Interim report
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Afcons Infrastructure Limited Regd. Office: Afcons House, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, Andheri(W), Mumbai - 400 053, India, Tel.: +91-22-6719 1000, Email: secretarial@afcons.com www.afcons.com | CIN No.: L45200MH1976PLC019335 August 07, 2026 To The Compliance Manager BSE Limited Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001. To The Manager, Listing Department National Stock Exchange of India Ltd Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051. Scrip Code: 544280 Symbol: AFCONS Subject: Outcome of Board Meeting in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 - Financial Results Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that, the Board of Directors of the Company at its meeting held today i.e., Friday, August 07, 2026, inter-alia: 1. Considered and Approved the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 202 6 along with Limited Review Reports of the Statutory Auditors thereon. A copy of the Results and Limited Review Reports are enclosed herewith. The meeting of Board of Directors commenced at 2: 00 p.m. and concluded at 4.28 p.m. Thanking you, Yours faithfully, For Afcons Infrastructure Limited _______________ Gaurang Parekh Company Secretary and Compliance Officer Membership No.: F8764
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Deloitte Haskins & Sells LLP Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: +912261854000 Fax: +912261854101 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF AFCONSINFRASTRUCTURELIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Afcons Infrastructure Limited ("the Company"), which includes 14 joint operations consolidated on proportionate basis and 18 branches located at Mauritius, Mozambique, Gabon, Zambia, Mauritania, Ghana, Bangladesh, Liberia, Tanzania, Kuwait, Maldives, Indonesia, Qatar, Ivory Coast, Oman, Abu Dhabi, Benin and Uganda for the quarter ended 30th June, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors as referred in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
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Deloitte Haskins & Sells LLP terms of Regulations 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. The Statement includes the interim financial results of the Joint Operations listed in Annexure A. 6. (i) We draw attention to Note no. (vii) of the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration and High Court in respect of variations recognised by the Company in terms of the provisions of the contract with the client, on account of matters stated therein. Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note (vii), the management of the Company is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivables including interest on trade receivables as per arbitration award, are considered as good and recoverable. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain. (ii) Review report on the Unaudited Financial Results of Transtonnelstroy Afcons Joint Venture (a joint operation included in the Statement of the Company) includes an emphasis of matter as under: "We draw attention to Note (iv) to the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration, High Court and Supreme Court in respect of variations recognised by the joint venture in earlier years in terms of the provisions of the contract with the client, on account of matters stated therein. Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivable including interest on trade receivables as per arbitration award, are considered as good and recoverable. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain. Our Conclusion on this Statement is not modified in respect of this matter" Note (iv) as described above is reproduced as Note (iv) to the Statement. (iii) We draw attention to Note no. (v) to the Statement, which describes the uncertainties relating to the outcome of the Hon'ble High Court Delhi, proceedings, where the Dahej Standby Jetty Project Undertaking has filed appeal to set aside an unfavourable award granted in Arbitration, towards claims of liquidated damages for delay in completion of works by Joint Operation.
