Axis Trustee Services Limited has disclosed the encumbrance of 9,20,72,053 equity shares of Afcons Infrastructure , representing 25.03% of the company's total share capital. The disclosure was submitted to BSE Limited and the National Stock Exchange of India Limited on May 19, 2026, under Regulation 29 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Axis Trustee Services clarified that it does not hold any beneficial interest in the shares. The encumbrance was created in its capacity as the common security trustee for the benefit of debenture holders. The total equity share capital of Afcons Infrastructure stands at ₹3,67,78,46,310, consisting of 36,77,84,631 shares of face value ₹10 each.

Details of Encumbrance

The shares were encumbered by Goswami Infratech Private Limited (GIPL). GIPL owns 100% of the share capital of Afcons Infrastructure held by SP Finance Private Limited and SC Finance and Investments Private Limited. The pledge follows a debenture trust deed dated June 26, 2023, and subsequent amendments extending the trustee's role to include Capespan Investment Private Limited debentures.

Background and Previous Disclosures

A previous disclosure dated December 19, 2025, detailed an indirect encumbrance on the entire shareholding of GIPL in Afcons Infrastructure. The current disclosure highlights the creation of a direct pledge over 7,35,58,600 shares, constituting 20% of the shareholding. These shares were previously locked-in under SEBI regulations, and the lock-in was released prior to the pledge creation.

There is no change in the total number of shares encumbered compared to the previous disclosure, as the indirect encumbrance already covered the entire holding. The direct pledge was created on May 15, 2026, specifically for the 7,35,58,600 shares that were released from lock-in.

Afcons Infrastructure Limited shared key financial and operational guidance for FY27 during its Q4 and FY26 earnings conference call held on May 19, 2026, at 11:00 a.m. IST. While the management declined to provide specific revenue growth or EBITDA margin targets citing continued geopolitical uncertainty, elongated award cycles, and ongoing project developments, it offered detailed guidance on capital expenditure, debt reduction, working capital, and order booking.

Earnings Call Details

The conference call was held in compliance with Regulation 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audio recording of the call has been uploaded to the company's official website, ensuring stakeholders and investors can access the management's discussion regarding the financial performance for the reported period. The submission was formally addressed to the Compliance Manager of BSE Limited and the Manager of the Listing Department at the National Stock Exchange of India Ltd for their records and information.

FY27 Capital Expenditure & Debt Outlook

Management provided specific guidance on capital allocation and balance sheet improvement for FY27. The following key targets were outlined during the concall:

Management expects a sizable reduction in debt for FY27 and is targeting a reduction in working capital days to approximately 120. Additionally, approximately INR1,000 crores of receivables are expected to be unlocked by June, which is anticipated to support the company's liquidity position.

Order Booking Guidance

Afcons Infrastructure provided detailed order booking guidance for FY27, reflecting strong near-term visibility in its project pipeline. The management outlined the following order booking targets:

The total order booking guidance for FY27 stands at INR30,000 crores. Of this, INR15,000 crores have clear visibility, including L1 orders, while the remaining INR15,000 crores also carry definitive visibility, according to management commentary during the concall.