Ashoka Buildcon (ASHOKA) Q3 25/26 earnings summary

Executive summary

• Achieved significant portfolio monetization by selling five BOT SPVs for INR 1,814 crore, reducing consolidated debt and fully acquiring Ashoka Concessions Limited as of November 2025.

• Order book as of December 2025 stands at INR 15,927 crore, with roads and railways comprising 65% and power T&D 32%.

• Secured major new project orders, including Mithi River development (INR 1,816 crore), flyover construction (INR 1,041 crore), Sion Panvel Highway flyover extension (INR 447 crore), and Daman signature bridge (INR 307.7 crore).

• Focus remains on EPC business in roads, highways, railways, power T&D, and buildings.

• Received strong credit ratings from CRISIL and multiple awards for project execution and leadership.

Financial highlights

• Standalone Q3 FY26 income: INR 1,492 crore (down 18% YoY); EBITDA: INR 157 crore (down 16% YoY); EBITDA margin: 10.6% (up 30 bps YoY); PAT: INR 102 crore (up 68% YoY).

• Nine months FY26 standalone income: INR 4,134 crore (down 20% YoY); EBITDA: INR 468 crore (down 5% YoY); EBITDA margin: 11.3% (up 180 bps YoY); PAT: INR 272 crore (up 97% YoY).

• Consolidated Q3 FY26 income: INR 1,866 crore (down 23% YoY); EBITDA: INR 474 crore (down 30% YoY); PAT: INR 2,111 crore; exceptional gains led to Q3 PAT of INR 2,429 crore (PAT margin 113.1%).

• Standalone debt at INR 1,046 crore; consolidated debt at INR 2,722 crore as of December 2025; consolidated cash and bank balance at INR 1,362 crore.

• Standalone gross profit margin improved to 19.1% in Q3 FY26 from 17.8% a year ago.

Outlook and guidance

• Margins expected to improve to 9%-9.5% in FY27, with potential to reach 10%-10.5% depending on project pipeline.

• FY26 revenue expected to be 8%-10% lower than FY25; FY27 revenue growth guidance at 15% over FY26, contingent on new order wins.

• Order inflow target for FY26: INR 8,500 crore (including INR 5,200 crore YTD and INR 3,000 crore expected in Q4); FY27 order intake vision: INR 11,000-12,000 crore.

• Recent project wins and asset monetization are expected to strengthen the balance sheet and support future growth.