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Deloitte Haskins & Sells LLP Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid client claims which are already encashed and claims filed by the Joint Venture against the client, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note (v), the management is of the view that the amounts recognised as amount due from customers under construction contracts and other receivable, are considered as good and recoverable. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain. Our conclusion on the Statement is not modified in respect of the above matters. 7. We did not review the interim financial results of 11 joint operations included in the Statement whose interim financial results reflect total revenue of Rs. 58.05 crore for the quarter ended 30th June, 2026, total net (loss) after tax of Rs. (10.28) crore for the quarter ended 30th June, 2026 and total comprehensive loss of Rs. (11.32) crore for the quarter ended 30th June, 2026, as considered in this Statement. The interim financial results of these joint operations have been reviewed by us jointly with other auditors or other auditors whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the report of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018 Nilesh Shah Partner Membership No. 049660 UDIN: 26049660CJEXHU5240 Place: Mumbai Date: 07th August, 2026
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Deloitte Haskins & Sells LLP Annexure A S.No. Name of Entities Parent Afcons Infrastructure Limited Joint Operations 1 Afcons Gunanusa Joint Venture 2 Transtonnelstroy Afcons Joint Venture 3 Dahej Standby Jetty Project Undertaking 4 Strabag AG and Afcons Joint Venture 5 Afcons Sener LNG Construction Projects Private Limited 6 Afcons Sibmost Joint Venture 7 Afcons Vijeta PES Joint Venture 8 Afcons SMC Joint Venture 9 Afcons - Vijeta Joint Venture 10 Afcons JAL Joint Venture 11 Afcons KPTL Joint Venture Afcons Infrastructure Limited and Vijeta Projects and Infrastructures 12 Limited Joint Venture (Tanzania/ Rwanda ) 13 Afcons Vijeta Joint Venture Zimbabwe 14 Afcons Hindustan Joint Venture
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1 2 a b C d e f 3 4 5 6 7 8 9 10 11 12 Afcons Infrastructure Limited Regd office : Afcons House,16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, Andheri (West) , Mumbai- 400053 CIN:L45200MH1976PLC019335 I Website : www.afcons .com Statement of Standalone Unaudited Financial Results for the quarter ended 30 th June, 2026" Quarter ended Particulars 30 th June, 31 st March, 30th June, 2026 2026 2025 (Unaudited) (Unaudited} (Unaudited) Income: Revenue from Operations 2,670.90 2,613.62 3,363.29 Other income (net) 56.44 167.02 48.29 Total Income 2,727.34 2,780.64 3,411.58 Expenses: Cost of material consumed 576.65 580.31 679.94 Cost of Construction 1,302.20 1,174.22 1,533.70 Employee benefit expenses 299.65 375.45 374.58 Finance costs 172.57 174.51 161.70 Depreciation and amortisation expense 83.18 99.21 138.39 Other expenses 235.92 420.32 341 .56 Total Expenses 2,670.17 2,824.02 3,229.87 Profit/ (Loss) before exceptional items & tax (1 - 2) 57.17 (43.38) 181.71 Exceptional items (Refer Note : vi) - - - Profit I (Loss) before tax (3-4) 57.17 (43.38) 181.71 Tax expense : i) Current tax 4.06 75.23 52.77 ii) Deferred tax - (credit)/ charge 16.18 (57.77) (6.82) iii) Tax expense relating to earlier years (net) 0.05 2.20 0.03 Total tax expense 20.29 19.66 45.98 Profit/ (Loss) after tax and exceptional items (5 - 6) 36.88 (63.04) 135.73 Other comprehensive income (OCI) A) Items that will not be reclassified to statement of profit and loss (a) Changes in fair value of equity investments measured at FVOCI (Net of tax) 0.26 (0.19) 0.03 (b} Remeasurements of defined benefit plans (Net of tax) (1 .34) 12.56 (1.43) B) Items that will be reclassified to statement of profit and loss (a) Exchange differences on translation of foreign operations (1.04) (11 .65) (2.16) Other comprehensive income/ (loss) (A+B) (2.12) 0.72 (3.56) Total comprehensive income /(loss) for the period/ year ( 7 + 8) 34.76 (62.32) 132.17 Paid up equity share capital (face value of share: 'f 10/ each) 367.78 367.78 367.78 Reserves excluding Revaluation Reserves as at Balance Sheet date Earnings per equity share (Face value of 'f 1 O each) (quarterly EPS is not annualised) (a) Basic earnings per share (in t) 1.00 (1.71) 3.69 (bl Diluted earnings per share (in t) 1.00 (1.71) 3.69 (~ in Crore} Year ended 31"1 March, 20·26 (Audited) 11 ,938.32 370.06 12,308.38 2,843.40 5,047.13 1,439.36 672.89 452.35 1,350.84 11,805.97 502.41 76.51 425.90 198.66 (64.86) 2.20 136.00 289.90 (0.23) 15.94 (59.75) (44.04) 245.86 367.78 4,614.94 7.88 7.88
