Ashoka Buildcon LimitedInfrastructure & ConstructionASHOKA
Q1 FY27 earnings callAshoka Buildcon Limited
The quarter was marked by diversification into international and non-road segments as domestic highway awarding remained subdued.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone Total Income | INR 1,320 crores | flat Y-on-Y | |
| Standalone EBITDA | INR 126 crores | down 17% Y-on-Y | |
| Standalone EBITDA Margin | 9.5% | — | |
| Standalone PAT | INR 31.5 crores | up 3% Y-on-Y | |
| Consolidated Total Income | INR 1,534 crores | down 21% Y-on-Y | |
| Consolidated EBITDA | INR 292 crores | down 55% Y-on-Y | |
| Order Book | INR 15,251 crores | — | |
| Gross Toll Collection (Jaora-Nayagaon) | INR 75 crores | up 8% Y-on-Y |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,387.89 Cr-10.1% YoY-4.1% QoQ | ₹661.49 Cr+502.3% YoY+43% QoQ | ₹23.32+510.5% YoY+43.2% QoQ |
| Q2 FY25 | ₹2,488.93 Cr+15.5% YoY+1% QoQ | ₹462.47 Cr+288.7% YoY+192.8% QoQ | ₹16.28+307% YoY+203.7% QoQ |
| Q1 FY25 | ₹2,465.39 Cr+27.4% YoY-19.2% QoQ | ₹157.93 Cr+119.4% YoY-37.9% QoQ | ₹5.36+122.4% YoY-39.7% QoQ |
| Q4 FY24 | ₹3,051.87 Cr+24.6% YoY+14.9% QoQ | ₹254.31 Cr+643.4% YoY+131.6% QoQ | ₹8.89+573.5% YoY+132.7% QoQ |
| Q3 FY24 | ₹2,657.12 Cr+35.8% YoY+23.3% QoQ | ₹109.82 Cr-20.6% YoY-7.7% QoQ | ₹3.82-21.2% YoY-4.5% QoQ |
TL;DR
- Domestic highway awarding environment is subdued, with NHAI awarding only ~5 km in June.
- Order book stands at INR 15,251 crores, with road/rail at 63.3% and Power T&D at 33.2%.
- Q1 standalone revenue was flat at INR 1,320 crores YoY; EBITDA declined 17% with margin of 9.5%.
- Guidance for revenue growth lowered from 20% to 10-15% for the year.
- Order inflow guidance is INR 6,000 to 8,000 crores; already L1 in ~INR 1,800 crores.
- Targeting monetization of 4 HAM assets (~INR 700 crores) by September/October and 2 more by year-end.
Said on the call
“This is an important development because it demonstrates that our diversification strategy is beginning to provide us with alternative avenues for growth, while the domestic highway cycle remains subdued.”
From the Q&A
| Topic | What management said |
|---|---|
| Revenue & Order Inflow Guidance | Management lowered revenue growth guidance from 20% to 10-15% for the year due to a flat quarter and supply chain uncertainties. Order inflow guidance is INR 6,000 to 8,000 crores, with INR 780 crores already won in Q1 and L1 status in ~INR 1,800 crores. |
| EBITDA Margin Guidance | Full-year EBITDA margin guidance was lowered to 9-9.5% from earlier expectations of ~10%, attributed to initial costs for new verticals loaded in Q1 and subdued H1, with a ramp-up expected in H2. |
| HAM Asset Monetization | Timeline for selling 4 HAM assets revised from Q1 to Q2 (September/October) due to compliance delays, expecting ~INR 700 crores. The total for 6 assets is ~INR 1,150 crores, with the remaining 2 expected by Q4. Post-monetization, third-party debt is expected to be ~INR 700 crores. |
| Debt & Interest Cost | Total debt is ~INR 2,100 crores, including subsidiary debt. Interest cost is expected to reduce from ~INR 313 crores in FY26 to ~INR 225-240 crores in FY27 and further to ~INR 200-210 crores in FY28, aided by asset monetization and working capital realization. |
| Diversification & International Strategy | Company is bidding in railways (~INR 50,000 cr pipeline), Power T&D, and international projects to offset subdued domestic road awarding. Currently working in 7 countries, planning to expand to 10, with 80% of Q1 international revenue (~INR 145 crores) from Guyana. |
| New Project Awards | Q1 awards include a INR 328 crore road project in Guyana and a INR 450 crore Gems & Jewellery Park PPP in Chhattisgarh (51% JV). The park is a 5-year construction, 90-year lease project with an estimated total spend of ~INR 1,000 crores. |
Guidance
- Revenue growth guidance lowered to 10-15% for FY27 from earlier 20%.
- Order inflow guidance of INR 6,000 to 8,000 crores for FY27.
- Full-year EBITDA margin expected to be 9-9.5%.
- Target to monetize 4 HAM assets (~INR 700 crores) by September/October 2026 and remaining 2 by Q4 FY27.
- Post-monetization, third-party debt expected to be ~INR 700 crores.
- Capex target for FY27 is approximately INR 125 crores.
- Expect margins to improve to 10.5-11% in FY28.
Source
Summary written from the transcript filed by Ashoka Buildcon Limited for the call held on 12 Aug 2026; published 23 Aug 2026, 09:53 IST.