Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Oct - Independent ESG rating agency assigned Ashoka Buildcon an ESG rating of 41.
Source: Bse
Ashoka Buildcon Limited (ASHOKA)
Micro CapInfra stocks · Micro cap · NSE
Ashoka Buildcon is an Indian infrastructure developer with 50+ years of experience, specializing in EPC for roads, highways, railways, power T&D, and buildings. It has constructed over 16,000 lane-kms of highways and manages an order book of INR 15,312 Cr as of March 2026, employing a full-cycle asset monetization strategy.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result11 Aug, 09:25 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -6.1% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ASHOKAD candles · FIT view-22.7%Latest close ₹102.91 on 2026-10-19
Bar
-2.0%
RSI
35
MACD hist
0.04
52W pos
2%
2026-10-19O ₹105.05H ₹105.19L ₹102.30C ₹102.91Vol 4.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASHOKANifty InfraNifty 500
- ASHOKA
- -16.7%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -11.2 pp
Chart stats
19 Oct 2026- From 52W high
- -52.0%
- 52W range position
- 2%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.60x
- Avg traded value
- ₹7.2 Cr
- 20D price channel
- ₹100.3 - ₹115.8
₹214.5
₹100.3 - ₹214.5
₹3
Latest completed session
20-session average
25.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -20.5% · PAT -44.0% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model+18.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -21% YoY · PAT -44% YoY · margin compression
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,500 Cr | -20.5% | -23.2% |
| EBITDA | ₹258 Cr | -56.9% | +0.0% |
| Operating margin | 17.0% | -1500 bps | +400 bps |
| PAT | ₹127 Cr | -44.0% | -13.6% |
| PAT margin | 8.5% | -356 bps | +95 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.35
- P/B
- 0.45
- EV/EBITDA
- 2.69
- Market Cap
- 2944.00Cr
Profitability
- ROE
- 0.73%
- ROCE
- 26.40%
- ROA
- 19.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -33.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -51.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 2.25×
- Altman Z
- 2.11
- Book Value
- 234.00
Cash Flow
- FCF Yield
- 65.59%
- FCF Positive Y
- 9/5
- OCF
- 655.00 Cr
- EPS TTM
- 87.64
Shareholding
- Promoter Hold
- 54.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 7,520-25.1% vs prev
Net Profit
₹ CrLatest: 2,576+48.6% vs prev
Return on Equity
%Latest: 1,840+6880.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-9.3%
3M return
-16.7%
6M return
-25.2%
1Y return
-46.2%
RS 1D
-1
RS 20D
-5
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 15.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 55.53-0.93%
RS vs Nifty 50056
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation28/30
Growth6/25
Quality2/20
Balance Sheet8/15
Cash Flow10/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 65.6%.
- Fair-value margin of safety is positive at 18.8%.
- Cash flow contributes 10/10 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 6/25; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
4.3
PB
0.5
EV/EBITDA
2.7
ROE
0.7%
ROCE
26.4%
FCF Yield
65.6%
Debt/Equity
0.2
MoS
+18.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+18.8%
Previous: +18.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
58
58
58
58
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹679.28
+84.9% MoS
Growth-justified P/E
1.4
Growth-justified Value
₹126.2
+18.8% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DBL
Micro
Dilip Buildcon Limited
Construction & Engineering
match 82
55
11.7
5.5%
+56%
FAIR VALUE
HGINFRA
Micro
H.G. Infra Engineering Limited
Construction & Engineering
match 66
27
10.3
8.5%
-58%
OVERVALUED
PNCINFRA
Micro
PNC Infratech Limited
Construction & Engineering
match 66
45
6.1
2.4%
-110%
WATCHLIST
EIEL
Micro
Enviro Infra Engineers Limited
Construction & Engineering
match 65
55
17.5
16.8%
+28%
FAIR VALUE
AHLUCONT
Micro
Ahluwalia Contracts (India) Limited
Construction & Engineering
match 63
57
16.5
13.8%
+32%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-11T14:12:15.218Z
Management commentary snapshot
Ashoka Buildcon reported a 25% YoY decline in consolidated turnover to INR 7,705 Cr in FY26, attributed to lower EPC execution and asset sales. Despite this, consolidated operating margins improved to 27%, standalone net profit rose 62%, and consolidated debt significantly reduced due to asset monetization.
The thesis is under stress due to the substantial decline in consolidated turnover, indicating execution challenges or a strategic shift impacting top-line growth. However, the significant reduction in consolidated debt, improved operating margins, and a robust, diversified order book, including new international projects, provide a foundation for future recovery.
