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

• Market Cap: ₹408.75M
• Dividend Yield: N/A
• Average Volume (3M): 33.57K
• Price to Earnings (P/E): 11.8
• Beta (1Y): 0.46
• Revenue Growth: 51.76%
• EPS Growth: N/A
• Country: IN
• Employees: 32
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 0.54
• 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: 57 Neutral
• Price Target: ₹29.00 ▲(20.33% Upside)
• Action: Downgraded Date: 01/29/26
• Date: Action: Downgraded 01/29/26

The score reflects moderate financial performance (improving cash flow and revenue recovery) tempered by high leverage and uneven profitability. Technical indicators are notably weak with price below key moving averages and bearish momentum, while valuation offers limited support given a 26.13 P/E and no dividend yield data.

Positive Factors

Improving cash generation (positive FCF)

Free cash flow turning positive is a durable improvement: it increases the company's ability to service debt, fund capex or working capital, and invest in projects without external financing. Strong operating cash conversion reduces refinancing risk and supports medium-term resiliency.

Revenue recovery (2024-25 growth)

An 8.68% year‑on‑year revenue rebound indicates improving demand and better project execution. Sustained top-line recovery can help restore utilization and scale benefits, enabling margin stabilization and higher absolute cash generation over the coming 2–6 months.

Reasonable equity cushion (~40.64% equity ratio)

An equity ratio near 40.6% provides a meaningful capital buffer that supports solvency and gives management flexibility to handle project timing, cover losses, or raise incremental capital. This structural cushion helps absorb shocks compared with highly equity‑thin peers.

Negative Factors

High leverage (debt-to-equity ~1.02)

Leverage around 1.0 is a persistent constraint: it increases interest and refinancing obligations, narrows financial flexibility, and magnifies earnings volatility. With elevated debt, the firm is more exposed to rate or project‑cashflow shocks over the medium term.

Volatile profitability and low net income

Fluctuating EBIT and net margins reduce predictability of earnings and impair internal funding. Low net income limits the company’s ability to deleverage, invest in growth, or build reserves, making performance sensitive to project execution and contract pricing over months ahead.

Low return on equity (inefficient equity use)

Persistently low ROE signals management’s limited success in converting capital into returns. For shareholders this implies constrained long‑term value creation and suggests the firm may struggle to attract low‑cost capital or justify expansion without operational improvement.

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

Moderate fundamentals: improving revenue growth (8.68% from 2024 to 2025) and better cash generation with free cash flow turning positive. Offsetting this are fluctuating profitability (volatile net/EBIT margins), low net income, and elevated leverage (debt-to-equity ~1.02) with low ROE.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Negative
• Last Price: 24.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 24.1 is below the 20-day moving average (MA) of 25.45, below the 50-day MA of 25.67, and below the 200-day MA of 27.34, indicating a bearish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 47.25 is Neutral, neither overbought nor oversold. The STOCH value of 29.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
RPPINFRA	62 Neutral	₹3.61B	186.32	―	0.47%	-7.32%	-26.92%
AKASH	57 Neutral	₹408.75M	11.84	―	―	51.76%	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SADBHIN	47 Neutral	₹1.18B	-0.31	―	―	4.63%	67.17%
KRIDHANINF	44 Neutral	₹261.59M	-39.14	―	―	535.41%	―

Akash Infra-Projects Ltd. Corporate Events

Akash Infra-Projects Sets March 16 Virtual EGM With Remote E-Voting

Akash Infra-Projects Ltd. has scheduled an Extra-Ordinary General Meeting on March 16, 2026, to be held via audio/visual means in line with MCA and SEBI circulars, enabling shareholders to participate without physical presence. The company has issued and published a public notice about the EGM and detailed remote e-voting arrangements, including cut-off dates, timelines, and procedures, underscoring its compliance with listing regulations and emphasis on shareholder participation through digital platforms.