ASHOKA Q1 FY27 earnings call.
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Revenue
₹1,500 Cr
verified against source
Revenue YoY
0%
reported change
EBITDA
₹126 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ashoka Buildcon reported a flat standalone Q1 FY27 with revenue of INR 1,320 crore and EBITDA of INR 126 crore (down 17% YoY), impacted by subdued domestic highway awarding and upfront costs for new verticals. Management lowered FY27 revenue growth guidance from 20% to 10-15% citing supply chain uncertainties and expects EBITDA margins to be 9-9.5% for the year with H2 ramp-up. The order book stands at INR 15,251 crore with international diversification yielding wins in Guyana (INR 338 crore) and industrial park development in Chhattisgarh (INR 450 crore). HAM asset monetization program targeting INR 1,150 crore from six assets is delayed to Q2/Q4 from original Q1/Q3 timeline. Railway and power T&D segments showed encouraging growth with 11.5% and 18.4% revenue contribution respectively. Near-term risks include delayed project execution (Bodh Gaya appointed date pushed to October), working capital pressure from power T&D collections, and continued weakness in domestic road awarding. International presence expanding to 10 countries from current 7 provides partial mitigation.
Colored figures show movement against the previous available record.
Guidance to track
- Lowered from initial 20% guidance due to flat Q1 performance, supply chain uncertainties, and muted domestic highway awarding. H2 expected to see ramp-up.
- Lowered by 50bps from earlier ~10% target. New projects in initial execution phase are incurring establishment costs which will rationalize in H2.
- Already secured 800 crore in Q1; L1 positions of 1,800 crore expected to materialize in Q2. Management confident of achieving full target.
- Management expects margins to improve to 10.5-11% range as projects stabilize and new verticals mature. Intends to achieve 'two digit' margins next year.
Risks flagged
- Bodh Gaya highway appointed date pushed to first week of October with only 15% work expected in FY27, potentially impacting revenue recognition and margin recovery timeline.
- Collections in power transmission and distribution segment have been delayed, with approximately 250 crore infused in Q1 for new project mobilization. Working capital expected to normalize by year-end but creates near-term cash flow risk.
- Sale of 6 HAM assets originally planned for Q1/Q3 has been revised to Q2/Q4 with compliance-related delays. Small holdbacks of 30-40 crore possible. Total expected realization 1,150 crore may face further execution risk.
- NHAI moving to larger size packages may concentrate competition among quality players but could also pressure margins. International expansion may carry execution and currency risk not yet quantified.
Key quotes
- We are lowering down from 20% [growth guidance] to between 10 to 15%. Because this quarter has been flat due to various reasons and various uncertainties particularly supply chain.
- The opportunity in railways is no longer limited to traditional track construction. It is increasingly spanning over electrification, signaling, safety systems, freight infrastructure, station development.
- Q3, Q4 we expect good awarding to happen and of late NHAI also going for bigger size packages. So that will definitely rationalize the competition.
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