What Is the Order?
The project entails the reconstruction of the existing track and the construction of a second track on the Dugo Selo to Novska railway line in Croatia. The comprehensive scope goes beyond standard civil works to include overhead electrification, signalling, and telecommunication systems. This multifaceted engineering project is a central component of Croatia’s national efforts to modernize its railway network and enhance transit capacity.
The contract formalizes a process that began in July 2025 when Afcons was first declared the lowest bidder, signaling a long-term commitment to European infrastructure development.
Business Impact
This ₹7,515.48 crore project significantly bolsters the company’s international order book and marks a strategic shift toward high-value European markets. By securing its largest-ever international mandate, Afcons demonstrates its capability to compete with global engineering firms on a technical and regulatory level. This entry into Europe reduces geographical concentration risks and establishes a platform for future infrastructure bids across the continent.
The project aligns with the company's objective to deliver complex, large-scale solutions across diverse geographies while supporting the national vision of expanding Indian engineering expertise globally.
Business Overview
- Flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group
- Ranked in the Top 140 international contractors globally according to the latest ENR survey
- Holds specialized rankings of 12th in Bridges and 8th in Marine and Ports worldwide
- Maintains a legacy of over six decades in executing technologically complex EPC projects
- Operations span across India and various international geographies including Africa and the Middle East
Financial Context
Financially, the order is substantial compared to the company’s trailing twelve-month operating revenue of ₹12,557.81 crore. While Afcons reported an annual net profit of ₹486.81 crore, it has faced recent headwinds with a year-on-year net profit decline of 34.77% in the latest quarter. With a market capitalization of ₹12,021.04 crore, this single project represents over 60% of its current market value in terms of contract size.
The successful conversion of this bid provides significant revenue visibility and utilizes the company's technical expertise in railway electrification to drive future growth.
Management Vision
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.
