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Ashoka Buildcon Q2 FY27 results: net profit down 72.7% to ₹37.96 crore, revenue up 3.9%
Ashoka Buildcon Limited reported standalone revenue of ₹1,315 crore and a net profit of ₹37.96 crore for Q2 FY27. Revenue rose from Q2 FY26, but EBITDA fell 24.4% to ₹93.19 crore and profit before tax fell 69.6% to ₹51.40 crore; basic EPS was ₹1.35.
Key points
- Standalone revenue was ₹1,315 crore in Q2 FY27, up 3.9% from ₹1,266 crore in Q2 FY26.
- EBITDA was ₹93.19 crore, down 24.4% from ₹123.28 crore, while EBITDA margin fell 2.6 percentage points to 7.1%.
- Net profit was ₹37.96 crore, down 72.7% from ₹139.18 crore in Q2 FY26, and basic EPS was ₹1.35.
- Against Q1 FY27, revenue rose 2.1% to ₹1,315 crore and net profit rose 20.4% to ₹37.96 crore.
- The board approved a debt-raising limit of up to Rs.500 Crore and the results were filed for the quarter and half year ended September 30, 2026.
How did Ashoka Buildcon perform in Q2 FY27?
Standalone revenue was ₹1,315 crore in Q2 FY27, up ₹49.38 crore or 3.9% from Q2 FY26 and up ₹27.60 crore or 2.1% from Q1 FY27. Total income was ₹1,356.24 crore, while EBITDA was ₹93.19 crore and EBITDA margin was 7.1%.
Compared with Q2 FY26, EBITDA fell 24.4% to ₹93.19 crore, profit before tax fell 69.6% to ₹51.40 crore and net profit fell 72.7% to ₹37.96 crore. Basic EPS was ₹1.35, down from ₹4.96 in Q2 FY26 and up from ₹1.12 in Q1 FY27. The filing also included consolidated results, but the figures discussed here are standalone.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,315 | 1,288 | 1,266 | +3.9% | +2.1% |
| Other income | 40.75 | 32.57 | 36.52 | +11.6% | +25.1% |
| Total expenses | 1,305 | 1,277 | 1,245 | +4.8% | +2.1% |
| EBITDA | 93.19 | 92.96 | 123.28 | −24.4% | +0.2% |
| EBITDA margin | 7.1% | 7.2% | 9.7% | −2.6 pp | −0.1 pp |
| Profit before tax | 51.40 | 42.96 | 169.21 | −69.6% | +19.6% |
| Tax | 13.49 | 11.47 | 30.09 | −55.2% | +17.6% |
| Net profit | 37.96 | 31.54 | 139.18 | −72.7% | +20.4% |
| EPS (₹) | 1.35 | 1.12 | 4.96 | −72.8% | +20.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ashoka Buildcon's costs and profit?
Total expenses rose ₹59.38 crore or 4.8% from Q2 FY26 to ₹1,305 crore. Cost of materials increased ₹57.66 crore or 14.7% to ₹449.17 crore, employee cost rose ₹5.80 crore or 10.4% to ₹61.60 crore, and other expenses increased ₹16.03 crore or 2.3% to ₹711.53 crore.
Finance costs fell ₹21.28 crore or 27.2% to ₹56.88 crore, while depreciation rose ₹1.17 crore or 4.8% to ₹25.66 crore. Other income increased ₹4.23 crore or 11.6% to ₹40.75 crore, and tax fell ₹16.60 crore or 55.2% to ₹13.49 crore. Q2 FY26 included an exceptional gain of ₹112.05 crore, whereas Q2 FY27 had no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 449.17 | 391.51 | +57.66 | +14.7% |
| Employee cost | 61.60 | 55.80 | +5.80 | +10.4% |
| Finance costs | 56.88 | 78.16 | −21.28 | −27.2% |
| Depreciation | 25.66 | 24.49 | +1.17 | +4.8% |
| Other expenses | 711.53 | 695.50 | +16.03 | +2.3% |
| Total expenses | 1,305 | 1,245 | +59.38 | +4.8% |
| Other income | 40.75 | 36.52 | +4.23 | +11.6% |
| Tax | 13.49 | 30.09 | −16.60 | −55.2% |
| Exceptional items | none | +112.05 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue was ₹2,603.36 crore, up 1.0% from ₹2,576.73 crore in H1 FY26. Total income rose 1.3% to ₹2,676.68 crore from ₹2,641.73 crore.
