Ashoka Buildcon Ltd
NSE:ASHOKA
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Ashoka Buildcon Ltd
NSE:ASHOKA
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IN |
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TSE:4784
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Ashoka Buildcon Ltd
Ashoka Buildcon Ltd. operates as a holding company. The company is headquartered in Nashik, Maharashtra. The company went IPO on 2010-10-14. The firm is engaged in construction and maintenance of roads and supporting services to land support-operation of toll roads and others. The firm is also engaged in the construction of buildings (EPC), power, railways and city gas distribution. The Company’s segments include Construction & Contract, Built, Operate and Transfer (BOT)/ Annuity Projects and Sale of Goods. The Construction & Contract segment comprises engineering and construction of building, transportation infrastructure, heavy civil infrastructure and power transmission & distribution projects. Built, Operate and Transfer (BOT) includes Annuity to develop infra developer under BOT & Annuity. Sale of Goods segment consists mainly the sale of construction material which includes ready mix concrete (RMC) and real estate.
Ashoka Buildcon Ltd. operates as a holding company. The company is headquartered in Nashik, Maharashtra. The company went IPO on 2010-10-14. The firm is engaged in construction and maintenance of roads and supporting services to land support-operation of toll roads and others. The firm is also engaged in the construction of buildings (EPC), power, railways and city gas distribution. The Company’s segments include Construction & Contract, Built, Operate and Transfer (BOT)/ Annuity Projects and Sale of Goods. The Construction & Contract segment comprises engineering and construction of building, transportation infrastructure, heavy civil infrastructure and power transmission & distribution projects. Built, Operate and Transfer (BOT) includes Annuity to develop infra developer under BOT & Annuity. Sale of Goods segment consists mainly the sale of construction material which includes ready mix concrete (RMC) and real estate.
Revenue Decline: Both standalone and consolidated revenues declined significantly in Q3 FY '26, with standalone revenue down 18% and consolidated revenue down 23% year-on-year.
Order Book: The order book remains strong, standing at INR 15,927 crores as of December 31, 2025, with roads, railways, and power T&D making up the majority.
Asset Monetization: The company completed the sale of 5 BOT SPVs for INR 1,814 crores, leading to a sharp reduction in consolidated debt from INR 4,910 crores to INR 2,722 crores.
Margins: EBITDA margin improved slightly year-on-year despite lower revenue, but faced quarterly pressures due to lower turnover and one-off provisions.
Revenue Guidance: FY '26 revenue is expected to be 8–10% lower than last year due to delayed project starts, but management expects at least 15% growth in FY '27 on a lower base.
New Orders: Year-to-date FY '26 EPC order inflow is INR 5,200 crores, with expectations of an additional INR 3,000 crores in the next two months.
Debt Reduction: Further debt reduction expected as additional HAM asset monetization is targeted by March and June 2026.
Sector Outlook: Management sees medium- to long-term opportunities in roads and infrastructure despite near-term sector slowdown and slow order awarding.
