Ashoka Buildcon’s Rs 15,964 crore backlog is 47.7% roads

As of 30 September 2026, Ashoka Buildcon Limited reported a Rs 15,964 crore order book, led by 47.7% in road EPC and hybrid annuity model work, while power transmission and distribution accounted for 23.9% and overseas work for 18.1%. The segment mix places roads below half of the reported pipeline.

What was Ashoka Buildcon’s order book at September 2026?

Ashoka Buildcon’s reported order book was Rs 15,964 crore as of 30 September 2026. The presentation excludes Rs 391 crore of orders received after that date and a separately identified Rs 866 crore L1 project from this reported balance.

The September 2026 order book was Rs 713 crore higher than Rs 15,251 crore in June 2026 and Rs 1,076 crore above Rs 14,888 crore in September 2025. It also exceeded the Rs 15,927 crore reported in December 2025, after the order book had declined to Rs 15,312 crore in March 2026.

Ashoka Buildcon uses both “order book” and “current order backlog” for the Rs 15,964 crore figure. Its detailed backlog table divides that total into Rs 7,609 crore of roads, Rs 3,820 crore of power T&D and other projects, Rs 1,666 crore of railways, Rs 941 crore of EPC buildings and Rs 1,928 crore of special purpose vehicle, or SPV, projects.

How is Ashoka Buildcon’s backlog diversified by segment?

Ashoka Buildcon’s largest segment is road EPC at 38.7%, followed by power T&D at 23.9%, SPV at 12.1%, railways at 10.4%, road hybrid annuity model, or HAM, projects at 9.0%, and building EPC at 5.9%. Road EPC and road HAM together account for 47.7%, making roads the largest combined category but less than half of the order book.

Power T&D is the second-largest reported segment, at 23.9% of the Rs 15,964 crore total. The detailed project table groups power T&D with other work at Rs 3,820 crore, including Rs 2,247 crore in Maharashtra, Rs 677 crore in Angola, Rs 332 crore in Madhya Pradesh and Rs 369 crore of other or miscellaneous work.

The non-road backlog is distributed across several categories. Railways total Rs 1,666 crore, led by Rajasthan at Rs 596 crore, Uttarakhand at Rs 510 crore and Maharashtra at Rs 430 crore; SPV work totals Rs 1,928 crore through ITMS Maharashtra at Rs 1,107 crore and Diriyah II One Hotel at Rs 822 crore, subject to presentation rounding.

Which projects make up Ashoka Buildcon’s largest backlog items?

Ashoka Buildcon’s largest named road item is the Rs 1,114 crore Bowai­chandi to Guskara-Kotra Road HAM project, while its largest named power T&D item is the Rs 2,247 crore Maharashtra project. The roads backlog of Rs 7,609 crore comprises Rs 1,436 crore of HAM projects and Rs 6,173 crore of EPC projects.

Within road EPC, Kundalika Creek Bridge carries a listed backlog of Rs 1,012 crore. Other sizeable road assignments include the Flyover Sion Panvel Highway at Rs 730 crore, Gaimukh to Peyagaon at Rs 577 crore, Jaigad Creek Bridge at Rs 523 crore and Bihar Aurangabad-Chordaha at Rs 319 crore.

The roads listing also contains overseas EPC projects, including Liberia at Rs 409 crore, the Bairavierathe-Henko-Ramgarh Road in Bangladesh at Rs 359 crore, Guyana VI at Rs 298 crore, Eccless Highway Phase II at Rs 190 crore and Demerara Region #4 Lot-1 at Rs 84 crore. This shows that the 18.1% overseas geographic share is not limited to the power T&D category.

Where are Ashoka Buildcon’s projects located and who are its clients?

Ashoka Buildcon’s order book is concentrated in the West region at 57.3%, while overseas work is the second-largest regional category at 18.1%. East represents 10.6%, South 7.7%, North West 3.2%, Central 2.8% and North 0.4%; North East is shown as 0.0%.

Overseas also represents 18.1% in the client breakup. The presentation lists overseas as both a regional category and a client category, alongside named work in Angola, Benin, Bangladesh, Guyana, Liberia and the Diriyah II One Hotel project.

State government clients account for 46.9% of the client mix, compared with 18.1% for overseas, 13.5% for central government, 12.8% for HAM or build-operate-transfer, or BOT, projects, and 8.8% for private clients. State and central government categories therefore total 60.4% before the separately reported HAM and BOT category.

What could change Ashoka Buildcon’s reported backlog next?

Ashoka Buildcon disclosed Rs 391 crore of additional projects received after 30 September 2026, taking the displayed total to Rs 16,356 crore. The additions comprise the Rs 246 crore Gorakhpur Chhapra 2X25Kv project for NER and the Rs 145 crore Guyana Power & Light Inc project.

The presentation separately identifies VME Package-9 as an L1 project worth Rs 866 crore and displays Rs 17,222 crore after adding it to the Rs 16,356 crore figure. The reported Rs 15,964 crore balance explicitly excludes both the post-September orders and the L1 project.

The presentation does not disclose an execution schedule, a revenue-recognition timetable or a segment classification for VME Package-9. It therefore distinguishes the reported 30 September 2026 order book from subsequent awarded projects and the separately stated L1 amount.

Conclusion

Ashoka Buildcon’s Rs 15,964 crore backlog was led by roads at 47.7%, but power T&D at 23.9%, SPV projects at 12.1%, railways at 10.4% and buildings at 5.9% give the pipeline a broader sector mix. The 18.1% overseas share adds a geographic component to that diversification, alongside the West region’s 57.3% concentration.

The next disclosed changes to watch are the inclusion of Rs 391 crore of post-30 September 2026 orders and the status of the Rs 866 crore VME Package-9 L1 project. Ashoka Buildcon displays a possible Rs 17,222 crore total after both amounts, but does not provide a timetable for the L1 project to enter the reported order book.