Ashoka Buildcon Ltd

ASHOKA

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Market Cap

₹ 4,930 Cr

P/E

3.22

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ashoka Buildcon Limited, established in 1993, focuses on construction and infrastructure development, particularly in roads and power sectors. It operates across EPC and BOT divisions, and sells ready mix concrete and bitumen.

The company secured major contracts worth over INR 1,039 crore for railway electrification projects from North Western Railway, showcasing its strong presence and expertise in high-speed rail infrastructure.

In a strategic move, Ashoka Buildcon sold five HAM SPVs for INR 1,146 crores, optimizing its balance sheet and paving the way for future investment opportunities.

Despite a decline in revenue, Ashoka reported a significant 284% increase in PAT, driven by strategic divestments and exceptional gains in Q2 FY26.

The company's order book remains robust at INR 14,888 crores as of September 2025, primarily focused on road and railway projects.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

4,930 Cr

Volatility

High Risk

P/E Ratio

3.2

Industry P/E

25.7

PEG Ratio

—

P/B Ratio

1.2

52W High

319.00

52W Low

158.05

Sales CAGR

2.43%

14.99%

12.39%

10Y

15.41%

Profit CAGR

232.59%

—

-12.62%

10Y

3.98%

ROE

TTM

36.41%

29.36%

32.49%

10Y

21.64%

ROCE

TTM

35.00%

16.50%

16.08%

10Y

14.12%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IONEXCHANG	396.65	5,818 Cr	27.68	4.50	0.38	16.26	17.46	6.79
ASHOKA	174.05	4,930 Cr	3.22	1.17	0.00	36.41	35.00	7.46
SWSOLAR	210.25	4,917 Cr	23.53	10.46	0.00	44.47	23.95	-7.55
ORIANA	2182.00	4,434 Cr	27.96	8.70	0.00	36.38	36.11	13.66
PACEDIGITK	195.80	4,232 Cr	17.23	2.01	0.00	19.06	26.93	8.30
WPIL	422.90	4,131 Cr	42.98	2.80	0.47	6.53	13.13	2.90
BONDADA	359.60	3,994 Cr	36.22	8.19	0.00	28.78	32.82	11.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,935	2,154	2,657	3,052	2,465	2,489	2,388	2,694	1,887	1,851
Expenses	1,462	1,608	2,060	2,417	1,866	1,584	1,749	1,917	1,288	1,266
Operating Profit	473	546	597	635	599	905	639	777	599	585
OPM %	24.46	25.34	22.47	20.81	24.29	36.37	26.75	28.84	31.72	31.60
Other Income	38	41	32	184	29	40	39	61	50	-163
Interest	319	321	337	334	308	307	313	318	311	318
Depreciation	96	99	103	68	94	98	58	40	38	40
Profit Before Tax	97	167	189	417	227	540	307	481	300	64
Tax %	25.63	28.75	47.71	39.06	30.35	14.37	-115.71	6.15	24.26	-41.19
Net Profit	72	119	99	254	158	462	661	452	227	91
EPS in Rs	2.41	4.00	3.82	8.89	5.36	16.28	23.32	15.40	7.74	2.78

