英文Afcons Infrastructure Ltd (AFCONS IN) 股票研究报告

India | Engineering & ConstructionAfconsEquity ResearchMay 27, 2025 Lavina Quadros *  | Equity Analyst91 22 4224 6116 | lquadros@jefferies.comShirom Kapur *  | Equity Associate+91 22 4224 6141 | skapur1@jefferies.comFY (Mar)2024A2025A2026E2027ECons. Rev.--163,359.0189,921.0EBITDA - Consensus--17,864.021,037.0Cons. EPS--19.2123.12P/Rev1.2x1.3x1.1x0.9xFY25 Order Flow Miss More a Timing Aspect4QFY25 EBITDA missed our estimate by 7% as margins were 75 bps lowerthan expectations at 9.1%. Order flow was Rs160 bn for FY25 vs expectedRs250-300 bn. However, company is L1 on orders of Rs107 bn since3QFY25, which should convert in 1HFY26. Our FY26E-27E estimatesremain intact backed by order flow seen in FY24-25 and 19% YoY orderbook growth in FY25. Our FY25-27E revenue CAGR is 17%. Maintain Buy.Management commentary reflects confidence in capex prospects in a challengingenvironment: Results call highlighted that there is global uncertainty between US tariffs,geopolitical tensions and also some ca