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AB Infrabuild Overview

1. Business Overview

AB Infrabuild Ltd. is an Indian engineering and construction company primarily engaged in executing various civil construction projects. Its core business model revolves around securing and delivering infrastructure contracts, predominantly in the road, highway, and bridge sectors, often under the Engineering, Procurement, and Construction (EPC) model. The company generates revenue by successfully completing these projects as per contractual agreements, receiving progress payments and final payments upon project milestones and completion.

2. Key Segments / Revenue Mix

While specific revenue breakdown by distinct, officially reported segments is not readily available, AB Infrabuild Ltd.'s operations are primarily concentrated in:

Roads & Highways: Construction of national and state highways, expressways, and urban roads.

Bridges & Flyovers: Building bridges, flyovers, and other elevated structures.

Other Civil Works: May include other infrastructure projects like culverts, and general civil construction.

The majority of its revenue is derived from government-backed infrastructure development projects across these categories.

3. Industry & Positioning

The Engineering - Construction sector in India is highly competitive, cyclical, and heavily dependent on government spending and policy. It is characterized by a mix of large, diversified players and smaller, specialized entities. AB Infrabuild Ltd. operates in this environment, competing for contracts with numerous other construction firms. Its positioning depends on its track record of timely execution, financial stability, technical capabilities, and regional focus. The company likely competes for mid-sized to smaller-scale projects or as a sub-contractor for larger ones, rather than directly challenging the very largest infrastructure conglomerates.

4. Competitive Advantage (Moat)

AB Infrabuild Ltd.'s competitive advantages are likely derived from:

Execution Track Record: A proven ability to complete projects on time and within budget can build goodwill and improve its chances of winning future contracts, especially with government agencies.

Operational Efficiency: Efficient use of equipment, labor, and materials, along with effective project management, can lead to better cost control and profitability.

Client Relationships: Strong relationships with key government clients and consultants, built on reliable performance, can be crucial for securing repeat business and new tenders.

Regional Expertise: Specific knowledge of local operating conditions, regulatory environments, and supply chains in its primary operating regions can provide an edge.

It does not appear to possess a significant "brand" moat in the consumer sense or a vast "network effect" or high "switching costs" unique to its services beyond typical B2B relationships.

5. Growth Drivers

Government Infrastructure Push: Continued high budgetary allocations and policy focus by the Indian government on infrastructure development (e.g., National Infrastructure Pipeline, Gati Shakti Master Plan) for roads, highways, and urban development.

Order Book Growth: The company's ability to successfully bid for and secure new, larger, and more complex projects will be a primary growth driver.

Execution Capabilities: Efficient and timely execution of current projects, leading to faster revenue recognition and improved cash flow.

Diversification (Potential): Expanding into related infrastructure segments like railways, irrigation, or urban infrastructure could open new avenues for growth, though this is not explicitly confirmed.

6. Risks

Dependence on Government Spending: A slowdown in government infrastructure spending or changes in policy can directly impact the company's order inflow and revenue.

Project Execution Risks: Delays, cost overruns due to unexpected site conditions, raw material price fluctuations (steel, cement, bitumen), labor shortages, or regulatory hurdles can impact profitability.

High Working Capital Requirements: Construction projects often involve significant upfront investment and long working capital cycles, putting pressure on liquidity.

Intense Competition: The fragmented nature of the industry and aggressive bidding by competitors can compress margins.

Regulatory & Environmental Clearances: Delays in obtaining approvals or changes in environmental norms can cause project disruptions.

Interest Rate Sensitivity: High debt levels (common in capital-intensive sectors) make the company vulnerable to interest rate fluctuations.

7. Management & Ownership

Typically, for Indian companies like AB Infrabuild, promoters (founding families or individuals) hold a significant stake, reflecting a strong vested interest in the company's performance. The quality of management is often assessed by their experience in the infrastructure sector, track record of project execution, financial prudence, and adherence to corporate governance standards. Information on specific promoter details, board composition, and institutional ownership would require reviewing the latest annual reports and public filings.

8. Outlook

AB Infrabuild Ltd. operates in a sector poised for growth given India's significant infrastructure deficit and the government's sustained focus on bridging it. The company's ability to secure new orders and execute them efficiently will be critical for capitalizing on this opportunity. However, the inherent risks of the construction industry, including high working capital needs, intense competition, and sensitivity to input costs and government policies, present considerable challenges. A balanced outlook suggests that while the macroeconomic tailwinds are favorable, the company's performance will largely hinge on its operational discipline, prudent financial management, and success in navigating the competitive landscape.