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Afcons Infrastructure Limited .Notes: (i) The Standalone unaudited financial results (the "Results") of Afcons Infrastructure Limited (the 'Company') for the quarter ended 30 th June, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on o7'h August, 2026. The statutory auditor have performed limited review of the Standalone financial results for the quarter ended 30th June, 2026. (ii) The Standalone financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and other accounting principles generally accepted in India and in terms of Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended ("the Regulations"). (iii) The Company is primarily engaged in a single business segment viz 'Engineering, procurement and construction'('EPC'). The Chief Operating Decision Makers (CODM) monitor and review the operating results of the Company as a whole. Therefore, there are no other reportable segments for the company as per requirements of Ind AS 108 'Operating Segment'. The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results. (iv) In earlier years, The Transtonnelslroy Afcons Joint Venture ("TTA JV"- the Joint Venture) had submitted variations to the client for two projects (package UAA-01 and package UAA- 05) arising on account of cost overruns, due to unforeseen geological conditions, delays in handing over of land and change in scope of work etc., in terms of the provisions of the contract with the Chennai Metro Rail Limited ("the client"), which the Management believes is attributable to the client. These variations are in various stages of arbitration, Madras High Court and Supreme Court. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in arbitration, High Court and Supreme Court as of date, which is supported by legal opinion, the management of Joint Venture is confident of getting favourable order/ award and is of the opinion that amount of f659.87 crore recognized towards such variations/ claims in 'Contract assets' as non-current assets, an amount of f120 .81 crore towards the arbitration award recognized as 'Non-current Trade Receivables', an amount of f30 .63 crore towards the interest on arbitration award as 'Other non-current financial assets' and an amount of ~ 25. 77 crore towards bank guarantee encashed by client as 'Other non current financial assets', is appropriate and the same is considered as good and recoverable. Joint Venture mamagement does not anticipate any loss to be recognized at this stage. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain. (v) Dahej Standby Jetty Project Undertaking ("DJPU" the Joint Venture)- An unfavourable award granted in Arbitration during the earlier year, towards claims of liquidated damages for delay in completion of works by the Joint Venture has been challenged by the Joint Venture at Hon'ble High Court, Delhi for setting aside the unfavourable award and also submitted claims for additional cost incurred w.r.t extended stay and acceleration cost, considering that the delay is attributable to the client and in terms of the contractual provisions. This petition is admitted by Hon'ble High Court, Delhi and hearings is currenijy in process. Based on the assessment. historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Ventura's management, after considering the current facts and status of proceedings in High Court as of date, which is supported by legal opinion, management of Joint Venture is of the view that the amount recoverable from the client of n9.28 crore disclosed as 'Other Non-current Financial assets' and the 'Contract assets - Non-current assets' of ~11.10 crore is appropriate and as these have been considered as good and recoverable by the Management. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain. (vi) On 21•1 November, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively "new Labour Codes") - consolidating 29 existing labour laws. In accordance with the new Labour Codes, the Company has estimated the incremental impact on retiral benefits to be nS.51 crore for the year ended 31'1 March, 2026. Considering material regulatory-driven and non-recurring nature of this impact, this has been presented under "Exceptional Items" in the standalone financial results. (vii) Konkan Railway Corporation Limited ("KRCL ") had issued a contract for the construction of Steel Arch Bridge across the river Chenab on 24th August, 2004. The project was completed on 3"' August, 2023. The Company has raised claims towards reimbursement of additional expenses on account of extended stay, categorisation of excavation works, compensation due to loss of productivity, expenses incurred due to a change in alignment, etc.,in terms of the provisions of the contract which the management believes are attributable to the client. These claims are in various stages of arbitration and the High Court. During the previous year ended 31" March,2026 the company has received a favourable arbitration award for one of its claims amounting to f243.53 crore. The company has recorded revenue from operations amounting to f165.62 crore, and balance amount of H7.91 crore is adjusted from contract assets. The balance amount of ~115.00 crore is shown 'Contract assets - Non-current assets. As on 30 th June,2026 total amount of ~250.19 crore is considered as Current-trade Receivables including interest on arbitration award receivable. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims carried out by the management, after considering the current facts and status of proceedings in arbitration and High Court as of date, which is supported by legal opinion, the management is confident of getting a favourable judgement and recover amount recorded in books as 'Contract assets - Non-current assets related to this project. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.
