Ashoka Buildcon HAM portfolio has six provisional projects
Key highlights
- ABL lists six HAM projects at COD(P) and one under-construction project.
- Bowaichandi Guskara has a Rs 1,834 crore estimated cost and Rs 5 crore of reported equity investment.
- ABL reports Rs 2,382 crore of HAM grant receipts and Rs 1,689 crore of debt drawdowns.
- Bowaichandi to Guskara-Kotra Road had Rs 1,114 crore of backlog as of 30 September 2026.
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Ashoka Buildcon Limited has six hybrid annuity model (HAM) projects at provisional commercial operational date status, while Bowaichandi Guskara is the only project under construction, with an estimated total project cost of Rs 1,834 crore. The seven-project portfolio has a combined estimated cost of Rs 7,291 crore and reported debt drawdown of Rs 1,689 crore.
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How many ABL HAM projects are provisionally operational?
ABL has six HAM projects at commercial operational date (provisional), or COD(P), and one under-construction project. The six COD(P) assets are Belgaum-Khanapur, Tumkur-Shivamogga II, Tumkur-Shivamogga I, Tumkur-Shivamogga IV, Tumkur-Shivamogga III and Basawantpur Singnodi. Bowaichandi Guskara is classified as UC, meaning under construction.
Each of the seven disclosed HAM projects carries a 100% stake for Ashoka Concession Limited (ACL) or ABL. This ownership structure differs from ABL's build-operate-transfer (BOT) portfolio, where Jaora-Nayagaon is held at 74%, while Chennai ORR, Bagewadi-Saundatti and Hungud Talikot are each listed at 100%.
The COD(P) projects have recorded annuity dues, while Bowaichandi Guskara has none listed. Belgaum-Khanapur and Tumkur-Shivamogga I each show nine dues, Tumkur-Shivamogga II shows six, Tumkur-Shivamogga III shows five and Basawantpur Singnodi shows four. The annuity-due field for Tumkur-Shivamogga IV is blank in the portfolio table.
What is the size of ABL's HAM project portfolio?
ABL's seven HAM projects have a total project cost (TPC) estimate of Rs 7,291 crore, with Bowaichandi Guskara accounting for Rs 1,834 crore. The six COD(P) projects therefore account for Rs 5,457 crore of the portfolio's estimated cost, compared with Rs 1,834 crore for the sole construction-stage asset.
Bowaichandi Guskara is the largest single project in the HAM portfolio by estimated cost. Among the COD(P) assets, Tumkur-Shivamogga IV has the highest TPC estimate at Rs 1,127 crore, followed by Basawantpur Singnodi at Rs 1,082 crore and Tumkur-Shivamogga II at Rs 1,006 crore.
At financial closure, the portfolio's estimated funding comprises Rs 3,330 crore of grant, Rs 763 crore of equity, Rs 271 crore of PIM contribution and Rs 2,928 crore of debt. PIM is not expanded in the presentation. Bowaichandi Guskara's disclosed plan contains Rs 657 crore of estimated grant, Rs 226 crore of equity, Rs 49 crore of PIM contribution and Rs 903 crore of debt.
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How much HAM funding has ABL reported?
ABL reports Rs 2,382 crore of grants received, Rs 608 crore of equity invested, Rs 390 crore of PIM received and Rs 1,689 crore of debt drawn across the HAM portfolio. Against the financial-closure estimates, the reported amounts can be compared with Rs 3,330 crore of grant, Rs 763 crore of equity, Rs 271 crore of PIM contribution and Rs 2,928 crore of debt.
Bowaichandi Guskara shows Rs 5 crore of equity invested and dashes for grant received, PIM received and total debt drawn. The reported grant, PIM and debt actuals are therefore recorded against the six COD(P) projects, whose grant receipts total Rs 2,382 crore, PIM receipts total Rs 390 crore and debt drawdowns total Rs 1,689 crore.
The equity figures in the portfolio table contain a difference between the project rows and the stated total. The seven row-level equity-invested figures add to Rs 701 crore, including Rs 5 crore for Bowaichandi Guskara, while the total row states Rs 608 crore. The presentation does not explain the Rs 93 crore difference.
Funding progress also differs between individual COD(P) projects. Tumkur-Shivamogga II reports Rs 489 crore of grant received against a Rs 487 crore estimate and Rs 339 crore of debt drawn against Rs 385 crore estimated debt. Tumkur-Shivamogga IV reports Rs 457 crore of grant received against a Rs 553 crore estimate and Rs 302 crore of debt drawn against Rs 430 crore estimated debt.
Which ABL HAM project remains under construction?
Bowaichandi Guskara is ABL's only HAM project marked under construction, with a Rs 1,834 crore TPC estimate and Rs 5 crore of reported equity investment. Its financial-closure structure provides for Rs 657 crore of grant, Rs 226 crore of equity, Rs 49 crore of PIM contribution and Rs 903 crore of debt.
The project is also the largest listed HAM item in ABL's current order backlog. As of 30 September 2026, Bowaichandi to Guskara-Kotra Road had Rs 1,114 crore of backlog, compared with Rs 101 crore for Tumkur-Shivamoga IV, Rs 100 crore for Belgaum Khanapur, Rs 27 crore each for Tumkur-Shivamoga II and III, and Rs 68 crore for other HAM projects.
The Rs 1,114 crore backlog is distinct from the Rs 1,834 crore TPC estimate because the presentation reports the figures in separate current-backlog and financial-closure schedules. ABL's total HAM backlog was Rs 1,436 crore as of 30 September 2026, within a total order book of Rs 15,964 crore. Road HAM represented 9.0% of the order book, compared with 38.7% for road engineering, procurement and construction (EPC) and 23.9% for power transmission and distribution.
Conclusion
ABL's disclosure separates a Rs 5,457 crore group of six provisionally operational HAM projects from one Rs 1,834 crore construction-stage asset. The COD(P) projects account for the portfolio's reported Rs 2,382 crore of grant receipts, Rs 390 crore of PIM receipts and Rs 1,689 crore of debt drawdowns, while Bowaichandi Guskara has Rs 5 crore of reported equity investment and no reported grant, PIM or debt drawdown.
The next disclosed matter to watch is Bowaichandi Guskara's construction and funding progress, given its Rs 903 crore estimated debt requirement and Rs 1,114 crore backlog as of 30 September 2026. The presentation provides neither a target commissioning date nor a construction-completion percentage, and it does not explain the Rs 93 crore difference between the summed project-level equity figures and the portfolio total.