ASHOKA

Ashoka Buildcon share price & financials

Price
₹123.93
Market cap
₹3.1k Cr
Sector
Construction
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Ashoka Buildcon Limited Q1 FY27

Standalone EBITDA ₹126 cr −17%Standalone EBITDA Margin 9.5% Standalone PAT ₹31.5 cr +3%Standalone Total Income ₹1,320 cr

What went well

  • Secured new international road project in Guyana valued at INR328 crores, strengthening international portfolio.
  • Awarded industrial park development in Chhattisgarh worth INR450 crores, marking entry into a new vertical.
  • Diversification strategy yielding results with non-road and international wins amidst subdued domestic highway awarding.

What to watch

  • Consolidated total income de-grew 21% YoY to INR1,534 crores, primarily due to monetization of BOT and HAM projects in Q3 FY26.
  • Standalone EBITDA decreased 17% YoY to INR126 crores, with a margin of 9.5%, impacted by initial establishment costs for new verticals.
Read the full call →

What Ashoka Buildcon Limited does

Ashoka Buildcon Limited is an infrastructure construction and concessions company that designs, builds, and in some cases operates highways, bridges, buildings, railways, power transmission and distribution (T&D) networks, and solar installations. It earns through engineering-procurement-construction (EPC) contracts for government and private clients, and through Hybrid Annuity Model (HAM)/BOT road concessions held via its wholly-owned subsidiary Ashoka Concession Limited, which it periodically monetises once operational. The group has also expanded into international EPC contracts across Africa and South America and is developing newer verticals such as smart infrastructure, water, and airports.

Segments

  • Road EPC
  • Road HAM
  • Building EPC
  • Railways
  • Power T&D
Highways constructed (cumulative)
14,000 lane km
Villages electrified via Power T&D projects
30,000+
Business verticals
Highways, Bridges, Power, Railways, Buildings & Infrastructure, Solar, Smart Infrastructure, Water, Airports
Track record in construction industry
50+ years of experience
International presence
Operations across seven nations on three continents, including Saudi Arabia, Angola, Liberia, Benin and Guyana
Concession-holding structure
HAM/BOT road projects held via wholly-owned subsidiary Ashoka Concession Limited (ACL)
Founded 1993Headquarters Nashik, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 4 delivered 4 missed 11 open
  • FY26 Revenue Growth missed said Q3 FY25 Promised: 10% to 15% growth over FY25 Q1 FY27: Promise relates to a past fiscal year. Topic is now closed.
  • FY27 Revenue Growth revised down said Q1 FY26 Promised: Higher growth rate Q1 FY27: Guidance lowered from 20% to 10-15% due to flat Q1 and supply chain uncertainties.
  • FY27 EBITDA Margin on track said Q4 FY26 Promised: 9.5% to 10.5% Q1 FY27: Reiterated guidance of 9.5% to 10.5% but warned H1 would be subdued. Q1 standalone margin was 9.5%.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 20.5%, net profit down 44.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,489 2,388 2,694 1,887 1,851 −26%1,827 −23%1,954 −27%1,500 −21%
EBITDA905 639 777 599 585 −35%435 −32%258 −67%258 −57%
Net profit462 662 452 227 91 −80%2,111 +219%147 −67%127 −44%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −38.6% 1Y

₹100₹150₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹185.5 on 10 Sept 2025 → ₹113.86. High ₹211.59 (3 Nov 2025), low ₹102.13 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.6%
12 Aug
Q4 FY26
−3.9%
22 May
Q3 FY26
−0.7%
2 Feb
Q2 FY26
−5.1%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 2.4% a year over 3 years, FY23 to FY26. Operating margin widened to 25.0%.

