NSE: ASHOKA · BSE: 533271
ASHOKA BUILDCON LTD
EPC contractor for roads, railways, power transmission and distribution, buildings and bridges in India, with three reported segments for FY26. The Construction & Contract segment is the largest by revenue, executing infrastructure projects under contract for government agencies such as NHAI, MoRTH and state road authorities. The BOT/Annuity Projects segment builds toll road assets and earns from toll collections or annuity payments from NHAI over the concession period. The Sale of Goods segment sells construction-related materials. The order book stood at ₹15,312 crore as of March 31, 2026, split across roads and railways (66%), power T&D (30%) and buildings (3.7%). It is selling down its portfolio of hybrid annuity and BOT road SPVs — six remaining assets are targeted for ₹750+ crore by June 2026 and ₹400 crore by December 2026, to reduce consolidated debt. Materials at 24.9% of revenue are the largest physical input cost, while other opex at 44.5% is the biggest cost category overall. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction & Contract, BOT / Annuity Projects, Sale of Goods. Asset-heavy EPC contractor with ownership of road BOT and HAM assets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,946 | 8,100 | 9,798 | 10,037 | 7,520 |
| EBITDA (ex other income) | 2,062 | 1,897 | 2,358 | 2,920 | 4,026 |
| margin % | 34.7 | 23.4 | 24.1 | 29.1 | 53.5 |
| Owners' profit | 779 | 371 | 503 | 1,694 | 2,550 |
| EPS, as reported (₹) | 27.73 | 13.23 | 17.92 | 60.35 | 116.21 |
| ROE % · ROCE % | 48.2 · 16.0 | 18.9 · 13.2 | 21.5 · 17.0 | 41.7 · 17.8 | 39.2 · 40.6 |
| Debt / equity (x) | 2.26 | 0.97 | 2.24 | 0.93 | 0.23 |
| Cash from operations | 353 | 492 | 767 | 1,692 | 655 |
| Capex | 0 | (179) | (146) | (156) | (117) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,489 | 2,388 | 2,694 | 1,887 | 1,851 | 1,827 | 1,954 | 1,500 |
| Profit before tax | 540 | 307 | 481 | 299 | 64 | 2,609 | 165 | 173 |
| Net profit | 462 | 661 | 452 | 227 | 91 | 2,111 | 147 | 127 |
| EPS (₹) | 16.28 | 23.32 | 15.40 | 7.74 | 2.78 | 75.21 | 10.61 | 4.55 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction & Contract | 5,300 | 70.5 |
| BOT/Annuity Project | 299 | 4.0 |
| Sale of Goods | 235 | 3.1 |
| BOT / Annuity Projects | 1,685 | 22.4 |
| Total, before eliminations | 7,520 | 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. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.2 | 14.7 | 5 of 108 | 96% |
| P/B | 0.5 | 1.5 | 7 of 87 | 93% |
| ROCE | 31.4 | 10.0 | 8 of 109 | 94% |
| ROE | 39.2 | 9.2 | 5 of 91 | 96% |
| Debt / Equity | 0.2 | 0.3 | 32 of 91 | 66% |
| EBITDA margin | 19.5 | 12.4 | 21 of 88 | 77% |
| Revenue growth | (20.5) | 6.2 | 73 of 86 | 15% |
| Profit growth | (44.0) | 2.7 | 61 of 84 | 28% |
| Market cap | 3175 | 454 | 28 of 110 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 15 Sept 2026 · Sale of 6 remaining road SPVs extended; TS-1 to TS-3 by October 31, 2026 | strategic transactions | medium | — | — |
| 3 Sept 2026 · Newspaper ad published for 33rd AGM on September 25, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Ashoka Buildcon book closure Sep 19-25 for 33rd AGM | corporate actions | low | — | — |
| 2 Sept 2026 · Ashoka Buildcon submits BRSR for FY26 under SEBI LODR rules | compliance | low | — | — |
| 2 Sept 2026 · Annual Report FY25-26 and AGM notice filed; 33rd AGM on Sep 25, 2026 | compliance | medium | — | — |
| 2 Sept 2026 · Ashoka Buildcon 33rd AGM on Sep 25, 2026 with 7 resolutions | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Ashoka Buildcon 33rd AGM notice published, meeting on September 25 2026 | compliance | minimal | — | — |
| 29 Aug 2026 · Ashoka Buildcon wins Rs 602 Cr LOA from RVNL for rail tunnel E and M project | business updates | medium | — | — |
| 18 Aug 2026 · Ashoka Buildcon Q1 FY27 earnings call transcript; revenue growth guidance cut to 10-15% | investor communications | medium | — | — |
| 13 Aug 2026 · Ashoka Buildcon wins LoI for 400/220/132 kV AIS Sakoli power project from REC | business updates | 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.