Shares of Afcons Infrastructure Ltd surged over 5% in early morning trading on Monday after the company announced that it had secured a Letter of Acceptance (LOA) for the Bhopal Metro project from the Madhya Pradesh Metro Rail Corporation.
Afcons Infrastructure will handle the Part Design and Construction of the elevated viaduct and thirteen elevated metro stations connecting Bhadbhada Chauraha to Ratnagiri Tiraha. The project, part of the Blue Line of the Bhopal Metro Rail, spans a stretch between chainage 50+000 and 62+915, excluding the Elevated Passenger Interchange Metro Rail Station, along with the access to the depot at chainages 00+143 and 01+080. The total cost of the project, excluding GST, is estimated at ₹1,006.74 crore, with a completion timeline of 36 months. This major project is expected to significantly contribute to the company’s order book and bolster its presence in the metro rail infrastructure sector.
This latest contract win is another milestone for Afcons Infrastructure, the flagship infrastructure and construction arm of the Shapoorji Pallonji Group. The company has a strong track record of delivering complex engineering, procurement, and construction (EPC) projects, both domestically and internationally. As of September 2024, Afcons Infrastructure’s current order book stood at a robust ₹34,152 crore. Additionally, last week, Afcons—through its joint venture with Hindustan Projects—was also awarded the Water Supply Project under the Jal Jeevan Mission for 353 villages, marking another key win for the company in infrastructure development. Afcons Infrastructure’s recent win for the Bhopal Metro project strengthens its position as a leading player in India’s infrastructure development. The 5% rise in shares reflects investor confidence in the company’s ability to execute large-scale, high-value projects. With its diversified portfolio and significant order book, Afcons Infrastructure is well-positioned for continued growth in the coming years.
