Ashoka Buildcon Limited – Investor Presentation Summary

Key Operational Highlights

  • Received Letter of Contract Acceptance from Ministry of Energy and Water – Republic of Angola for Rehabilitation of Distribution Networks worth USD 72 million with 24-month execution timeline
  • Received Commercial Operation Date (COD) for NHAI Project: Four Laning of Tumkur Shivamogga Section HAM project in Karnataka (2.68 km stretch)
  • Received third provisional CoD (8.29 km) for TS section from Mallasandra to Karadi Village of NH-206 HAM
  • Received Letter of Acceptance from North Eastern Railway for traction sub stations project worth ₹290.23 crore (incl. GST)
  • Received Provisional Commercial Operation Date for Ashoka Bettadahalli Shivamogga Road Private Limited – 45.50 Kms
  • Received Letter of Intent from REC Power Development for 400/220/132 kV AIS Sakoli substation in Maharashtra worth ₹1,265.37 million annually for 35 years
  • Acquired 100% equity stake in Sakoli Power Transmission Limited
  • Received Provisional Commercial Operation Date for Ashoka Banwara Bettadahalli Road Private Limited for 4.221 KMs
  • Received Letter of Acceptance from Rail Vikas Nigam Limited for electro-mechanical systems for tunnels T-13 to T-16 under Rishikesh–Karnprayag rail line project worth ₹602.16 crore (incl. GST)
  • Assigned ESG Rating of 'A+' with score of 79.44 by Resurgent ESG Services Private Limited

Key drivers of operational performance: New project awards across roads, railways, and power transmission sectors; achievement of commercial operation milestones for existing projects

Segment-wise Performance

Not Specified

Financial Highlights

Standalone Performance (Q2 FY27):
  • Revenue From Operations: ₹1,315.48 crore (3.9% YoY growth)
  • EBITDA: ₹133.94 crore (-16.18% YoY)
  • EBITDA Margin: 9.88% (vs 12.27% YoY)
  • PAT: ₹37.96 crore (-72.72% YoY)
  • PAT Margin: 2.80% (vs 10.68% YoY)
Standalone Performance (H1 FY27):
  • Revenue From Operations: ₹2,603.36 crore (1.03% YoY growth)
  • EBITDA: ₹259.47 crore (-16.43% YoY)
  • EBITDA Margin: 9.69% (vs 11.75% YoY)
  • PAT: ₹69.50 crore (-59.07% YoY)
  • PAT Margin: 2.60% (vs 6.43% YoY)
Consolidated Performance (Q2 FY27):
  • Revenue From Operations: ₹1,504.62 crore (-18.72% YoY)
  • EBITDA: ₹314.67 crore (-50.96% YoY)
  • EBITDA Margin: 19.55% (vs 33.63% YoY)
  • Exceptional Expenses: ₹318.57 crore
  • PAT: -₹118.96 crore (-231.17% YoY)
  • PAT Margin: -7.39% (vs 4.75% YoY)
Consolidated Performance (H1 FY27):
  • Revenue From Operations: ₹3,004.23 crore (-19.64% YoY)
  • EBITDA: ₹606.66 crore (-52.98% YoY)
  • EBITDA Margin: 19.30% (vs 33.56% YoY)
  • Exceptional Expenses: ₹318.57 crore
  • PAT: ₹8.21 crore (-97.42% YoY)
  • PAT Margin: 0.26% (vs 8.26% YoY)

Drivers of financial performance: Lower EBITDA margins, higher exceptional expenses in consolidated results, reduced profitability despite modest revenue growth in standalone operations

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Standalone (Sep 2026):
  • Total Assets: ₹8,991.87 crore
  • Total Equity: ₹4,405.13 crore
  • Non-Current Liabilities: ₹1,724.60 crore
  • Current Liabilities: ₹2,862.14 crore
  • Cash and cash equivalents: ₹159.46 crore
  • Bank balances other than cash equivalents: ₹77.53 crore
  • Investments: ₹1,272.97 crore
  • Trade receivables: ₹1,786.64 crore (current + non-current)
  • Contract Assets: ₹2,797.88 crore
Consolidated (Sep 2026):
  • Total Assets: ₹13,014.50 crore
  • Total Equity: ₹6,591.67 crore
  • Non-Current Liabilities: ₹1,953.89 crore
  • Current Liabilities: ₹4,468.94 crore
  • Cash and cash equivalents: ₹204.88 crore
  • Bank balances other than cash equivalents: ₹78.92 crore
  • Investments: ₹90.30 crore
  • Trade receivables: ₹1,831.29 crore (current + non-current)
  • Contract Assets: ₹2,989.60 crore

Financial Health Insights: Strong asset base with significant contract assets and investments; maintained equity position despite profitability challenges

Capex & Cash Flow Health

Standalone Cash Flow (H1 FY27):
  • Cash from Operating activities: ₹112.40 crore
  • Cash from Investing activities: -₹248.66 crore
  • Cash from Financing activities: -₹143.62 crore
  • Net decrease in cash: ₹279.88 crore
Consolidated Cash Flow (H1 FY27):
  • Cash from Operating activities: ₹199.50 crore
  • Cash from Investing activities: -₹437.16 crore
  • Cash from Financing activities: -₹164.57 crore
  • Net decrease in cash: ₹402.23 crore

Investment Rationale: Continued investment in project development and execution capabilities

Strategic & R&D Initiatives

  • Diversification into international markets (Angola, Guyana, Liberia, Bangladesh)
  • Expansion into railway electrification and power transmission projects
  • Development of high-voltage air-insulated substation infrastructure
  • Focus on hybrid annuity model (HAM) projects in road sector

Expected impact on growth: New project awards totaling over ₹1,200 crore post-quarter end enhance order pipeline

Industry Trends & Business Environment

  • Government infrastructure development programs (Bharatmala Pariyojana)
  • International infrastructure development opportunities in growing economies
  • Focus on power transmission and railway modernization projects

Management Commentary & Growth Outlook

Not Specified

Order Backlog Details

  • Total Order Book as of September 30, 2026: ₹15,964 crore
  • Roads Segment: ₹7,609 crore
  • HAM Projects: ₹1,436 crore
  • EPC Projects: ₹6,173 crore
  • Power T&D & Others: ₹3,820 crore
  • Railways: ₹1,666 crore
  • EPC Buildings: ₹941 crore
  • SPV Projects: ₹1,928 crore
  • Additional projects after September 30, 2026: ₹391 crore
  • L1 Projects: ₹866 crore

HAM Project Portfolio

  • Total Project Cost: ₹7,291 crore
  • Total Grant Estimated: ₹3,330 crore
  • Total Equity Estimated: ₹763 crore
  • Total PIM Contribution: ₹271 crore
  • Total Debt Estimated: ₹2,928 crore
  • Grant Received: ₹2,382 crore
  • Equity Invested: ₹608 crore
  • PIM Received: ₹390 crore
  • Total Debt Drawn: ₹1,689 crore

BOT Project Portfolio

  • 4 operational BOT projects with total concession value
  • Jaora-Nayagaon Toll Road: Q2 FY27 toll collection ₹73.5 crore (-8.6% QoQ)
  • H1 FY27 toll collection: ₹148.4 crore

ESG Updates

  • ESG Rating: 'A+' with score of 79.44 from Resurgent ESG Services
  • Category: 'Leader' category