore and ₹139 crore. Net profit in this series was ₹149 crore (Dec 2024), ₹111 crore (Mar 2025), ₹137 crore (Jun 2025), ₹105 crore (Sep 2025), and ₹97 crore (Dec 2025), with EPS mostly at ₹3 to ₹4.

How quarterly trends looked from Dec 2024 to Dec 2025

The five-quarter series provides a quick read on directionality rather than a full explanation of project-level drivers. Revenue peaked in Jun 2025 at ₹3,419 crore, then stepped down in Sep and Dec 2025. Expenses also fell from the Jun 2025 level but remained substantial, keeping operating profitability steady around the low-double-digit margin.

Other income shows volatility, at ₹164 crore in Mar 2025, dropping to ₹49 crore in Jun 2025, then ₹113 crore in Sep 2025 and ₹50 crore in Dec 2025. EBITDA in the same series ranged from ₹384 crore (Dec 2025) to ₹486 crore (Dec 2024), suggesting that operating cash generation capacity within quarters can swing with activity, costs, and non-core income.

Full-year FY25: revenue lower, operating profit steady

The consolidated annual table included in the input shows revenue of ₹12,548 crore for Mar 2025 versus ₹13,268 crore for Mar 2024, and expenses of ₹11,187 crore for Mar 2025 versus ₹11,890 crore for Mar 2024. Operating profit for FY25 is shown at ₹1,361 crore (OPM 11%), compared with ₹1,377 crore (OPM 10%) in FY24.

The same annual data series shows profit before tax at ₹710 crore for FY25 versus ₹673 crore for FY24, and net profit at ₹487 crore for FY25 versus ₹450 crore for FY24. EPS in that annual table is ₹13.24 for FY25 and ₹13.20 for FY24, while the dividend payout ratio is shown at 19% for both FY24 and FY25.

Cash flow signals: FY25 turns negative on operations

The yearly cash flow table shows operating activities turning negative in Mar 2025 at -₹132 crore, versus positive ₹708 crore in Mar 2024 and ₹1,215 crore in Mar 2023. Investing cash flow is -₹131 crore in Mar 2025, compared with -₹859 crore in Mar 2024. Financing activities are positive ₹290 crore in Mar 2025 versus ₹246 crore in Mar 2024.

A separate note in the input adds that the company used ₹131.35 crore for investing activities, described as a YoY decrease of 84.7%.

Cash flow (₹ crore)

Stock reaction: multiple prints, same direction around results

Price references in the input point to downside moves around the earnings narrative. One update says Afcons Infrastructure’s share price moved down -2.24% from ₹338.45 to ₹330.90. Another line shows “331.95 -2.00 (-0.59%).”

A separate market report states shares fell 3.3% to ₹430 after a quarterly profit decline, while another price point shown is ₹405.30 (down 0.11%) at close on Aug 4, 2025. These appear to be from different timestamps and feeds, but they collectively indicate sensitivity to quarterly profitability and execution updates.

What broker and street commentary highlighted

In the cited market report, Nomura attributed profit pressure to higher employee-related spending and other expenses. Investec linked the revenue decline partly to delays in imports for the high-speed rail project and execution setbacks caused by unrest in Bangladesh.

The same report mentions that the stock is rated “strong buy” on average with a median price target of ₹563, based on data compiled by LSEG, and that the stock is down 20% year-to-date (YTD) in that context.

Why this quarter matters for investors tracking execution

Afcons operates in construction and engineering, where quarterly numbers can be affected by project milestones, input costs, working capital, and cross-border execution conditions. The Q4 FY25 result shows that even with revenue growth, profitability can compress if costs rise and one-off gains do not repeat.

FY25 cash flow from operations turning negative is also a datapoint investors typically watch closely in EPC businesses, because it can reflect working capital build-up even when accounting profits remain positive.

What to watch next

The next set of quarterly disclosures will be important to assess whether operating margins stay near the 11% band shown in recent quarters and whether operating cash flow normalises after the -₹132 crore reported for FY25. Investors will also monitor updates related to project execution timelines, including any references to import delays or overseas disruption mentioned in market commentary.

Afcons Infrastructure was incorporated in 1959, and its registered office is listed as Afcons House, 16 Shah Ind. Este, Veera Desai Rd, Andheri (West), Mumbai, Maharashtra-400053.