ASHOKA

Ashoka Buildcon share price & results

Ashoka Buildcon Limited· Construction· Industrials

Results to
Sept 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

EPC and HAM infrastructure builder: highways, bridges, power T&D and railways in India and abroad.

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Guidance Hit Rate
19 targets · 50% hit rate 4 achieved · 11 active →
Segment Shift
5 segments tracked See revenue & margin mix below →
Reverse DCF
Implied Growth Test priced-in growth in DCF tool →
Concall & Tone
Q1 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹102.94 −0.25% · −₹0.26

Last close 9 Nov 2026 · NSE · INR · Source: Inve

Performance −48.3% 1Y

₹100₹120₹140₹160₹180₹200Nov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹198.92 on 7 Nov 2025 → ₹102.94. High ₹201.67 (12 Nov 2025), low ₹96.22 (28 Oct 2026).

Previous close
₹103.2
Market cap
₹2.9k Cr
52-week range
₹96.22 – ₹201.67
One year
−48.64%
Price to earnings (TTM to Sept 2026)
4.59×
Return on equity (TTM to Sept 2026)
9.56%

Reported

Key financial metrics & valuation ratios

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue1,315 ₹ crore+3.9% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin7.0 %−3.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit38.0 ₹ crore−72.7% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity9.56 %−39.7 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin7.29 %−8.4 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)-23.06 %−27.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026
Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

BOT / Annuity Projects shrank from 29% to 21% of revenue over the last two years.

Construction & Contract 74.3% · ₹1,114.11 Cr −6.7% YoY
BOT / Annuity Projects 21.3% · ₹319.96 Cr −49.7% YoY
Sale of Goods 4.4% · ₹65.53 Cr +14.4% YoY
Assets Held for Sale 0.0% · ₹0.00 Cr
Liabilities Held for Sale 0.0% · ₹0.00 Cr

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

4 of 8 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.

Ashoka Buildcon Limited management guidance track record on Inve: 19 targets tracked across analysed earnings calls (4 achieved, 4 missed, 11 open).

Watch execution in Growth & Demand (2 delayed/missed).

TargetOriginal wordingSaidLatest callVerdict
Growth FY26 Revenue Growth
10% to 15% growth over FY25
Call transcript, Q3 FY25 · 11 Feb 2025
Q3 FY25
Q1 FY27:Promise relates to a past fiscal year. Topic is now closed.
Call transcript, Q1 FY27 · 12 Aug 2026
Missed
Growth FY27 Revenue Growth
Higher growth rate
Call transcript, Q1 FY26 · 12 Aug 2025
Q1 FY26
Q1 FY27:Guidance lowered from 20% to 10-15% due to flat Q1 and supply chain uncertainties.
Call transcript, Q1 FY27 · 12 Aug 2026
Revised Down
Operations FY27 EBITDA Margin
9.5% to 10.5%
Call transcript, Q4 FY26 · 22 May 2026
Q4 FY26
Q1 FY27:Reiterated guidance of 9.5% to 10.5% but warned H1 would be subdued. Q1 standalone margin was 9.5%.
Call transcript, Q1 FY27 · 12 Aug 2026
On Track

Source: Inve Guidance Tracker for Ashoka Buildcon Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

4 of Ashoka Buildcon Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.

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Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Counterparties named by Ashoka Buildcon Limited

  • Ashoka Buildcon Limited → divests to → Ashoka Purestudy Technologies Private Limited.

    Q1 FY27 · Closed / completed · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    To bring in a strategic partner to help with execution of projects at Purestudy level and create more value at the SPV level.

    “As a part of our portfolio streamlining, we diluted our stake in Ashoka Purestudy Technologies Private Limited from 59% to 39.33% pursuant to a preferential allotment resulting in a classification from subsidiary to an associate company.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “As a part of our portfolio streamlining, we diluted our stake in Ashoka Purestudy Technologies Private Limited from 59% to 39.33% pursuant to a preferential allotment resulting in a classification from subsidiary to an associate company.”

