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 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,388 | 2,694 | 1,887 | 1,851 | 1,827 | 1,954 | 1,500 | 1,505 |
| Profit before tax | 307 | 481 | 299 | 64 | 2,609 | 165 | 173 | (128) |
| Net profit | 661 | 452 | 227 | 91 | 2,111 | 147 | 127 | (119) |
| EPS (₹) | 23.32 | 15.40 | 7.74 | 2.78 | 75.21 | 10.61 | 4.55 | (4.23) |
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. | 5,66,554 | 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) | 1.2 | 13.5 | 3 of 102 | 98% |
| P/B | 0.4 | 1.3 | 8 of 85 | 92% |
| ROCE | 0.5 | 6.3 | 86 of 98 | 12% |
| ROE | 0.1 | 6.4 | 74 of 84 | 12% |
| Debt / Equity | 0.2 | 0.4 | 30 of 87 | 66% |
| EBITDA margin | 14.0 | 10.3 | 35 of 105 | 67% |
| Revenue growth | (18.7) | 7.5 | 74 of 86 | 14% |
| Profit growth | (231.2) | 17.3 | 81 of 83 | 2% |
| Market cap | 2866 | 509 | 28 of 107 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Earnings call audio uploaded for September 2026 results | investor communications | low | — | — |
| 6 Nov 2026 · Q2 FY27: standalone revenue up, margins down; Rs 15,964 crore backlog | investor communications | medium | — | — |
| 5 Nov 2026 · Q2 FY27 revenue rises, margins fall; order book reaches Rs 15,964 crore | investor communications | medium | — | — |
| 5 Nov 2026 · Q2 FY27 income rises, EBITDA falls; order book reaches Rs 15,964 crore | compliance | minimal | — | — |
| 5 Nov 2026 · Sep 2026 quarter: consolidated revenue down 18.7%; standalone profit after tax down 72.7% | results | high | — | — |
| 5 Nov 2026 · Ashoka Buildcon declared lowest bidder for NHAI expressway project | business updates | high | — | — |
| 2 Nov 2026 · Ashoka Buildcon schedules Q2 and H1 FY27 earnings call for November 6 | board shareholder meetings | low | — | — |
| 2 Nov 2026 · Ashoka Buildcon schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 1 Nov 2026 · Board to consider private placement of non-convertible debt | compliance | minimal | — | — |
| 31 Oct 2026 · ICRA withdraws A1+ short-term debt rating at company request | credit debt | 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.