Analysts/Institutional Investor Meet/Con. Call Updates

November 06, 2026 To To The Compliance Manager The Manager, Listing Department 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: Transcript of Q2 & H1 FY ’27 Earnings Conference Call Pursuant to Regulation 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of the Q2 & H1 FY ’27 Earnings Conference Call held on Thursday, November 05, 2026. The aforesaid Transcript is also being uploaded on the website of the Company: https://afcons.com/financials/ Thanking you, Yours faithfully, For Afcons Infrastructure Limited Gaurang Parekh Company Secretary and Compliance Officer Membership No.: F8764 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 “Afcons Infrastructure Limited Q2 & H1 FY ’27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. PARAMASIVAN SRINIVASAN– MANAGING DIRECTOR, AFCONS INFRASTRUCTURE LIMITED MR. RAMESH JHA – CHIEF FINANCIAL OFFICER, AFCONS INFRASTRUCTURE LIMITED MR. HITESH SINGH – HEAD CORPORATE STRATEGY, AFCONS INFRASTRUCTURE LIMITED MODERATOR: MR. BHAVIN MODI –ANAND RATHI INSTITUTIONAL EQUITIES Page 1 of 21 Afcons Infrastructure Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Afcons Infrastructure Limited Q2 and H1 FY '27 Earnings Conference Call, hosted by Anand Rathi Share and Stock Brokers Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavin Modi from Anand Rathi Institutional Equities. Thank you, and over to you, Mr. Modi. Bhavin Modi: Yes, thank you. This is Bhavin Modi from Anand Rathi Institutional Equities. Good morning, everyone, and a warm welcome to the Q2 and H1 FY '27 Earnings Calls of Afcons Infrastructure Limited. To discuss the results today, we have the management with us, which is represented by Mr. Srinivasan Paramasivan – the Managing Director; Mr. Ramesh Jha – CFO, and Mr. Hitesh Singh – the Corporate Strategy Head. Now, at this point, I will hand over the floor to the management for the initial remarks, and post which, we can open the floor for the question-and-answer session. With that, over to you, sir. Srinivasan Paramasivan: Thank you, Bhavin. Good morning, ladies and gentlemen. Our financial results and investor presentation for the quarter and half year ended September 2026 have been uploaded on the stock exchanges, and I am sure you had the opportunity to review them. Let me begin with a brief overview of our performance: For Q2 FY27, Afcons reported a revenue of INR 2,906 crores, EBITDA of INR 316 crores with an EBITDA margin of 10.9%, and profit after tax of INR 41 crores. For the first half year, revenue stood at INR 5,633 crores, EBITDA at INR 578 crores with an EBITDA margin of 10.3%, while profit after tax stood at INR 71 crores. At the same time, our order booking continued to strengthen. During H1, we secured orders worth close to INR 16,000 crore, taking our total order book to INR 43,836 crore. This excludes L1 orders. As on date, for the year, our intake is close to INR 19,500 crores, excluding L1 orders. With an identified project pipeline of around INR 80,000 crores for Financial Year '27, bids under evaluation, and several opportunities at different stages of tendering, we remain on track towards our full-year order inflow guidance of INR 30,000 crores. These wins have strengthened our order book and provide healthy revenue visibility for the coming years. Let me now address the operating performance: Page 2 of 21 Afcons Infrastructure Limited November 05, 2026 Our Q2 performance was lower than the corresponding period last year. The constraints that we discussed in our Q1 call have evolved differently across projects. Land handovers are progressing at affected sites, and certain approvals and clearances have moved forward. These are important developments because they should enable higher activity at these projects during the second half. While these developments are encouraging, our endeavor is to deliver higher level of execution. We remain focused on translating the improving project environment into stronger operating performance in the periods ahead. Not everything has moved at the same pace. Liquidity and collection remain challenging, and execution on the Jal Jeevan Mission project in U.P. continues to remain gradual. Let me assure you, we are managing the issue project by project, with particular attention to execution readiness, client interfaces, collections, and cash flow. Our objective is to address the issues within our control and be ready to accelerate execution as the remaining constraints are resolved. Against this background, our Q2 performance was broadly in line with our expectations. On the positive side, both tunnel boring machines at the Mumbai-Ahmedabad High-Speed Rail project are progressing in line with the schedule, and our teams remain focused on achieving the planned execution progress. We have also achieved significant progress at our Greater Male Connectivity Project. The final segment of Thilamale Bridge, connecting Vilimalé Island to the capital Malé, was completed during the quarter, marking a significant step forward to the project. It is the largest infrastructure project funded by India outside the country. It will, upon completion, stand as an engineering marvel and serve as an important catalyst for connectivity and economic development across Greater Malé region. Beyond the execution progress discussed, we also achieved project milestone. Phase-II of Mithapur–Sipara Elevated Corridor was inaugurated by the Honorable Chief Minister of Bihar during the quarter. The corridor is expected to reduce travel time between Mithapur, Mahuli, and Punpun from approximately one hour to around 15 minutes. The engineering capabilities, execution discipline, and safety systems that underpin these achievements also continue to receive recognition from leading industry institutions during the period. Afcons was named Construction Contractor of the Year at the 16th Construction Week Awards, while several of our projects received safety awards and recognitions from domestic and international institutions. Turning briefly to the business environment, the infrastructure opportunity in India remains healthy, although the pace of project awards remains uneven and competition is intense in certain segments. Internationally, geopolitical tensions in West Asia continue to affect logistics and the cost of certain inputs on some of our projects. We are addressing these through advanced procurement, alternate sourcing, and close coordination with clients, suppliers, and logistics partners. Page 3 of 21 Afcons Infrastructure Limited November 05, 2026 As I look to the second half of the year, I see clear priorities for us: accelerating execution where the necessary fronts and approvals are available, improving collections and cash generation, and mobilizing new projects faster to make us ready for growth in the next financial year. Our execution visibility for H2 is better today than what was at the beginning of the financial year. Based on the visibility, we expect execution in the second half to be stronger than in the first half. Let me conclude with on [Showing first 8,000 characters — download PDF for full document]