Ashoka Buildcon Ltd

The agency has also affirmed the company's short-term rating at 'ACUITE A1+'. Acuit' Ratings had previously placed the company's rating on 'Rating Watch with Developing Implications' on account of impending asset monetisation transactions. Acuite notes that ABL has completed the monetization of 5 BOTs (build-operate-transfer) and 5 HAMs (hybrid annuity model) resulting in total proceeds of Rs 2817 crore. The proceeds have been utilized to provide an exit to SBI Macquarie, reduction in short term borrowings thereby strengthening the capital structure of the company, make payments to Viva Highways (VHL) to acquire stake in Jaora Nayagaon Toll Road Company (JNTCPL) and settle vendor payments to avail cash discounts. Hence, the rating has been removed from rating watch. The remaining monetization of 6 HAM assets are expected to be completed by Q1 FY27 with an inflow of Rs 1100 crore. the timely completion of this transaction will remain key monitorable factor. The rating reaffirmation reflects a steady scale of operations with comfortable order book albeit subdued operating performance. The company's unexecuted order book remains robust at Rs.16,477 crore as of 06 February 2026, providing revenue visibility at 2.33x of FY25 revenue. The order book is well-diversified across roads, buildings, power and railways. Additionally, the company has established a subsidiary in Saudi Arabia to tap infrastructure opportunities in the Middle East. The rating further factors in moderation in the company's financial risk profile due to decrease in debt protection metrics during FY25. The increase in debt has led to higher interest costs, while lower accruals have resulted in a decline in both interest coverage ratio (ICR) and debt service coverage ratio (DSCR). Despite this moderation, the company's tangible net worth has increased, and gearing remained below unity in FY25. The working capital cycle remains intensive due to inherent nature of the business. Ashoka Buildcon undertakes engineering, procurement and construction (EPC) contracts for the road, railways, buildings and power sector. The company is also the leading players in the BOT (build, own, transfer) segment and hybrid annuity model (HAM). The scrip fell 1.82% to currently trade at Rs 137.75 on the BSE. Powered by Capital Market - Live

Ashoka Buildcon announced that ACUITE Ratings & Research has updated the credit rating for both long-term and short-term debt of the Company as 'ACUITE AA (Stable) (Reaffirmed) ' 'Removed from Rating Watch' and ACUITE A1+ (Reaffirmed) 'Removed from Rating Watch' respectively. Powered by Capital Market - Live

The company has been awarded the project from Ministry of Public Works, Liberia, for the upgradation of road stretches from Nrowkia (Sasstown Junction) to Barclayville, Nrowkia (Sasstown Junction) to Sasstown, and part of the Nrowkia (Sasstown Junction) to Nipleppo road in the Liberia. The said project is valued at $ 45,276,621.07. The construction work is scheduled to be completed within a period of 24 months. Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads. The company's consolidated net profit zoomed 222.59% to Rs to Rs 2,111.41 crore in Q3 FY26 as against Rs 654.50 crore posted in Q3 FY25. Revenue from operations fell 23.47% YoY to Rs 1,827.33 crore in the quarter ended 31 December 2025. The counter declined 4.26% to settle at Rs 151.75 on the BSE.Powered by Capital Market - Live

Ashoka Buildcon has received letter of acceptance for the project 'upgrading of the Road from Nrowkia (Sasstown Jn) to Barclayville and Nrowkia (Sasstown Jn) to Sasstown and Part of Nrowkia (Sasstown Jn) to Nipleppo road Project in Republic of Liberia'. The accepted bid project cost is USD 45,276,621.07Powered by Capital Market - Live

Ashoka Buildcon in joint venture with Aakshya Infra Project has received letter of acceptance from Bihar Rajya Pul Nirman Nigam for the project 'Construction of H.L.R.C.C. Bridge (Total Length 2280 meter) over River Gandak with other Major Bridges in approach road between Fatehabad in Paroo block & Chanchaliya in Saraiya Block in the district of Muzaffarpur on Engineering, Procurement & Construction (EPC) Mode'. The accepted bid project price is Rs 474.38 crore. The company's share in project bid price is Rs 241.93 crore (51%). Powered by Capital Market - Live

Ashoka Buildcon announced that its subsidiary in Kingdom of Saudi Arabia in joint venture with BEC Arabia Contracting Co. has received letter of acceptance from Diriyah Company in the Kingdom of Saudi Arabia (KSA) for the project namely 'Main Construction Works of Diriyah II - Delivery Partner for One Hotel'. The accepted bid project cost is SAR 717,086,344.22. The company's share in the project 49% i.e. SAR 351,372,308.67 (approx. Rs 846.38 crore). The entity awarding the order, Diriyah Company, Kingdom of Saudi Arabia, Public Investment Fund, a state owned Sovereign Wealth Fund that invests in domestic and international sectors. Powered by Capital Market - Live

