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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
86%Questions answered0Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
Status and timeline for five HAM subsidiary proposals.
Asked by Thrisharati, Inam Securities
Management gave a specific date for completion.
Read the exchange
Question
what is the latest status on the proposal of the five b subsidiaries infrastructure and what timeline should be assumed for the completion.
Management
For the uh five projects we expect to uh conclude the transition uh by 30th November.
Answered
Medium priority
Long-term portfolio mix: EPC vs HAM/BOT focus.
Asked by Thrisharati, Inam Securities
Management clearly stated EPC is core but will selectively pursue HAM/BOT.
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Question
how should we think about the long-term portfolio mix does the company remain focused on ETC or is the continued interest in HM and B assets selectively?
Management
EPC continues to be our forte as a business... We will continue to build for ham and B projects as and when opportunities arise.
Answered
Medium priority
Details on SSL resolution plan approved for 80 crores.
Asked by Dr. Amita, homeopathic clinic
Management provided detailed background and current status.
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Question
there was this article on 29th of October uploaded by the company regarding this SSL resolution plan approved for 80 crores... Can you just brief us about that?
Management
one of the lands was taken up for JDA development... the project could not go as enriched and it went into NCLT... the company has bid for this project through its subsidiary Ashokaways and has given an offer to settle the loan for this project from LIC housing for 81 crores.
Declined
Low priority
Book value of land bank in Pune and Nasik.
Asked by Dr. Amita, homeopathic clinic
Management refused to provide the number, deferred to later.
deferred to later
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Question
what is the book value of that land bank either I can mention the books or the current book value is current value of the proper land.
Management
Maybe can come back separately on this.
Answered
High priority
How was consolidated cash of 1826 crores arrived at and usage plan.
Asked by Dr. Amita, homeopathic clinic
Management explained the composition and usage of cash.
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Question
We have this 1826 close on consolidated cash. So how did we arrive at this in this quarter and how we plan to use it in future?
Management
This 1826 crores is largely cash lying at our various beauty projects and substantial cash lying at Ashoka Bitcoin... out of this almost 900 crores... was utilized for procuring the CCDs of mercury which we have said of approximately 882 crores.
Partial answer
High priority
Revenue decline in H1 and guidance for full year revenue and margins.
Asked by web, GM Financial
Management gave revenue guidance but did not provide margin guidance.
no margin guidance given
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Question
we have seen a sharp decline in terms of revenue in the first half. So how do you see the growth in the second half and the guidance for the entire year both for revenue and margins?
Management
We expect to close this year with the same turnover as last year on the EPC.
Answered
High priority
Risk of cancellation for other MSRDC packages after one was cancelled.
Asked by web, GM Financial
Management explicitly denied risk to other packages.
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Question
one of our MSR project was cancelled. So is there a risk to other packages as well?
Management
No. So apart from take up so this project particularly underwent lot of change of scope... So there is no risk for any other project.
Partial answer
Medium priority
Impact of project delays on H2 cash flow and risk of more project withdrawals.
Asked by Pankage Agaral, individual investor
Management gave qualitative assurance but no quantitative cash flow impact.
no specific cash flow numbers
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Question
is this delay in the project education because of monsoon etc. Is this going to impact our cash flow realization in H2? Will it get shifted? And second thing, there were few projects that were withdrawn in Q2... are there more surprises or premature withdrawal?
Management
It will not largely impact cash flows the way it is moving now it will slightly improve by margin but will move on the same pattern.
Answered
High priority
Improvement in tender activity in Q3 with NHAI acceleration.
Asked by Raj Mata, MR advisor
Management confirmed increased tender activity.
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Question
has the company seen an improvement in tender activity in Q3 especially with the MXI planned acceleration of awards to S2.
Management
We have building more than 80,000 K project lined up now for which dates have been declared... definitely they're aggressive in building as well as awarding in H2.
Partial answer
High priority
Key drivers for increased net debt and interest cost, and deleveraging outlook.
Asked by Raj Mata, MR advisor
Management gave qualitative deleveraging expectation but no quantitative drivers.
no specific debt level numbers
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Question
The net debt levels and interest cost have increased in this quarter. Can you please guide me on the key drivers and do you expect any deleveraging by the end of 26?
Management
Definitely we there's a substantial deleveraging happening in this H2 after realization of the monetization proceeds of the B projects and interest cost would go will be reduced.
Answered
High priority
Bid pipeline across segments for H2.
Asked by Wasid, Noama Wealth Management Limited
Management provided a specific range for bid pipeline.
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Question
can you give us what is the bid pipeline across all the segments for second half that we're targeting.
Management
We targeting around 6 to 7,000 crores across the sectors. We are building roads, railways, power, solar projects, buildings.
Answered
High priority
Pending equity requirements for HAM projects and infusion timeline.
Asked by Wasid, Noama Wealth Management Limited
Management gave specific equity amounts and timeline.
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Question
what would their pending equity requirements for the hand projects like pending to be infused approximately?
Management
On the equity requirement on the latest project bi is approximately 225 crores... kanapur project approximately 100 odd crores is to be invested.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Next year revenue growth target of 10-15%. | 15% | -35% | Overstated vs filing |
| EBITDA margin guidance of 10-11% for this year and next. | 11% | 32% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.