Ashoka Buildcon Ltd

Ashoka Buildcon Limited — Trading Window closed from October 01, 2026 till 48 hours after the declaration of the financial results for the quarter and half year ending September 30, 2026

Financial snapshot

• Standalone revenue Rs 5,811.66 Cr; standalone PAT Rs 322.32 Cr.
• Consolidated revenue Rs 7,519.88 Cr; consolidated PAT Rs 2,582.18 Cr.
• Standalone EBITDA margin 10.69%; standalone net margin 5.38%.
• Order book Rs 15,312 Cr; ~2.6x FY2026 revenue.
• Consolidated operating cash flow Rs 65,458.28 Lakhs.
• Gearing 26.97%; debt reduced to Rs 2,722 Cr.

Monetization & balance sheet strength

• HAM monetized via 5 SPVs for Rs 1,146 Cr.
• BOT monetized via 5 SPVs for Rs 1,814 Cr.
• Ashoka Concessions Limited acquired entirely; ACL wholly owned.
• Balance-sheet strengthened through monetization; reduced leverage.

Order book & business mix

• Order book by segment: Roads EPC/HAM ~57%; Power T&D ~30%; Railways/Buildings/Urban ~13%.
• Power T&D growth remains a major vertical.
• Diversified portfolio supports multi-year revenue visibility.

Major projects & portfolio

• Aroor–Thuravoor 6-Lane Elevated Corridor, Kerala.
• Sion-Panvel Highway Flyover Arm-1 & Arm-2, Mumbai.
• Diriyah II One Hotel, Riyadh, Saudi Arabia.
• Railway electrification, tunneling and urban infra initiatives.

Governance & board changes

• Board: eight members, four independents; one woman director.
• Sanjay Londhe & Ashish Kataria redesignated as Joint Managing Directors.
• Ms. Shilpa Hiran reappointed as Independent Director for second term.
• Audit, Nomination & Remuneration, Stakeholders' Relationship, CSR, Risk committees.

ESG & sustainability

• Solar capacity 3,011 kW; GHG reduction 3,004.68 tCO2e.
• EV mobility: 345,658 km; GHG reduction 25.41 tCO2e.
• C&D waste recycled 99.92%; fly ash 36,659 MT; GGBS 53,236 MT.
• Trees planted: 1.91 lakh; ISO 9001/14001/45001; AI adoption underway.

Outlook & risks

• India's infra opportunity remains robust; private capex revival expected.
• NHAI pipeline and HAM/InvITs offer long-term growth.
• Liquidity managed via lines; debt-monetization supports resilience.
• Regulatory/market/credit risks noted; going concern flags present.

AGM Details

• 33rd AGM held Sept 25, 2026 at 12:30 PM via VC/OAVM; concluded 1:45 PM.

Ordinary Business

• Resolution 1: Adopt standalone financial statements; passed with 99.998% in favour.
• Resolution 2: Adopt consolidated financial statements; passed with 99.998% in favour.
• Resolution 3: Re-appointment by rotation; passed with 99.97% in favour.
• Resolution 4: Re-appointment by rotation; passed with 94.26% in favour.
• Resolution 5: Ratification of remuneration to Cost Auditors for FY 2027; passed with 99.998% in favour.

Special Business

• Resolution 6: Redesignation of MD to Joint Director; passed with 99.93% in favour.
• Resolution 7: Redesignation of director to Whole-time Director; passed with 99.997% in favour.

Key business and order book

• FY26 order book: Rs 15,312 crore as of March 31, 2026.
• Roads and railways total Rs 10,122 crore (66.11% of the book).
• Power T&D Rs 3,533 crore; EPC buildings Rs 562 crore.
• FY26 turnover declined due to lower EPC execution and HAM/BOT stake sales.

Capital structure and liquidity

• Standalone debt-equity ratio: 0.49x as at 31 March 2026.
• Cash and bank balance: Rs 584 crore.
• ACUITE ratings: AA Stable and A1+ reaffirmed.