Current business mix
Order Book by Segment (as on March 31, 2026)
Latest issuer-disclosed distribution across 5 reported categories.
Road EPC46.3%
Road HAM10.6%
Building EPC3.7%
Railways9.3%
Power T&D30.2%
Growth engines
Diversified Order Inflow
Secured new EPC orders across bridges, water treatment, railways, and smart infrastructure projects totaling over INR 6,500 Cr.
International Expansion
Received international EPC orders worth USD 392 Mn from Guyana, Liberia, Angola, and Saudi Arabia.
Asset Monetization
Continued program of developing, constructing, operating, and divesting infrastructure assets to recycle capital efficiently.
Focus on EPC Business
Management states focus on maintaining a sustainable EPC business in roads, highways, railways, power T&D, and buildings.
Capacity and execution
Project Execution/Completion
Received Provisional/Completion Certificates for multiple road projects in India and Guyana, and power projects in Assam and J&K during FY26.
Tailwinds
Government Infrastructure Push
Significant new orders from various government bodies (BMC, PWD, Bihar Rajya Pul Nirman Nigam, MVD Maharashtra) indicate strong domestic infra spending.
Strategic Asset Monetization
The company's strategy of divesting assets reinforces full-cycle capabilities and efficient capital recycling, reducing debt.
Headwinds
Lower EPC Execution
FY26 turnover reduction is attributed by management to lower execution of EPC work.
Impact of Asset Sales on Revenue
Stake sale of HAM/BOT projects during the year contributed to the reduction in FY26 turnover.
Risk radar
Execution Risk
Management cited lower EPC execution as a reason for the significant decline in FY26 consolidated turnover.
Revenue Volatility from Asset Sales
While beneficial for debt reduction, asset monetization can lead to short-term revenue declines, as seen in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Financial results are presented on an annual basis, reflecting full fiscal year performance and strategic shifts like asset monetization, which significantly impact year-over-year comparisons.
Sector KPIs management disclosed
Order Book
INR 15,312 Cr as on March 31, 2026.
Consolidated Turnover
INR 7,705 Cr in FY26, down from INR 10,205 Cr in FY25.
Consolidated Operating Margins
27% in FY26, up from 25% in FY25.
Standalone Net Profit
INR 320 Cr in FY26, up from INR 197 Cr in FY25.
Management forward view
Sustainable EPC Focus
Management states the company's focus remains on maintaining a sustainable EPC business across roads, railways, power T&D, and buildings.
Active Asset Monetization
The company is actively pursuing the sale of HAM projects in national highways to recycle capital.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion to Revenue | FY26 turnover declined despite a large order book. | Improved execution leading to higher revenue realization from the order book. |
| New Order Inflow & Diversification | Strong new order wins, including international and diversified segments. | Continued momentum in order wins and successful entry into new geographies/segments. |
| Debt Management | Consolidated debt significantly reduced post asset sales. | Maintenance of low debt-equity ratio and prudent financial management. |
| Operating Margins | Consolidated operating margins improved to 27% in FY26. | Sustained or further improvement in profitability amidst execution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 51st percentile within Infra. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
181 docs text-extracted · 81 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Infra: 51st pctile, median 64 · Micro: 25th pctile, median 73
Evidence depth
Financial-only
181 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
56
watch · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 59.5%.
- ▸9 years of positive FCF.
- ▸ROCE is 26.4%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 0.7%.
- ▸ROCE trend is -4.6%.
- ▸0/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ashoka Buildcon Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Oct - Ashoka Buildcon receives LOA from North Eastern Railway for Rs290.23 crore EPC traction substation project; 24-month execution.
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 23 Sep - Ashoka Buildcon acquired 100% of Sakoli Power Transmission for Rs.3.06 crore on September 23, 2026.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 26 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Copies of newspaper publication published in Free Press Journal (English) and Punyanagari (Vernacular ....
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Copies of newspapers publication published in Free Press Journal (English) and Punyanagari ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 26 Jun - Received LOA for Guyana four-lane highway project worth GYD$7.46 billion, to be executed in 20 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 13 Jun - Ashoka Buildcon received LOA for Raipur Gems & Jewellery Park PPP project; premium Rs112.40 crore.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Jun - CRISIL reaffirmed and withdrew Ashoka Buildcon’s AA-/Negative and A1+ debt ratings at company request.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 May - We hereby enclose copies of newspaper advertisement regarding audited standalone and consolidated financial results of the Company for the quarter for the quarter and year …
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.