NSE: AKASH
AKASH INFRA-PROJECTS LTD
Operates two distinct businesses. The larger is Construction, contributing 63.8% of segment revenue at Rs 52.82 crore in FY26, with EBIT of Rs 5.71 crore. Filings show it takes government civil works contracts, including a Rs 4.99 crore order from the Panchayat R&B Department, District Panchayat Mehsana, Gujarat, for widening of Ankhol Vamaj Road under the MMGSY scheme, and has been involved in a long-running arbitration dispute with Ahmedabad Municipal Corporation. The second business is Fuel and Grocery, which made up 36.1% of segment revenue at Rs 29.91 crore and Rs 1.74 crore in EBIT. A residual Others segment added Rs 0.07 crore in revenue. Consolidated FY26 revenue stood at Rs 81.76 crore, with net profit of Rs 0.65 crore and an EBITDA margin of 9.17%. Materials are the dominant cost at 70.5% of revenue, followed by other operating expenses at 14.0% and employee costs at 6.7%. A material portion of working capital is locked in long-pending receivables — auditors flagged Rs 143.99 crore of trade receivables over 180 days old, largely tied up in legal disputes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (64%), Fuel and Grocery (36%), Others (0%). Small-cap, two-track business mixing government civil construction with retail fuel and grocery.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 79 | 62 | 60 | 58 | 82 |
| EBITDA (ex other income) | (10) | 6 | 3 | 6 | 6 |
| margin % | (12.5) | 10.0 | 5.4 | 10.6 | 7.9 |
| Owners' profit | 2 | 1 | 0 | 1 | 1 |
| EPS, as reported (₹) | 1.35 | 0.86 | 0.15 | 0.30 | 0.38 |
| ROE % · ROCE % | — · — | 1.7 · 6.3 | 0.3 · 4.8 | 1.1 · 5.8 | 0.8 · 6.3 |
| Debt / equity (x) | — | 0.72 | 1.05 | 0.99 | 1.06 |
| Cash from operations | (1) | (33) | (23) | 10 | (2) |
| Capex | (1) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 20 | 21 | 12 | 11 | 38 | 39 | 22 |
| Profit before tax | 0 | 3 | 0 | (1) | 1 | 1 | 0 | 0 |
| Net profit | 0 | 2 | 0 | (1) | 1 | 1 | 0 | 0 |
| EPS (₹) | 0.03 | 0.48 | 0.10 | (0.65) | 0.54 | 0.38 | 0.11 | 0.15 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction | 53 | 63.8 |
| Fuel and Grocery | 30 | 36.1 |
| Others | 0 | 0.1 |
| Total, before eliminations | 83 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.1 | 13.5 | 73 of 102 | 29% |
| P/B | 0.5 | 1.3 | 10 of 85 | 88% |
| ROCE | 0.6 | 6.3 | 82 of 98 | 17% |
| ROE | 0.5 | 6.4 | 70 of 84 | 17% |
| Debt / Equity | 1.0 | 0.4 | 76 of 87 | 13% |
| EBITDA margin | 10.9 | 10.3 | 47 of 105 | 56% |
| Revenue growth | 85.5 | 7.5 | 10 of 86 | 89% |
| Profit growth | 123.9 | 17.3 | 13 of 83 | 85% |
| Market cap | 42 | 509 | 91 of 107 | 15% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Consolidated Sep 2026 quarter: revenue rose 86% and profit after tax fell 76%, both year on year | results | high | — | — |
| 5 Oct 2026 · RTA confirms no share certificates dematerialised in Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · All 8 AGM resolutions passed with over 99 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · Akash Infra-Projects 27th AGM concludes; 8 resolutions tabled | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure from October 1 for Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 27th AGM notice - September 30, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · Akash Infra Projects 27th AGM notice, FY26 annual report attached | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Akash Infra-Projects appoints two Independent Directors | management changes | medium | — | — |
| 24 Aug 2026 · Akash Infra appoints two independent directors effective Jan 2027 | management changes | medium | — | — |
| 24 Aug 2026 · Two Independent Directors appointed to Akash Infra board for five-year terms | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.