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AB Infrabuild Key Financials

Market Cap ₹844 Cr.

Stock P/E 52.3

P/B 5.2

Current Price ₹13.2

Book Value ₹ 2.6

Face Value 1

52W High ₹23.3

Dividend Yield 0.04%

52W Low ₹ 10.5

AB Infrabuild Share Price

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Volume
Price

AB Infrabuild Quarterly Price

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AB Infrabuild Peer Comparison

AB Infrabuild Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 54 52 24 14 47 75 72 61 37 74
Other Income 0 -0 1 0 1 0 1 1 1 1
Total Income 54 52 24 14 48 75 72 61 38 75
Total Expenditure 47 46 19 11 40 65 59 51 32 64
Operating Profit 7 6 5 3 8 10 13 10 6 12
Interest 1 1 2 1 1 2 2 2 2 2
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses -0 0 0 0 -0 -0 -0 -0 0 -0
Profit Before Tax 5 4 3 1 5 7 9 7 3 8
Provision for Tax 1 1 1 0 1 2 2 2 1 2
Profit After Tax 4 3 2 1 4 5 7 5 2 6
Adjustments -0 0 0 0 0 -0 0 -0 0 -0
Profit After Adjustments 4 3 2 1 4 5 7 5 2 6
Adjusted Earnings Per Share 0.1 0.1 0 0 0.1 0.1 0.1 0.1 0 0.1

AB Infrabuild Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 90 75 73 60 55 64 62 64 123 184 208 244
Other Income 1 1 1 1 1 0 1 0 1 1 2 4
Total Income 91 75 74 61 56 64 62 65 124 184 210 246
Total Expenditure 81 67 67 52 47 56 58 59 110 160 175 206
Operating Profit 9 8 7 9 9 8 5 5 13 25 35 41
Interest 6 6 5 3 4 3 4 4 4 5 7 8
Depreciation 2 1 1 1 1 0 0 1 1 3 5 4
Exceptional Income / Expenses 0 0 0 0 -0 -1 -4 0 2 -0 -1 0
Profit Before Tax 1 0 0 5 4 4 -3 1 10 16 22 27
Provision for Tax 0 0 0 2 1 1 -1 0 3 4 6 7
Profit After Tax 1 0 0 3 3 3 -2 1 8 11 16 20
Adjustments 0 0 0 0 0 -0 0 0 0 0 0 0
Profit After Adjustments 1 0 0 3 3 3 -2 1 8 11 16 20
Adjusted Earnings Per Share 0.1 0 0 0.4 0.3 0.2 -0.2 0.1 0.5 0.2 0.3 0.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 13% 48% 27% 9%
Operating Profit CAGR 40% 91% 34% 15%
PAT CAGR 45% 152% 40% 32%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 18% 60% 92% NA%
ROE Average 17% 20% 11% 13%
ROCE Average 18% 21% 15% 16%

AB Infrabuild Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 8 8 8 11 15 29 27 28 35 82 110
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 7 2 1 1 0 0 1 6 8 17 19
Other Non-Current Liabilities -0 -0 -0 -0 -0 -1 -1 -1 -1 7 8
Total Current Liabilities 58 53 66 70 67 83 86 69 82 50 110
Total Liabilities 72 63 75 82 81 111 112 102 124 156 248
Fixed Assets 6 4 4 4 2 1 1 2 3 36 36
Other Non-Current Assets 9 10 9 8 9 10 3 2 9 23 26
Total Current Assets 58 48 62 69 70 101 108 97 113 97 186
Total Assets 72 63 75 82 81 111 112 102 124 156 248

AB Infrabuild Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 9 7 6 6 6 4 3 2 2 2 10
Cash Flow from Operating Activities 3 11 4 3 1 -9 0 1 15 5 -24
Cash Flow from Investing Activities 0 0 -0 -0 1 -0 1 -1 -13 -35 -3
Cash Flow from Financing Activities -5 -13 -3 -2 -3 8 -2 1 -3 38 50
Net Cash Inflow / Outflow -1 -2 0 -0 -1 -1 -1 0 -1 8 23
Closing Cash & Cash Equivalent 7 6 6 6 4 3 2 2 2 10 33

