Ashoka Buildcon Limited (ASHOKA)
₹104.95 -0.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ashoka Buildcon's revenue was ₹1,500 Cr (-20.5% year on year, -23.3% on the previous quarter), and net profit ₹127 Cr (-44.0% year on year); the operating margin was 17.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,500 | -20.5% | -23.3% |
| Operating profit | ₹258 | -56.9% | -0.0% |
| Net profit | ₹127 | -44.0% | -13.5% |
| EPS (₹) | 4.55 | -41.2% | -10.8% |
| Operating margin | 17.2% | — | — |
ASHOKA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.22% of the ASHOKA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.99%. That is close to its usual level.
Delivery in the last 5 sessions: 11.0% · 38.9% · 47.0% · 46.9% · 46.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ashoka Buildcon has achieved Commercial Operation Date (COD) effective October 07, 2026, for a 45.05-km stretch of its NHAI Hybrid Annuity Mode (HAM) project in Karnataka. Executed through its wholly owned subsidiary, Ashoka Bettadahalli Shivamogga Road Private Limited, the provisional certificate covers 45.05 km of main carriageway and 27.02 km of service road out of a total 50.98 km stretch. With COD declared, the SPV becomes eligible for semi-annual annuity payments from NHAI across an operational tenure of 15 years.
- COD declared effective October 07, 2026, based on the Independent Engineer letter dated October 09, 2026
- Completed 45.05 KMs of main carriageway and 27.02 KMs of service road out of total 50.975 KMs
- Entitles SPV to semi-annual annuity payments from NHAI over a 15-year operational period
- Project executed on NH-206 (Tumkur Shivamogga Section) under Bharatmala Pariyojna in Karnataka
Ashoka Buildcon Limited has received a Letter of Acceptance (LOA) for an EPC contract worth ₹290.23 crore (including GST) from North Eastern Railway. The scope includes design, supply, erection, testing, and commissioning of traction sub-stations on the Gorakhpur Cantt-Chhapra Gramin section. The project has an execution timeframe of 24 months from commencement. While positive for order book addition, the order represents ~4.1% of TTM revenue (₹7,132 crore), making it an incremental business win.
- Order consideration of ₹290.23 Crore (incl. GST) awarded by North Eastern Railway
- Execution timeline of 24 months from the date of commencement
- Requires a Performance Bank Guarantee (PBG) of 5% of the contract price
- Includes a Defect Liability Period of 2 years post-commissioning
Ashoka Buildcon Limited has issued 2,000 units of Commercial Papers (CPs) aggregating to Rs 100 Crore on October 9, 2026. The unsecured CPs carry a coupon rate of 7.20% with interest payable upfront and have a tenure of 88 days maturing on January 5, 2027. The issuance represents approximately 3.46% of the company's market cap of Rs 2,887 Crore and falls under the Board-approved borrowing limit of Rs 300 Crore. The funds support short-term working capital needs in the EPC turnkey operations.
- Issued 2,000 Commercial Papers aggregating to Rs 100 Crore on October 9, 2026
- Coupon/interest offered set at 7.20% payable upfront
- Tenure of 88 days maturing on January 5, 2027
- Issued within the Board-approved limit of up to Rs 300 Crore approved on August 11, 2025
Ashoka Buildcon Limited has paid Rs 100 Crore toward the full redemption of its Commercial Papers (ISIN INE442H14543) on their maturity date of October 07, 2026. The company also settled an interest component of Rs 174.44 Lakh on the due date. The redeemed amount represents approximately 4.7% of the company's total debt of Rs 2,126 Crore. Following this redemption, the outstanding amount against this specific CP issuance is Nil.
- Redemption of commercial papers amounting to Rs 100 Crore completed on October 07, 2026
- Interest payment of Rs 174.44 Lakh paid upon maturity
- Total of 2,000 Commercial Paper units redeemed in full
- Outstanding amount on ISIN INE442H14543 stands at Nil
Ashoka Buildcon has agreed to extend the indicative timeline for completing the sale of its subsidiary, Ashoka Baswantpur Singnodi Road Private Limited (BS), to October 31, 2026. This forms part of the ongoing divestment agreement entered into on December 31, 2024, involving 11 road SPVs to funds managed by EAAA India Alternatives. The extension allows additional time to fulfill conditions precedent and secure regulatory and lender approvals. Stakes in the first 5 SPVs were already completed by September 30, 2025, leaving the remainder under process.
