Moderator: Mr. Bhavin Modi from Anand Rathi Shares and Stock Brokers
Key Business Developments and Order Wins
Received letter of award in Kingdom of Saudi Arabia through wholly owned subsidiary in joint venture for construction works for Diriyah-I hotel package with total value of ₹1,800 crores (Ashoka's share: ₹900 crores)
Contract acceptance from Ministry of Water and Energy Angola for rehabilitation of distribution networks valued at USD 72 million (approximately ₹690 crores)
Road upgradation project in Liberia valued at approximately ₹430 crores (USD 45 million)
Letter of award from Bihar Rajya Pul Nirman Nigam for construction of major bridge across River Gandak on EPC basis with total project value of ₹474 crores (Ashoka's share: ₹242 crores)
Provisional CODs achieved across multiple stages in Tumkur Shivamogga HAM portfolio in Karnataka
Order Book Status (as of March 31, 2026)
Total balance order book: ₹15,312 crores (excluding orders received post March 31 of ₹681 crores for Angola)
Breakdown:
Roads and railway projects: ₹10,123 crores (66% of total)
HAM projects: ₹1,619 crores
EPC road projects: ₹7,084 crores
Railway: ₹1,420 crores
Power T&D: ₹4,627 crores (30% of total)
Building segment: ₹562 crores (3.7% of total)
Financial Performance - Standalone (Q4 FY26)
Total income: ₹1,819 crores (down 10% from ₹2,012 crores in Q4 FY25)
EBITDA: ₹168 crores (down 7% YoY)
EBITDA margin: 9.2% (improvement of 20 bps YoY)
Profit before tax (before exceptional items): ₹75 crores
PAT: ₹49 crores (vs ₹60 crores in Q4 FY25)
Revenue Contribution by Segment (Q4 FY26)
Road EPC: 50%
Road HAM: 10%
Power T&D: 18%
Railway: 8%
Building EPC and other: 14%
Financial Performance - Standalone (Full Year FY26)
Total income: ₹5,952 crores (down 17% from ₹7,188 crores in FY25)
EBITDA: ₹636 crores (down 6% YoY)
EBITDA margin: 10.7% (improvement of 130 bps YoY)
Profit before tax (before exceptional items): ₹226 crores
PAT: ₹320 crores
Financial Performance - Consolidated (Q4 FY26)
Total income: ₹1,992 crores (vs ₹2,755 crores in Q4 FY25)
EBITDA: ₹302 crores
EBITDA margin: 15.1%
Profit before tax (before exceptional items): ₹173 crores
PAT: ₹147 crores
Debt Position (as of March 31, 2026)
Total consolidated debt: ₹2,778 crores
Standalone debt: ₹1,127 crores comprising:
Equipment loan: ₹70 crores
NCDs: ₹300 crores
Working capital: ₹757 crores
BOT Division Performance (Q4 FY26)
Gross toll collection from Jaora-Nayagaon Road Company: ₹76.9 crores (vs ₹66.4 crores in Q4 FY25, growth of 16% YoY)
Asset Monetization Update
Company monetized 10 HAM and BOT projects during FY26
Targeting monetization of remaining 6 HAM SPVs:
4 assets expected by June 2026 with cash inflow of ₹750+ crores
2 assets expected by December 2026 with cash inflow of ₹400 crores
Total expected cash inflow from remaining assets: ₹1,150 crores
Credit Rating
Long-term rating reaffirmed at AA stable
Short-term rating reaffirmed at A1+ by acute ratings
FY27 Guidance and Outlook
Revenue growth target: 20%
Order inflow guidance: ₹8,000-10,000 crores
EBITDA margin guidance: 9.5-10.5%
Order inflow focus across roads, railways, power T&D (domestic and international)
Additional Financial Details from Q&A
Q4 FY26 ECL provision: ₹28 crores
FY26 order inflow (ex-GST): ₹6,600 crores
Working capital expected to normalize to 110-120 days by post-September 2026
Balance equity investment required in HAM projects: ₹325 crores
FY27: ₹175 crores
FY28: ₹75 crores
FY29: ₹75 crores
Expected tax rate on asset sale gains: 6-7%
Holdbacks from completed deals: approximately ₹130 crores (expected June-July)
Deferred consideration from BOT projects: approximately ₹550 crores (expected in 24-36 months)
