Shareholders meeting

July 08, 2026 To To BSE Limited National Stock Exchange of India Ltd Corporate Relationship Dept., Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai 400001. Bandra (East), Mumbai 400 051. Scrip Code: 544280 Symbol: AFCONS Subject: Annual Report for the F.Y. 2025-26 along with Notice of 50th Annual General Meeting of the Company. In continuation of our letter dated June 29, 2026 informing that the 50th Annual General Meeting (“AGM”) of the Company is scheduled to be held on Thursday, July 30, 2026 at 3:00 P.M. IST through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”). Pursuant to Regulation 34(1) and 53 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Notice convening the 50th AGM and the Annual Report of the Company, including the Business Responsibility and Sustainability Report, for the Financial Year 2025-26. Further, the Notice of the AGM and the Annual Report of the Company for the Financial Year 2025-26 is being sent through electronic mode to all those members of the Company whose email ids are registered with the Company, RTA and/or Depository Participant(s) and physical letter sent to those whose email ids are not are registered with the Company, RTA and/or Depository Participant(s). The Notice of the AGM along with the Annual Report for the Financial Year 2025-26 is also uploaded on the Company’s website at https://afcons.com/financials/#annual- reports-related and the website of National Securities Depository Limited at www.evoting.nsdl.com. Thanking you, Yours faithfully, For Afcons Infrastructure Limited Gaurang Parekh Company Secretary and Compliance Officer Membership No.: F8764 Encl.: As above Afcons Infrastructure Limited Regd. O(cid:431)ice: 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 ANNUAL REPORT 2025-2026 Contents CORPORATE OVERVIEW STATUTORY REPORTS 04 About Afcons Infrastructure Limited 49 Notice 10 Key Milestones 83 Board’s Report 12 International Presence 105 Management Discussion and Analysis 14 Message from Executive Chairman 123 Report on Corporate Governance 16 Message from Managing Director 165 Business Responsibility & Sustainability Reporting Showcasing Incredible 18 Financial Highlights Engineering Across 20 Strategies Geographies 22 Project Snapshot P.22 30 Equipment Base FINANCIAL STATEMENTS 32 Knowledge Management 214 Standalone Financial Statements 34 ESG 315 Consolidated Financial Statements 42 Governance 408 Form AOC- 1 44 Award and Accolades 46 Corporate Communications 48 Corporate Information Environment, Social and Governance P.34 Mission “To be a prominent transnational infrastructure company recognised for business innovations, focused on total satisfaction and enhanced value creation for all its stakeholders” Disclaimer: Inland Waterways Terminal, Varanasi, India This document contains statements about expected future events and financials of Afcons Infrastructure Limited (‘the Company’), which are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and For more investor-related uncertainties. There is a significant risk that the assumptions, predictions, and other forward-looking statements may not prove to be accurate. information, please visit Readers are cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions, actual future Or, simply https://www.afcons.com/en/financials results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the scan the QR code disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the Management Discussion and Analysis section of this Annual Report. Incredible With a global footprint spanning over Expanding its 30 countries, Afcons has extended its global presence engineering excellence across continents. From South Asia’s rapidly evolving urban and strengthening landscapes to Africa’s critical infrastructure core capabilities, Engineering, corridors, the Company has successfully delivered projects that support connectivity Afcons remains and economic growth across diverse markets. focused on delivering This ability to operate with consistency across geographies reflects not only technical infrastructure Delivered strength, but also adaptability, cultural engineered for understanding and a commitment to global standards of execution. performance and designed to create Guiding this journey is a clear and enduring Worldwide purpose to transform lives by building long-term value, sustainable, world-class infrastructure. staying true to the This purpose shapes every aspect of the Company’s operations, driving the creation promise of ‘Incredible of infrastructure that enhances connectivity, Engineering, supports economic progress and contributes Afcons Infrastructure Limited’s engineering excellence meaningfully to the communities it serves. Delivered Worldwide’. is built on a legacy of nearly seven decades of delivering complex, large-scale and technically demanding infrastructure projects across diverse sectors. Over the years, the Company has developed specialised expertise in executing challenging and often first-of-its-kind works, including underground tunnels, marine structures, metros, bridges, water and industrial infrastructure across diverse terrains and operating environments. Roads and Drainage System, Addu City, Maldives Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 04 05 DETIMIL ERUTCURTSARFNI SNOCFA Corporate Overview Statutory Reports Financial Statements About Afcons Infrastructure Limited Engineering Afcons operates as a technology-driven EPC Excellence contractor with capabilities spanning marine, urban infrastructure, surface transport, oil and gas, and hydro and underground segments. This execution capability is anchored by deep in- at Scale house engineering expertise, a robust equipment base and a strong focus on safety, quality and operational efficiency. Established in 1959, Afcons Afcons has a global footprint across more than 30 Infrastructure Limited is the countries in Asia, Africa and the Middle East, establishing flagship infrastructure engineering itself as a globally competitive infrastructure player. and construction company of Consistent recognition among leading contractors in specialised segments, along with its five-star export the Shapoorji Pallonji Group. The house status, reflects the Company’s strong international Company has developed specialised execution capabilities. expertise in executing complex and often first-of-its-kind projects, including underground works, marine structures, metros, bridges and industrial infrastructure in challenging terrains and operating environments. DETIMIL ERUTCURTSARFNI SNOCFA AAnnnnuuaall RReeppoorrtt 22002255--2266 EPCIC of Offshore Process Platform Project for Development of KG-DWN-98/2 NELP Block, India Annual Report 2025-26 06 07 DETIMIL ERUTCURTSARFNI SNOCFA Corporate Overview Statutory Reports Financial Statements Business Verticals URBAN INFRASTRUCTURE Afcons undertakes EPC projects across a diverse range of infrastructure sectors, The Urban Infrastructure leveraging deep rooted capabilities to execute complex and large-scale assignments. vertical undertakes construction This presence across multiple business verticals enables the Company to address of metro rail systems, including elevated and underground varied project requirements while maintaining a balanced and resilient portfolio corridors, along with bridges, across geographies. flyovers and related urban mobility infrastructure. MARINE & INDUSTRI [Showing first 8,000 characters — download PDF for full document]