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Infrastructure construction Historical case study · data as of 22 Jul 2026 · published 25 Oct 2026 (95 days later)

Afcons Infrastructure — 100-point case study

How Afcons Infrastructure looked on 50 technical and 50 fundamental measures on 22 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: AFCONS · BSE: 544280
Close on 22 Jul 2026	₹289.95
Market cap then	₹10,656 crore
Valuation	P/E 42.6× · P/B 1.96×
Momentum	RSI (14) 38 · 1-year return -32.2%
Next 3 months	-24.9% vs Nifty 50 -5.8% (to 23 Oct 2026)

Scorecard

Technical — 50 points

7 bullish · 21 neutral · 1 caution · 20 bearish — the picture leaned negative.

Fundamental — 50 points

2 bullish · 28 neutral · 3 caution · 16 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Screener reports that promoters had pledged their entire holding (about 50% of the company). The Jan–Mar 2026 quarter was a net loss.

Technical analysis — 50 points

Calculated by code from daily prices up to 22 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.52%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.52% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -13.7%	Bullish	The 100-session trend line was up (+0.07%/day) and the stock was -13.7% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -32.2%	Bearish	Compared with a year earlier the price was -32.2%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 312.04 / 30W 319.12	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 346.50→324.90; lows 289.80→309.15	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	12.8	Neutral	ADX at 12.8 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 20.6 / –DI 26.3	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	303.41 (-4.4%)	Bearish	Close of 289.95 was 4.4% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	313.80 (-7.6%)	Bearish	Close of 289.95 was 7.6% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	352.22 (-17.7%)	Bearish	Close of 289.95 was 17.7% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 294.93 / 21E 301.90	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 18 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 10.9% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-3.5% in 20 sessions	Bearish	The 50-day average fell 3.5% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	303 / 314 / 309 / 352	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	298.03 (-2.7%)	Bearish	Anchored to the start of July, the volume-weighted average price was 298.03; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	38.1	Bearish	RSI at 38.1 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -7.11 / signal -6.13	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-2.36 → -0.98	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-7.11	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 28.6 / %D 32.0	Bearish	Slow stochastic at 28.6 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-76.3	Neutral	%R of -76.3 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-118	Bearish	CCI at -118 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.8%	Bearish	Price changed -3.8% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.17 (bands 282.84–323.99)	Neutral	%B of 0.17 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 13.6% (45th pct of 6M)	Neutral	Band width was at the 45th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹9.89 (3.4% of price)	Neutral	A typical day's range was about ₹9.89, or 3.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	31.7% vs 1Y 31.6%	Neutral	Annualised 30-day volatility was 31.7%, close to the one-year level of 31.6%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	281.89–320.96	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.82	Neutral	A beta of 0.82 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.26× / 5-day 3.39×	Neutral	The final session traded 1.26× its 20-day average volume and the last five sessions averaged 3.39× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 12.93	Bullish	Average volume on up days was 12.93× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.08	Bullish	CMF at +0.08 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	80.6	Caution	MFI, a volume-weighted RSI, was 80.6 — overbought. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹52 cr/day	Neutral	About ₹52 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	289.80 / 281.65 / 270.75	Neutral	Nearest support (prior swing lows) sat at 289.80, 0.1% below the close, then 281.65, 270.75. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	300.95 / 313.70 / 324.90	Neutral	Nearest resistance (prior swing highs) sat at 300.95, 3.8% above the close, then 313.70, 324.90. How to read: Information only.
40	Monthly pivot points (for next month)	P 296.82 \| R1 311.98 \| S1 274.78	Neutral	Classic pivots from July's high/low/close gave a pivot of 296.82; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 342 \| 38.2% 328 \| 50.0% 316 \| 61.8% 304	Neutral	Measuring the 6-month rise from 265.80 to 366.00, the close was nearest the 61.8% retracement at 304.08. How to read: Information only.
42	52-week high / low	H 479.40 / L 265.80	Neutral	The close was 39.5% below the 52-week high and 9.1% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 281.65–324.90	Neutral	The close was inside the prior 20-day range of 281.65–324.90. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Hammer-type candle	Bullish	On 22 Jul the candle opened 291.30, ranged 282.15–292.20 and closed 289.95: Hammer-type candle — buyers rejected lower prices. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 318.00–326.12; Tenkan 297.67 / Kijun 305.73	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -7.7% / 3M -11.3%	Bearish	The stock underperformed the Nifty 50 by 11.3 points over three months and underperformed by 7.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -12.9%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 12.9 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	7 bullish · 20 bearish · 21 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 289.80, resistance 300.95. This is a description of the chart on 22 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 22 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 22 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	42.6×	Neutral	At ₹289.95 the market valued the company at about ₹10,656 crore, or 42.6× the ₹250 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.96×	Neutral	Market cap was 1.96× the Mar 2026 book value (equity + reserves) of ₹5,450 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.89×	Neutral	The company was valued at 0.89× its trailing-12-month sales of ₹11,948 crore. How to read: Information only.
