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The agency has also affirmed the company’s short-term rating at ‘ACUITE A1+’.
Acuité Ratings had previously placed the company’s rating on 'Rating Watch with Developing Implications' on account of impending asset monetisation transactions.
Acuite notes that ABL has completed the monetization of 5 BOTs (build-operate-transfer) and 5 HAMs (hybrid annuity model) resulting in total proceeds of Rs 2817 crore.
The proceeds have been utilized to provide an exit to SBI Macquarie, reduction in short term borrowings thereby strengthening the capital structure of the company, make payments to Viva Highways (VHL) to acquire stake in Jaora Nayagaon Toll Road Company (JNTCPL) and settle vendor payments to avail cash discounts. Hence, the rating has been removed from rating watch.
The remaining monetization of 6 HAM assets are expected to be completed by Q1 FY27 with an inflow of Rs 1100 crore. the timely completion of this transaction will remain key monitorable factor.
The rating reaffirmation reflects a steady scale of operations with comfortable order book albeit subdued operating performance.
The company’s unexecuted order book remains robust at Rs.16,477 crore as of 06 February 2026, providing revenue visibility at 2.33x of FY25 revenue. The order book is well-diversified across roads, buildings, power and railways. Additionally, the company has established a subsidiary in Saudi Arabia to tap infrastructure opportunities in the Middle East.
The rating further factors in moderation in the company’s financial risk profile due to decrease in debt protection metrics during FY25. The increase in debt has led to higher interest costs, while lower accruals have resulted in a decline in both interest coverage ratio (ICR) and debt service coverage ratio (DSCR).
Despite this moderation, the company’s tangible net worth has increased, and gearing remained below unity in FY25. The working capital cycle remains intensive due to inherent nature of the business.
Ashoka Buildcon undertakes engineering, procurement and construction (EPC) contracts for the road, railways, buildings and power sector. The company is also the leading players in the BOT (build, own, transfer) segment and hybrid annuity model (HAM).
The scrip fell 1.82% to currently trade at Rs 137.75 on the BSE.
The said project is valued at $ 45,276,621.07. The construction work is scheduled to be completed within a period of 24 months.
Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads.
The company’s consolidated net profit zoomed 222.59% to Rs to Rs 2,111.41 crore in Q3 FY26 as against Rs 654.50 crore posted in Q3 FY25. Revenue from operations fell 23.47% YoY to Rs 1,827.33 crore in the quarter ended 31 December 2025.
The counter declined 4.26% to settle at Rs 151.75 on the BSE.
The entity awarding the order, Diriyah Company, Kingdom of Saudi Arabia, Public Investment Fund, a state owned Sovereign Wealth Fund that invests in domestic and international sectors.
However, revenue from operations fell 23.47% YoY to Rs 1,827.33 crore in the quarter ended 31 December 2025.
Profit before tax were at Rs 2,609 crore in Q3 FY26, up 750.80% as against Rs 306.65 crore in Q3 FY25.
Total expenses declined 22.92% YoY to Rs 1,633.86 crore in Q3 FY26. The cost of materials consumed stood at Rs 470.37 crore (down 33.56% YoY), while employee benefit expenses were at Rs 98.78 crore (down 13.58% YoY), and finance cost stood at Rs 200.22 crore (down 35.97% YoY).
On a standalone basis, the company’s net profit surged 68% year-on-year to Rs 101.8 crore in Q3 FY26, even as revenue from operations declined 18.35% to Rs 1,463.04 crore compared with Q3 FY25.
EBITDA stood at Rs 157.4 crore in Q3 FY26, down 16% compared with Rs 187.1 crore in Q3 FY25. EBITDA margin improved to 10.6% in Q3 FY26 from 10.3% posted in the same quarter last year.
On a standalone basis, the company’s debt stands at Rs 1,046 crore, comprising Rs 79 crore in equipment loans, Rs 667 crore in working capital loans, and Rs 300 crore in non-convertible debentures (NCDs).
As of 31 December 2025, the company’s total order book stood at Rs 15,927 crore, before exceptional gains. Road EPC projects accounted for Rs 7,025 crore, or 44.1% of the total, while Road HAM contributed Rs 1,705 crore (10.7%). Building EPC orders were Rs 528 crore (3.3%), railways Rs 1,562 crore (9.8%), and Power T&D projects Rs 5,108 crore (32.1%).
Shares of Ashoka Buildcon added 3.72% to end at Rs 149.99 on Friday, 30 January 2026.
Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads. The company reported an 82.92% decline in consolidated net profit to Rs 78.06 crore in Q2 FY26 as against Rs 457.04 crore posted in Q2 FY25.
The scrip rallied 2.08% to settle at Rs 144.70 on the BSE.