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Afcons Infrastructure Limited (viii) Additional disclosures as per Regulation 52 (4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: On Standalone Basis : Quarter ended Year ended Sr. No. Particulars Unit of 30th June, 31 st March, 30th June, 31 st March, 2026 measurement 2026 2026 2025 1 Debt Equity Ratio Times 0.89 0.71 0.65 0.71 2 Debt Service coverage ratio (DSCR) Times 1.18 0.89 2.17 1.74 3 Interest service coverage ratio (ISCR) Times 2.09 1.40 3.61 2.83 4 Current ratio Times 1.25 1.26 1.30 1.26 5 Long term debt to working capital ratio Times 0.54 0.41 0.27 0.41 6 Bad debts to accounts receivable ratio Times - 0.02 - 0.02 7 Current liability ratio Times 0.74 0.73 0.72 0.73 8 Total debt to total assets ratio Times 0.24 0.19 0.18 0.19 9 Debtors turnover ratio • Times 2.56 2.73 3.69 3.12 10 Operating margin % 7.95% 1.06% 11.72% 9.27% 11 Net profit margin % 1.38% -2.41 % 4.04% 2.43% 12 Inventory turnover ratio • Times 3.59 3.4g 4.10 4.17 13 Net worth , in Crore 5,068.30 5,032.76 4,953.17 5,032.76 14 Capital Redemption reserve , in Crore 0.13 0.13 0.13 0.13 • Have been annualised for the quarters. The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results. Sr. No. Particulars Debt equity ratio 2 Debt Service coverage ratio (DSCR) 3 Interest service coverage ratio (ISCR) 4 Current ratio 5 Long term debt to working capital ratio 6 Bad debts to accounts receivable ratio 7 Current liability ratio 8 Total debt to total assets ratio 9 Debtors turnover ratio 10 Operating margin (Refer note no iii) 11 Net profit margin 12 Inventory turnover ratio • 13 Net worth Place : Mumbai Date : 071h August, 2026. Formulae Total borrowings/ total Equity Profit after tax plus interest ,depreciation and exceptional items/ (Interest Exp + Principal repayments made during the period for long term borrowings which excludes unscheduled & bullet repayments of borrowings) Profit before tax plus interest ,depreciation and exceptional items I (Interest Expense) Current Assets / Current liabilities Long term borrowings (including current maturities of long term borrowings) / (current assets(-) current liabilities (excluding current maturities of long term borrowings) Bad debts/ Average gross trade receivables Current liabilities/ Total liabilities Total borrowings/ total assets Revenue from operations / average of Gross opening and closing trade receivables Profit before depreciation,interest,tax and exceptional items(-) other income I Revenue from operations Net profit after tax attributable to the oweners of the Company/ Revenue from operations Cost of goods sold / Average inventory . Cost of goods sold= (cost of materials consumed +Stores and spares+ power and fuel) Equity share capital + Securities premium + General reserve+ Retained earnings Afcons Infrastructure Limited ~~~~ ~ \J , l i MUM Al ~ I I~ ~o~, ,~1 SUBRAMANIAN KRISHNAMURTHY ~t,, * ~ ~ Execul1ve chairman DIN: 00047592
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Deloitte Haskins & Sells LLP Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India Tel: +91226185 4000 Fax:+912261854101 INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF AFCONS INFRASTRUCTURE LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Afcons Infrastructure Limited ("the Parent"/"the Company") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter ended 30th June, 2026 ("the Statement") which includes 18 branches of the Group located at Mauritius, Mozambique, Gabon, Zambia, Mauritania, Ghana, Bangladesh, Liberia, Tanzania, Kuwait, Maldives, Indonesia, Qatar, Ivory Coast, Oman, Abu Dhabi, Benin and Uganda and 14 Joint Operations, being submitted by the Parent pursuant to the requirement of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (''Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (!CAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the interim financial results of the entities listed in Annexure A. Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
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Deloitte Haskins & Sells LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. (i) We draw attention to Note no. (vii) of the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration and High Court in respect of variations recognised by the company in terms of the provisions of the contract with the client, on account of matters stated therein. Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note (vii), the management of the Company is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivables including interest on trade receivables as per arbitration award, are considered as good and recoverable. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain. (ii) Review report on the Unaudited Financial Results of Transtonnelstroy Afcons Joint Venture (a joint operation included in the Statement of the Company) includes an emphasis of matter as under: "We draw attention to Note no. (iv) to the Statement, which describes the uncertainties relating to the outcome of the proceedings in arbitration, High Court and Supreme Court in respect of variations recognised by the joint venture in earlier years in terms of the provisions of the contract with the client, on account of matters stated therein. Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid claims, in terms of the provisions of the contract, which is supported by legal opinion, the management is of the view that the amounts recognised as amount due from customers under construction contracts and trade receivable including interest on trade receivables as per arbitration award, are considered as good and recoverable. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain. Our Conclusion on this Statement is not modified in respect of this matter" Note no. (iv) as described above is reproduced as Note no. (iv) to the Statement.
