Afcons Infrastructure Selected as Most Suitable Bidder for Croatia Railway Project Worth €677.07 Million

1 min read Updated on 12 May 2026, 10:09 AM

Reviewed by

Jubin VScanX News Team

AI Summary

Afcons Infrastructure has been selected as the most suitable bidder for the rehabilitation and construction of the Dugo Selo–Novska railway corridor in Croatia, valued at €677.07 million (approx. INR 7544 Cr.). The project, which includes reconstruction of existing track, construction of a second track, overhead electrification, signalling, and telecommunication works, marks the company's largest international order and its entry into the European market.

*this image is generated using AI for illustrative purposes only.

Afcons Infrastructure has received intimation of the client's decision selecting it as the most suitable bidder, with a proposal to accept its bid for the rehabilitation and construction of a railway line in Croatia. This development follows the company's earlier announcement dated July 21, 2025, wherein it had been declared the Lowest Bidder (L1) for the same project. The project is described as the company's largest international order to date and marks its foray into the European market.

Project Overview

The project entails a comprehensive scope of civil and allied infrastructure works on the Dugo Selo – Novska railway corridor in the Republic of Croatia. The following table summarises the key details of the project:

Parameter:	Details
Project Scope:	Reconstruction of existing track and construction of a second track
Location:	Dugo Selo – Novska railway line, Republic of Croatia
Additional Works:	Overhead electrification, signalling, and telecommunication works
Project Value:	€677.07 million, excluding taxes (Approx. INR 7544 Cr.)
Significance:	Company's largest international order to date

Leadership Commentary

Mr. Krishnamurthy Subramanian, Executive Chairman, Afcons Infrastructure Ltd, commented on the development: "This milestone project marks a significant step in Afcons' global journey, with an entry into Europe. It reflects our ability to deliver complex, large-scale infrastructure solutions across geographies. We are proud to contribute to the modernization of a railway network in a European country, and this achievement further strengthens our position as a trusted partner in international infrastructure development."

Mr. S Paramasivan, Managing Director, Afcons Infrastructure Ltd, noted that the project aligns with the vision of the Prime Minister of India, i.e., 'Making for the World', and highlighted the multi-disciplinary nature of the scope encompassing civil works, overhead electrification, signalling, and telecommunication.

About Afcons Infrastructure Ltd.

Afcons Infrastructure Ltd is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group. The company has a legacy of over six decades, with a strong track record of executing technologically complex EPC projects both within India and internationally. Key rankings as per the latest ENR survey are highlighted below:

Global Ranking: Top 140 International Contractors
Bridges: Ranked 12th globally
Marine & Ports: Ranked 8th globally

Afcons Infrastructure is committed to creating sustainable value for stakeholders through transformative projects that connect communities and drive economic growth.

Historical Stock Returns for Afcons Infrastructure

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.34%	-3.48%	+2.79%	-20.94%	-22.46%	-29.58%

How might Afcons Infrastructure's entry into the European market through this Croatia project open doors for additional EU-funded infrastructure contracts, particularly given Europe's ongoing rail modernization push?

What impact could this €677 million order have on Afcons Infrastructure's revenue trajectory, order book composition, and international revenue mix over the next 3-5 years?

Could this project serve as a template for other Indian EPC contractors to bid on European infrastructure tenders, and what competitive advantages or challenges might they face against established European players?

Contract Details

The following table summarises the key details of the contract wins announced by Afcons Infrastructure:

Parameter:	Details
Contract Type:	EPC (Engineering, Procurement & Construction)
Total Contract Value:	₹373 crore
Period of Award:	April 2026
Nature of Business:	Regular Operations

Order Inflow Activity

The contracts, valued at ₹373 crore, were secured during April 2026 as part of Afcons Infrastructure's ongoing business operations. The company's order wins during this period reflect its continued participation in the EPC contracting segment, which forms a core part of its business activities.

Historical Stock Returns for Afcons Infrastructure

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.34%	-3.48%	+2.79%	-20.94%	-22.46%	-29.58%

How does Afcons Infrastructure's ₹373 crore April 2026 order inflow compare to its monthly order win run-rate over the past fiscal year, and what does this indicate about its order book trajectory?

Which infrastructure segments — such as roads, metros, bridges, or marine projects — are likely driving Afcons Infrastructure's EPC contract wins, and which sectors could fuel future growth?

Given Afcons Infrastructure's recent IPO proceeds, how might the company leverage its strengthened balance sheet to bid for larger or more complex EPC projects going forward?