Afcons

What Afcons does

Afcons Infrastructure Limited is the flagship engineering, procurement, and construction (EPC) arm of the Shapoorji Pallonji Group, headquartered in Mumbai and listed on Indian exchanges since November 2024 (ticker AFCONS, BOM:544280). Founded in 1959, the company executes large, complex infrastructure projects through five business units — Marine & Industrial, Surface Transport, Urban Infrastructure, Oil & Gas, and Hydro & Underground Water — serving central and state government agencies, port authorities, metro rail corporations, oil & gas companies, and water/irrigation departments across more than 30 countries.

Afcons' underlying capability rests on an indigenous strategic equipment fleet valued at over ₹2,600 crore (including 17 tunnel boring machines, 10 marine barges, 24 jumbo drills, and the world's largest crossbar cable crane deployed at the Chenab Rail Bridge) combined with proprietary execution methodologies such as New Austrian Tunneling Method (NATM), which has been used to construct over 50 km of underground tunnels. Its track record includes several "world-record" landmarks: the Chenab Bridge (world's highest single-arch railway bridge), the Atal Tunnel (world's longest highway tunnel above 10,000 ft), the Kolkata East–West Metro (India's first underwater metro), and the upcoming Vadhvan breakwater (set to be the world's second-longest). ENR 2024 ranks Afcons 14th globally in marine/port facilities, 12th in bridges, and 45th in transport, and it is the only Indian firm in the top 25 in marine and bridges.

Afcons generates revenue through long-duration EPC contracts awarded via competitive government tendering, with contract values ranging from hundreds of crores to several thousand crores per project and revenue recognised over multi-year execution periods based on progress. Recent order wins include the ₹5,301 crore Vadhvan Port breakwater, a €677 million (₹7,544 crore) Croatia railway project — the largest international order in company history and entry into the European market — and a ₹430 crore Delhi Metro Phase 5A underground station. As of March 2025, the order book stood at ₹36,869 crore (10.12% CAGR from FY23), while FY26 full-year revenue was ₹11,948.38 crore (a 4.78% YoY decline).

Name

Afcons

Legal name

Afcons Infrastructure Limited

Website

https://afcons.com

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Afcons Infrastructure is a Mumbai-based public EPC contractor and flagship arm of the Shapoorji Pallonji Group that designs and builds large-scale marine, transport, urban, oil & gas, and hydro infrastructure projects across 30+ countries, primarily for government clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Others

Revenue model

1. EPC Contracts: Engineering, Procurement, and Construction contracts for infrastructure projects including marine facilities, surface transport, urban infrastructure, oil & gas, and hydro/underground water projects. Revenue recognized over project execution period based on progress.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Afcons Infrastructure Limited is an Engineering, Procurement, and Construction (EPC) infrastructure company and the flagship infrastructure arm of the Shapoorji Pallonji Group. It executes large, complex, high-value infrastructure projects across five business verticals: Marine & Industrial (ports, harbours, breakwaters, LNG tanks), Surface Transport (highways, railways), Urban Infrastructure (metros, bridges, flyovers), Oil & Gas (offshore/onshore platforms), and Hydro & Underground Water (dams, tunnels, irrigation). With over 60 years of experience, the company operates in more than 30 countries through competitive bidding on government and private tenders.

Product overview

Afcons Infrastructure Ltd is an EPC (Engineering, Procurement & Construction) infrastructure company and the flagship infrastructure arm of the Shapoorji Pallonji Group. It operates through five distinct business units: Marine & Industrial (ports, harbours, breakwaters, LNG tanks, material handling), Surface Transport (highways, roads, railways, bridges), Urban Infrastructure (elevated/underground metro works, bridges, flyovers, corridors), Oil & Gas (offshore/onshore projects), and Hydro & Underground Water (dams, tunnels, water supply, irrigation). The company executes large, complex, high-value projects across 30+ countries with a strategic equipment fleet of 17 TBMs, 10 marine barges, and 37 crawler cranes among other assets. Its operations are supported by integrated quality management systems and a knowledge-driven culture that enables precision, speed, and excellence in project delivery.

