Akash Infra-Projects Ltd. (AKASH) AI Stock Analysis

• Market Cap: ₹472.99M
• Dividend Yield: N/A
• Average Volume (3M): 33.57K
• Price to Earnings (P/E): 30.9
• Beta (1Y): 0.33
• Revenue Growth: 51.76%
• EPS Growth: N/A
• Country: IN
• Employees: 32
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): -0.65
• Shares Outstanding: 16,862,534
• 10 Day Avg. Volume: 15,662
• 30 Day Avg. Volume: 33,569
• PEG Ratio: 0.51
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 8.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹30.00 ▲(24.48% Upside)

Overall score reflects moderate financial performance (improving cash flow but leveraged balance sheet and uneven profitability), supported by strong technical momentum with an overbought RSI, while valuation is a headwind due to a high P/E and no dividend yield data.

Positive Factors

Free Cash Flow Improvement

The shift to positive free cash flow in 2025 reflects improved conversion of operations to cash. Sustained FCF supports self-funded capex, reduces dependence on external financing, enhances liquidity and gives the firm durable flexibility to pursue projects or weather downturns.

Operating Cash Generation

Operating cash flow materially exceeding net income indicates core activities generate real cash. Persistent cash generation strengthens working capital for large contracts, reduces need for short-term borrowing, and improves ability to service debt across project cycles.

Revenue Recovery

An 8.68% revenue rebound year-over-year signals recovering demand or project execution. If sustained, revenue growth supports scale effects, better absorption of fixed costs and a platform for margin recovery, reinforcing competitive position in engineering and construction.

Negative Factors

High Leverage

A debt-to-equity ratio around 1.02 denotes meaningful leverage, raising interest and refinancing risks. High indebtedness can constrain bidding flexibility, limit capital allocation to growth, and increase vulnerability to cyclical downturns in the construction sector.

Volatile Profitability

Persistent margin volatility and low net income undermine earnings predictability and reserve-building. For an E&C firm, inconsistent profitability suggests project execution, pricing or cost control issues that could persist and limit sustainable cash generation and reinvestment.

Low Return on Equity

Relatively low ROE indicates weak efficiency in converting shareholder capital into profits. Low returns curb the firm's ability to self-finance growth and reduce investor appeal; combined with existing leverage, this signals constrained capital efficiency over the medium term.

Akash Infra-Projects Ltd. Business Overview & Revenue Model

Company Description

Akash Infra-Projects Limited engages in the civil construction business in India. It undertakes various government contracts for the construction, resurfacing, widening, and repair of roads and bridges. The company is also involved in the construction of buildings, culverts, dams, godowns, etc.; and mining business. In addition, it operates and manages hotel under the Pathikashram name; and provides finance and real estate services, as well as operates a retail petroleum outlet in Gujarat, India. The company was founded in 1997 and is based in Gandhinagar, India.

How the Company Makes Money

Akash Infra-Projects Ltd. generates revenue primarily through the execution of large-scale infrastructure projects, where it earns income from construction contracts, project management fees, and consultancy services. The company typically engages in bidding for government contracts, which constitute a significant portion of its revenue stream, providing a steady flow of income due to the long-term nature of these projects. Additionally, AKASH may also enter into public-private partnerships (PPPs) that allow it to share investment risks and benefits with government entities, further enhancing its revenue potential. The company may also derive earnings from maintenance and operational contracts following the completion of construction projects, ensuring a continuous revenue stream from previously completed works.

Akash Infra-Projects Ltd. Financial Statement Overview

Summary

Akash Infra-Projects Ltd. shows moderate financial health with stable gross profit margins and improved cash flow management. However, high debt levels and fluctuating profitability metrics pose risks.

Income Statement

Akash Infra-Projects Ltd. has shown moderate financial performance over the years. The gross profit margin has been relatively stable, but the net profit margin and EBIT margin have fluctuated, indicating some volatility in operational efficiency. The revenue growth rate from 2024 to 2025 was 8.68%, showing signs of recovery after a previous decline. However, the net income remains low, impacting profitability metrics.

Balance Sheet

The balance sheet indicates a high level of debt with a debt-to-equity ratio of approximately 1.02 in 2025, reflecting potential financial leverage risks. The equity ratio is around 40.64%, which is decent, but the high indebtedness could pose stability concerns. ROE is relatively low, suggesting the company is not efficiently utilizing equity to generate profits.

Cash Flow

The cash flow statement shows improvement in free cash flow from negative to positive in 2025, indicating better cash management. The operating cash flow to net income ratio is strong, suggesting operational activities are generating sufficient cash to cover net income. However, historical cash flow volatility could be a concern for investors.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	645.18M	579.96M	595.23M	617.80M	721.23M	670.57M
Gross Profit	199.50M	193.62M	125.20M	282.87M	113.58M	244.87M
EBITDA	68.00M	69.11M	57.35M	67.81M	-97.45M	56.90M
Net Income	3.77M	5.52M	2.26M	13.79M	23.23M	11.53M
Balance Sheet
Total Assets	0.00	2.08B	2.10B	1.92B	1.50B	1.38B
Cash, Cash Equivalents and Short-Term Investments	63.81M	69.56M	37.97M	34.02M	36.81M	117.72M
Total Debt	0.00	862.29M	907.88M	605.64M	227.15M	239.57M
Total Liabilities	-847.41M	1.24B	1.26B	1.09B	675.32M	575.47M
Stockholders Equity	847.41M	846.65M	837.97M	835.27M	822.52M	799.21M
Cash Flow
Free Cash Flow	0.00	52.05M	-227.17M	-338.74M	-22.04M	-28.26M
Operating Cash Flow	0.00	95.48M	-226.81M	-334.83M	-12.63M	-23.71M
Investing Cash Flow	0.00	3.96M	-10.33M	5.15M	51.82M	1.36M
Financing Cash Flow	0.00	-93.28M	235.15M	333.73M	-38.92M	20.27M

Akash Infra-Projects Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 24.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AKASH, the sentiment is Positive. The current price of 24.1 is below the 20-day moving average (MA) of 26.48, below the 50-day MA of 26.33, and below the 200-day MA of 27.56, indicating a bullish trend. The MACD of 0.85 indicates Negative momentum. The RSI at 53.88 is Neutral, neither overbought nor oversold. The STOCH value of 48.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:AKASH.

Akash Infra-Projects Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AKASH	66 Neutral	₹472.99M	30.86	―	―	51.76%	―
RPPINFRA	60 Neutral	₹4.48B	7.29	―	0.47%	-7.32%	-26.92%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SADBHIN	44 Neutral	₹1.25B	-1.86	―	―	4.63%	67.17%
KRIDHANINF	40 Underperform	₹372.48M	5.69	―	―	535.41%	―