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Project execution delays due to land acquisition and forest clearances
View Risks →Ashoka Buildcon Limited — Q2 FY26
Ashoka Buildcon's Q2 FY26 consolidated revenue fell 35% YoY to ₹1,198 crore, impacted by extended monsoons and project delays.
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Ashoka Buildcon's Q2 FY26 consolidated revenue fell 35% YoY to ₹1,198 crore, impacted by extended monsoons and project delays. EBITDA declined 32% YoY to ₹642 crore, though margins improved to 33.6% due to asset sales. PAT stood at ₹91 crore, including exceptional losses from subsidiary divestments. The company completed the sale of five HAM assets for ₹1,146 crore, with proceeds used to reduce debt and acquire CCDs. Management expects H2 revenue to recover, targeting flattish full-year EPC turnover, with order inflows of ₹6,000-7,000 crore. Key risks include further delays in land acquisition and forest clearances for Maharashtra projects, and slower-than-expected monetization of remaining HAM assets.
अशोका बिल्डकॉन की दूसरी तिमाही (जुलाई-सितंबर 2025) की कमाई पिछले साल की तुलना में 35% घटकर ₹1,198 करोड़ रह गई। इसकी वजह लंबी बारिश और प्रोजेक्ट्स में देरी थी। कंपनी का मुनाफा (EBITDA) भी 32% घटकर ₹642 करोड़ हो गया, लेकिन संपत्ति बेचने से मार्जिन 33.6% तक सुधरा। कुल मुनाफा (PAT) ₹91 करोड़ रहा, जिसमें सहायक कंपनियों को बेचने का घाटा भी शामिल है। कंपनी ने पांच HAM प्रोजेक्ट ₹1,146 करोड़ में बेचे और इस पैसे से कर्ज घटाया। अब उम्मीद है कि साल की दूसरी छमाही में कमाई सुधरेगी और पूरे साल का कारोबार पिछले साल जितना रहेगा। नए ऑर्डर ₹6,000-7,000 करोड़ मिलने की संभावना है। लेकिन महाराष्ट्र के प्रोजेक्ट्स में जमीन और जंगल की मंजूरी में देरी से जोखिम है।
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Read Transcript →Quarter Snapshot
Order Book
₹14,888 crore
flat vs Q1 FY26
Order book as of Sep 30, 2025, excluding post-quarter orders of ₹468 crore and cancellation of ₹279 crore.
Toll Collection Growth
₹357 crore
+13% YoY
Gross toll collections in Q2 FY26 increased 13% YoY to ₹357 crore, indicating healthy traffic growth.
HAM Asset Monetization Proceeds
₹1,146 crore
completed in Q2
Sale of five HAM assets to Episodic Concessions for ₹1,146 crore, with ₹96 crore contingent consideration pending.
Railway Order Wins
₹1,039 crore
new in Q2
Secured two railway electrification contracts worth ₹499.95 crore and ₹539.35 crore from Northwestern Railway.
Fast read
Guidance and risk preview
Management expects full-year EPC revenue to be similar to last year, implying strong H2 growth to offset H1 decline.
Two Maharashtra projects are stalled pending forest and land clearances, with potential start pushed to December or March.
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