AB Infrabuild Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.09 0.04 0.02 0.36 0.3 0.19 -0.16 0.06 0.54 0.23 0.3
CEPS(Rs) 0.32 0.21 0.18 0.5 0.4 0.21 -0.14 0.12 0.59 0.3 0.4
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0.01
Book NAV/Share(Rs) 0.91 0.95 0.97 1.34 1.59 2.07 1.91 1.98 2.51 1.64 2.07
Core EBITDA Margin(%) 9.77 9.66 8.47 14.42 14.4 11.69 6.31 8 10.31 13.17 15.87
EBIT Margin(%) 8.45 8.65 7.43 13.48 14.36 10.58 1.05 7.87 11.96 11.42 13.8
Pre Tax Margin(%) 1.32 0.67 0.59 7.8 7.64 5.61 -4.84 1.75 8.34 8.48 10.5
PAT Margin (%) 0.87 0.44 0.22 4.99 5.05 4.09 -3.61 1.34 6.12 6.21 7.74
Cash Profit Margin (%) 2.91 2.3 1.99 6.85 6.75 4.63 -3.19 2.62 6.73 8.11 10.34
ROA(%) 1.1 0.48 0.23 3.85 3.4 2.71 -2 0.81 6.67 8.15 7.99
ROE(%) 10.95 4.23 1.99 31.45 21.57 11.93 -7.97 3.16 23.89 19.7 16.88
ROCE(%) 16.3 14.39 12.85 20.07 20.34 14.67 1.26 9.24 23.45 22.07 18.02
Receivable days 87.49 101.95 101.26 128.26 117.24 155.16 219.81 180 88.44 52.88 62.42
Inventory Days 99.28 112.74 130.71 210.31 285.43 265.66 282.4 271.14 146.2 102.51 115.4
Payable days 133.17 154.11 193.5 309.21 253 229.73 278.86 239.94 125.73 73.37 56.99
PER(x) 0 0 0 0 0 4.06 0 13.7 3.92 23.54 32.81
Price/Book(x) 0 0 0 0 0 0.36 0.3 0.43 0.84 3.33 4.79
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0.05
EV/Net Sales(x) 0.39 0.41 0.44 0.39 0.53 0.5 0.51 0.63 0.51 1.76 2.79
EV/Core EBITDA(x) 3.76 3.89 4.74 2.54 3.25 4.07 6.9 7.49 4.68 12.98 16.71
Net Sales Growth(%) 4.15 -17.39 -1.45 -17.78 -9.1 15.92 -2.89 4.1 91.38 49.33 13.25
EBIT Growth(%) 14.16 -15.42 -15.34 49.58 -3.43 -14.61 -90.32 676.93 190.65 42.65 36.83
PAT Growth(%) -18.33 -58.36 -51.39 1804.32 -8.27 -6.11 -185.68 138.78 772.03 51.47 41.2
EPS Growth(%) -18.33 -58.36 -51.39 1804.33 -16.52 -38.92 -185.68 138.79 772.03 -56.6 30.16
Debt/Equity(x) 5.37 4.27 4.4 2.39 1.73 0.79 0.93 1.08 0.91 0.51 0.78
Current Ratio(x) 0.99 0.9 0.94 0.99 1.05 1.22 1.26 1.41 1.38 1.93 1.69
Quick Ratio(x) 0.58 0.49 0.48 0.43 0.35 0.66 0.68 0.75 0.74 0.92 0.95
Interest Cover(x) 1.19 1.08 1.09 2.37 2.14 2.13 0.18 1.29 3.31 3.89 4.18
Total Debt/Mcap(x) 0 0 0 0 0 2.01 2.82 2.34 1.01 0.14 0.14

AB Infrabuild Shareholding Pattern

# Mar 2023 Sep 2023 Mar 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 59.35 36.82 36.82 36.82 37.13 37.13 30.95 30.95 30.95 30.95
FII 0 0 0 0 0 0.01 0.01 0 0.03 0.69
DII 0 0 0 0 0 0 0 0 0 0.01
Public 40.65 63.18 63.18 63.18 62.87 62.86 69.04 69.05 69.02 68.35
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

AB Infrabuild News

AB Infrabuild Pros & Cons

Pros

  • Company has delivered good profit growth of 39% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 20%
  • Debtor days have improved from 73.37 to 56.99days.

Cons

  • Promoter holding is low: 30.95%.
  • Stock is trading at 5.2 times its book value.
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