Afcons Infrastructure Ltd. (AFCONS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-16.0%

₹180.89

vs ₹215.40 price

Levered DCF

-₹122.80

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.72×	35.45×	38.77×	42.45×	48.94×	96.78×	13.9×	14.22×
P/B	1.83×	3.28×	4.85×	5.49×	6.43×	6.76×	7.2×	7.99×
P/S	0.84×	1.38×	1.32×	1.39×	1.59×	1.72×	1.63×	1.85×
EV / EBITDA	8.41×	11.53×	12.35×	13.64×	17.42×	19.47×	21.08×	24.65×
Gross margin	18.0%	31.7%	29.5%	27.8%	25.8%	28.6%	25.0%	25.2%
Operating margin	6.4%	9.0%	6.9%	7.2%	6.2%	14.8%	11.5%	14.9%
Net margin	2.1%	3.9%	3.4%	3.3%	3.3%	1.8%	2.5%	2.8%
Current ratio	1.29×	1.36×	1.11×	1.09×	1.09×	1.09×	1.12×	1.22×
Debt / equity	0.67×	0.45×	0.7×	0.51×	0.6×	0.68×	0.74×	0.81×
Interest coverage	1.13×	2.44×	2.18×	2.99×	2.22×	2.98×	0×	0×
Dividend yield	0.9%	0.2%	0.2%	0.0%	0.1%	0.2%	0.2%	0.2%
Payout ratio	36.6%	6.6%	6.4%	0.0%	7.1%	15.1%	10.3%	10.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	9.3%	12.5%	12.9%	13.1%	7.0%	10.9%	11.9%
Return on invested capital	4.2%	7.4%	7.4%	8.8%	8.6%	12.5%	11.2%	16.0%
Return on assets	1.3%	2.8%	2.8%	2.9%	2.7%	1.3%	1.9%	2.3%
Free cash flow yield	-10.5%	-2.8%	-0.1%	1.7%	1.5%	2.7%	4.0%	2.5%
Earnings yield	2.5%	2.8%	2.6%	2.4%	2.0%	1.0%	1.5%	1.5%
Enterprise value	₹127.3B	₹191.6B	₹195.5B	₹187.3B	₹186.2B	₹171.6B	₹173B	₹174.5B
Net debt / EBITDA	1.81×	1.15×	1.33×	0.94×	1.1×	1.14×	1.4×	1.82×
Cash conversion cycle (days)	185	140	98	114	121	85	94	106