Ashoka Buildcon Limited (ASHOKA) share price

₹113.86 on NSE as of 2026-09-11. +0.29% on the day. market cap ₹3,196 Cr. P/E 1.3. 52-week range ₹102.13 to ₹211.59. Construction.

What the company does

ABL, incorporated in 1993, engineered and constructed residential, commercial, industrial, and institutional buildings until 1997. The company won its first BOT project in 1997. Currently, operations comprise BOT and EPC road projects, EPC power T&D projects, collection of tolls on roads and bridges owned and constructed by third parties, and manufacturing of ready-mix concrete. The company also ventured into the commercial gas distribution business in 2016 by winning its first order to build and operate a distribution network in Ratnagiri district, Maharashtra. Additionally, the company entered into executing smart city construction projects in 2016. ABL is listed on both the Bombay Stock Exchange and National Stock Exchange. It has significant experience in executing road projects across India and has constructed more than 11,800 lane km till date. This is also reflected in its outstanding BOT/HAM portfolio of 25 projects (including ACL assets) as on fiscal 2022. In the EPC division, ABL constructs roads and bridges for its own BOT projects as well as for third parties. It also executes EPC projects in the power distribution space for various state governments. ABL set up ACL as a subsidiary in November 2011, and transferred six BOT projects to it. SBI Macquarie also infused Rs 800 crore (39% stake at the time of entry), and ACL acted as an exclusive BOT project developer for

Filed by CRISIL, page 4.

Ashoka Buildcon Q1 FY27: Revenue ₹1,500 Cr, an Order Book of ₹15,251 Cr, and a Gems & Jewellery Park

At a glance

Consolidated revenue for the June 2026 quarter came in at ₹1,500 crore, against ₹1,887 crore a year earlier and ₹1,954 crore in the March quarter. Operating profit was ₹258 crore, PAT ₹128 crore, EPS ₹4.55. A company that has laid 16,000 lane km of highway spent this particular quarter posting numbers that fit comfortably on one line.

The quarter's paperwork, however, was busy enough to need a filing cabinet of its own. The company received a Letter of Acceptance in Guyana for a four-lane highway valued at USD 35.42 million. It received another from the Chhattisgarh State Industrial Development Corporation for a Gems & Jewellery Park at Raipur — a highway builder, entering the jewellery-adjacent real estate business, via a 30-year lease extendable to 90. It settled a show-cause notice with NHAI for ₹1.04 crore, deposited on July 9, 2026. It diluted its stake in a subsidiary from 59% to 39.33%, which is the corporate equivalent of letting a housemate take over the lease.

Consolidated borrowings stood at ₹1,608 crore as of March 2026, against ₹5,450 crore two years prior. Total assets over the same stretch went from ₹19,009 crore to ₹13,050 crore, because the company spent the year selling road projects rather than hoarding them.

The order book as on June 30, 2026 was ₹15,251 crore, excluding ₹451 crore of orders received after that date — a footnote the company added with the precision of someone correcting the bill at a restaurant.

Introduction

Ashoka Buildcon Limited was incorporated in 1993 in Nashik, and per Crisil's rationale, engineered and constructed residential, commercial, industrial and institutional buildings until 1997. That year it won its first BOT road project, which turned out to be the fork in the road — a phrase this company has earned the right to have used against it.

What followed was three decades of accumulation. Per the company's own tally: 16,000+ lane km of highway, 30,000 villages illuminated through power T&D projects, 750+ Tkms of overhead electrification, 170+ Tkms of railway track linked, 32,000 km of optical fibre laid, and 10+ million sq ft of buildings. Crisil notes the company has been in roads for more than 30 years, power T&D for more than 15, railways for more than five, and buildings for more than two — a résumé written in descending order of seniority, like a family photograph.

The company entered commercial gas distribution in 2016 and smart city projects the same year. Ashoka Concessions Limited was set up as a subsidiary in November 2011, with six BOT projects transferred to it and ₹800 crore infused by SBI Macquarie for a 39% stake at entry. Per Crisil, the company has since acquired the remaining SBI Macquarie stake in ACL for approximately ₹1,550 crore, giving that investor a full exit.

The recent chapter is disposal, not acquisition. In December 2024 the company agreed to sell its entire stake in 11 road asset SPVs for an aggregate ₹2,324 crore. Five HAM SPVs went in September 2025 for ₹1,146 crore against a cost of investment of ₹599 crore; five BOT assets were monetised in November 2025 for ₹1,814 crore. The remaining six have been chased across the calendar with a series of extension filings — April 1 to June 30, then June 30 to July 31, then July 31 to September 15 and 30. Few corporate documents so faithfully capture the experience of waiting for regulatory approvals.

Overseas, the company now operates in seven countries and told the August 2026 call it plans to expand to roughly ten, via an independent international vertical.

Business model

Three segments, per the consolidated results. Construction & Contract — the EPC business — did ₹1,114 crore of the quarter's ₹1,500 crore. BOT/Annuity Projects did ₹320 crore. Sale of Goods, which is mostly ready-mix concrete and real estate, did ₹66 crore. Segment results were ₹66 crore, ₹104 crore and ₹7 crore respectively, meaning the smallest segment by revenue produced the largest one relative to itself, and the concrete quietly did its bit.

The EPC half is the part people picture: roads, railways, power transmission and distribution, buildings, bridges. The order backlog reads like a national tour itinerary — Kundalika Creek Bridge at ₹1,040 crore, a Sion-Panvel flyover at ₹820 crore, the Bowaichandi-Guskara HAM at ₹1,135 crore, Rajasthan railways at ₹719 crore, Angola power T&D at ₹684 crore, plus a Khammam cable-stay bridge and a Kempegowda Airport package. Maharashtra alone carries ₹2,235 crore of power T&D work.

The BOT half is the landlord business. The company builds a road, then collects money from it for decades. Jaora–Nayagaon, held 74%, is a 25-year toll concession signed in August 2007 running to October 2033, and it collected ₹75 crore in Q1 FY27 against ₹70 crore in Q1 FY26. Chennai ORR, Bagewadi-Saundatti and Hungud Talikot are annuity roads — the government pays a fixed sum twice a year regardless of how many cars show up, which is the closest thing infrastructure has to a salary.

Then there's HAM, where the government funds part of the construction and pays the rest in annuities. The group's seven HAM projects carry total project cost of ₹7,291 crore, of which ₹3,330 crore is estimated grant, ₹763 crore estimated equity and ₹2,928 crore estimated debt. Six of the seven are at commercial operation or provisional completion; Bowaichandi Guskara is at financial closure with ₹5 crore of equity invested so far, which is a rounding error wearing a hard hat.

The newest vertical is the Raipur Gems & Jewellery Park: a JV where Ashoka holds 51%, roughly 9 acres, ₹112.40 crore premium, 30% of the land earmarked for gems and jewellery activity, ₹450 crore of execution over five years. Management described total spend as possibly ₹1,000+ crore over five years, recovered over a similar period.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ashoka Buildcon Limited.

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