Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through debt or equity in the recent discussion. Debt levels are expected to reduce substantially by FY26 through asset monetization (BOT and HAM projects). By March 2026, approximately Rs. 4,500 crores of debt is expected to be reduced from liabilities held for sale. Current debt cost is around 8%-9.5%; reducing debt is expected to lower finance costs by Rs. 300-400 crores. The company plans capital infusion of around Rs. 250 crores in FY26 and Rs. 112 crores in FY27 for HAM projects. No specific plans on equity infusion mentioned, but management referen

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

Planned CAPEX target for FY'26 is around Rs. 200 crores across all segments. Equity infusion in HAM projects is expected to be INR 250 crores in FY'25-26 and INR 112 crores in FY'26-27. The company is focusing on specialized structures and segmented projects to improve margins and execution. There is ongoing asset monetization including sale of BOT subsidiaries, which will reduce debt and finance costs. No specific mention of strategic investments beyond asset monetization and order book expansion in roads, railways, and power sectors. The company is also scouting for investors for c

Future growth expectations in sales/revenue/volumes?

Revenue growth guidance for FY'26 is around 10%, revised down from an earlier 15% estimate due to delayed project starts (Page 7, 8). Growth is expected to be muted in Q1-Q2 FY'26 due to delays in land acquisition and forest clearances; major pick-up anticipated in Q3-Q4 FY'26 (Page 7, 8). FY'27 is expected to see much better growth with projects running at full swing and conversion of new orders received (Page 7, 8). Order inflows for FY'26 are targeted between INR 10,000 to 12,000 crores, spread across roads, railways, power, and other infrastructure segments (Page 12). The company focuses o

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

Revenue growth guidance for FY'26 is around 10%, a revision from earlier 15%, mainly due to delayed project starts in Q1-Q2 related to land acquisition and forest clearances. (Page 7, Page 8) EBITDA margin expected to improve to approximately 10%-10.5% in FY'26, supported by new order book mix and better operating efficiencies. (Page 13, Page 8) Expectation of positive standalone operating cash flows in FY'26, moving from a negative operating cycle in FY'24-25. (Page 13) Order inflow target of INR 10,000 to 12,000 crores for FY'26, spread across roads, railways, power, water, and buildings

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2025, Ashoka Buildcon's balance order book stands at INR 14,905 crores (excluding post-March orders of INR 795 crores). Order book break-up: - Roads and Railways projects: Approximately INR 10,867 crores (72.9% of total). - HAM projects: INR 1,859 crores - EPC road projects: INR 8,688 crores - Railway projects: INR 320 crores - Power Transmission & Distribution: INR 3,618 crores (24.3% of total) - EPC building segment: INR 420 crores (2.8% of total) New orders received: - Maharashtra State Electricity Transmission Company - INR 312 crores

Ashoka BuildconQ4 FY25

Ashoka Buildcon Q4 FY25 Earnings Call Analysis

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

Price: ₹102.91P/E: 4.3Market Cap: ₹2.9K Cr

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 4

Revenue growth guidance for FY'26 is around 10%, revised down from an earlier 15% estimate due to delayed project starts (Page 7, 8).
Growth is expected to be muted in Q1-Q2 FY'26 due to delays in land acquisition and forest clearances; major pick-up anticipated in Q3-Q4 FY'26 (Page 7, 8).
FY'27 is expected to see much better growth with projects running at full swing and conversion of new orders received (Page 7, 8).
Order inflows for FY'26 are targeted between INR 10,000 to 12,000 crores, spread across roads, railways, power, and other infrastructure segments (Page 12).
The company focuses on specialized structures to mitigate competitive pressures in NHAI bidding (Page 12).
EBITDA margins forecast to improve to around 10% - 10.5% in FY'26 (Page 13).
Positive cash flows from operations anticipated in FY'26, excluding asset monetization (Page 13).

Margin guidance

Category 3

Revenue growth guidance for FY'26 is around 10%, a revision from earlier 15%, mainly due to delayed project starts in Q1-Q2 related to land acquisition and forest clearances. (Page 7, Page 8)
EBITDA margin expected to improve to approximately 10%-10.5% in FY'26, supported by new order book mix and better operating efficiencies. (Page 13, Page 8)
Expectation of positive standalone operating cash flows in FY'26, moving from a negative operating cycle in FY'24-25. (Page 13)
Order inflow target of INR 10,000 to 12,000 crores for FY'26, spread across roads, railways, power, water, and buildings sectors. (Page 12)
BOT and HAM asset monetization expected to reduce debt and finance costs significantly by FY'26 and FY'27, supporting profit growth. (Page 16, Page 17)
Enhanced focus on specialized highway structures and diversified infrastructure segments to sustain margin growth. (Page 12)

See what Ashoka Buildcon management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No explicit mention of new fundraising through debt or equity in the recent discussion.
Debt levels are expected to reduce substantially by FY26 through asset monetization (BOT and HAM projects).
By March 2026, approximately Rs. 4,500 crores of debt is expected to be reduced from liabilities held for sale.
Current debt cost is around 8%-9.5%; reducing debt is expected to lower finance costs by Rs. 300-400 crores.
The company plans capital infusion of around Rs. 250 crores in FY26 and Rs. 112 crores in FY27 for HAM projects.
No specific plans on equity infusion mentioned, but management references using cash for growth and potential sharing with investors (dividend/buyback).
Debt refinancing or new borrowing assumptions are based on maintaining current capital cycle needs and monetization outcomes.

Order book

As of March 31, 2025, Ashoka Buildcon's balance order book stands at INR 14,905 crores (excluding post-March orders of INR 795 crores).
Order book break-up:
- Roads and Railways projects: Approximately INR 10,867 crores (72.9% of total).
- HAM projects: INR 1,859 crores
- EPC road projects: INR 8,688 crores
- Railway projects: INR 320 crores
- Power Transmission & Distribution: INR 3,618 crores (24.3% of total)
- EPC building segment: INR 420 crores (2.8% of total)
New orders received:
- Maharashtra State Electricity Transmission Company - INR 312 crores (substation project)
- Central Railway - INR 569 crores (gauge conversion project)
Target Order Inflow for FY'26: INR 10,000 to 12,000 crores, distributed across roads (INR 7,000-8,000 crores), railways (~INR 2,000 crores), power, water, and buildings.

See what Ashoka Buildcon management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned CAPEX target for FY'26 is around Rs. 200 crores across all segments.
Equity infusion in HAM projects is expected to be INR 250 crores in FY'25-26 and INR 112 crores in FY'26-27.
The company is focusing on specialized structures and segmented projects to improve margins and execution.
There is ongoing asset monetization including sale of BOT subsidiaries, which will reduce debt and finance costs.
No specific mention of strategic investments beyond asset monetization and order book expansion in roads, railways, and power sectors.
The company is also scouting for investors for certain projects like Chennai-ORR to complete monetization.

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