Afcons Infrastructure, the flagship infrastructure, engineering, and construction company of the Shapoorji Pallonji Group, announced today that it has emerged as the Lowest Bidder (L1) for the rehabilitation and construction of a railway line in the Republic of Croatia, which is valued at ₹6800 crore. In a regulatory filing, the company said the project was awarded by HŽ Infrastructure Ltd.
The order involves the reconstruction of the existing railway line and construction of a second track on the Dugo Selo–Novska section, including overhead electrification, signaling, and telecommunication works.
This marks the company’s second order win in less than a week. On July 18, it had emerged as the lowest bidder for two road construction packages in Croatia worth ₹4,535 crore.
Afcons has been securing significant orders in recent months. In early June, it received a ₹700 crore contract from Reliance Industries for construction work related to its Vinyl Projects in Dahej, Gujarat”> ₹700 crore contract from Reliance Industries for construction work related to its Vinyl Projects in Dahej, Gujarat. In late May, the company was declared the lowest bidder (L1) for a ₹463.50 crore water supply project covering 353 villages in Dungarpur district, titled “Kadana Back Water (Mahi Dam) Package-1.”
Afcons Infrastructure share price history
Afcons Infrastructure debuted on Indian stock exchanges in November last year, with its shares listing at ₹426.00 apiece, an 8% discount to the issue price of ₹463, as the IPO saw lukewarm demand from retail investors.
Since its listing, the stock has remained volatile. At the current trading price of ₹418 apiece, it is down about 10% from the IPO price and nearly 26.6% below its recent high of ₹570.
Despite the stock’s lack of clear upward direction, analysts remain optimistic about the company’s growth prospects, citing its growing order book, strong track record in executing complex and unique EPC projects both in India and abroad, and stable financial performance over the years.
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