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,980	3,603	4,930	5,070	4,992	5,999	8,100	9,798	10,037	9,458
Expenses	2,022	2,462	3,536	3,495	3,456	4,210	6,132	7,547	7,117	6,538
Operating Profit	957	1,141	1,394	1,575	1,535	1,789	1,969	2,252	2,920	2,920
OPM %	32.13	31.68	28.28	31.07	30.76	29.82	24.30	22.98	29.09	30.87
Other Income	66	111	16	93	148	485	64	295	170	190
Interest	908	994	1,021	1,043	970	1,004	1,104	1,310	1,245	1,249
Depreciation	264	291	258	300	276	338	341	367	290	234
Profit Before Tax	-155	-35	131	326	438	932	588	870	1,555	1,628
Tax %	-45.11	-239.52	130.84	50.85	37.51	17.25	50.03	40.09	-11.50	-10.75
Net Profit	-225	-119	-40	160	273	771	294	521	1,734	1,803
EPS in Rs	—	—	-1.13	5.88	9.83	16.13	10.42	19.12	60.36	49.24
Dividend Payout %	-14.59	-20.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	94	94	94	140	140	140	140	140	140	140
Reserves	1,621	376	222	147	274	479	1,240	1,535	2,080	3,775
Borrowings	4,424	4,637	4,934	5,736	5,828	6,719	3,635	5,509	5,450	1,988
Other Liabilities	4,839	5,699	6,301	7,079	7,392	6,895	10,449	9,960	11,454	14,867
Total Liabilities	10,977	10,806	11,550	13,101	13,634	14,233	15,465	17,145	19,124	20,770
Fixed Assets	8,515	8,016	7,875	7,874	7,660	7,457	1,275	6,893	6,656	1,086
CWIP	20	37	46	58	77	62	73	62	39	53
Investments	228	186	247	284	219	245	98	108	145	259
Other Assets	2,215	2,567	3,382	4,886	5,678	6,470	14,020	10,082	12,284	19,372
Total Assets	10,977	10,806	11,550	13,101	13,634	14,233	15,465	17,145	19,124	20,770

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	251	827	621	-161	1,070	155	353	492	749	1,673
Cash from Investing Activity	-104	-63	-315	-174	-117	-176	-233	-311	234	-626
Cash from Financing Activity	25	-866	-98	311	-571	-221	-35	-311	-407	-1,052
Net Cash Flow	171	-101	208	-24	381	-242	85	-130	575	-4.32

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%	54.48%
FIIs	2.00%	1.91%	2.40%	2.97%	4.51%	7.24%	7.63%	7.96%	8.52%	7.48%	7.29%	7.45%
DIIs	19.48%	19.67%	18.64%	19.97%	19.73%	17.63%	19.33%	17.79%	15.46%	14.94%	14.16%	14.06%
Public	24.04%	23.94%	24.47%	22.59%	21.28%	20.65%	18.56%	19.78%	21.54%	23.11%	24.07%	24.01%
Total Shareholders	1,36,398	1,39,844	1,37,954	1,34,365	1,28,021	1,53,588	1,54,029	1,59,570	1,73,239	1,91,068	1,98,952	1,99,256

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jan 09, 2024	Citadel securities india mark...	Bulk	Sell	159.17	6.21 Cr	3,90,155	0.13
Jan 09, 2024	Citadel securities india mark...	Bulk	Buy	154.90	24.76 Cr	15,98,733	0.56

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Project Award

2 days ago

LOA Received for BMC Flyover Project

Ashoka Buildcon Limited has received a Letter of Acceptance for the construction of a flyover project from Brihanmumbai Municipal Corporation, with an accepted bid price of Rs. 1,041.44 Crore.

Regulatory Filing

4 days ago

Court Order Impacts NHAI Show Cause Notice

The New Delhi High Court has placed in abeyance a portion of a show cause notice from NHAI against Ashoka Buildcon, allowing the company time to respond.

Order Receipt

6 days ago

Receipt of Project Order from BMC

Ashoka Buildcon Limited has received a Letter of Acceptance from Brihanmumbai Municipal Corporation for a joint venture project valued at Rs.1,815.79 crore.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 40

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,935	2,154	2,657	3,052	2,465	2,489	2,388	2,694	1,887	1,851
Expenses	1,462	1,608	2,060	2,417	1,866	1,584	1,749	1,917	1,288	1,266
Operating Profit	473	546	597	635	599	905	639	777	599	585
OPM %	24.46	25.34	22.47	20.81	24.29	36.37	26.75	28.84	31.72	31.60
Other Income	38	41	32	184	29	40	39	61	50	-163
Interest	319	321	337	334	308	307	313	318	311	318
Depreciation	96	99	103	68	94	98	58	40	38	40
Profit Before Tax	97	167	189	417	227	540	307	481	300	64
Tax %	25.63	28.75	47.71	39.06	30.35	14.37	-115.71	6.15	24.26	-41.19
Net Profit	72	119	99	254	158	462	661	452	227	91
EPS in Rs	2.41	4.00	3.82	8.89	5.36	16.28	23.32	15.40	7.74	2.78