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Deloitte Haskins & Sells LLP (iii) We draw attention to Note no. (v) to the Statement, which describes the uncertainties relating to the outcome of the Hon'ble High Court Delhi, proceedings, where the Dahej Standby Jetty Project Undertaking has filed appeal to set aside an unfavourable award granted in Arbitration, towards claims of liquidated damages for delay in completion of works by Joint Venture. Based on the Management's assessment and technical evaluation of the recoverability of the aforesaid client claims which are already encashed and claims filed by the Joint Venture against the client, in terms of the provisions of the contract, which is supported by legal opinion, as stated in the said Note (v), the management is of the view that the amounts recognised as amount due from customers under construction contracts and other receivable, are considered as good and recoverable. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain. Our conclusion on the Statement is not modified in respect of the above matters. 7. We did not review the interim financial results of 11 joint operations included in the standalone unaudited interim financial results of the entities included in the Group, whose interim financial results reflect total revenues of Rs. Rs. 58.05 crore for the quarter ended 30th June, 2026, total net loss after tax of Rs. (10.28) crore for the quarter ended 30th June, 2026 and total comprehensive loss of Rs. (11.32) crore for the quarter ended 30th June, 2026, as considered in the respective standalone unaudited interim financial results of the entities included in the Group. The interim financial results of these joint operations have been reviewed by us jointly with other auditors or other auditors whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the report of such other auditors and the procedures performed by us as stated in paragraph 3 above. We did not review the interim financial results of 6 subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs. 1.41 crore for the quarter ended 30th June, 2026, total net (loss) after tax of Rs. (3.39) crore for the quarter ended 30th June, 2026 and total comprehensive (loss) of Rs. (3.39) crore for the quarter ended 30th June, 2026, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of these matters.
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Deloitte Haskins & Sells LLP 8. The consolidated unaudited financial results includes the interim financial results of 6 subsidiaries which have not been reviewed by their auditors, whose interim financial results reflect total revenue of Rs. Nil for the quarter ended 30th June, 2026, total (loss) after tax of Rs. (3.19) crore for the quarter ended 30th June, 2026 and total comprehensive (loss) of Rs. (3.19) crore for the quarter ended 30th June, 2026 as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of our reliance on the interim financial results certified by the Management. For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018 Nilesh Shah Partner Membership No. 049660 UDIN: 26049660GRNBOU4469 Place: Mumbai Date: 07th August, 2026
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Deloitte Haskins & Sells LLP Annexure A S.No. Name of Entities Parent Afcons Infrastructure Limited Subsidiaries 1 Hazarat and Company Private Limited 2 Afcons Corrosion Protection Private Limited 3 Afcons Hydrocarbons Engineering Private Limited 4 Afcons Oil and Gas Services Private Limited Afcons Infrastructures Kuwait for Building, Road & Marine Contracting 5 WLL 6 Afcons Construction Mideast LLC 7 Afcons Gulf International Projects Services FZE 8 Afcons Mauritius Infrastructure Limited 9 Afcons Overseas Singapore Pte Limited 10 Afcons Infra Projects Kazakhstan LLP 11 Afcons Overseas Project Gabon SARL 12 Afcons Contracting Company (Saudi Arabia) Joint Operations 1 Afcons Gunanusa Joint Venture 2 Transtonnelstroy Afcons Joint Venture 3 Dahej Standby Jetty Project Undertaking 4 Strabag AG and Afcons Joint Venture 5 Afcons Sener LNG Construction Projects Private Limited 6 Afcons Sibmost Joint Venture 7 Afcons Vijeta PES Joint Venture 8 Afcons SMC Joint Venture 9 Afcons - Vijeta Joint Venture 10 Afcons JAL Joint Venture 11 Afcons KPTL Joint Venture Afcons Infrastructure Limited and Vijeta Projects and Infrastructures 12 Limited Joint Venture (Tanzania/ Rwanda ) 13 Afcons Vijeta Joint Venture Zimbabwe 14 Afcons Hindustan Joint Venture