Strategic actions and corporate transactions

• ACL became a wholly owned subsidiary in November 2025.
• ACL sold five BOT SPVs to Maple Infrastructure Trust for Rs 1,814 crore (Nov 2025).
• Viva Highways Limited acquired 26% of JTCL for Rs 166.6 crore.

Business Overview

• Core focus: EPC construction across roads, highways, railways, power T&D, and buildings.
• Asset monetization to recycle capital across the project lifecycle.
• HAM project sales targeted; ACL became wholly owned subsidiary in Nov 2025.
• JTCL 26% stake sold to Viva Highways for Rs 166.6 Cr.
• International orders totaling USD 392 Mn.

Key Operational Highlights

• Order book as on 31 Mar 2026: Rs 15,312 Cr.
• Roads & Railway portion: Rs 10,122 Cr (66%).
• Power T&D orders: Rs 3,533 Cr (~23%).
• EPC Building orders: Rs 562 Cr.
• Mithi River EPC order: Rs 1,816 Cr; stake Rs 844.34 Cr.
• JJ Flyover EPC: Rs 1,041 Cr.
• Daman signature bridge EPC: Rs 307.7 Cr.
• Gandak HLRC bridge: Rs 241.9 Cr.
• Pachora–Jamner railway: Rs 568.86 Cr.
• Jaipur electric traction upgrade: Rs 499.95 Cr.
• Ajmer electric traction upgrade: Rs 539.35 Cr.
• ITMS Maha: Rs 1,387 Cr; IGR modernization: Rs 1,136 Cr.
• International orders: Guyana, Liberia, Angola, Diriyah.
• ACL stake sale to Maple Infrastructure Trust: Rs 1,814 Cr.
• HAM SPVs sale to Edelweiss: Rs 1,146 Cr.
• Viva Highways acquired 26% JTCL stake.

Financial Performance

• FY26 turnover declined due to lower EPC execution and HAM stake sales.
• Cash balance at Rs 584 Cr; 0.49x standalone debt-equity ratio.
• ACUITE ratings reaffirmed: AA Stable / A1+.

Capital Structure & Liquidity

• Debt-Equity ratio: 0.49x (Standalone) as on 31 March 2026.
• Cash & bank balance: Rs 584 Cr.
• Asset monetization proceeds: ACL Maple sale Rs 1,814 Cr (Nov 2025).
• HAM SPV sales Rs 1,146 Cr (Sept 2025).
• ACL became wholly owned subsidiary (Nov 2025).

Strategic Priorities & Outlook

• Maintain sustainable EPC focus across roads, highways, railways, and power T&D.
• Continue asset monetization to recycle capital; pursue HAM exits.
• Expand international orders and Smart Infra offerings (ITMS, IGR).

Risks & Mitigation

• Turnover decline linked to HAM stake sales and EPC execution delays; mitigate via diversified order book.
• Execution risk on EPC projects; mitigated by asset monetization and new orders.

Governance & Leadership

• ACL became wholly owned subsidiary in Nov 2025.
• ACL stake sale to Maple Infrastructure Trust for Rs 1,814 Cr (Nov 2025).
• HAM SPVs sold to Edelweiss for Rs 1,146 Cr (Sept 2025).
• JTCL 26% stake acquired by Viva Highways for Rs 166.6 Cr.
• JV for Mithi River order with Adani-Ashoka-Aakshaya; Ashoka stake Rs 844.34 Cr.

AGM Details

• AGM held on 25 September 2026 at 12:30 p.m. via VC/OAVM.
• Two-way VC and live webcast were provided.
• Quorum present through video conferencing; meeting chaired by Ashok Katariya.
• Remote e-voting window ran from 22 September to 24 September 2026.
• Scrutinizer appointed for e-voting.
• Meeting concluded at 1:45 p.m. after 15 minutes for e-voting.

