Ashoka Buildcon Ltd

Financial Performance

• Standalone total income: INR 1,320 crores; flat vs Q1 FY26 (INR 1,339 crores).
• Standalone EBITDA: INR 126 crores; margin 9.5%.
• Standalone PAT: INR 31.5 crores; up 3% YoY.
• Consolidated total income: INR 1,534 crores; down 21% YoY from INR 1,937 crores.
• Consolidated EBITDA: INR 292 crores; margin 19.0%; down 55% YoY.
• Consolidated PAT: INR 127 crores in Q1 FY27.
• BOT toll Jaora-Nayagaon: INR 75 crores; up 8% YoY.

Order Book and Segments

• Order book as of 30 Jun: INR 15,251 crores; post-June INR 450 crores not yet included.
• Road+Rail order book: INR 9,648 crores (63.3%).
• HAM road orders: approx INR 1,500 crores.
• EPC order book: approx INR 6,780 crores.
• Railway: INR 1,346 crores; Power T&D: INR 5,066 crores (33.2%).
• Building EPC: INR 536 crores (3.5%).
• International wins: Guyana Versailles-Parika Highway INR 328 crores.
• Gems & Jewellery Park, Raipur PPP: premium INR 112.4 crores; Ashoka 51% stake.
• Dilution: Ashoka Purestudy Technologies from 59% to 39.33%.

Monetization and Debt

• Monetization: 4 assets by Sept-end; 2 assets by Dec/Mar quarter-end.
• Total monetization value INR 1,150 crores (rounded); 4 assets ~INR 700 crores realized by Sept.
• Cash receipts: holdbacks ~INR 30-40 crores; receipts underway.
• Post-monetization third-party debt ~INR 500-600 crores; consolidated ~INR 1,100-1,200 crores.
• Standalone debt ~INR 2,100 crores; Q1 interest cost ~INR 60 crores; year-end ~INR 50 crores.
• Equity in Jaora-Nayagaon & Chennai ORR: Jaora initial INR 278 crores; effective Chennai ORR cost ~INR 300 crores for 100% stake.

Capex & Guidance

• Q1 capex: INR 25 crores; INR 7 crores international; balance domestic.
• FY27 capex target: INR 125 crores.
• HAM: Bowaichandi AD (appointed date) expected October first week; year-end progress ~15%.
• FY28 margins expected 10.5-11%; ramp-up yields better margins.
• Overseas revenue: Q1 overseas ~INR 145.1 crores; ~80% from Guyana.

Q&A Highlights

• Bid pipeline: NHAI/MoRTH ~INR 1 lakh crores; states ~INR 25k crores; railways ~INR 50k crores; other EPC.
• Bid pipeline yet-to-open: around INR 8,000 crores.
• Guidance: revenue growth 10-15%; order inflow 6,000-8,000 crores; Q1 inflow ~800.
• HAM investments: INR 179 crores in 26-27; INR 72 crores in 27-28; INR 72 crores in 28-29.
• Asset monetization: 4 assets by Sept; 2 by Dec; total ~INR 1,100-1,150 crores; holdbacks ~INR 30-40 crores.
• Debt trajectory: standalone ~INR 2,100 crores; post-monetization third-party ~INR 500-600 crores; consolidated ~INR 1,100-1,200 crores.
• Geography: Q1 overseas INR ~INR 145.1 crores; ~80% from Guyana.

Order details

• Awarding entity: REC Power Development and Consultancy Limited (Domestic).
• Nature and scope: 400/220/132 kV AIS Sakoli project.
• Value: Rs 1,265.37 Million, annually for 35 years.
• Execution: 24 months; O&M period 35 years.
• Key terms: TBCB; PBG Rs 16.70 Crore within 10 days of LOI.
• Promoter/group interest: Not applicable.

Order details

• Awarding entity: REC Power Development and Consultancy Limited (Domestic).
• Nature: Establishment of 400/220/132 kV AIS Sakoli project under Tariff Based Competitive Bidding.
• Value: Rs 1,265.37 million annually for 35 years (Annual Transmission Charges).
• Execution: Completion in 24 months; Operation & Maintenance for 35 years.
• Contract type and security: Tariff Based Competitive Bidding; Performance Bank Guarantee Rs 16.70 crore within 10 days of LoI.
• Related party: Not Applicable.
• Material impact: potential revenue stream of Rs 1,265.37 million annually for 35 years.

Meeting Details

• Date: August 12, 2026; time not disclosed.
• Type/Mode: Earnings call; audio recording uploaded for online access.
• Event: Result Update / Earnings Call organized by Ashoka Buildcon Limited.
• Purpose: Discuss unaudited Q1 FY27 standalone and consolidated results.
• Participants: Company Secretary.
• Availability: Audio recording of the earnings call uploaded on the company website.

Business Overview

• Core business: highway construction, EPC, HAM, BOT; diversified project portfolio.
• Strategic moves include SPV monetization and PPP ventures in Gems & Jewellery Park.

Key Operational Highlights

• APTPL diluted to 39.33%; ceased as subsidiary; now associate.
• CSIDC LOA for Gems & Jewellery Park in Raipur; Rs 112.40 crore premium; 30-year lease.
• Guyana four-lane highway LOA; USD 35.42 million; 20-month timeline.
• NHAI settlement concluded; Rs 1.04 crore paid; no further action or debarment.
• Incorporated Ashoka-RDB SPV; 51% Ashoka; Gems & Jewellery Park Raipur.
• Extended sale timelines for six ACL SPVs to Sep 15–30, 2026.