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1 2 a b C d e f 3 4 5 6 7 8 9 10 11 12 13 14 15 Afcons Infrastructure Limited Regd office: Afcons House, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, Andheri (West), Mumbai- 400053 CIN:L45200MH1976PLC019335 I Website: www.afcons.com Statement of Consolidated Unaudited Financial Results for the quarter ended 30th June, 2026 Quarter ended Particulars 30th June, 31 st March, 30th June, 2026 2026 2025 (Unaudited) (Unaudited) (Unaudited) Income: Revenue from Operations 2,671.00 2,613.84 3,370.38 Other income (net) 55.68 162.82 48.67 Total Income 2,726.68 2,776.66 3,419.05 Expenses: Cost of material consumed 576.75 580.32 680.12 Cost of Construction 1,300.96 1,173.10 1,538.15 Employee benefit expenses 302.80 378.74 377.51 Finance costs 173.05 175.04 161.77 Depreciation and amortisation expense 83.52 99.57 138.81 Other expenses 239.01 438.76 339.31 Total Expenses 2,676.09 2,845.53 3,235.67 Profit/ (Loss) before exceptional Items & tax (1 - 2) 50.59 (68.87) 183.38 Exceptional Items (Refer Note : vi) - - Profit/ (Loss) before tax (3 - 4) 50.59 (68.87) 183.38 Tax expense : i) Current tax 4.08 75.25 52.77 ii) Deferred tax -(credit) I charge 16.18 (57.77) (6.82) iii) Tax expense relating to earlier years (net) 0.03 2.20 0.03 Total tax expense 20.29 19.68 45.98 Profit/ {Loss) after tax and exceptional items {5 - 6) 30.30 {88.55) 137.40 Other comprehensive income (OCI) A) Items that will not be reclassified to statement of profit and loss (a) Changes in fair value of equity investments measured at FVOCI (Net of tax) 0.26 (0.19) 0.03 (b) Re-measurements of defined benefit plans (Net of tax) (1.34) 12.56 (1.43) B) Items that will be reclassified to statement of profit and loss (a) Exchange differences on translation of foreign operations (3.79) 10.44 8.93 Other comprehensive income/ (loss) (A+ B) (4.87) 22.81 7.53 Total comprehensive income/ {loss) for the period/ year (7 + 8) 25.43 (65.74) 144.93 Profit /(loss) for the period / year attributable to : - Owners of the Company 30.60 (88.40) 137.40 - Non-controlling interest (0.30) (0.15) - Other comprehensive income /( loss) for the period / year attributable to : - Owners of the Company (4.87) 22.81 7.53 - Non-controlling interest - - Total comprehensive income/ (loss) for the period/ year attributable to : - Owners of the Company 25.73 (65.59) 144.93 - Non-controlling interest (0.30) (0.15) - Paid up equity share capital (Face value off 10/- each) 367.78 367.78 367.78 Reserves excluding Revaluation Reserves as at Balance Sheet date Earnings per equity share (Face value off 10 each) (quarterly EPS is not annualised) (a) Basic earnings per share (in ~) 0.82 (2.41) 3.74 (b) Diluted earnings per share (inf) 0.82 (2.41 ) 3.74 (fin Crore) Year ended 31 st March, 2026 (Audited) 11,948.38 373.72 12,322.10 2,845.17 5,046.17 1,451.72 673.61 453.92 1,388.21 11,858.80 463.30 76.51 386.79 198.71 (64.86) 2.20 136.05 250.74 (0.23) 15.94 (738) 8.33 259.07 251 .50 (0.76) 8.33 . 259.83 (0.76) 367.78 5,062.30 6.82 6.82
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Afcons Infrastructure Limited Notes: The Consolidated unaudited financial results (the "Results") of Afcons Infrastructure Limited (the 'Parent' and the 'Company') and its subsidiaries (Parent and subsidiaries (i) together referred to as 'the Group') for the quarter ended 30 th June, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on o?'" August, 2026. The statutory auditor have performed limited review of the Consolidated financial results for the quarter ended 30th June, 2026. (ii) The Consolidated financial results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and other accounting principles generally accepted in India and in terms of Regulations 33 and 52 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended ("the Regulations"). (iii) The Group is primarily engaged in a single business segment viz 'Engineering, procurement and construction'('EPC') . The Chief Operating Decision Makers (CODM) monitor and review the operating results of the Group as a whole. Therefore there are no other reportable segments for the Group as per requirements of Ind AS 108 'Operating Segment'. The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results. (iv) In earlier years, the Transtonnelstroy Afcons Joint Venture ("TTA JV" - the Joint Venture) had submitted variations to the client for two projects (package UAA-01 and package UAA-05) arising on account of cost overruns , due to unforeseen geological conditions , delays in handing over of land and change in scope of work etc., in terms of the provisions of the contract with the Chennai Metro Rail Limited ("the client"), which the Management believes is attributable to the client. These variations are in various stages of arbitration, Madras High Court and Supreme Court. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in arbitration, High Court and Supreme Court as of date, which is supported by legal opinion, the management of Joint Venture is confident of getting favourable order/ award and is of the opinion that amount of f 659.87 crore recognized towards such variations/ claims in 'Contract assets' as non-current assets, an amount of~ 120.81 crore towards the arbitration award recognized as 'Non-current Trade Receivables', an amount off 30.63 crore towards the interest on arbitration award as 'Other non-current financial assets' and an amount of ~ 25. 77 crore towards bank guarantee encashed by client as 'Other non current financial assets', is appropriate and the same is considered as good and recoverable. Joint Venture management does not anticipate any loss to be recognized at this stage. However, considering that the proceedings in arbitration, High Court and Supreme Court are ongoing, the duration and outcome is uncertain. (v) Dahej Standby Jetty Project Undertaking ("DJPU" the Joint Venture)- An unfavourable award granted in Arbitration during the earlier year, towards claims of liquidated damages for delay in completion of works by the Joint Venture has been challenged by the Joint Venture at Hon'ble High Court, Delhi for setting aside the unfavourable award and also submitted claims for additional cost incurred w.r.t extended stay and acceleration cost, considering that the delay is attributable to the client and in terms of the contractual provisions. This petition is admitted by Hon'ble High Court, Delhi and hearings is currently in process. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims, carried out by Joint Venture's management, after considering the current facts and status of proceedings in High Court as of date, which is supported by legal opinion, management of Joint Venture is of the view that the amount recoverable from the client of f 79.28 crore disclosed as 'Other Non-current Financial assets' and the 'Contract assets - Non-current assets' of f11 .1 O crore is appropriate as these have been considered as good and recoverable by the Management. However, considering that the proceedings in High Court are ongoing, the duration and outcome is uncertain. (vi) On 21 st November, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively "new Labour Codes") - consolidating 29 existing labour laws. In accordance with the new Labour Codes, the Group has estimated the incremental impact on retiral benefits to be H6.51 crore for the year ended 31 st March, 2026 Considering material regulatory-driven and non-recurring nature of this impact, this has been presented under "Exceptional Items" in the Consolidated financial results. (vii Konkan Railway Corporation Limited ("KRCL") had issued a contract for the construction of Steel Arch Bridge across the river Chenab on 24th August, 2004. The project was completed on 3rd August, 2023. The Company has raised claims towards reimbursement of additional expenses on account of extended stay, categorisation of excavation works , compensation due to loss of productivity, expenses incurred due to a change in alignment, etc., in terms of the provisions of the contract which the management believes are attributable to the client. These claims are in various stages of arbitration and the High Court. During the previous year ended 31 st March, 2026 the group has received a favourable arbitration award for one of its claims amounting to f243 .53 crore. The group has recorded revenue from operations amounting to f165 .62 crore, and balance amount of ~77.91 crore is adjusted from contract assets. The balance amount of ~115 crore is shown as 'Contract assets - Non-current assets As on 30 th June,2026 total amount of i!'250.19 crore is considered as Current-trade Receivables inclduing interest on arbitration award receivable. Based on the assessment, historical experience in similar circumstances and technical evaluation of the aforesaid matters related to claims carried out by the management, after considering the current facts and status of proceedings in arbitration and High Court as of date, which is supported by legal opinion, the management is confident of getting a favourable judgement and recover amount recorded in books as 'Contract assets - Non-current assets and Current-trade Receivables related to this project. However, considering that the proceedings in arbitration and High Court are ongoing, the duration and outcome is uncertain.
