Ashoka Buildcon LimitedQ1 FY27 Results & Financial Update
Ashoka Buildcon Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,499.61 Cr, PAT ₹127.17 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarter overview
Quarterly earnings analysis
Profit before tax was ₹172.80 Cr for the reported quarter. EPS was ₹4.55 for the reported quarter.
For Q1 FY27, standalone total income was flat year-on-year at INR1,320 crores compared to INR1,339 crores in Q1 FY26. Standalone EBITDA stood at INR126 crores (down 17% year-on-year) with a 9.5% margin, while profit after tax rose 3% year-on-year to INR31.5 crores. On a consolidated basis, total income declined 21% year-on-year to INR1,534 crores due to the monetization of BOT and HAM projects in Q3 FY26, with EBITDA at INR292 crores (down 55% year-on-year) and consolidated PAT at INR127 crores.
The company's order book stood at INR15,251 crores as of June 30, 2026, excluding approximately INR450 crores received post-quarter. Diversification into non-road sectors such as power T&D (33.2%), railways, and international projects progressed, marked by wins including a USD 35.42 million (INR328 crores) highway project in Guyana and a INR450 crores Gems and Jewellery Park project in Chhattisgarh.
Profit after tax was ₹127.17 Cr for the reported quarter. EPS was ₹4.55 for the reported quarter.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,499.61 Cr |
| Total income | ₹1,533.72 Cr |
| Profit before tax | ₹172.80 Cr |
| Profit after tax | ₹127.17 Cr |
| EPS | ₹4.55 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
Management lowered full-year EBITDA margin guidance from low double digits to 9% to 9.5%, reflecting initial cost loadings and establishment expenses for new mobilized verticals that will rationalize over coming quarters.
Standalone EBITDA for Q1 FY27 stood at INR126 crores, down 17% year-on-year, yielding an EBITDA margin of 9.5% (with margin excluding other income at 7.2%).
03 · Demand, customers & order book
Where demand is coming from
As of June 30, 2026, the order book stood at INR15,251 crores (excluding ~INR450 crores received after June 30). Sector breakdown comprises roads and railways at INR9,648 crores (63.3%, including ~INR1,500 crores in HAM and ~INR6,780 crores in EPC), power T&D at INR5,066 crores (33.2%), and building EPC at INR536 crores (3.5%).
Total bid pipeline includes approximately INR1 lakh crores from NHAI and MoRTH, INR25,000 crores from state authorities, INR50,000 crores from railways, alongside power T&D and renewable energy EPC opportunities. Bids submitted and awaiting opening total approximately INR8,000 crores.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The company operates across 7 international geographies with an independent vertical, aiming to expand its presence to around 10 countries. International revenue in Q1 FY27 reached approximately INR145 crores, with 80% originating from Guyana.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Appointed date for the Bowaichandi HAM project is expected in the first week of October, with approximately 15% execution targeted for FY27. Mithi River project work has commenced, Guyana ongoing, and Angola work is expected to start in approximately 2 months.
Capex for Q1 FY27 was approximately INR25 crores (INR7 crores for international projects and balance for domestic). The full-year FY27 capex target remains approximately INR125 crores.
06 · Reported developments
What changed operationally
Secured key non-road and international wins in Q1 FY27, including a INR328 crores contract for the 4-laning of Versailles-Parika Highway in Guyana and a INR450 crores Gems and Jewellery Park development in Raipur under a 51% joint venture, marking entry into industrial park development.
Recorded gross total toll collection of INR75 crores from the Jaora-Nayagaon road project in Q1 FY27, representing an 8% increase year-on-year.
07 · Pressure points & risks
What is not going smoothly
Consolidated total income fell 21% year-on-year to INR1,534 crores in Q1 FY27, and consolidated EBITDA dropped 55% year-on-year to INR292 crores, primarily impacted by the monetization of BOT and HAM assets completed in Q3 FY26.
Domestic road awarding remained muted, with NHAI awarding only around 5 kilometers of projects in June and construction activity declining 32% year-on-year in June to approximately 274 kilometers.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Working capital increased by approximately INR250 crores in Q1 due to investments and advances for newly mobilized projects. Collections in the power T&D sector experienced temporary delays but are expected to normalize and be realized by Q4 FY27.
Total gross debt stands at roughly INR2,100 crores, including INR17 crores of interest paid to subsidiaries in Q1 FY27. Post-asset monetization, third-party debt is expected to reduce to the range of INR500 crores to INR600 crores.
Monetization proceeds of approximately INR1,150 crores from 6 SPVs are targeted to be received in tranches, with 4 assets expected to close by September/October 2026 (realizing ~INR700 crores) and the remaining 2 assets by December 2026/Q4 FY27.
09 · Management guidance & targets
What management is targeting from here
Full-year revenue growth guidance was lowered from 20% to a range of 10% to 15%, citing flat Q1 performance and supply chain uncertainties.