Ordinary Business resolutions

• Adoption of standalone financial statements for year ended 31 March 2026.
• Adoption of consolidated financial statements for year ended 31 March 2026.
• Re-appointment of Sanjay Londhe on rotation.
• Re-appointment of Ashish Kataria on rotation.

Special Business resolutions

• Ratification of remuneration payable to Cost Auditors for 2026-27.
• Re-designation of Sanjay Londhe as Joint Managing Director.
• Re-designation of Ashish Kataria as Joint Managing Director.

Voting results

• E-voting results and Scrutinizer's report to be disclosed within two working days.

AGM Details

• 33rd AGM held on 25 September 2026 at 12:30 PM via VC/OAVM.
• Deemed venue: Registered Office, Nasik.
• Two-way VC and live webcast provided for proceedings.
• Remote e-voting window from 22 to 24 September 2026; AGM voting also available.
• Scrutinizer appointed for e-voting process.
• Meeting concluded at 1:45 PM after 15 minutes for e-voting.

Key Resolutions

• Adoption of standalone financial statements for year ended 31 March 2026.
• Adoption of consolidated financial statements for year ended 31 March 2026.
• Re-appointment of Sanjay Londhe, retiring by rotation.
• Re-appointment of Ashish Kataria, retiring by rotation.
• Ratification of remuneration payable to S. R. Bhargave & Co. as Cost Auditors for 2026-27.
• Re-designation of Sanjay Londhe as Joint Managing Director.
• Re-designation of Ashish Kataria as Joint Managing Director.

Voting Results

• Voting results to be disclosed within 2 working days.

Director Changes

• Sanjay Londhe re-designated as Joint Managing Director.
• Ashish Kataria re-designated as Joint Managing Director.

Auditors

• Cost Auditor remuneration ratified for 2026-27.

Target at a glance

• Target: Sakoli Power Transmission Limited, BOOT-based power transmission SPV.
• Wholly owned subsidiary of REC Power Development and Consultancy Limited.
• Industry: Power Transmission; presence in India.
• Target role: SPV to provide transmission on a BOOT basis.

Transaction details

• Acquisition completed on 23 September 2026.
• 100% equity stake acquired for Rs 3.06 crore.
• Cash consideration; not a related party transaction.
• Ministry of Power approved share transfer.
• LOI dated 13 August 2026 for Sakoli project.

Financials and terms

• Total consideration: Rs 3.06 crore including expenses.
• Not a related party transaction.

Target background

• SPV formed July 7, 2025 to develop transmission infrastructure.
• Project scope includes AIS Sakoli 400 kV substation and lines.
• Commercial operation targeted within 24 months from acquisition.
• Incorporated in India; location Sakoli, Dist Bhandara, Maharashtra.

Acquisition of Sakoli Power Transmission Limited

• Acquires 100% equity in Sakoli Power Transmission Limited (SPV).
• Acquisition completed on September 23, 2026.
• Total consideration of Rs 3.06 crore, including expenses.
• SPV will be a wholly owned subsidiary of Ashoka Buildcon.
• SPV to develop 400/220/132 kV AIS Sakoli transmission project.
• Project under BOOT framework per August 13, 2026 LOI.
• Ministry of Power approved SPV share transfer.
• SPV formed on July 7, 2025; COD expected within 24 months.
• Not a related party transaction; arm's length with REC Power Development and Consultancy Limited.
• Expands Ashoka's transmission portfolio and operational footprint.

Extension of SPV sale timelines

• Indicative completion date for TS-1, TS-2, TS-3 SPVs extended to 31 October 2026.
• Other remaining SPVs to follow deadlines per respective transaction documents.
• Final completion remains subject to conditions precedent and regulatory and lender approvals.
• Transaction discussions with Epic Concesiones 2 Private Limited and others continue.
• Sale of SPVs 1-5 completed per prior disclosures.