4	EV / EBITDA (approx.)	11.7×	Neutral	Enterprise value (market cap + ₹3,627 cr borrowings; cash not netted) was 11.7× trailing operating profit of ₹1,217 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	2.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -15.2%. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹10,656 cr	Neutral	At about ₹0.11 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹150.65 vs ₹289.95	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹150.65; the price was 92% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	-4.8%	Bearish	Revenue for FY26 was ₹11,948 crore, -4.8% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-18.9%	Bearish	The Jan–Mar 2026 quarter brought ₹2,614 crore of revenue, -18.9% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-48.5%	Bearish	FY26 net profit was ₹251 crore, -48.5% on FY25's ₹487 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-180.2%	Bearish	Quarterly profit was ₹-89 crore versus ₹111 crore a year earlier (-180.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	-1.9%	Bearish	Revenue compounded at -1.9% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-15.2%	Bearish	Net profit compounded at -15.2% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	5.0%	Bearish	Over five years (FY21–FY26) revenue compounded at 5.0% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-48.3%	Bearish	Reported EPS went from ₹13.24 to ₹6.84 (-48.3%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	10%	Neutral	Operating profit (EBITDA) was 10% of sales in FY26 versus 11% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	13% → 11% → 14% → 2%	Bearish	Quarterly margins moved from 13% to 2% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	2.1%	Neutral	₹2.1 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	4.7%	Bearish	FY26 profit was 4.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	14%	Neutral	Return on capital employed (debt + equity) was 14% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	1.31%	Neutral	Net profit was 1.31% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	35%	Neutral	The company paid about 35% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	71%	Caution	Non-operating 'other income' of ₹274 crore made up 71% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.67	Neutral	Borrowings of ₹3,627 crore were 0.67× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.92×	Neutral	Debt equalled 2.92 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	1.6×	Bearish	Earnings before interest and tax covered interest cost 1.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+3.6%	Neutral	Shareholders' equity grew +3.6% from ₹5,261 crore to ₹5,450 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹901 cr (36% of fixed assets)	Neutral	Projects under construction (CWIP) were 36% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	63 days	Neutral	Working capital tied up equalled 63 days of sales (FY25: 65). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-283 days	Neutral	It took -283 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	105 (FY25 81)	Caution	Customers took 105 days on average to pay, versus 81 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-127 cr	Bearish	The business generated ₹-127 crore of operating cash in FY26 versus ₹-132 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-491 cr	Bearish	After capital spending, free cash flow was ₹-491 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	-0.51×	Caution	Operating cash flow was -0.51× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-4.6%	Neutral	FY26 free cash flow was -4.6% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-936 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-936 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹364 cr	Neutral	Implied capital expenditure was about ₹364 crore, 3.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	29%	Neutral	The company paid out about 29% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	19% / 19% / 29%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹368 cr → ₹368 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	50.17% (+0.00 pts YoY)	Neutral	Promoters owned 50.17% at Jun 2026 versus 50.17% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	12.15% (-3.65 pts YoY)	Bearish	FIIs held 12.15% at Jun 2026, down from 15.80% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	20.07% (+5.54 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 20.07%, up from 14.53%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.4 lakh (-9.7% YoY)	Neutral	The shareholder count moved from 2.7 lakh to 2.4 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	100% of promoter holding (Screener)	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	2/8	Bearish	Passed: positive profit, no meaningful dilution (<3%). Failed: positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 5 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 22.4%. Weaknesses: Company has low interest coverage ratio; The company has delivered a poor sales growth of 4.97% over past five years; Company has a low return on equity of 9.64% over last 3 years; Promoters have pledged 100% of their holding; Cost of borrowing appears high (paraphrased). (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	2 bullish · 16 bearish · 28 neutral · 3 caution	Bearish	On the numbers published by 22 Jul 2026 the fundamental picture leaned negative. Valuation: P/E 42.6×, P/B 1.96×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 22 Apr 2026 – 22 Jul 2026 that an investor could have known on the snapshot date.

