Ashoka Buildcon Ltd

- The company is focused on deleveraging its balance sheet by monetizing BOT and HAM assets, reducing consolidated debt from around INR4,910 crores to about INR2,700 crores as of December 31, 2025. - Post monetization of additional HAM projects, debt levels are expected to reduce further to approximately INR200-300 crores by March or April 2026. - No explicit mention of new debt or equity fundraising during the period. The preference appears to be on using cash proceeds from asset monetization for future project investments. - The management highlighted leveraging the leaner balance sheet to pursue new development projects, including solar and BOT projects, funded via cash generated rather than fresh borrowing. - Any future capital needs seem to be planned through selective asset monetization and order book expansion, not immediate external fundraising via debt or equity.

- Q3 FY26 capex was approximately INR 15 crores. - Expected capex in Q4 FY26 is around INR 25 crores. - Total capex for the year FY26 expected to be around INR 75-80 crores. - HAM equity investment balance is approximately INR 320 crores. - Out of this, INR 220 crores is for the new HAM project Bowaichandi, and the balance is for Tumkur-Shivamogga III and IV. - Further INR 180 crores planned to be invested by March 2026-27, split approximately INR 72 crores for March '26-'27 and INR 72 crores for March '27-'28, depending on appointed date. - Strategic focus on monetizing BOT/HAM assets to generate cash for new projects including solar and BOT. - New projects under bidding with a pipeline worth around INR 65,000 crores.

- For FY 2026, revenue is expected to be around 8% to 10% lower than FY 2025 due to delayed project starts and slow execution. - FY 2027 is projected to witness approximately 15% growth in revenue over FY 2026, driven by new project acquisitions and improved order book execution. - The order book intake expectation for FY 2026 is around INR 3,000-3,500 crore in the next two months. - For FY 2027, the company targets an order book intake of approximately INR 11,000 to INR 12,000 crore. - Margins are expected to improve from FY 2026 to FY 2027, with EBITDAR margins rising to around 9.5% to 11%, reflecting better project execution and bidding. - The company is focusing on expanding order book primarily through EPC contracts primarily in road sector but also targeting power, railways, and other infrastructure verticals.

- For FY'26, revenue is expected to be approximately 8-10% lower than the previous year due to delayed project starts, with PAT showing growth due to exceptional items. - For FY'27, management anticipates around 15% growth in revenue over FY'26, driven by new project inflows. - Margins are expected to improve gradually: Q4 FY'26 margins to remain stable; FY'27 EBITDA margin projected around 9.5% to 11%, with conservative expectations near 10-11%. - Order book intake for FY'26 is targeted at INR 3,000-3,500 crores in the remaining months; for FY'27, order intake vision is INR 11,000-12,000 crores across all sectors (road, power, state and central projects). - EPS growth expected synergistically with revenue and margin improvements, supported by continued deleveraging and asset monetization. - Overall, management is optimistic on earnings recovery and growth from FY'27 onwards, with strategic focus on EPC contracts and asset monetization.

- As of December 31, 2025, Ashoka Buildcon's balance order book stands at INR 15,927 crores. - Including orders received post-December 31, 2025, the total order book is INR 16,235 crores. - Roads and railway projects comprise about INR 10,292 crores (65% of total order book). - HAM road projects: INR 1,705 crores - EPC road projects: INR 7,025 crores - Railway projects: INR 1,562 crores - Power T&D projects amount to INR 5,108 crores (32.1% of total order book). - EPC building segment constitutes INR 528 crores (3.3% of total order book). - The entire order book is executable with appointed dates received and work in progress, except for Bowaichandi project (appointed date expected by February 2026). - Expected order intake for FY'26: INR 3,000-3,500 crores in the next two months. - Vision for order intake in FY'27: INR 11,000-12,000 crores including central and state government orders.