Ashoka Buildcon (ASHOKA) Q4 24/25 earnings summary

Executive summary

• Infrastructure sector in India remains robust, with government prioritizing large-scale investments and execution in highways, railways, and power sectors.

• Company is focused on sustainable EPC business across highways, railways, power transmission, and buildings, and has signed a major concession agreement for a ₹1,391 crore highway project in West Bengal.

• Monetization of BOT and HAM assets is a key strategic focus, with significant transactions expected to close in FY 2026.

• Divested 51% stake in a renewable energy subsidiary as part of strategic restructuring.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2025, were approved, showing strong revenue and profit growth year-over-year.

Financial highlights

• Standalone Q4 FY25 total income was INR 2,012 crores, down 21% YoY; EBITDA at INR 181 crores (9% margin); PAT at INR 60 crores.

• FY25 standalone income was INR 7,188 crores, down 8% YoY; EBITDA at INR 673 crores (9.4% margin, up 60 bps); PAT at INR 197 crores.

• Consolidated Q4 FY25 income was INR 2,755 crores, up 12% YoY; EBITDA at INR 838 crores (up 16% YoY); PAT at INR 452 crores.

• FY25 consolidated income was INR 10,205 crores, up 2% YoY; EBITDA at INR 3,089 crores (up 26% YoY); PAT at INR 1,734 crores.

• Earnings per share (consolidated, basic & diluted) for FY2025 was ₹60.35, up from ₹17.92 in FY2024.

Outlook and guidance

• Revenue growth for FY26 is guided at around 10%, revised down from earlier 15% due to project execution delays.

• EBITDA margins expected to improve to above 10% in FY26.

• Order inflow guidance for FY26 is INR 10,000-12,000 crores, with a strong bid pipeline across roads, railways, and power.

• FY27 expected to see stronger growth as delayed projects ramp up.

• The company is in the process of divesting stakes in several subsidiaries and expects high probability of completion, with assets and liabilities classified as held for sale.