Ashoka Buildcon LimitedQ1 FY27 Results & Financial Update

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.

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.

Paresh 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.