Ashoka Buildcon Q2FY27 consolidated loss reaches Rs 118.96 crore

Ashoka Buildcon Limited reported a consolidated loss after tax of Rs 118.96 crore in Q2FY27, compared with a Rs 90.70 crore profit a year earlier, after a Rs 318.57 crore exceptional expense exceeded its Rs 190.81 crore profit before tax before exceptional items. Finance cost fell to Rs 81.55 crore from Rs 317.98 crore.

Why did Ashoka Buildcon report a Q2FY27 loss?

Ashoka Buildcon reported a Q2FY27 loss because its Rs 318.57 crore exceptional expense exceeded its Rs 190.81 crore profit before tax before exceptional items. This produced a loss before tax of Rs 127.76 crore, compared with a profit before tax of Rs 64.24 crore in Q2FY26. The presentation does not specify the nature of the exceptional expense.

The Q2FY27 exceptional expense was also larger than the Rs 219.29 crore exceptional expense in Q2FY26. Ashoka Buildcon nevertheless reported Rs 90.70 crore of profit after tax in the prior-year quarter, when profit before tax before exceptional items was Rs 283.53 crore. A negative tax line of Rs 8.80 crore in Q2FY27 resulted in the reported Rs 118.96 crore loss after tax.

How did Ashoka Buildcon’s operating performance change?

Ashoka Buildcon’s consolidated revenue from operations declined 18.72% year on year to Rs 1,504.62 crore in Q2FY27 from Rs 1,851.18 crore in Q2FY26. Total revenue, including other income, fell 15.65% to Rs 1,609.21 crore, although other income increased to Rs 104.59 crore from Rs 56.70 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, declined 50.96% to Rs 314.67 crore from Rs 641.65 crore. EBITDA margin fell to 19.55% from 33.63%, while gross profit declined to Rs 491.69 crore from Rs 803.70 crore. Cost of goods sold rose 1.21% to Rs 1,117.52 crore despite the revenue decline.

Sequentially, the operating result improved from Q1FY27. Total revenue rose 4.92% from Rs 1,533.72 crore, EBITDA increased 7.76% from Rs 292 crore, and profit before tax before exceptional items increased 10.42% from Rs 172.80 crore. Q1FY27 carried no exceptional item in the presentation, whereas Q2FY27 included the Rs 318.57 crore expense.

Did lower finance costs offset the revenue decline at Ashoka Buildcon?

Lower finance costs partly offset Ashoka Buildcon’s lower operating profit, but they did not offset the exceptional expense. Consolidated finance cost fell to Rs 81.55 crore in Q2FY27 from Rs 317.98 crore in Q2FY26, while depreciation increased to Rs 42.05 crore from Rs 40.18 crore.

The finance-cost reduction helped Ashoka Buildcon retain Rs 190.81 crore of profit before tax before exceptional items even as EBITDA declined by Rs 326.98 crore year on year. Employee cost rose to Rs 110.89 crore from Rs 107.55 crore, and other expenses increased to Rs 66.14 crore from Rs 54.50 crore.

For H1FY27, finance cost was Rs 164.90 crore, compared with Rs 629.31 crore in H1FY26. Profit before tax before exceptional items fell 37.64% to Rs 363.61 crore as total revenue declined 18.26% to Rs 3,142.93 crore and EBITDA fell 52.98% to Rs 606.66 crore.

What does Ashoka Buildcon’s half-year result show?

Ashoka Buildcon remained profitable after tax on a half-year basis, but only by Rs 8.21 crore in H1FY27, compared with Rs 317.59 crore in H1FY26. The first-quarter profit after tax of Rs 127.17 crore was largely offset by the Rs 118.96 crore Q2FY27 loss, leaving a 0.26% H1FY27 profit-after-tax margin.

H1FY27 included a Rs 318.57 crore exceptional expense, compared with a Rs 219.29 crore exceptional expense in H1FY26. Profit before tax was Rs 45.03 crore in H1FY27, down from Rs 363.81 crore, while tax was Rs 36.82 crore compared with Rs 46.22 crore. The presentation records no exceptional item in Q1FY27.

The standalone business reported a different quarterly outcome. Ashoka Buildcon’s standalone profit after tax was Rs 37.96 crore in Q2FY27, down from Rs 139.18 crore in Q2FY26, while standalone revenue from operations increased 3.90% to Rs 1,315.48 crore. The Q2FY26 comparison included a Rs 112.05 crore exceptional gain, while Q2FY27 had no exceptional item.

What changed in Ashoka Buildcon’s cash and debt position?

Ashoka Buildcon’s consolidated debt was Rs 2,781 crore at September 2026, compared with Rs 2,773 crore at June 2026 and Rs 4,910 crore at September 2025. The September 2026 balance comprised Rs 1,169 crore of standalone debt and Rs 1,612 crore of project debt, including Ashoka Concession Limited debt.

Consolidated cash and bank balance was Rs 959 crore at September 2026, up from Rs 943 crore at June 2026 but below Rs 1,826 crore at September 2025. Standalone cash and bank balance was Rs 234 crore, while standalone debt comprised Rs 77 crore of equipment loans and Rs 1,093 crore of working-capital loans.

The cash-flow statement reported Rs 199.50 crore of net cash from operating activities for consolidated September 2026, compared with Rs 648.40 crore for consolidated September 2025. Net cash from investing activities changed to an outflow of Rs 437.16 crore from an inflow of Rs 1,017.30 crore, and consolidated cash and cash equivalents at period-end were Rs 409.30 crore versus Rs 1,715.84 crore.

Conclusion

Ashoka Buildcon’s Q2FY27 loss was principally driven by the Rs 318.57 crore exceptional expense, while the group remained profitable before exceptional items at Rs 190.81 crore. Revenue, gross profit and EBITDA were lower year on year, while the reduction in finance cost to Rs 81.55 crore moderated the decline in pre-exceptional profitability.

The next disclosed operating reference point is the Rs 15,964 crore order book as of September 30, 2026, excluding Rs 391 crore of orders received after that date and Rs 865.90 crore of L1, or lowest-bidder, projects. Ashoka Buildcon also reported consolidated debt of Rs 2,781 crore and cash and bank balance of Rs 959 crore at September 2026, which provide balance-sheet markers for subsequent results.