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Afcons Infrastructure Limited (viii) Additional disclosures as per Regulation 52 (4) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 : On Consolidated Basis : Quarter ended Year ended Sr. Particulars Unit of 30'hJune. 31st March, 31 st March, No measurement 2026 2026 30 th June, 2025 2026 1 Debt Equity Ratio Times 0.82 0.65 0.60 0.65 2 Debt Service coverage ratio (DSCR) Times 1.15 0.76 2.18 1.69 3 Interest service coverage ratio (ISCR) Times 2.04 1.22 3.63 2.76 4 Current ratio Times 1.29 1.29 1.34 1.29 5 Long term debt to working capital ratio Times 0.48 0.37 0.24 0.37 6 Bad debts to accounts receivable ratio Times - 0.02 - 0.02 7 Current liability ratio Times 0.74 0.73 0.72 0.73 8 Total debt to total assets ratio Times 0.23 0.18 0.18 0.18 9 Debtors turnover ratio • Times 2.47 2.64 3.58 3.02 10 Operating margin % 7.75% 0.26% 11 .75% 8.91 % 11 Net profit margin % 1.15% -3.38% 4.08% 2.10% 12 Inventory turnover ratio • Times 3.51 3.41 4.01 4.08 13 Net worth a:r in Crore 5,341.40 5,312.14 5,272.62 5,312.14 14 Capital Redemption reserve a:r in Crore 0.13 0.13 0.13 0.13 • Have been annualised for the quarters.The margins in the quarterly results vary based on the nature, type and quantum of project work executed during the quarter. Due to this reason, quarterly results may vary in different quarters and may not be indicative of annual results. Sr. Particulars Formulae No 1 Debt equity ratio Total borrowings/ total Equity Profit after tax plus interest ,depreciation and exceptional items / (Interest Exp + 2 Debt Service coverage ratio (DSCR) Principal repayments made during the period for long term borrowings which excludes unscheduled & bullet repayments of borrowings) 3 Interest service coverage ratio (ISCR) Profit before tax plus interest ,depreciation and exceptional items/ (Interest Expense) 4 Current ratio Current Assets/ Current liabilities Long term borrowings (including current maturities of long term borrowings) / 5 Long term debt to working capital ratio (current assets(-) current liabilities (excluding current maturities of long term borrowings) 6 Bad debts to accounts receivable ratio Bad debts/ Average gross trade receivables 7 Current liability ratio Current liabilities/ Total liabilities 8 Total debt to total assets ratio Total borrowings/ total assets 9 Debtors turnover ratio Revenue from operations/ average of Gross opening and closing trade receivables 10 Operating margin (Refer note no iii) Profit before depreciation, interest, tax and exceptional items (-) other income / Revenue from operations 11 Net profit margin Net profit after tax attributable to the oweners of the Company / Revenue from operations Cost of goods sold/ Average inventory 12 Inventory turnover ratio Cost of goods sold= (cost of materials consumed +Stores and spares+ power and fuel) 13 Net worth Equity share capital + Securities premium + General reserve + Retained earnings l4K~INs<f Afcons Infrastructure Limited ~ 0 0 \Jl ~ ~ I- ~ ~ ,_ r 1-- r 0 Ct) In > A.. SUBRAMANIAN KRISHNAMURTHY ~ ~o o"' FMeeclioo Clidihnan * DIN: 00047592 Place : Mumbai Date : 07th August, 2026. - ~;tRllc;,: MU~ l!AI ~o~ ~--.