Ashoka Buildcon’s Q3 FY26 earnings call highlighted a strategic shift towards quality and sustainability. Key updates included the sale of BOT SPVs for INR1,814 crores, reducing consolidated debt to INR2,722 crores. While standalone revenue dipped by 18%, PAT rose by 68%. The company secured new projects, maintaining a strong order book with a renewed focus on PPP models and financial prudence. Ashoka Buildcon aims for 15% growth in FY27.
Financial Performance
Ashoka Buildcon reported a mixed financial performance for Q3 FY26. Standalone total income stood at INR1,492 crores, an 18% decrease compared to INR1,816 crores in Q3 FY25. However, standalone PAT increased by 68% to INR102 crores. Consolidated total income was INR1,866 crores, a 23% drop from INR2,426 crores in Q3 FY25. The company’s consolidated debt significantly reduced to INR2,722 crores from INR4,910 crores.
Strategic Developments
A major highlight was the completion of the sale of the company’s entire stake in five BOT SPVs to Maple Infrastructure Trust for INR1,814 crores. This move significantly reduced consolidated debt. Ashoka Buildcon also acquired equity shares in Ashoka Concessions Limited (ACL), making it a 100% subsidiary. The company secured two major Letters of Acceptance from BMC through joint ventures, including the Mithi River Development project valued at INR1,816 crores.
Order Book and Future Outlook
As of December 31, 2025, the company’s order book stood at INR15,927 crores, increasing to INR16,235 crores post-December. Roads and railway projects comprised approximately 65% of the total order book. Ashoka Buildcon aims to leverage its execution capabilities and experience across EPC, HAM, and BOT projects to participate in the next phase of growth. They are targeting approximately INR3,000 crores in new order book. The company projects approximately 15% revenue growth for FY27.
Segment Performance
Revenue contributions for Q3 FY26 were as follows: Road EPC 51.9%, Road EPC HAM 13.2%, Power T&D 21.9%, Railways 9.0%, and other segments 4.0%. They aim to maintain substantial EPC business in roads, highways, railways, power transmission, and buildings.
HAM Projects Monetization
The company is working to monetize 4 HAM projects by March with an expected value of approximately INR750 crores. In June of 2026, they are aiming to monetize two projects with approximately INR400 crores.
Source: BSE
