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Revenue
₹1,851 Cr
verified against source
Revenue YoY
-35%
reported change
EBITDA
₹642 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year EPC revenue to be similar to last year, implying strong H2 growth to offset H1 decline.
- Company aims to add ₹6,000-7,000 crore of new orders in H2 FY26 across roads, railways, power, and buildings.
- Management guided EBITDA margins for EPC business in the range of 10-11% for FY26 and FY27.
- Post monetization of remaining HAM assets, standalone debt expected to reduce substantially, with only ~₹425 crore of instruments outstanding.
Risks flagged
- Two Maharashtra projects are stalled pending forest and land clearances, with potential start pushed to December or March.
- Monetization of four HAM assets by March and two by June may slip if approvals or investor due diligence are delayed.
- The ₹700 crore contingent consideration from BOT asset sales could be reduced to ~₹500 crore due to NHI claim uncertainties.
- One MSRDC project (₹279 crore) was cancelled due to scope changes; similar issues could affect other packages.
Key quotes
- We expect to close this year with the same turnover as last year on the EPC.
- By the year end we expect our debt levels to be as good as at zero level.
- We are not looking at any new sector other than what we are presently working at.
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