Financial Performance

• Standalone revenue from operations Rs 1,287.9 Cr; total Rs 1,320.4 Cr.
• Standalone EBITDA Rs 125.5 Cr; margin 9.5%; PAT Rs 31.5 Cr.
• Consolidated revenue from operations Rs 1,499.6 Cr; total Rs 1,533.7 Cr.
• Consolidated EBITDA Rs 292.0 Cr; margin 19.0%; PAT Rs 127.2 Cr.
• Standalone gross margin 18.4%; PAT margin 2.4%.
• Consolidated gross margin 30.3%; PAT margin 8.3%.
• Standalone YoY revenue: -2%; Consolidated YoY revenue: -21%.
• Order book stands at Rs 15,251 Cr as of 30 June 2026.

Capital & Liquidity

• NHAI settlement completed; Rs 1.04 Cr paid; no debarment.
• Consolidated cash Rs 943 Cr; Standalone cash Rs 261 Cr.
• Ashoka-RDB SPV established with 51% Ashoka stake; Raipur project.
• Gems & Jewellery Park LOA and Guyana project imply future cash inflows.

Strategic Outlook

• Focus on monetization via SPV sales; strengthen balance sheet.
• Expand PPP/PPPs; pursue Gems & Jewellery Park ventures through SPV.
• Continue project execution; opportunistic asset monetization.

Risks & Governance

• Q1 FY27 revenue decline and margin pressure flagged.
• SPV monetization pending regulatory approvals and project clearances.

Governance & Leadership

• APTPL dilution; APTPL ceased to be subsidiary, now associate.
• Ashoka-RDB SPV created; Ashoka holds 51% stake.

Financial highlights

• Standalone total income Q1 FY27: Rs 1,320.4 cr, down 1% YoY.
• EBITDA Rs 125.5 cr; margin 9.5%.
• PAT Rs 31.5 cr; up 3% YoY.
• Standalone debt Rs 1,173 cr (equipment Rs 63 cr; WC Rs 1,110 cr).
• Consolidated debt Rs 2,773 cr.
• Total order book Rs 15,251 cr as of 30 Jun 2026.
• Order book by segment: Road EPC 44.5%, Power T&D 33.2%.

Strategic & governance updates

• APTPL stake diluted to 39.33%; now Associate from June 12, 2026.
• LOA CSIDC for Gems & Jewellery Park Raipur; premium Rs 112.40 cr; 30-year lease.
• LOA CHPA, Guyana for Four Lane Highway; value GYD 7,455 mn; 20 months.
• NHAI settlement: no further action; Rs 1.04 cr paid and deposited July 9, 2026.
• Incorporated SPV Ashoka - RDB Infrastructure & Development Pvt Ltd; 51% stake; 5,100 shares Rs 51,000.
• Sale timeline extension for ACL's six SPVs; Sept 15, 2026 for TS-1/2/3; Sept 30, 2026 for BS SPV.

Key approvals

• Unaudited standalone and consolidated results for quarter ended 30-Jun-2026 approved.
• Limited Review Reports issued with unmodified conclusion.
• Results will be hosted on the company website.
• Sanjay Prabhakar Londhe redesignated as Joint Managing Director, effective 11-Aug-2026.
• Ashish Ashok Kataria redesignated as Joint Managing Director, effective 11-Aug-2026.
• Londhe tenure to 31-Mar-2028.
• Kataria tenure to 31-Mar-2027.
• APTPL stake reduced to 39.33%; subsidiary ceased to be; became associate.
• APTPL preferential allotment on 12-Jun-2026; stake reduced.
• HAM/HAM subsidiaries classified as held for sale; GVR Ashoka Chennai ORR Limited likewise.
• Gain on sale of stake in BOT/HAM subsidiaries recognized.
• CBI Bihar case ongoing; final outcome pending; no adjustments.
• Auditors' Note 4: ongoing regulatory matter; conclusion not modified.
• Q1 PAT: standalone ₹3,153.69 lakh; consolidated ₹12,717.24 lakh.
• Shareholder approval required for redesignations at ensuing General Meeting or postal ballot.

Regulatory and governance updates

• Shareholder approvals required at ensuing General Meeting or postal ballot for redesignations.
• CBI Bihar matter sub-judice; final outcome pending; no adjustments to results.
• Auditor reports note ongoing regulatory matter; conclusion not modified.
• Assets of HAM/HAM subsidiaries and GVR Ashoka Chennai ORR Limited held for sale under Ind AS 105.
• APTPL: preferential allotment on June 12, 2026; group stake reduced; APTPL became associate.

Financial results

• Unaudited Standalone and Consolidated Q1 FY2026 results approved; Limited Review Reports unmodified.

Management changes

• Sanjay Prabhakar Londhe redesignated from Whole-time Director to Joint Managing Director, Aug 11, 2026.
• Londhe's tenure through Mar 31, 2028, subject to shareholders' approval.
• Ashish Ashok Kataria redesignated from Whole-time Director to Joint Managing Director, Aug 11, 2026.
• Kataria's tenure through Mar 31, 2027, subject to shareholders' approval.

Regulatory/compliance

• Note on ongoing CBI-regulatory matter in Bihar; sub-judice; no adjustments to financial results.