    Source company: Ashoka Buildcon Limited · Counterparty: Ashoka Purestudy Technologies Private Limited · Call date: 2026-08-12 · Period: Q1 FY27 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → Chennai ORR, Jaora-Nayagaon.

    Q4 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Monetization of good assets with buyer interest

    “So we do pursue the sale of these 2 assets in the coming 12 to 18 months. And both assets are good assets to be sold and good interest is there from buyers. So we have launched a small process of monetization.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “So we do pursue the sale of these 2 assets in the coming 12 to 18 months. And both assets are good assets to be sold and good interest is there from buyers. So we have launched a small process of monetization.”

    Source company: Ashoka Buildcon Limited · Counterparty: Chennai ORR, Jaora-Nayagaon · Call date: 2026-05-22 · Period: Q4 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → 6 HAM SPVs.

    Q4 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Asset monetization for value generation and capital efficiency

    Disclosed value: INR 1150 crores

    “On the asset monetization front, we continue to progress on the sale of remaining 6 HAM SPVs. The expected completion time line has now been extended to June 2026, subject to fulfilment of conditions precedent. ... So to continue on that, out of the 6 projects, 4 we are definitely targeting by June end, which will typically bring in cash of around INR750-plus crores. And the balance we expect by December, which should bring in another INR400 crores.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “On the asset monetization front, we continue to progress on the sale of remaining 6 HAM SPVs. The expected completion time line has now been extended to June 2026, subject to fulfilment of conditions precedent. ... So to continue on that, out of the 6 projects, 4 we are definitely targeting by June end, which will typically bring in cash of around INR750-plus crores. And the balance we expect by December, which should bring in another INR400 crores.”

    Source company: Ashoka Buildcon Limited · Counterparty: 6 HAM SPVs · Call date: 2026-05-22 · Period: Q4 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → acquires or invests in → Ashoka Concessions Limited (ACL).

    Q3 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Consolidates control and simplifies the ownership structure of ACL, making it a 100% subsidiary.

    Disclosed value: INR 667 crores

    “Following this, Ashoka Buildcon Limited acquired equity shares in Ashoka Concessions Limited and Ashoka Buildcon together with Viva Highways Limited, acquired the remaining Class A and Class B CCDs held by the investors. This was done for an aggregate consideration of INR667 crores, resulting in a full acquisition of securities previously held by Macquarie SBI Infrastructure Funds.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “Following this, Ashoka Buildcon Limited acquired equity shares in Ashoka Concessions Limited and Ashoka Buildcon together with Viva Highways Limited, acquired the remaining Class A and Class B CCDs held by the investors. This was done for an aggregate consideration of INR667 crores, resulting in a full acquisition of securities previously held by Macquarie SBI Infrastructure Funds.”

    Source company: Ashoka Buildcon Limited · Counterparty: Ashoka Concessions Limited (ACL) · Call date: 2026-02-02 · Period: Q3 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → 5 BOT SPVs.

    Q3 FY26 · Closed / completed · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Unlocking value from mature assets, deleveraging, reducing interest costs, strengthening balance sheet.

    Disclosed value: INR 1814 crores

    “Ashoka Concessions Limited completed the sale of its entire stake in five BOT SPVs to Maple Infrastructure Trust and its nominees. The transaction was concluded for an aggregate consideration of INR1,814 crores and marks an important step in unlocking value from mature assets.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “Ashoka Concessions Limited completed the sale of its entire stake in five BOT SPVs to Maple Infrastructure Trust and its nominees. The transaction was concluded for an aggregate consideration of INR1,814 crores and marks an important step in unlocking value from mature assets.”

    Source company: Ashoka Buildcon Limited · Counterparty: 5 BOT SPVs · Call date: 2026-02-02 · Period: Q3 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → Chennai ORR project.

    Q2 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Divestment with Chennai ORR project

    “So, we are discussing with a potential investor and he is in the process of due diligence. We expect to close out as early as possible by March, we should be able to sign something with them.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “So, we are discussing with a potential investor and he is in the process of due diligence. We expect to close out as early as possible by March, we should be able to sign something with them.”

