Ashoka Buildcon Limited has released its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company reported a consolidated order book of ₹15,964 crore as of September 30, 2026, with further orders received and bids in progress. Key business developments include new project awards in the railway and power transmission segments, and progress on existing projects.
Ashoka Buildcon Q2 FY27 Financial Highlights
Ashoka Buildcon Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The earnings call transcript details the company’s performance and outlook.
Standalone Performance
For the second quarter of FY27, total income stood at ₹1,356.24 crore, a slight increase compared to ₹1,302.62 crore in Q2 FY26. EBITDA for the quarter was ₹133.94 crore, with a margin of 9.88%. Profit after tax was ₹37.96 crore, a decrease from ₹139.18 crore in Q2 FY26, which included exceptional items of ₹112 crore.
In the first half of FY27, total income reached ₹2,676.68 crore, up from ₹2,641.73 crore in H1 FY26. EBITDA for H1 FY27 was ₹259.47 crore with a margin of 9.69%. Profit before tax was ₹94.46 crore, and profit after tax stood at ₹69.50 crore compared to ₹169.8 crore in H1 FY26.
Consolidated Performance
Consolidated total income for Q2 FY27 was ₹1,609.21 crore, a decrease of 15% from ₹1,907.88 crore in Q2 FY26. EBITDA for the quarter was ₹314.67 crore with an EBITDA margin of 19.55%. However, the company recorded a net loss of ₹118.96 crore in Q2 FY27. The BOT division reported a gross toll collection of ₹73.5 crore.
Order Book and Business Developments
Order Book Status
As of September 30, 2026, the company’s order book stood at ₹15,964 crore, excluding orders received post-September 30 which amount to approximately ₹1,257 crore, bringing the total to ₹17,222 crore. Roads and railway projects constitute 58% (₹9,275 crore) of the total order book. HAM projects account for ₹1,436 crore and EPC for ₹6,173 crore in the road segment. Power T&D projects are valued at ₹3,820 crore (23.93%), and building EPC is ₹941 crore (5.9%). Orders in subsidiaries and associate companies amount to ₹1,928 crore (12.08%).
New Orders and Progress
New orders received after October 1, 2026, total ₹391 crore, with L1 bids for the Vadodara-Mumbai Expressway package nine for ₹866 crore. This brings the total balance order book to ₹17,222 crore.
In Q2 FY27, Ashoka Buildcon received a Letter of Acceptance (LOA) from RVNL for a new BG rail line project in Uttarakhand, valued at ₹602 crore. Another LOA was received from REC Power Development and Consultancy Limited for establishing 400, 220, and 132 KV lines on a Tariff-Based Competitive Bidding (TBCB) basis in Maharashtra, with a completion period of 24 months and O&M for 35 years. This marks the company’s entry into the TBCB framework in the transmission sector.
Updates up to the date of the call include a Letter of Acceptance from North Eastern Railway for a project worth ₹290 crore. Commercial Operation Date (COD) was received for the NHAI project for four-laning of Tumkur-Shivamogga HAM project in Karnataka for the remaining 45.05 kilometers, making the SPV eligible for the first annuity. A third provisional COD was also received for NHAI’s Tumkur-Shivamogga four-laning project in package three for 4.22 kilometers, making the SPV eligible for full annuity.
Capex and Equity Investment
As of the reporting date, capex incurred was around ₹62 crore, with a full-year target of approximately ₹125 crore. Equity to be invested for HAM projects, including Bowaichandi, is around ₹340 crore for 2026-2027, with further investments planned for subsequent years.
Monetization of HAM Projects
The company is in the process of monetizing four HAM projects. Two projects are expected to be monetized in Q4 of FY27 or Q1 of FY28. Of the six projects, four are targeted for sale by December, with proceeds expected within two weeks. The estimated proceeds from four and two assets combined are approximately ₹1,000 crore, with the first tranche at around ₹600 crore.
Debt Management
As of September 2026, the total debt was ₹2,781 crore. The target for standalone debt by March 2027 is in the range of ₹600 crore to ₹700 crore, after factoring in asset monetization and new project investments. Standalone lenders’ debt was ₹1,169 crore, with the balance being inter-company debt.
Revenue and Margins Outlook
For FY27, Ashoka Buildcon targets revenue growth of at least 5%, with a potential for 10% growth, aiming for approximately ₹6,600 crore in revenue by March end. Over a three-year horizon, the company expects a 15% CAGR. Margins are expected to improve, with an average of 10% to 10.5% EBITDA margins over the next two to three years. For the second half of FY27, margins are projected to be around 9%-9.5%.
Bid Pipeline
The total bid pipeline for Ashoka Buildcon is ₹51,000 crore, including projects from NHAI, MoRTH, railways, and state governments. Approximately ₹800 crore to ₹8,000 crore worth of bids are yet to be opened.
BOT Projects
The company is well-placed for BOT road projects and is evaluating opportunities, particularly where traffic risk is manageable. They are also in discussions with investors for various BOT projects.
Source: BSE
