ASHOKA
Micro CapAshoka Buildcon Limited
Infra
Ashoka Buildcon Limited is an Indian infrastructure developer with over 50 years of experience. It specializes in roads (EPC, HAM, BOT), railways, power T&D, and building EPC projects, having constructed over 14,000 lane kms of highways and illuminated 30,000 villages.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -27% YoY · PAT -67% YoY · margin compression · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,954 Cr | -27.5% | +7.0% |
| EBITDA | ₹258 Cr | -66.8% | -40.7% |
| Operating margin | 13.0% | -1600 bps | -1100 bps |
| PAT | ₹147 Cr | -67.5% | -93.0% |
| PAT margin | 7.5% | -926 bps | -10802 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Ashoka Buildcon reported a significant consolidated revenue decline of 25% YoY and EBITDA decline of 33% YoY for FY26, largely impacted by asset monetization. Standalone performance also saw revenue and PBT declines, but PAT rose due to exceptional gains. The company secured multiple new LOAs, including international projects.
The thesis is under stress due to the sharp decline in consolidated revenue and profitability, likely stemming from the monetization of HAM and BOT assets. However, the substantial reduction in consolidated debt, a healthy standalone debt-equity ratio, and a strong pipeline of new domestic and international orders provide a foundation for future growth, contingent on effective execution and working capital management.
Order Book by Segment (as on 31st March 2026)
Latest issuer-disclosed distribution across 5 reported categories.
International Expansion
Secured LOAs for projects in Kingdom of Saudi Arabia, Liberia, and Angola, indicating a push into overseas markets.
Diversification into Railways
Railways segment constitutes 30.2% of the order book, reflecting successful diversification beyond roads.
Asset Monetization
Monetization of HAM and BOT projects in FY26 aims to strengthen the balance sheet and enhance capital efficiency for new investments.
Strong Order Inflow
Multiple new LOAs received in Q4 FY26, including large domestic and international projects, replenish the order book.
HAM Project Commissioning
Received Commercial Operation Date (CoD) for a 2.68 km stretch and third provisional CoD for an 8.29 km stretch of the Tumkur Shivamogga Section HAM project in Karnataka.
Government Infrastructure Push
Receipt of LOAs from various government bodies (Bihar Rajya Pul Nirman Nigam, Public Works Dept. Liberia, Ministry of Energy and Water Angola) indicates continued government spending on infrastructure.
International Market Opportunities
Successful project completion in Guyana and new LOAs in KSA, Liberia, and Angola highlight growing international opportunities.
Improved Credit Rating
Acuite reaffirmed 'ACUITE AA (Stable)' for long-term debt and 'ACUITE A1+' for short-term debt, removed from Rating Watch.
Revenue and Profitability Decline
Consolidated revenue and EBITDA saw significant YoY declines in FY26, partly due to asset monetization.
Working Capital Management
Consolidated Trade Receivables increased from Rs. 1,212.0 Crs in Mar'25 to Rs. 1,609.9 Crs in Mar'26, and Contract Assets also rose.
Delays in Asset Monetization
Extension of the indicative date of completion of sale for 6 HAM SPVs up to June 30, 2026, suggests potential delays in capital recycling.
Project Execution and Delays
Timely execution of large and complex domestic and international projects, especially in new geographies, remains a key risk.
Working Capital Strain
Increased trade receivables and contract assets could lead to higher working capital requirements and impact cash flows.
International Market Volatility
Exposure to international projects introduces risks related to currency fluctuations, geopolitical factors, and local regulatory environments.
Asset Monetization Completion
Failure to complete the sale of remaining HAM SPVs by the extended deadline could impact capital efficiency and debt reduction plans.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing long-term trends in project execution and overall financial health in the infrastructure sector. QoQ comparison helps track sequential momentum, new order inflows, and the immediate impact of project completions or delays.
Order Book
Rs. 15,312 Crs. Order Book as on 31st March 2026 (excluding orders received post 31st March 2026 of Rs. 681 crores).
Order Inflow
Received LOA from Diriyah Company, KSA (JV share Rs. 846.4 Cr), Bihar Rajya Pul Nirman Nigam (JV share Rs. 241.9 Cr), Public Works Dept., Liberia ($45 million), IGR & Controller of Stamps, Pune (consortium Rs. ~1,136 Cr), and Ministry of Energy and Water – Angola ($72 million) in Q4 FY26.
Consolidated Revenue
FY26 Revenue from Operations declined 25% YoY to Rs. 7,519.9 Crs (FY25: Rs. 10,036.6 Crs).
Consolidated EBITDA Margin
FY26 Consolidated EBITDA Margin declined to 26.8% from 30.3% in FY25.
Strategic Asset Monetization
Management states that the monetization of HAM and BOT portfolios was done to strengthen the balance sheet and enhance capital efficiency.
Focus on Diversification
The company is diversifying into various sectors and geographies, as evidenced by new LOAs in Railways, Building EPC, and international markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth | -25% YoY (FY26) | Reversal of revenue decline and sustained growth from new order execution. |
| Consolidated EBITDA Margin | 26.8% (FY26) | Stabilization and improvement in margins as new projects ramp up and asset monetization impacts normalize. |
| Order Book Execution Rate | Rs. 15,312 Crs order book | Consistent project execution leading to revenue conversion and timely completion of key projects. |
| Working Capital Cycle | Increased trade receivables and contract assets | Reduction in working capital days and improved cash conversion from operations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46Neutrallabel neutral
Technical chart
ASHOKAweekly · 5Y+21.9%Technical trend read
NeutralTrend is undirectional — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 45% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 58.1%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 96.6%.
Main drags
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Growth is weaker at 23/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 66th percentile within Infra. Main check: results consistency is weak at 31/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.36.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 66th pctile, median 65 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 29%.
- ▸8 years of positive FCF.
- ▸ROCE is 39.7%.
Trust risks
- ▸Altman Z is 1.36.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.29.
- ▸2/8 recent quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 4.13
- P/B
- 0.50
- EV/EBITDA
- 2.42
- Market Cap
- 3321.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 26.50%
- ROA
- 19.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 2.06×
- Altman Z
- 2.23
- Book Value
- 234.00
Cash Flow
- FCF Yield
- 58.15%
- FCF Positive Y
- 9/5
- OCF
- 655.00 Cr
- EPS TTM
- 90.84
Shareholding
- Promoter Hold
- 54.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.