Year endingFY23FY24FY25FY26
Revenue₹8.1k Cr₹9.8k Cr₹10.0k Cr₹7.5k Cr
Operating profit₹2.0k Cr₹2.2k Cr₹2.9k Cr₹1.9k Cr
Operating margin24.2%22.8%29.1%25.0%
Interest₹1.1k Cr₹1.3k Cr₹1.2k Cr₹911 Cr
Depreciation₹341 Cr₹366 Cr₹290 Cr₹161 Cr
Net profit₹294 Cr₹544 Cr₹1.7k Cr₹2.6k Cr
Net margin3.6%5.6%17.3%34.3%
Cash from operations₹492 Cr₹749 Cr₹1.7k Cr₹655 Cr
Free cash flow₹317 Cr₹606 Cr₹1.6k Cr₹547 Cr
ROCE28.0%27.0%40.0%27.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹140 Cr₹140 Cr₹140 Cr₹140 Cr₹140 Cr₹140 Cr
Reserves₹479 Cr₹1.2k Cr₹1.5k Cr₹2.1k Cr₹4.1k Cr₹6.4k Cr
Borrowings₹6.7k Cr₹3.6k Cr₹5.5k Cr₹5.5k Cr₹2.0k Cr₹1.6k Cr
Other liabilities₹6.9k Cr₹10.4k Cr₹9.9k Cr₹11.3k Cr₹13.0k Cr₹4.9k Cr
Total liabilities₹14.2k Cr₹15.4k Cr₹17.0k Cr₹19.0k Cr₹19.2k Cr₹13.1k Cr
Fixed assets₹7.5k Cr₹1.3k Cr₹6.9k Cr₹6.7k Cr₹1.2k Cr₹1.2k Cr
Capital work in progress₹62 Cr₹73 Cr₹62 Cr₹39 Cr₹46 Cr₹54 Cr
Investments₹214 Cr₹65 Cr₹73 Cr₹112 Cr₹83 Cr₹440 Cr
Other assets₹6.5k Cr₹14.0k Cr₹10.0k Cr₹12.2k Cr₹17.9k Cr₹11.4k Cr
Total assets₹14.2k Cr₹15.4k Cr₹17.0k Cr₹19.0k Cr₹19.2k Cr₹13.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +3.03 pp while FIIs trimmed −2.90 pp. The shareholder count grew 1% to 2,01,522.

Promoters
54.5%
FIIs
4.4%
DIIs
14.0%
Public
27.1%

Since Jun 2025

  • Public +3.03 pp
  • FIIs −2.90 pp
  • DIIs −0.14 pp

How it drifted, 12 quarters

Over this window DIIs fell from 20.0% to 14.0% — −5.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.5%, FIIs 3.0%, DIIs 20.0%, Public 22.6%.Dec '23: Promoters 54.5%, FIIs 4.5%, DIIs 19.7%, Public 21.3%.Mar '24: Promoters 54.5%, FIIs 7.2%, DIIs 17.6%, Public 20.7%.Jun '24: Promoters 54.5%, FIIs 7.6%, DIIs 19.3%, Public 18.6%.Sep '24: Promoters 54.5%, FIIs 8.0%, DIIs 17.8%, Public 19.8%.Dec '24: Promoters 54.5%, FIIs 8.5%, DIIs 15.5%, Public 21.6%.Mar '25: Promoters 54.5%, FIIs 7.5%, DIIs 14.9%, Public 23.1%.Jun '25: Promoters 54.5%, FIIs 7.3%, DIIs 14.2%, Public 24.1%.Sep '25: Promoters 54.5%, FIIs 7.5%, DIIs 14.1%, Public 24.0%.Dec '25: Promoters 54.5%, FIIs 7.5%, DIIs 14.4%, Public 23.6%.Mar '26: Promoters 54.5%, FIIs 5.9%, DIIs 14.4%, Public 25.2%.Jun '26: Promoters 54.5%, FIIs 4.4%, DIIs 14.0%, Public 27.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Ashoka Buildcon Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shobha Parakh 13.55%unchanged
Asha Ashok Katariya . 7.11%unchanged
HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund5.69%−0.29 pp
Ashok Motilal Katariya . 5.43%unchanged
Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund Mutual fund5.42%unchanged
Ashok Motilal Katariya Huf . 5.18%unchanged
Ashish Ashok Kataria . 4.88%unchanged
Ashish Ashok Katariya (Huf) . 4.55%unchanged
Astha Ashish Katariya 4.00%unchanged
SBI Infrastructure Fund Mutual fund2.62%unchanged
Satish Parakh 2.10%unchanged
Shweta Keyur Modi . 2.06%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ASHOKA

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −2.17 L shares (−0.9%).

Held by funds
₹279 Cr
4 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹180 Cr · 0.2% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹180 Crheld
SBI Infrastructure Fund SBI Mutual Fund₹51 Crheld
SBI Multi Asset Allocation Fund SBI Mutual Fund₹37 Crheld
HDFC Infrastructure Fund HDFC Mutual Fund₹11 Cr−2.17 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −2.17 L shares (−0.9%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹279 Cr
4 schemes · ≈ 9.1% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹180 Cr · 0.2% of that fund

Shares held by these funds −28%

Aug '23 2.31 cr shares Jul '26

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Ashoka Buildcon Limited

Guides on how to read this kind of business and the numbers that matter.