Ashoka Buildcon Ltd

- The company has pending equity requirements of approximately INR 325 crores for ongoing HAM projects. - About INR 200 crores to be infused in H2 FY26. - The balance to be infused in FY27 and FY28. - No explicit mention of new debt fundraising; focus is on deleveraging. - Debt levels expected to reduce substantially by year-end after monetization proceeds, with target debt close to zero. - Current outstanding financial instruments (~INR 425 crores) expected to be liquidated in April, supported by cash balances. - Monetization of HAM and BOT assets generates proceeds used for deleveraging and equity infusion in projects. - No mention of fresh equity fundraising plans beyond equity infusion for HAM projects.

- In H1 FY '26, Ashoka Buildcon spent approximately INR 35 crores on CapEx, including INR 10 crores in Q2. - The company targets a total CapEx spend of around INR 100 crores for the full fiscal year. - Pending equity infusion for HAM projects stands at approximately INR 325 crores, with about INR 200 crores expected to be infused in H2 FY '26 and the balance in FY '27 and FY '28. - The company continues to bid actively across Roads, Railways, Power, Solar Projects, and Buildings, targeting INR 6,000-7,000 crores order inflow in H2 FY '26. - No new sector is being explored beyond current segments like water, irrigation, solar, railways, and highways. - Strategic investments include increasing the stake in Jaora-Nayagaon Toll Road to 61.17% with INR 166.6 crores outlay. - Discussing monetization of Chennai ORR project with potential investor, targeting closure by March.

- The company expects flattish revenue for the current year due to delays caused by prolonged monsoon and land acquisition issues. - Targeting 10% to 15% revenue growth for the next fiscal year, contingent on successful order inflows in the next 6 months. - Order inflow guidance is INR 6,000 to 7,000 crores in the second half of FY '26, in addition to INR 3,000+ crores secured in H1. - Execution is expected to improve in H2, with higher turnover contributing to increased revenue. - EBITDA margins are expected in the range of 10% to 11% for this year and next year. - The company continues to bid across diverse sectors: Roads, Railways, Power, Solar Projects, and Buildings. - No major new sectors are planned apart from current areas like water, irrigation, and solar. - Monetization of assets is expected to strengthen the balance sheet, supporting growth reinvestment.

- Target revenue growth of around 10% to 15% in FY 2026, contingent on new order inflow in the next 6 months. - EBITDA margins expected in the range of 10% to 11% for FY 2026 and FY 2027. - Second half of FY 2026 planned order inflow of INR 6,000-7,000 crores with margins around 10%-10.5%. - Company aims to maintain sustainable EPC business with ongoing diversification into sectors like roads, railways, power, and buildings. - Monetization of BOT and HAM assets expected to strengthen balance sheet and reduce debt, supporting future profitability. - Asset monetization and improved cash flow outlook expected to reduce interest costs and enhance net earnings. - No plans to enter new sectors beyond current focus; growth to come from execution and selective bidding across existing domains.

- As of September 30, 2025, the balance order book stood at INR 14,888 crores (excluding INR 468 crores of orders received post-September 30). - Order book breakup: - Roads and Railways: INR 9,804 crores (65.8%) - HAM projects: INR 1,834 crores - EPC Roads: INR 6,816 crores - Railway: INR 1,154 crores - Power T&D: INR 4,623 crores (31.0%) - EPC Buildings: INR 462 crores (3.1%) - Bid pipeline for the second half targets INR 6,000 crores to INR 7,000 crores across Roads, Railways, Power, Solar Projects, Buildings. - 2 new project orders secured from North Western Railway (Jaipur and Ajmer Projects). - Pending equity infusion for HAM projects: INR 325 crores (INR 200 crores in H2 FY '26, balance in FY '27 and '28). - Monetization of remaining 6 HAM assets expected by March and June 2026, valued around INR 800 crores and INR 300 crores respectively.