- Completion deadline for Ashoka Baswantpur Singnodi Road Private Limited sale extended to October 31, 2026
- Sale is part of a portfolio divestment involving 11 SPVs initially agreed on December 31, 2024
- First 5 SPVs were completed as informed on September 30, 2025
- Closure of remaining SPVs remains subject to conditions precedent and lender/regulatory approvals
Ashoka Buildcon released its 33rd AGM presentation summarizing its business highlights and financial position. The company reported an order book of ₹15,312 crore as of March 31, 2026 (~2.15x TTM revenue), with roads and railways making up 66.11% (₹10,122 crore) and Power T&D at 23% (₹3,533 crore). Consolidated debt was significantly reduced to ₹2,778 crore following the asset monetization of five BOT SPVs (₹1,814 crore) and five HAM SPVs (₹1,146 crore). Standalone debt-to-equity ratio stood at 0.49x with credit ratings reaffirmed at AA (Stable) / A1+.
- Total order book stood at ₹15,312 crore as on March 31, 2026, equivalent to ~2.15x TTM revenue
- Consolidated debt declined to ₹2,778 crore post asset divestments, with standalone debt at ₹1,127 crore
- Divested 100% stake in 5 BOT SPVs to Maple Infrastructure Trust for ₹1,814 crore and 5 HAM SPVs to Edelweiss for ₹1,146 crore
- Standalone debt-equity ratio maintained at 0.49x with Acuite rating reaffirmed at AA Stable / A1+
- Roads and railways constitute 66.11% (₹10,122 crore) while Power T&D accounts for ~23% (₹3,533 crore) of the order book
Ashoka Buildcon has signed a Share Purchase Agreement and acquired 100% equity stake in Sakoli Power Transmission Limited for a total consideration of ₹3.06 crore. The acquisition follows the Letter of Intent received on August 13, 2026, from REC Power Development and Consultancy Limited under the Tariff Based Competitive Bidding route. The SPV will execute a power transmission project comprising a 400/220/132 kV AIS substation and associated lines on a BOOT basis. The scheduled commercial operation date is set at 24 months from the SPV acquisition date.
- 100% equity acquired in Sakoli Power Transmission Limited for ₹3.06 crore
- Project involves 400/220/132 kV AIS substation at Sakoli (Dist. Bhandara) on BOOT basis
- Scheduled Date of Commercial Operation set at 24 months from September 23, 2026
- Target SPV incorporated on July 07, 2025, with nil historical turnover
Ashoka Buildcon and its subsidiary Ashoka Concessions Limited (ACL) have agreed to extend the timeline for divesting their remaining road SPVs to Epic Concesiones 2 and Infrastructure Yield Trust schemes (managed by EAAA India Alternatives). While the sale of the first 5 SPVs was completed on September 30, 2025, the sale of the remaining 6 SPVs is being executed in phases. The indicative completion deadline for three SPVs with major construction completed (TS-1, TS-2, and TS-3) is now extended to October 31, 2026, to allow fulfillment of conditions precedent and lender/regulatory approvals.
- Indicative completion timeline for 3 SPVs (TS-1, TS-2, TS-3) extended to October 31, 2026
- Sale covers remaining 6 out of 11 SPVs originally agreed on December 31, 2024
- First tranche of 5 SPVs was previously concluded on September 30, 2025
- Completion remains subject to individual conditions precedent, regulatory, and lender approvals
Ashoka Buildcon Limited has notified exchanges regarding the closure of its Register of Members and Share Transfer Books from Saturday, September 19, 2026 to Friday, September 25, 2026 (both days inclusive). The book closure is for the purpose of conducting the company's 33rd Annual General Meeting (AGM). The AGM is scheduled to be held on Friday, September 25, 2026, at 12:30 p.m. via Video Conferencing / Other Audio Visual Means.
- Book closure period set from September 19, 2026 to September 25, 2026 (both days inclusive)
- 33rd Annual General Meeting scheduled for Friday, September 25, 2026 at 12:30 p.m.
- AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
Ashoka Buildcon Limited has issued the notice for its 33rd Annual General Meeting scheduled for September 25, 2026, via video conferencing. Key agenda items include the adoption of FY2025-26 audited financial statements and the re-designation of Whole-time Directors Sanjay Londhe and Ashish Kataria as Joint Managing Directors. The remote e-voting cut-off date is set for September 18, 2026, with voting open from September 22 to September 24, 2026. Other standard agenda items include the ratification of cost auditor remuneration of Rs 5.40 lakh for FY2026-27.
- 33rd Annual General Meeting scheduled for Friday, September 25, 2026 at 12:30 PM IST via VC/OAVM
- Remote e-voting window open from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM) with cut-off date on September 18, 2026
- Special resolutions proposed for the re-designation of Sanjay Londhe (0.15% shareholding) and Ashish Kataria (4.88% shareholding) as Joint Managing Directors
- Ratification of Rs 5,40,000 remuneration for Cost Auditor M/s. S. R. Bhargave & Co. for FY2026-27
Ashoka Buildcon Limited has received a Letter of Acceptance (LoA) from Rail Vikas Nigam Limited (RVNL) for a domestic project valued at Rs 602.16 crore (including GST). The contract involves supply, erection, testing, and commissioning of Electro Mechanical (E&M) systems for Tunnels T-13 to T-16 under the Rishikesh-Karnprayag New BG Rail Line Project in Uttarakhand. The project is scheduled for completion within 30 months from commencement and carries a 2-year defect liability period. The contract value represents ~8.4% of Ashoka's TTM revenue of Rs 7,132 crore and ~18.9% of its current market capitalization of Rs 3,183 crore.
- Received Letter of Acceptance from RVNL for Rs 602.16 crore (incl. GST)
- Project execution period is 30 months from commencement
- Covers E&M systems for Tunnels T-13, T-14, T-15, and T-16 on the Rishikesh-Karnprayag rail line
- Requires submission of a Performance Bank Guarantee of Rs 25.51 crore with a 2-year defect liability period
Ashoka Buildcon hosted its Q1 FY27 earnings conference call, reporting standalone total income of ₹1,320 crore (flat YoY) and PAT of ₹31.5 crore (up 3% YoY). Consolidated revenue declined 21% YoY to ₹1,534 crore, reflecting the monetization of HAM and BOT assets in FY26, yielding a consolidated PAT of ₹127 crore. The total order book stood at ₹15,251 crore as of June 30, 2026 (2.14x TTM revenue), supported by ₹9,648 crore in roads/railways and ₹5,066 crore in power T&D. Management highlighted diversification into international EPC (Guyana win of ₹328 crore) and industrial park PPPs to counter subdued domestic highway awarding by NHAI.
- Total order book stood at ₹15,251 crore as of June 30, 2026 (Roads & Railways: ₹9,648 crore / 63.3%; Power T&D: ₹5,066 crore / 33.2%).
- Standalone total income remained flat YoY at ₹1,320 crore with EBITDA of ₹126 crore (9.5% margin) and PAT of ₹31.5 crore.
- Consolidated total income dropped 21% YoY to ₹1,534 crore due to asset monetization in Q3 FY26, delivering ₹127 crore in PAT.
- Secured new international highway order in Guyana valued at USD 35.42 million (~₹328 crore) and entered industrial parks via a 51% JV for Chhattisgarh Gems & Jewellery Park.
Ashoka Buildcon has received a Letter of Intent (LOI) from REC Power Development and Consultancy Limited for a power transmission project in Sakoli, Maharashtra. The project, awarded under Tariff Based Competitive Bidding (TBCB), involves establishing a 400/220/132 kV AIS substation. The contract guarantees annual transmission charges of Rs 126.54 crore for a period of 35 years, totaling approximately Rs 4,429 crore over the project life. The construction phase is mandated for completion within 24 months.
