Ashoka Buildcon wins Rs 865.90 crore NHAI expressway LoA

Ashoka Buildcon Limited has received a Letter of Acceptance, or LoA, from the National Highways Authority of India, or NHAI, for a Rs 865.90 crore engineering, procurement and construction contract, excluding Goods and Services Tax, for 26.6 km of eight-lane Vadodara-Mumbai Expressway balance work in Gujarat, to be executed within 18 months.

What project has Ashoka Buildcon won from NHAI?

Ashoka Buildcon has received the NHAI LoA for balance work on Package IX of the Vadodara-Mumbai Expressway, according to its November 9, 2026 exchange filing. The company said the award followed its submission of a bid for the project and its November 5, 2026 announcement concerning that bid.

The scope is construction of an eight-lane access-controlled expressway from km 128.0 to km 154.6, covering the Karvad-to-Jujuwa section in Gujarat. The stated kilometre limits represent a 26.6-km stretch, and the filing identifies the assignment as balance work rather than describing it as a new full-route project.

NHAI is the entity awarding the contract, which Ashoka Buildcon classified as domestic. In the Annexure I disclosure dated November 9, 2026, Ashoka Buildcon marked as not applicable both promoter, promoter-group or group-company interest in NHAI and related-party-transaction applicability.

What is Ashoka Buildcon's contract value and structure?

Ashoka Buildcon's accepted engineering, procurement and construction, or EPC, price is Rs 865.90 crore excluding GST. The company disclosed this amount as the accepted EPC price for the Package IX balance-work assignment, without providing a tax-inclusive contract value.

The contract is to be delivered in EPC mode, with a stated 18-month execution period and a 10-year defect-liability period. The 18-month period applies to construction of the 26.6-km section, while the defect-liability obligation extends beyond the stated delivery period.

Ashoka Buildcon did not disclose a payment schedule, billing milestones, project cost, margin expectation, performance-security requirement or financial provision for the 10-year condition. The Rs 865.90 crore figure therefore establishes the accepted EPC consideration but does not show the timing of cash collection or revenue recognition.

When must Ashoka Buildcon complete the expressway work?

Ashoka Buildcon is required to execute the NHAI Package IX assignment within 18 months, as stated in the November 9, 2026 LoA disclosure. The filing does not give an exact project commencement date or specify the calendar date by which the 26.6-km section must be completed.

The 18-month construction requirement covers the eight-lane stretch between km 128.0 and km 154.6 on the Vadodara-Mumbai Expressway. Although the source provides defined kilometre limits and the execution period, it does not provide monthly physical-progress targets, construction milestones or a site-handover date.

The contract also carries a 10-year defect-liability period, compared with the 18-month execution period. Ashoka Buildcon has not disclosed when the liability period begins, the process for identifying defects, response requirements, or whether any separate payment is linked to that condition.

What work is included in the Vadodara-Mumbai Expressway award?

Ashoka Buildcon's disclosed scope is balance work for construction of an eight-lane access-controlled expressway on the Karvad-to-Jujuwa section in Gujarat. NHAI's request for proposal covers km 128.0 to km 154.6, identified by the filing as Package IX of the Vadodara-Mumbai Expressway.

The 26.6-km scope is specifically described as balance work, and the Rs 865.90 crore accepted EPC price applies to that identified section. The filing does not break the package into road, bridge, interchange, utility, drainage or other individual construction components.

Ashoka Buildcon said it had submitted a bid before receiving the LoA on November 9, 2026. The company did not disclose the number of bidders, bid rankings, the extent of earlier work on the package, the physical completion level, or the identity of any prior contractor.

How does the LoA change Ashoka Buildcon's prior project status?

Ashoka Buildcon's November 9, 2026 filing changes the disclosed status from a bid submission announced on November 5, 2026 to receipt of an LoA from NHAI. The newer disclosure confirms the Rs 865.90 crore accepted EPC price and the 18-month execution period for the Package IX work.

The LoA filing also sets out a 10-year defect-liability period, identifies the order as domestic, and specifies the km 128.0-to-km 154.6 limits. The source does not reproduce detailed terms from the November 5, 2026 announcement, so it does not support a comparison of any earlier price, scope or execution estimate with the accepted terms.

The disclosed comparison within the award is between the 18-month delivery obligation and the 10-year defect-liability requirement. The construction phase has a stated completion window, whereas the post-construction obligation lasts for 10 years, but the filing does not quantify the operational or financial effect of either period.

Conclusion

Ashoka Buildcon has added an NHAI EPC assignment valued at Rs 865.90 crore excluding GST for balance construction on a 26.6-km, eight-lane Vadodara-Mumbai Expressway section in Gujarat. The November 9, 2026 LoA identifies a defined Package IX scope, an 18-month execution period and a 10-year defect-liability condition.

The next disclosed milestone is execution of the 18-month project requirement for the km 128.0-to-km 154.6 section. Ashoka Buildcon has not stated a start date, milestone schedule, billing timetable or financial-year revenue contribution, while the 10-year defect-liability period remains a stated obligation with undisclosed operating terms.