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,980	3,603	4,930	5,070	4,992	5,999	8,100	9,798	10,037	9,458
Expenses	2,022	2,462	3,536	3,495	3,456	4,210	6,132	7,547	7,117	6,538
Operating Profit	957	1,141	1,394	1,575	1,535	1,789	1,969	2,252	2,920	2,920
OPM %	32.13	31.68	28.28	31.07	30.76	29.82	24.30	22.98	29.09	30.87
Other Income	66	111	16	93	148	485	64	295	170	190
Interest	908	994	1,021	1,043	970	1,004	1,104	1,310	1,245	1,249
Depreciation	264	291	258	300	276	338	341	367	290	234
Profit Before Tax	-155	-35	131	326	438	932	588	870	1,555	1,628
Tax %	-45.11	-239.52	130.84	50.85	37.51	17.25	50.03	40.09	-11.50	-10.75
Net Profit	-225	-119	-40	160	273	771	294	521	1,734	1,803
EPS in Rs	—	—	-1.13	5.88	9.83	16.13	10.42	19.12	60.36	49.24
Dividend Payout %	-14.59	-20.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	94	94	94	140	140	140	140	140	140	140
Reserves	1,621	376	222	147	274	479	1,240	1,535	2,080	3,775
Borrowings	4,424	4,637	4,934	5,736	5,828	6,719	3,635	5,509	5,450	1,988
Other Liabilities	4,839	5,699	6,301	7,079	7,392	6,895	10,449	9,960	11,454	14,867
Total Liabilities	10,977	10,806	11,550	13,101	13,634	14,233	15,465	17,145	19,124	20,770
Fixed Assets	8,515	8,016	7,875	7,874	7,660	7,457	1,275	6,893	6,656	1,086
CWIP	20	37	46	58	77	62	73	62	39	53
Investments	228	186	247	284	219	245	98	108	145	259
Other Assets	2,215	2,567	3,382	4,886	5,678	6,470	14,020	10,082	12,284	19,372
Total Assets	10,977	10,806	11,550	13,101	13,634	14,233	15,465	17,145	19,124	20,770

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	251	827	621	-161	1,070	155	353	492	749	1,673
Cash from Investing Activity	-104	-63	-315	-174	-117	-176	-233	-311	234	-626
Cash from Financing Activity	25	-866	-98	311	-571	-221	-35	-311	-407	-1,052
Net Cash Flow	171	-101	208	-24	381	-242	85	-130	575	-4.32

Overview

Detailed Summary

In a strategic move, Ashoka Buildcon sold five HAM SPVs for INR 1,146 crores, optimizing its balance sheet and paving the way for future investment opportunities.

Despite a decline in revenue, Ashoka reported a significant 284% increase in PAT, driven by strategic divestments and exceptional gains in Q2 FY26.

The company's order book remains robust at INR 14,888 crores as of September 2025, primarily focused on road and railway projects.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

4,930 Cr

Volatility

High Risk

P/E Ratio

3.2

Industry P/E

25.7

PEG Ratio

—

P/B Ratio

1.2

52W High

319.00

52W Low

158.05

Sales CAGR

2.43%

14.99%

12.39%

10Y

15.41%

Profit CAGR

232.59%

—

-12.62%

10Y

3.98%

ROE

TTM

36.41%

29.36%

32.49%

10Y

21.64%

ROCE

TTM

35.00%

16.50%

16.08%

10Y

14.12%