    Source company: Ashoka Buildcon Limited · Counterparty: Chennai ORR project · Call date: 2025-11-17 · Period: Q2 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → BOT projects (contingent consideration).

    Q2 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Contingent consideration for BOT monetization may be around INR 500 crores, coming after 1-2 years.

    Disclosed value: INR 500 crores

    “balance may not be INR 700 crores, maybe slightly lesser due to various changes in NHAI circular. So, could be around INR 500 crores, which will come maybe after 1 year or 2 years, based on extension of time given by NHAI for our toll extension claims with NHAI.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “balance may not be INR 700 crores, maybe slightly lesser due to various changes in NHAI circular. So, could be around INR 500 crores, which will come maybe after 1 year or 2 years, based on extension of time given by NHAI for our toll extension claims with NHAI.”

    Source company: Ashoka Buildcon Limited · Counterparty: BOT projects (contingent consideration) · Call date: 2025-11-17 · Period: Q2 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → divests to → Remaining 6 HAM projects.

    Q2 FY26 · Announced · Neutral · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Further asset monetization.

    Disclosed value: INR 1100 crores

    “We expect to monetize 4 of the assets by March end and 2 of the assets by June '26 end. Approximately INR 800 and INR 300 crores.”
    Evidence drawer

    Evidence type: Transcript excerpt

    “We expect to monetize 4 of the assets by March end and 2 of the assets by June '26 end. Approximately INR 800 and INR 300 crores.”

    Source company: Ashoka Buildcon Limited · Counterparty: Remaining 6 HAM projects · Call date: 2025-11-17 · Period: Q2 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → acquires or invests in → Jaora-Nayagaon Toll Road Company Limited.

    Q2 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Underscoring confidence in the asset's long-term cash flow potential.

    Disclosed value: INR 166.6 crores

    “Our subsidiary, Viva Highways Limited, increased its stake by 26% in Jaora-Nayagaon Toll Road Company Limited to 61.17% for a consideration of INR 166.6 crores”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “Our subsidiary, Viva Highways Limited, increased its stake by 26% in Jaora-Nayagaon Toll Road Company Limited to 61.17% for a consideration of INR 166.6 crores”

    Source company: Ashoka Buildcon Limited · Counterparty: Jaora-Nayagaon Toll Road Company Limited · Call date: 2025-11-17 · Period: Q2 FY26 · Review status: Structured call extraction

  • Ashoka Buildcon Limited → acquires or invests in → Ashoka Concessions Limited (ACDs).

    Q2 FY26 · Closed / completed · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Utilized cash from Ashoka Buildcon's bank balance post 30th September.

    Disclosed value: INR 882 crores

    “company acquired convertible debentures worth INR 882 crores in Ashoka Concessions Limited.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “company acquired convertible debentures worth INR 882 crores in Ashoka Concessions Limited.”

    Source company: Ashoka Buildcon Limited · Counterparty: Ashoka Concessions Limited (ACDs) · Call date: 2025-11-17 · Period: Q2 FY26 · Review status: Structured call extraction

Similar pressures reported by peers

Tailwind coverage is not available yet.

Similar commentary provides sector context; it does not establish a business relationship with Ashoka Buildcon Limited. Each comparison matches a headwind disclosed by Ashoka Buildcon Limited in the same calendar reporting quarter.

  • Supply chain uncertainties contributed to the flat Q1 performance and the lowering of…

    Topic: Supply chain disruption · Logistics supply chain · Q1 FY27

    Ashoka Buildcon Limited reported: Supply chain uncertainties contributed to the flat Q1 performance and the lowering of revenue growth guidance.

    Reporting period ended 2026-06-30

    5 other companies · Logistics supply chain

    Larsen & Toubro Limited (LT) reported (period ended 2026-06-30): Ongoing conflict in the Middle East leads to logistical and trade disruptions, affecting select projects and causing subdued revenue growth in Q1.

