As of , Ashoka Buildcon Ltd (Construction & Contracting) has a deep value score of 59/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -28%.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Consolidated Debt: ₹2,722 Cr
Impact: Significant reduction from ₹4,910 Cr
“this led to a significant reduction in our consolidated debt from INR4,910 crores in September to INR2,722 crores in December 2025.”
What: Bid Pipeline: ₹65,000 Cr
“So current bid pipeline for NHAI is around INR65,000 crores... around INR3,000-odd crores order book should come in with probably NHAI.”
What: PAT growth of 68% YoY to ₹102 Cr
“Tax amount was negligible because of the deferred tax reversal of the provisions which we made for repayments.”
Earnings deceleration risks from management commentary
Trigger: NHAI and MoRTH have recalibrated focus toward corridor-based development, leading to a transition phase.
Management view: Diversifying into Power T&D and Railway sectors to mitigate road sector slowdown.
Monitor: regulatory
Trigger: A committee has been formed by NHAI to take a decision on the matter.
Management view: Monitoring the committee's progress; currently protected by court stay.
Monitor: litigation
Key quotes from recent conference calls
“So, we still hope we will be able to do back INR 6,000 crores to INR 7,000 crores in second half. [Previous Order Inflow guidance]”
“In the range of 10% to 11%. [Previous EBITDA Margin guidance]”
“4 of the HAM projects we expect to monetize by March, approximately INR750 crores plus and the last 2 projects approximately INR400 crores by June '26. [Initiative: Asset Monetization]”
“The awarding activity by the central agencies has remained subdued for the past 2 years... highway construction is expected to drop 10% to 15%. [Risk (regulatory): HIGH]”
Headline numbers from the latest earnings call
Revenue
₹1,492 Cr
Why: Revenue was impacted by a lower turnover and the coverage of fixed overheads, alongside a general slowdown in awarding activity.
Standalone revenue saw a double-digit decline year-on-year but improved sequentially from Q2.
EBITDA
₹157 Cr
Why: Margins were affected by lower turnover and an ECL provision of INR25 crores which increased other expenses.
Despite the absolute drop, margins improved slightly by 30 bps due to better cost management.
PAT
₹102 Cr
Why: PAT growth was driven by a deferred tax reversal of provisions made for repayments, making tax negligible for the quarter.
The bottom line benefited significantly from non-cash tax adjustments rather than operational growth.
Other Highlights
• Consolidated debt reduced to ₹2,722 Cr from ₹4,910 Cr in September 2025.
• Completed sale of 5 BOT SPVs to Maple Infrastructure Trust for ₹1,814 Cr.
• Acquired remaining Macquarie stake in ACL for ₹667 Cr, making it a 100% subsidiary.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Book
₹15,927 Cr
Why: Growth driven by new wins from BMC and Daman Public Works Department.
Roads & Railways % of Order Book
65%
Why: Slight shift as Power T&D orders increased.
Power T&D % of Order Book
32.1%
Why: Increased focus on non-road segments due to road awarding slowdown.
Consolidated Net Debt
₹2,722 Cr
Why: Reduction due to BOT asset monetization proceeds.
Jaora-Nayagaon Toll Collection
₹77.3 Cr
NHAI Bid Pipeline
₹65,000 Cr
Why: Reflects the transition phase and measured awarding transition by NHAI.
Pending HAM Equity Requirement
₹320 Cr
Why: Ongoing investments in Bowaichandi and Tumkur-Shivamogga projects.
ECL Provision
₹25 Cr
Why: Time-related provision for slightly delayed payments.
Forward-looking targets from management for FY26
Revenue Growth Target
8%
OPM Guidance
10–11%
Capex Plan
₹75 Cr
8% to 10% short of last year's revenue
REAFFIRMED
₹75 Cr to ₹80 Cr
General corporate capex
Guidance Changes
Revenue Growth: Flattish/Same as last year → 8-10% decline
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -23% | +19% | Stable |
| PAT (Net Profit) | +219% | +31% | Stable |
| OPM | 24.0% | -300 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Ashoka Buildcon Ltd has a deep value score of 59/100 (rated Average). This score is calculated from three components
Ashoka Buildcon Ltd's quarterly profit (PAT) growth trajectory
Ashoka Buildcon Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
Ashoka Buildcon Ltd's earnings momentum is Accelerating — profit growth is speeding up.
Ashoka Buildcon Ltd's valuation metrics
Ashoka Buildcon Ltd's revenue and margin trends
Ashoka Buildcon Ltd's trailing twelve month (TTM) performance
Ashoka Buildcon Ltd key facts
Ashoka Buildcon Ltd shows limited deep value signals currently — score is 59/100 (Average). Monitor for improvement.
Other deep value stocks in Construction & Contracting
Construction & Contracting deep value sector overview
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
Ashoka Buildcon Ltd has 3 key growth catalysts identified from recent earnings analysis
Ashoka Buildcon Ltd has 2 key risks worth monitoring
In Q3 FY26, Ashoka Buildcon Ltd's management highlighted
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
