Ashoka Buildcon (ASHOKA) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2027 began with subdued domestic highway awarding but saw growth in railways, power T&D, and international infrastructure opportunities, with diversification yielding project wins in Guyana and Chhattisgarh.

• Order book as of June 30, 2026, stood at INR 15,251 crore, with significant contributions from roads, railways, and power T&D.

• Dilution of stake in Ashoka Purestudy Technologies from 59% to 39.33%, making it an associate company.

• Major project wins in India and Guyana, including a four-lane highway (USD 35.42 million) and Gems & Jewellery Park in Chhattisgarh.

• Unaudited standalone and consolidated financial results for Q1 FY27 were reviewed and approved by the Board, with an unmodified review report.

Financial highlights

• Standalone Q1 FY27 revenue was INR 1,320 crore, down 1% YoY; EBITDA at INR 126 crore, down 17% YoY, with a 9.5% margin.

• Standalone PAT rose 3% YoY to INR 31.5 crore.

• Consolidated Q1 FY27 revenue was INR 1,534 crore, down 21% YoY; EBITDA at INR 292 crore, down 55% YoY; PAT at INR 127 crore, down 44% YoY.

• Gross toll collection from Jaora-Nayagaon project increased 8% YoY to INR 75 crore.

• Gross profit margin (consolidated) declined to 30.3% from 42.1% YoY.

Outlook and guidance

• Revenue growth guidance revised down from 20% to 10-15% for FY 2027 due to a flat quarter and supply chain uncertainties.

• Order inflow expected at INR 6,000-8,000 crore for the year, with INR 800 crore already secured in Q1.

• EBITDA margin guidance maintained at 9.5-10% for FY 2027, with improvement expected in H2; FY 2028 margins expected to improve to 10.5-11%.

• Management expects no material impact from ongoing legal matters and continues to pursue divestment of certain subsidiaries.