    Cemindia Projects Limited (CEMPRO) reported (period ended 2026-06-30): Geopolitical situations can lead to scarcity of essential commodities and material supply issues.

    Kalpataru Projects International Limited (KPIL) reported (period ended 2026-06-30): Impacted project execution and material availability.

    Welspun Enterprises Limited (WELENT) reported (period ended 2026-06-30): Ongoing geopolitical developments led to volatile and uncertain operating environment, impacting Q1 execution.

    Evidence drawer

    Evidence type: Summary paraphrase

    Supply chain uncertainties contributed to the flat Q1 performance and the lowering of revenue growth guidance.

    Source company: Ashoka Buildcon Limited · Reporting period ended 2026-06-30 · Calendar quarter: Q1 FY27 · Distinct companies matched: 5

    Similar commentary provides sector context; it does not establish a business relationship.

Mentions over time

First observed: Q4 2024 · Latest observed: Q2 2026

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q2 202601
Q1 202602
Q4 202502
Q3 202506
Q2 202504
Q1 202503
Q4 202402

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

ASHOKA ₹102.94 −0.25%
Guidance Verdict (19 tracked) 4 kept · 11 open· 4 missed
AI Call Brief · Q1 FY27

Ashoka Buildcon Limited Q1 FY27

Overview

Symbol
NSE:ASHOKA
Industry
Industrials
Exchange
NSE
Currency
INR

What Ashoka Buildcon Limited does

Based on the company's own presentations, annual report and earnings calls.

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

How the price took the results

Moved an average of ±3.1% across the last 4 priced result releases

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q1 FY2712 Aug 261,288 32−1.8%₹116.99 → ₹113.9−2.6%
Q4 FY2622 May 261,772 49−10.3%₹128.44 → ₹123.44−3.9%
Q3 FY262 Feb 261,463 102−18.4%₹149.57 → ₹148.52−0.7%
Q2 FY2617 Nov 251,266 139—₹198.8 → ₹188.66−5.1%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

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Other Construction companies

PEER COMPARISON
Median ₹2,890 Cr Mkt Cap
₹0 Cr₹2,000 Cr₹4,000 Cr₹6,000 CrAshoka Buildcon Limited (ASHOKA): ₹2,890 Cr₹2,890 CrASHOKAJ.Kumar Infraprojects Limited (JKIL): ₹3,161 Cr₹3,161 CrJKILKNR Constructions Limited (KNRCON): ₹3,148 Cr₹3,148 CrKNRCONPSP Projects Limited (PSPPROJECT): ₹3,142 Cr₹3,142 CrPSPPROJECTVindhya Telelinks Limited (VINDHYATEL): ₹3,013 Cr₹3,013 CrVINDHYATELRamky Infra (RAMKY): ₹2,777 Cr₹2,777 CrRAMKYInterarch Building Solutions Limited (INTERARCH): ₹2,620 Cr₹2,620 CrINTERARCHH.G. Infra Engineering Limited (HGINFRA): ₹2,610 Cr₹2,610 CrHGINFRAPatel Engineering Limited (PATELENG): ₹2,482 Cr₹2,482 CrPATELENG

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Quick Answers

Frequently asked questions on Ashoka Buildcon Limited

Compiled directly from ASHOKA's filed financial statements, earnings call transcripts, and ownership disclosures.

How did Ashoka Buildcon Limited (ASHOKA) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, Ashoka Buildcon Limited reported revenue of ₹1.3k Cr, net profit of ₹38 Cr, an operating margin of 7.0%. Diluted earnings per share stood at ₹1.35.

How is Ashoka Buildcon Limited (ASHOKA) valued today, and what growth does the stock price imply?

Ashoka Buildcon Limited (ASHOKA) trades at ₹102.94, with a market capitalization of ₹2.9k Cr.

Who owns Ashoka Buildcon Limited (ASHOKA) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 54.5%, FIIs hold 4.2%, DIIs hold 12.8%, Public shareholders hold 28.6%.

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