Differentiator

Problem solved

Functional benefit

Products and services

• Marine & Industrial Business Unit Covers construction of ports and harbour jetties, dry docks, wet basins, breakwaters, outfall and intake structures, LNG tanks, and material handling systems. Afcons has executed 235 Marine and Industrial projects in 15 countries and is ranked 14th largest international marine and port facilities contractor globally per ENR 2024.
• Surface Transport Business Unit Covers highways and roads, interchanges, mining-related infrastructure, and railways. Ranked 45th largest international contractor in the transportation segment per ENR 2024. Notable projects include the Mumbai-Pune Expressway Missing Link with India's tallest road cable-stayed bridge.
• Urban Infrastructure Business Unit Covers elevated and underground metro works, bridges, flyovers, and elevated corridors. Since 1979, Afcons has constructed over 120 km of elevated and underground metro networks, over 150 bridges, viaducts and flyovers, and 32 elevated and underground metro stations across nine cities in India. Ranked 12th worldwide in bridges per ENR 2024.
• Oil & Gas Business Unit Covers onshore and offshore oil and gas projects including process platforms, crude oil tanks, and related EPC work. Afcons was the first Indian EPC contractor to install an offshore process platform using float-over technology on time.
• Hydro & Underground Water Business Unit Covers dams and barrages, tunnels including large road tunnels, underground works, water and irrigation, and related infrastructure. Constructed over 50 km of underground tunnels through NATM methodology and was ranked 12th worldwide in transmission and aqueducts per ENR 2024.
• EPC (Engineering, Procurement & Construction) Services End-to-end engineering, procurement, and construction services for large, complex, high-value infrastructure projects across geographies and terrains. Award-winning project management systems supported by a knowledge-driven culture ensure precision, speed, and excellence across all five business verticals.

Quantifiable outcome

• Order book growth: CAGR of 10.12% from ₹304,057.7 million (FY2023) to ₹368,686.2 million (FY2025)
• +5 more outcomes

Named customers10 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered major, core and minor.

• Vadhvan Port Project Limited (VPPL)majorStrategic or Co-development Partner · 10 June 2026Afcons Infrastructure received a Letter of Award from Vadhvan Port Project Limited for constructing a 10.14 km breakwater at the upcoming Vadhvan Port in Maharashtra. The project valued at ₹5,301 crore will create the world's second-longest breakwater upon completion. The port is planned as India's largest public port with handling capacity of 23.2 million TEUs.
• HŽ Infrastructure (Croatia)majorStrategic or Co-development Partner · 4 June 2026Afcons Infrastructure selected as preferred bidder for €677.05 million railway line upgrade contract in Croatia - the largest railway project in Croatia's history. The 83km Dugo Selo–Novska line reconstruction project involves rebuilding existing track, laying second track, raising speed to 160km/h, reconstructing stations, and installing new signalling. Project represents Afcons' entry into the European market and largest international order to date.
• HerrenknechtcoreTechnology or IntegrationStrategic equipment supplier providing tunnel boring machines (TBMs) for Afcons' tunneling projects including the 5.33m diameter Gripper TBM for Mumbai water tunnel projects and machines for the Mumbai-Ahmedabad bullet train undersea tunnel project.
• AFCONS-SAM India ConsortiumminorStrategic or Co-development PartnerJoint venture consortium executing Agra Metro Line 1 project, achieving successful trial run on 6 km stretch between Mankameshwar Metro Station and ISBT.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Larsen & Toubro: India's largest EPC conglomerate with extensive infrastructure, transportation, hydrocarbons, and heavy civil construction businesses. Direct competitor to Afcons in metro rail, highways, ports, hydropower, and tunneling projects, with both pursuing marquee government tenders.
• Hindustan Construction Company: Indian infrastructure construction company with overlapping capabilities in transportation, hydropower, and tunneling. Direct competitor in hydro dams, expressways, and underground works with similar exposure to government clients and project execution risk.
• Dilip Buildcon: Indian EPC contractor focused on roads, highways, bridges, and irrigation infrastructure. Direct competitor in Afcons' Surface Transport business unit with similar HAM and EPC contract structures.
• NCC Limited (Nagarjuna Construction Company): Diversified Indian construction company operating across buildings, infrastructure, transportation, water, and electrical segments. Direct competitor to Afcons in roads, irrigation, urban infrastructure, and metro rail projects.
• Tata Projects: Tata Group-backed Indian EPC company with strong presence in urban infrastructure, transportation, power transmission, and industrial construction. Competes with Afcons for metro, expressway, and industrial EPC contracts.
• KEC International: RPG Group EPC company specializing in power transmission, railways, cables, and civil infrastructure. Competes with Afcons in railway construction and urban infrastructure projects.
• IRCON International: Indian government-owned railway construction and infrastructure EPC company. Active JV partner of Afcons (Bhairabh Bridge, Bangladesh) and direct competitor in railway infrastructure including international assignments.
• Sadbhav Engineering: Indian infrastructure EPC company with focus on roads, irrigation, mining, and BOT/HAM projects. Competes with Afcons in highway construction and transportation infrastructure tenders.

Broad incumbents

• Reliance Infrastructure: Large diversified Indian infrastructure company with EPC, roads, metro, and power businesses. Operates in overlapping transport and urban infrastructure segments as Afcons with broader portfolio including defence and power generation.
• GMR Group: Diversified Indian infrastructure conglomerate with major presence in airports, highways, energy, and urban infrastructure. Competes with Afcons in airport construction and large transportation projects, with a broader group-level portfolio.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/AFCONSOfficial
• YouTubeyoutube.com/channel/UCEQugiyrp1LA_7OrMxBsQ8w
• Facebookfacebook.com/profile.php?id=61579164836856
• LinkedInlinkedin.com/company/afcons-infrastructure-limited
• Instagraminstagram.com/afcons?igshid=10mq9gdsypdsz

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Afcons