Order inflow target for FY27 is maintained at INR6,000 crores to INR8,000 crores, supported by INR800 crores secured in Q1 and INR1,800 crores of L1 positions expected to convert in Q2.
10 · Management call deep dive
What management said on the conference call
Operating takeaways
12 key pointsThe company operates across 7 international geographies with an independent vertical, aiming to expand its presence to around 10 countries. International revenue in Q1 FY27 reached approximately INR145 crores, with 80% originating from Guyana.
Working capital increased by approximately INR250 crores in Q1 due to investments and advances for newly mobilized projects. Collections in the power T&D sector experienced temporary delays but are expected to normalize and be realized by Q4 FY27.
As of June 30, 2026, the order book stood at INR15,251 crores (excluding ~INR450 crores received after June 30). Sector breakdown comprises roads and railways at INR9,648 crores (63.3%, including ~INR1,500 crores in HAM and ~INR6,780 crores in EPC), power T&D at INR5,066 crores (33.2%), and building EPC at INR536 crores (3.5%).
Total bid pipeline includes approximately INR1 lakh crores from NHAI and MoRTH, INR25,000 crores from state authorities, INR50,000 crores from railways, alongside power T&D and renewable energy EPC opportunities. Bids submitted and awaiting opening total approximately INR8,000 crores.
Appointed date for the Bowaichandi HAM project is expected in the first week of October, with approximately 15% execution targeted for FY27. Mithi River project work has commenced, Guyana ongoing, and Angola work is expected to start in approximately 2 months.
Capex for Q1 FY27 was approximately INR25 crores (INR7 crores for international projects and balance for domestic). The full-year FY27 capex target remains approximately INR125 crores.
Management lowered full-year EBITDA margin guidance from low double digits to 9% to 9.5%, reflecting initial cost loadings and establishment expenses for new mobilized verticals that will rationalize over coming quarters.
Standalone EBITDA for Q1 FY27 stood at INR126 crores, down 17% year-on-year, yielding an EBITDA margin of 9.5% (with margin excluding other income at 7.2%).
Total gross debt stands at roughly INR2,100 crores, including INR17 crores of interest paid to subsidiaries in Q1 FY27. Post-asset monetization, third-party debt is expected to reduce to the range of INR500 crores to INR600 crores.
Monetization proceeds of approximately INR1,150 crores from 6 SPVs are targeted to be received in tranches, with 4 assets expected to close by September/October 2026 (realizing ~INR700 crores) and the remaining 2 assets by December 2026/Q4 FY27.
Full-year revenue growth guidance was lowered from 20% to a range of 10% to 15%, citing flat Q1 performance and supply chain uncertainties.
Order inflow target for FY27 is maintained at INR6,000 crores to INR8,000 crores, supported by INR800 crores secured in Q1 and INR1,800 crores of L1 positions expected to convert in Q2.
Important analyst Q&A
2 key pointsParesh Mehta clarified that out of 6 assets being monetized for an expected aggregate value of INR1,150 crores, 4 assets will conclude by September-end or early October 2026 (~INR700 crores), while 2 assets will take until December or Q4 due to tax and duty compliances. Small holdbacks of INR30 crores to INR40 crores may apply depending on transaction closing requirements.
Management stated that the INR450 crores Chhattisgarh Gems and Jewellery Park project awarded to the 51% JV involves developing ~9 acres over 5 years on a 30-to-90-year lease structure, expected to generate approximately INR100 crores in execution revenue per annum.
11 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹172.80 Cr for the reported quarter. EPS was ₹4.55 for the reported quarter.
What drove revenue or demand?
As of June 30, 2026, the order book stood at INR15,251 crores (excluding ~INR450 crores received after June 30). Sector breakdown comprises roads and railways at INR9,648 crores (63.3%, including ~INR1,500 crores in HAM and ~INR6,780 crores in EPC), power T&D at INR5,066 crores (33.2%), and building EPC at INR536 crores (3.5%).
What mattered most for margins or profitability?
Management lowered full-year EBITDA margin guidance from low double digits to 9% to 9.5%, reflecting initial cost loadings and establishment expenses for new mobilized verticals that will rationalize over coming quarters.
What changed operationally beyond the headline numbers?
Appointed date for the Bowaichandi HAM project is expected in the first week of October, with approximately 15% execution targeted for FY27. Mithi River project work has commenced, Guyana ongoing, and Angola work is expected to start in approximately 2 months.
What is management guiding or targeting from here?
Full-year revenue growth guidance was lowered from 20% to a range of 10% to 15%, citing flat Q1 performance and supply chain uncertainties.
What are the main pressure points disclosed for the quarter?
Consolidated total income fell 21% year-on-year to INR1,534 crores in Q1 FY27, and consolidated EBITDA dropped 55% year-on-year to INR292 crores, primarily impacted by the monetization of BOT and HAM assets completed in Q3 FY26.
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