Profit before tax fell 55.6% to ₹94.36 crore from ₹212.49 crore, while net profit fell 59.1% to ₹69.50 crore from ₹169.80 crore. Basic EPS declined 59.0% to ₹2.48 from ₹6.05.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,603 | 2,577 | +1.0% |
| Profit before tax | 94.36 | 212.49 | −55.6% |
| Net profit | 69.50 | 169.80 | −59.1% |
| EPS (₹) | 2.48 | 6.05 | −59.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of September 30, 2026, total assets were ₹8,991.87 crore, down from ₹9,096.99 crore as of March 31, 2026. Total equity rose to ₹4,405.13 crore from ₹4,331.73 crore, while borrowings fell to ₹2,085.65 crore from ₹2,112.10 crore.
Cash declined to ₹159.46 crore from ₹512.35 crore. Inventories rose to ₹252.73 crore from ₹247.17 crore, trade receivables fell to ₹1,373.13 crore from ₹1,656.38 crore, and trade payables fell to ₹911.40 crore from ₹980.30 crore.
Operating cash flow for H1 FY27 was ₹112.30 crore, compared with ₹8.23 crore in H1 FY26. Investing cash flow was negative ₹248.66 crore against ₹772.32 crore, financing cash flow was negative ₹143.52 crore against ₹101.35 crore, and capital expenditure was ₹81.65 crore compared with ₹25.24 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,992 | 9,097 |
| Total equity | 4,405 | 4,332 |
| Borrowings | 2,086 | 2,112 |
| Cash and equivalents | 159.46 | 512.35 |
| Inventories | 252.73 | 247.17 |
| Trade receivables | 1,373 | 1,656 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 112.30 | 8.23 |
| Cash from investing | −248.66 | 772.32 |
| Cash from financing | −143.52 | 101.35 |
| Capital expenditure | 81.65 | 25.24 |
Source: Company's results filing (XBRL).
How has Ashoka Buildcon done over the last 8 quarters?
Revenue reached ₹1,974.83 crore in Q4 FY25 before falling to ₹1,266.10 crore in Q2 FY26 and recovering to ₹1,315.48 crore in Q2 FY27. In the latest quarter, revenue was higher than Q1 FY27 but remained below the Q4 FY25 peak.
Net profit was highest at ₹139.18 crore in Q2 FY26 and lowest at ₹30.62 crore in Q1 FY26. It rose to ₹37.96 crore in Q2 FY27 from ₹31.54 crore in Q1 FY27, while EBITDA margin was 7.1% against 7.2% in the preceding quarter.
Which businesses drove the quarter?
The reported standalone business segments were Construction & Contract, BOT / Annuity Projects and Sale of Goods. The supplied standalone filing data does not provide segment revenue, EBIT or year-on-year segment growth figures.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Construction & Contract | 0 | 0 | ||
| BOT / Annuity Projects | 0 | 0 | ||
| Sale of Goods | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The results had been reviewed by the audit committee and also received limited review from the statutory auditors.
The board also enhanced the limit for raising debt through unsecured, non-convertible debentures on private placement to up to Rs.500 Crore, within the company’s approved borrowing limits. It approved a postal ballot notice seeking shareholders’ approval for divestment of the entire stake held by wholly owned subsidiaries in Jaora-Nayagaon Toll Road Company Private Limited.
Ashoka Buildcon was declared the lowest bidder for an NHAI EPC project for balance work on the Vadodara–Mumbai Expressway’s Karvad to Jujuwa section in Gujarat. The quoted EPC price was Rs.865.90 Crore, excluding GST; the stated execution period was 18 months and the defect liability period was 10 years.
How did other Civil Construction companies do?
Thirty-six other Civil Construction companies filed results for the quarter, with median revenue growth of 12.6%. Thirteen peers grew more slowly than Ashoka Buildcon, while 23 grew faster than the company; 28 of the 36 peers reported higher profit.
| Ashoka Buildcon revenue growth (YoY) | +3.9% |
|---|---|
| Median of 36 other Civil Construction companies | +12.6% |
| Companies with slower revenue growth than Ashoka Buildcon | 13 of 36 |
| Companies with faster revenue growth than Ashoka Buildcon | 23 of 36 |
| Companies whose net profit rose | 28 of 36 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ashoka Buildcon's revenue in Q2 FY27?
Revenue from operations was ₹1,315 crore, up 3.9% from ₹1,266 crore in Q2 FY26 (standalone).
Did Ashoka Buildcon make a profit in Q2 FY27?
Yes. Net profit was ₹37.96 crore, against a net profit of ₹139.18 crore in Q2 FY26.
What was Ashoka Buildcon's EPS in Q2 FY27?
Basic earnings per share were ₹1.35, against ₹4.96 in Q2 FY26.
When did Ashoka Buildcon announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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