The bid was awarded by HŽ Infrastruktura d.o.o. (HŽ Infrastructure Ltd) for the reconstruction of the existing track and construction of a second line on the Dugo Selo–Novska railway route. The project also includes overhead electrification and signalling & telecommunication work.
The estimated contract value, excluding VAT, is €677 million (approximately Rs 6,800 crore). The work will be executed on a BOQ/item-rate basis, with a scheduled completion period of 72 months from the commencement date post-award.
Earlier in May, Afcons Infrastructure said it had received a letter of commitment for a civil and structural contract worth Rs 175 crore from Reliance Industries for work at Jamnagar, Gujarat. The final value will depend on the actual work executed, as per the contract terms.
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Stock performance and outlook
On Monday, Afcons Infra shares ended 0.36% higher at Rs 418.70, tracking broader market gains. However, the stock has declined 17% over the past six months and is down 22% year-to-date.According to Trendlyne, the average target price for Afcons Infra is Rs 543, suggesting a potential upside of nearly 30% from current levels. Of the seven analysts covering the stock, most have a ‘Strong Buy’ rating.Also Read: Apollo Tyres, Brigade Enterprises among 10 small-cap stocks trading below industry PE; may rally up to 43%
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