- Annual transmission charges fixed at Rs 126.54 crore for a 35-year period
- Total estimated contract value of ~Rs 4,429 crore, representing ~59% of TTM revenue
- Construction completion period defined as 24 months from the start
- Performance Bank Guarantee of Rs 16.70 crore to be submitted within 10 days
- Project awarded via Tariff Based Competitive Bidding (TBCB) for a domestic entity
Ashoka Buildcon has uploaded the audio recording of its earnings call held on August 12, 2026, regarding the Q1 FY27 financial results. The call covers the unaudited standalone and consolidated performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a TTM revenue of 7,520 Cr and a high PAT of 2,576 Cr, driven by asset monetization. Investors can access the recording to understand management's execution strategy for its 14,888 Cr order book.
- Earnings call conducted on August 12, 2026, for the quarter ended June 30, 2026
- Company manages a substantial order book of 14,888 Cr as of the last major update
- TTM Revenue stands at 7,520 Cr with an operating profit margin of 25.0%
- Asset monetization strategy involves a 2,324 Cr deal for 11 SPVs to recycle capital
Ashoka Buildcon reported a weak Q1 FY27 with consolidated revenue declining 21% YoY to ₹1,533.7 Cr and PAT falling 44% to ₹127.2 Cr. Standalone EBITDA margins contracted by 180 bps to 9.5%, reflecting execution and cost pressures. Despite the earnings dip, the order book remains robust at ₹15,251 Cr, representing approximately 2x TTM revenue. Key operational updates include a ₹1.04 Cr settlement with NHAI to close a show-cause notice and an extension of the timeline for selling 6 remaining SPVs to September 2026.
- Consolidated Revenue declined 21% YoY to ₹1,533.7 Cr in Q1 FY27 from ₹1,937.0 Cr.
- Consolidated PAT fell 44% YoY to ₹127.2 Cr compared to ₹226.9 Cr in the previous year.
- Order book stands at ₹15,251 Cr as of June 30, 2026, providing ~2 years of revenue visibility.
- Settled NHAI Show Cause Notice with a payment of ₹1.04 Cr, avoiding debarment.
- Extended the indicative timeline for the sale of 6 remaining SPVs to September 15/30, 2026.
Financial Performance
Revenue Growth by Segment
The order book of INR 14,888 Cr as of September 2025 is dominated by Road EPC at 82%, followed by Power T&D at 12%, and Railways at 6%. Standalone revenue for FY25 was INR 7,061.43 Cr, representing an 8.7% decline from INR 7,726.7 Cr in FY24. H1 FY26 standalone revenue saw a further 21% YoY degrowth to INR 2,642 Cr due to execution delays.
Geographic Revenue Split
Not specifically disclosed in available documents, though operations are spread across India with major projects in Maharashtra (BMC projects) and various highway SPVs in states like West Bengal, Chhattisgarh, and Karnataka.
Profitability Margins
Consolidated Net Profit Margin improved significantly to 17.28% in FY25 from 5.32% in FY24, largely due to exceptional gains from asset sales. However, standalone PAT margin compressed to 2.8% in FY25 from 5.7% in FY24 due to higher provisioning and labor cess outflows.
EBITDA Margin
Standalone EBITDA margin for H1 FY26 was 11.8%, an improvement of 270 bps YoY from 9.1% in H1 FY25. FY25 standalone EBITDA margin was 7.7%, slightly up from 7.5% in FY24 despite lower absolute revenue.
Capital Expenditure
The company expects yearly cash accruals of INR 400-500 Cr to cover its capex, investment plans, and maturing debt of INR 60-90 Cr per annum over the medium term.
Credit Rating & Borrowing
The company maintains an [ICRA]A1+ rating for its INR 100 Cr Commercial Paper and an Acuite AA/Stable rating for long-term debt. Standalone interest coverage ratio moderated to 1.85x in FY25 from 2.53x in FY24, but is expected to improve to over 4x following debt reduction from asset sales.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, and bitumen. Cost of materials consumed in FY25 was INR 2,978.69 Cr, representing 29.7% of consolidated revenue, a decrease from 36.6% in FY24.
Import Sources
Not specifically disclosed, but typically sourced domestically within India for large-scale infrastructure projects.
Capacity Expansion
Current execution capacity is reflected in the construction of 14,000 lane kms of highways and the illumination of 30,000 villages. The order book expanded to INR 14,888 Cr by Sept 2025, up 27% from INR 11,700 Cr in March 2024.