However, revenue from operations fell 23.47% YoY to Rs 1,827.33 crore in the quarter ended 31 December 2025. Profit before tax were at Rs 2,609 crore in Q3 FY26, up 750.80% as against Rs 306.65 crore in Q3 FY25. Total expenses declined 22.92% YoY to Rs 1,633.86 crore in Q3 FY26. The cost of materials consumed stood at Rs 470.37 crore (down 33.56% YoY), while employee benefit expenses were at Rs 98.78 crore (down 13.58% YoY), and finance cost stood at Rs 200.22 crore (down 35.97% YoY). On a standalone basis, the company's net profit surged 68% year-on-year to Rs 101.8 crore in Q3 FY26, even as revenue from operations declined 18.35% to Rs 1,463.04 crore compared with Q3 FY25. EBITDA stood at Rs 157.4 crore in Q3 FY26, down 16% compared with Rs 187.1 crore in Q3 FY25. EBITDA margin improved to 10.6% in Q3 FY26 from 10.3% posted in the same quarter last year. On a standalone basis, the company's debt stands at Rs 1,046 crore, comprising Rs 79 crore in equipment loans, Rs 667 crore in working capital loans, and Rs 300 crore in non-convertible debentures (NCDs). As of 31 December 2025, the company's total order book stood at Rs 15,927 crore, before exceptional gains. Road EPC projects accounted for Rs 7,025 crore, or 44.1% of the total, while Road HAM contributed Rs 1,705 crore (10.7%). Building EPC orders were Rs 528 crore (3.3%), railways Rs 1,562 crore (9.8%), and Power T&D projects Rs 5,108 crore (32.1%). Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads.Powered by Capital Market - Live

However, revenue from operations fell 23.47% YoY to Rs 1,827.33 crore in the quarter ended 31 December 2025. Profit before tax were at Rs 2,609 crore in Q3 FY26, up 750.80% as against Rs 306.65 crore in Q3 FY25. Total expenses declined 22.92% YoY to Rs 1,633.86 crore in Q3 FY26. The cost of materials consumed stood at Rs 470.37 crore (down 33.56% YoY), while employee benefit expenses were at Rs 98.78 crore (down 13.58% YoY), and finance cost stood at Rs 200.22 crore (down 35.97% YoY). On a standalone basis, the company's net profit surged 68% year-on-year to Rs 101.8 crore in Q3 FY26, even as revenue from operations declined 18.35% to Rs 1,463.04 crore compared with Q3 FY25. EBITDA stood at Rs 157.4 crore in Q3 FY26, down 16% compared with Rs 187.1 crore in Q3 FY25. EBITDA margin improved to 10.6% in Q3 FY26 from 10.3% posted in the same quarter last year. On a standalone basis, the company's debt stands at Rs 1,046 crore, comprising Rs 79 crore in equipment loans, Rs 667 crore in working capital loans, and Rs 300 crore in non-convertible debentures (NCDs). As of 31 December 2025, the company's total order book stood at Rs 15,927 crore, before exceptional gains. Road EPC projects accounted for Rs 7,025 crore, or 44.1% of the total, while Road HAM contributed Rs 1,705 crore (10.7%). Building EPC orders were Rs 528 crore (3.3%), railways Rs 1,562 crore (9.8%), and Power T&D projects Rs 5,108 crore (32.1%). Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads. Powered by Capital Market - Live

Net profit of Ashoka Buildcon rose 222.59% to Rs 2111.41 crore in the quarter ended December 2025 as against Rs 654.51 crore during the previous quarter ended December 2024. Sales declined 23.48% to Rs 1827.33 crore in the quarter ended December 2025 as against Rs 2387.89 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales1827.332387.89 -23 OPM %23.8226.75 - PBDT274.31364.70 -25 PBT232.71306.65 -24 NP2111.41654.51 223 Powered by Capital Market - Live

The project involves constructing a bridge connecting Jampore Sea Front Road near Lighthouse to Devka Sea Front Road at Parkota Sheri at Daman. The said project is valued at Rs 307.71 crore (excluding GST) and it is expected to be completed the design and build work within 30 months. Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads. The company reported an 82.92% decline in consolidated net profit to Rs 78.06 crore in Q2 FY26 as against Rs 457.04 crore posted in Q2 FY25. The scrip rallied 2.08% to settle at Rs 144.70 on the BSE.Powered by Capital Market - Live