11 May 2026 Afcons Wins Rs 7,544 Crore Railway Project in Croatia — Afcons was identified as the most suitable bidder for reconstruction and doubling of the Dugo Selo-Novska railway line in Croatia, valued at EUR 677.07 million (about Rs 7,544 crore), its entry into Europe and largest international order. source
20 May 2026 Afcons Infrastructure shares extend decline after weak Q4 earnings; brokerages mixed, check target prices — After Q4 FY26 results (revenue down about 19% to ~Rs 2,600 crore, consolidated net loss), shares fell a third session to about Rs 308. Elara downgraded to Sell (TP 282), ICICI Securities Hold (TP 315), Nuvama Buy (TP 398); FY26 order inflow was Rs 4,100 crore vs Rs 20,000 crore guidance; order book Rs 32,500 crore. source
21 May 2026 Afcons Wins Rs 53.01 bn Vadhavan Port Breakwater Contract — Afcons won a Rs 5,301 crore contract for breakwater construction at Vadhavan Port covering engineering, procurement and marine works. source
17 Jul 2026 Afcons Infrastructure Share Price Rising Today: Stock Jumps 6.03% to Rs 302.60 on 17 July 2026 — Shares rose about 6% intraday (range Rs 281.65-313.70) on heavy volume of about 1.63 crore shares; no confirmed trigger was reported at the time. source

What happened next (22 Jul 2026 → 23 Oct 2026)

Price went from ₹289.95 to ₹217.84 by 23 Oct 2026 (-24.9%) while the Nifty 50 moved -5.8% — underperforming by 19.1 points.
Highest ₹304.55 on 15 Sep 2026; lowest ₹216.28 on 23 Oct 2026.
S1 289.80: broken on a closing basis on 23 Jul 2026.
S2 281.65: broken on a closing basis on 28 Jul 2026.
R1 300.95: not cleared on a closing basis.
R2 313.70: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 07 Aug 2026): revenue ₹2,671 crore (-20.7% YoY), net profit ₹30 crore (-78.1% YoY), operating margin 9% vs 13% a year earlier (Screener consolidated figures).

Later news

06 Aug 2026 Afcons Gets Approval For Rs 1,918 Crore Desalinated Water Tunnel Project In Mumbai — Afcons received a Letter of Acceptance from BMC for a Rs 1,918 crore desalinated water conveyance tunnel from Manori to Charkop/Kandivali. source
07 Aug 2026 Afcons Press Release: Q1 FY27 results — Q1 FY27 consolidated total income Rs 2,727 crore (-20.3% YoY), EBITDA Rs 263 crore (9.6% margin), PAT Rs 30 crore (-77.9% YoY); order inflow Rs 13,219 crore, order book Rs 43,290 crore. source
15 Sep 2026 Afcons Infra Shares Snap Four-Session Fall With Around 19% Rebound — After falling about 13.5% over four sessions, shares rose as much as 19% intraday on heavy volume amid reports on Tata Sons (in which the Shapoorji Pallonji group holds ~18.5%); article also notes a Rs 335.50 crore arbitral award from UPEIDA received on 24 Aug 2026. source

Educational summary. On 22 Jul 2026 the technical picture leaned negative and the fundamental picture leaned negative. Over the next three months the stock moved -24.9% against -5.8% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Afcons Infrastructure today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 25 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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