Afcons boasts a strong track record in the engineering, procurement and construction (EPC) business, with Ebitda margins outperforming Larsen & Toubro’s (L&T) projects and manufacturing division. Afcons reported Ebitda margins of 10-11% for FY25 and FY26, compared to L&T’s 8.3%. However, high interest expenses absorbed nearly 55% of Afcons’s ₹1,217 crore Ebitda in FY26, escalating further to 69% in Q1FY27. Absolute interest costs rose 7% year-on-year to ₹173 crore during the quarter.
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