Ashoka Buildcon (ASHOKA) Q4 25/26 earnings summary

Executive summary

• FY 2026 was a transition year marked by sector-wide focus on execution quality, financial discipline, and monetization, with the order book at INR 15,312 crores as of March 31, 2026, and multiple new project wins in India and overseas, including Saudi Arabia, Liberia, Angola, and Maharashtra.

• Monetization of several HAM and BOT projects was completed, strengthening the balance sheet and resulting in significant exceptional gains.

• Audited standalone and consolidated financial results for FY26 were approved, with unmodified opinions from statutory auditors.

• Received multiple awards for project execution, safety, and leadership.

Financial highlights

• Standalone Q4 FY26 revenue was INR 1,819 crores, down 10% YoY; EBITDA at INR 168 crores, down 7% YoY; PAT at INR 49 crores vs INR 60 crores YoY.

• Standalone FY26 revenue was INR 5,952 crores, down 17% YoY; EBITDA at INR 636 crores, down 6% YoY; PAT for FY26 rose to INR 320 crores, with margin improvement to 5.4%.

• Consolidated FY26 revenue was INR 7,520 crores, down 25% YoY; EBITDA at INR 2,066 crores, down 33% YoY; PAT at INR 2,11,141 lakhs, driven by exceptional gains.

• Exceptional items contributed a net gain of INR 16,472 lakhs (standalone) and INR 2,14,367 lakhs (consolidated) for FY26, mainly from asset sales.

• Gross toll collection in Q4 FY26 was INR 76.9 crores, up 16% YoY.

Outlook and guidance

• FY27 revenue growth guidance is 20% YoY, with targeted order inflows of INR 8,000–10,000 crores across roads, railways, and power T&D, both domestic and international.

• EBITDA margin guidance for FY27 is 9.5%–10.5%, factoring in ECL provisions.

• Extension of sale completion for 6 HAM SPVs to June 30, 2026, expected to further improve capital efficiency.

• Working capital cycle expected to normalize to 110–120 days post-September 2026.

• High probability of further asset sales, with several subsidiaries classified as held for sale.