Raw Material Costs
Consolidated material costs decreased by 17% YoY to INR 2,978.69 Cr in FY25. Procurement strategies involve centralized SAP-based ERP monitoring to manage costs across various SPVs.
Manufacturing Efficiency
Efficiency is tracked through the 5-year CAGR of 17% in revenue and 16% in EBITDA as of March 2025, indicating consistent operational scaling.
Logistics & Distribution
Not disclosed as a specific percentage, but distribution of resources is managed across multiple highway and power project sites nationwide.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
The strategy focuses on a 'full cycle' model: develop, construct, operate, and monetize. Growth will be achieved by recycling capital through the sale of 11 SPVs (INR 2,324 Cr deal) and 5 HAM assets (INR 1,146 Cr received), and acquiring the remaining stake in Ashoka Concessions Limited (ACL) for INR 1,550 Cr to gain full control of the project pipeline.
Products & Services
EPC services for highways, bridges, power transmission and distribution lines, and railway infrastructure. Final outputs include toll roads, annuity roads, and illuminated rural households.
Brand Portfolio
Ashoka Buildcon, Ashoka Concessions Limited (ACL), Viva Highways.
New Products/Services
Expansion into municipal infrastructure with the Brihanmumbai Municipal Corporation (BMC) project and diversification into Airport EPC projects (INR 7,417.57 Cr worth of new road and airport projects won in FY25).
Market Expansion
Targeting large-scale urban infrastructure projects (BMC) and continuing to bid for National and State Highway Authority projects (HAM, BOT, and EPC).
Market Share & Ranking
One of the leading highway developers in India with 14,000 lane kms constructed.
Strategic Alliances
Partnerships with Edelweiss Group (Infrastructure Yield Trust) and Epic Concesiones for asset monetization. Previously partnered with SBI Macquarie in ACL.
External Factors
Industry Trends
The industry is shifting toward asset-light models for developers through monetization (HAM/BOT sales). There is a growing trend in Power T&D and urban infrastructure (Smart Cities/Municipal projects) where ABL is actively diversifying.
Competitive Landscape
Competes with other major Indian infra players like L&T, KNR Constructions, and Dilip Buildcon in the highway and EPC segments.
Competitive Moat
Moat is built on a 30-year track record, large-scale execution capability (14,000 lane kms), and an integrated business model (EPC + BOT). Sustainability is supported by a strong order book of INR 14,888 Cr.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (projected at 6.2%) and government infrastructure spending. Inflation in steel and cement prices directly impacts construction margins.
Consumer Behavior
Not applicable for B2B/B2G infrastructure, but demand is driven by government policy and national logistics requirements.
Geopolitical Risks
Minimal direct impact as operations are domestic, but global commodity price fluctuations (crude oil/bitumen) affect input costs.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, NHAI guidelines, and SEBI (LODR) Regulations. Compliance is managed through an internal Audit Committee and Risk Management Committee.
Environmental Compliance
Not specifically disclosed in INR Cr, but the company maintains a Corporate Social Responsibility (CSR) Committee and adheres to applicable environmental laws for project execution.
Taxation Policy Impact
Consolidated current tax was INR 282.94 Cr in FY25. The company saw a significant deferred tax reversal of INR 461.73 Cr in FY25 due to accounting for SPV losses and carrying value differences.
Legal Contingencies
Profitability in FY25 was impacted by additional cash outflows related to a labor cess assessment. The company also manages provisioning for Expected Credit Loss (ECL) on its receivables.
Risk Analysis
Key Uncertainties
Execution risk due to weather (monsoon) and land acquisition delays. Financial risk associated with the timely completion of the remaining asset monetization deals (6 HAM assets expected by early FY27).
Geographic Concentration Risk
Primarily concentrated in India, with significant project clusters in Maharashtra and other major states.
Third Party Dependencies
Dependent on government authorities (NHAI/BMC) for project awards and timely payments, and on financial investors for asset exits.
Technology Obsolescence Risk
Low risk in construction, but the company is digitizing through SAP ERP to improve operational monitoring and internal controls.
Credit & Counterparty Risk
Exposure to government entities is generally low risk, but the company closely monitors ECL and receivables quality, which impacted FY25 standalone profits.
