Any current/future new fundraising through debt or equity?

Ashoka Buildcon plans to reduce debt substantially by March 2025 through sale of BOT and HAM assets, targeting approximately INR4,000 crores debt reduction on a consolidated basis. New debt pickup is expected for the Baswantpur project but no significant additional project debt is anticipated. Stand-alone debt of about INR1,400 crores is expected to reduce as recoveries occur and asset sales complete. Equity commitment for new HAM projects totals around INR380 crores, with INR175 crores expected to be spent by end of FY 2025, INR112 crores in FY 2025-26, and INR93 crores in FY 2026-27.

Any current/future capex/capital investment/strategic investment?

Q3 FY25 Capex spent: Approximately INR 55 crores. Additional expected capex in Q4 FY25: Around INR 20 crores. Projected total capex for FY26: Around INR 125 crores. Green hydrogen project: Early stage MOU with Bihar government to develop a solar-powered green hydrogen plant; to be undertaken by a subsidiary of Ashoka Buildcon. Equity commitment for new HAM projects: INR 380 crores total, with INR 175 crores spent by end of FY25, INR 112 crores in FY26, and INR 93 crores in FY27. Plans to use proceeds from asset sales (~INR 4,800 crores) partly for reducing debt and pursuing new HAM and other i

Future growth expectations in sales/revenue/volumes?

For FY '26, Ashoka Buildcon expects revenue growth of 10% to 15% compared to FY '25. Order inflow guidance for FY '26 is in the range of INR 12,000 crores to INR 14,000 crores. Revenues largely driven by execution of the existing order book worth around INR 16,500 crores, with about INR 14,000 crores currently under execution. Strong pipeline opportunities from NHAI, MoRTH, and NHIDCL totaling INR 1,11,000 crores. Growth expected across EPC segments including highways, railways, power transmission, and buildings. Margins expected to improve with EBITDA guidance of 10% to 11% for FY '

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '26 revenue expected to grow 10%-15% over FY '25. Margin guidance for FY '26: 10%-11% EBITDA margins. Order inflow guidance for FY '26: INR12,000 to INR14,000 crores. Q4 FY '25 revenue guidance: aiming to achieve near last year’s numbers, possible shortfall of 2%-3%. Q4 FY '25 EBITDA margin expected around 9% (similar to Q3). Consolidated PBT growth of 137% YoY in 9M FY '25 indicates strong profitability improvement. Ongoing ramp-up in large solar and green power projects expected to enhance margins. Debt reduction and asset sales expected to improve financial health, supporting earnings gr

Current/ Expected Orderbook/ Pending Orders?

As of December 2024, Ashoka Buildcon's order book stands at approximately INR 9,000 crores (INR 8,980 crores to be specific). An additional INR 3,000 crores of orders are expected to be closed by the end of the current financial year (FY25). The total order book as of early 2024 was INR 16,457 crores, with around INR 14,000 crores under execution. The company is looking at a bidding pipeline with tenders already bid but not opened, expecting around INR 3,000 to 4,000 crores in inflows in the remaining quarter. NHAI, MoRTH, and NHIDCL projects totaling around INR 1,11,000 crores are in the pipe

Ashoka Buildcon LtdQ4 FY25

Ashoka Buildcon Ltd Q4 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹112P/E: 4.2Market Cap: ₹3.4K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→For FY '26, Ashoka Buildcon expects revenue growth of 10% to 15% compared to FY '25.
→Order inflow guidance for FY '26 is in the range of INR 12,000 crores to INR 14,000 crores.
→Revenues largely driven by execution of the existing order book worth around INR 16,500 crores, with about INR 14,000 crores currently under execution.
→Strong pipeline opportunities from NHAI, MoRTH, and NHIDCL totaling INR 1,11,000 crores.
→Growth expected across EPC segments including highways, railways, power transmission, and buildings.
→Margins expected to improve with EBITDA guidance of 10% to 11% for FY '26.
→Continued selective bidding on BOT projects, focus more on EPC and HAM projects.
→Contracts and bidding activity expected to pick pace in Q3 and Q4 FY '25, supporting growth momentum into FY '26.

Margin guidance

Category 3

→FY '26 revenue expected to grow 10%-15% over FY '25.
→Margin guidance for FY '26: 10%-11% EBITDA margins.
→Order inflow guidance for FY '26: INR12,000 to INR14,000 crores.
→Q4 FY '25 revenue guidance: aiming to achieve near last year’s numbers, possible shortfall of 2%-3%.
→Q4 FY '25 EBITDA margin expected around 9% (similar to Q3).
→Consolidated PBT growth of 137% YoY in 9M FY '25 indicates strong profitability improvement.
→Ongoing ramp-up in large solar and green power projects expected to enhance margins.
→Debt reduction and asset sales expected to improve financial health, supporting earnings growth.
→Overall, a positive growth trajectory in earnings and operating profits is anticipated driven by order book execution and new project wins.

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Fundraise plans

Yes

→Ashoka Buildcon plans to reduce debt substantially by March 2025 through sale of BOT and HAM assets, targeting approximately INR4,000 crores debt reduction on a consolidated basis.
→New debt pickup is expected for the Baswantpur project but no significant additional project debt is anticipated.
→Stand-alone debt of about INR1,400 crores is expected to reduce as recoveries occur and asset sales complete.
→Equity commitment for new HAM projects totals around INR380 crores, with INR175 crores expected to be spent by end of FY 2025, INR112 crores in FY 2025-26, and INR93 crores in FY 2026-27.
→No explicit mention of new large-scale equity fundraising; focus remains on utilizing asset sale proceeds to lower debt and finance HAM projects.
→Company expects substantial cash balances post debt reduction and asset sales, positioning for future opportunities.

Order book

→As of December 2024, Ashoka Buildcon's order book stands at approximately INR 9,000 crores (INR 8,980 crores to be specific).
→An additional INR 3,000 crores of orders are expected to be closed by the end of the current financial year (FY25).
→The total order book as of early 2024 was INR 16,457 crores, with around INR 14,000 crores under execution.
→The company is looking at a bidding pipeline with tenders already bid but not opened, expecting around INR 3,000 to 4,000 crores in inflows in the remaining quarter.
→NHAI, MoRTH, and NHIDCL projects totaling around INR 1,11,000 crores are in the pipeline.
→HAM projects in the order book total around INR 2,020 crores, and EPC road projects INR 9,663 crores.
→The company is selective in bidding for BOT projects and has not participated in recent BOT highway bids.

Capex plans

Yes

→Q3 FY25 Capex spent: Approximately INR 55 crores.
→Additional expected capex in Q4 FY25: Around INR 20 crores.
→Projected total capex for FY26: Around INR 125 crores.
→Green hydrogen project: Early stage MOU with Bihar government to develop a solar-powered green hydrogen plant; to be undertaken by a subsidiary of Ashoka Buildcon.
→Equity commitment for new HAM projects: INR 380 crores total, with INR 175 crores spent by end of FY25, INR 112 crores in FY26, and INR 93 crores in FY27.
→Plans to use proceeds from asset sales (~INR 4,800 crores) partly for reducing debt and pursuing new HAM and other infrastructure opportunities.

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