Ashoka Buildcon Limited (IN:ASHOKA)
:ASHOKA
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Ashoka Buildcon Limited
(ASHOKA)
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Rating:74Outperform
Price Target:
₹152.00
▼(-8.43% Downside)
Action:ReiteratedDate:04/16/26
The score is led by strong financial performance (high margins, improved operating efficiency, and robust free cash flow growth) and very attractive valuation based on the provided P/E. These positives are tempered by mixed technicals: the stock is strong vs. short-term averages but still below longer-term averages and has negative MACD momentum.
Positive Factors
High Profitability
Sustained high gross and net margins reflect durable execution advantages in EPC and project selection. Margin levels (and elevated EBIT/EBITDA margins) provide structural cushion against input-cost swings, enabling reinvestment into bidding capacity and supporting long-term profitability.
Negative Factors
Top-line Volatility
A large reported decline in revenue points to project timing, award shortfalls, or revenue recognition volatility. Sustained top-line weakness reduces visibility on future margins and cash flow, and may force margin compression if fixed costs remain while new contract awards lag over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high gross and net margins reflect durable execution advantages in EPC and project selection. Margin levels (and elevated EBIT/EBITDA margins) provide structural cushion against input-cost swings, enabling reinvestment into bidding capacity and supporting long-term profitability.
Read all positive factors
Ashoka Buildcon Limited (ASHOKA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹37.87B
Dividend YieldN/A
Average Volume (3M)62.37K
Price to Earnings (P/E)0.6
Beta (1Y)1.54
Revenue Growth-20.53%
EPS Growth87.83%
CountryIN
Employees1,594
SectorServices
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.70
Shares Outstanding280,723,240
10 Day Avg. Volume52,979
30 Day Avg. Volume62,370
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.39
Price to Sales (P/S)0.61
P/FCF Ratio3.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.36
Revenue Forecast (FY)₹71.75B
Ashoka Buildcon Limited Business Overview & Revenue Model
Company Description
Ashoka Buildcon Limited operates as an infrastructure development company in India. The company operates through three segments: Construction & Contract Related Activity; Built, Operate and Transfer (BOT); and Sale of Goods. It engages in the cons...
How the Company Makes Money
Ashoka Buildcon primarily makes money through (1) EPC/contracting revenue and (2) PPP/concession-based income from infrastructure assets.
1) EPC / construction contracting (core revenue stream): The company bids for and executes infrastructure co...
Ashoka Buildcon Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.21B | 90.23B | 97.98B | 81.00B | 59.99B | 49.92B |
| Gross Profit | 33.11B | 36.86B | 31.67B | 25.39B | 11.16B | 14.93B |
| EBITDA | 25.59B | 30.49B | 23.68B | 19.83B | 22.50B | 13.41B |
| Net Income | 13.82B | 16.94B | 5.03B | 2.92B | 7.79B | 2.76B |
Balance Sheet | ||||||
| Total Assets | 191.89B | 207.70B | 191.24B | 171.45B | 154.65B | 142.33B |
| Cash, Cash Equivalents and Short-Term Investments | 15.44B | 5.86B | 9.17B | 6.80B | 4.04B | 6.49B |
| Total Debt | 19.89B | 19.88B | 54.50B | 19.09B | 36.33B | 67.19B |
| Total Liabilities | 147.13B | 166.11B | 167.00B | 151.70B | 138.65B | 134.03B |
| Stockholders Equity | 42.11B | 39.15B | 22.20B | 17.55B | 13.81B | 6.19B |
Cash Flow | ||||||
| Free Cash Flow | 6.11B | 15.55B | 6.03B | 3.13B | 2.08B | 696.53M |
| Operating Cash Flow | 6.48B | 16.73B | 7.49B | 4.92B | 3.53B | 1.55B |
| Investing Cash Flow | 10.17B | -6.26B | 2.34B | -2.64B | -2.33B | -1.76B |
| Financing Cash Flow | -8.39B | -10.52B | -4.07B | -3.11B | -350.01M | -2.21B |
Ashoka Buildcon Limited Technical Analysis
Neutral
166.00
Price Trends
130.92
Positive
147.83
Negative
171.27
Negative
Market Momentum
1.75
Negative
65.40
Neutral
96.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHOKA, the sentiment is Neutral. The current price of 166 is above the 20-day moving average (MA) of 117.58, above the 50-day MA of 130.92, and below the 200-day MA of 171.27, indicating a neutral trend. The MACD of 1.75 indicates Negative momentum. The RSI at 65.40 is Neutral, neither overbought nor oversold. The STOCH value of 96.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ASHOKA.
Ashoka Buildcon Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹59.94B | 30.38 | ― | 0.06% | 10.19% | -16.13% | |
74 Outperform | ₹37.87B | 0.56 | ― | ― | -20.53% | 87.83% | |
67 Neutral | ₹39.05B | 13.34 | ― | 0.67% | 5.19% | 3.24% | |
63 Neutral | ₹74.98B | 74.06 | ― | 0.58% | 1.59% | 0.58% | |
58 Neutral | ₹21.32B | 10.65 | ― | ― | 13.40% | -2.22% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
53 Neutral | ₹55.48B | 21.04 | ― | 0.23% | -28.83% | -29.62% |
* Services Sector Average
IN:ASHOKA
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Ashoka Buildcon Limited Corporate Events
Ashoka Buildcon Extends Timeline for Sale of Remaining Road SPVs to June 2026
Apr 1, 2026
Ashoka Buildcon has announced an extension of the expected completion date for the sale of its remaining stakes in six road project SPVs held by the company and its subsidiary Ashoka Concessions Limited to investor entities managed by EAAA India A...
Ashoka Buildcon Nears Completion of Karnataka HAM Highway Project, Solidifying Annuity Revenue Stream
Mar 10, 2026
Ashoka Buildcon has announced that its special purpose vehicle, Ashoka Karadi Banwara Road Private Limited, has achieved commercial operation for an additional 2.68 km stretch of the Tumkur–Shivamogga four-laning project in Karnataka, taking...
Ashoka Buildcon’s Acuite Credit Ratings Reaffirmed and Taken Off Watch
Feb 25, 2026
Ashoka Buildcon Limited announced that Acuite Ratings Research has reaffirmed its credit ratings for both long-term and short-term debt, keeping the long-term rating at ACUITE AA with a stable outlook and the short-term rating at ACUITE A1+. The ...
Ashoka Buildcon-Railtel Consortium Wins Rs 1,136 Crore Maharashtra IT Modernisation Mandate
Feb 21, 2026
Ashoka Buildcon Limited, in consortium with Railtel Corporation of India, has received a Letter of Intent from the Inspector General of Registration and Controller of Stamps, Maharashtra, to act as Managed Service Provider for a major IT moderniza...
Ashoka Buildcon Publishes Postal Ballot Dispatch Notice for Shareholders
Feb 5, 2026
Ashoka Buildcon Limited has notified stock exchanges that it has published newspaper advertisements regarding the dispatch of a Postal Ballot Notice to its shareholders, in compliance with disclosure requirements under SEBI’s Listing Obligat...
Ashoka Buildcon Posts Q3 FY26 Earnings Call Audio on Website
Feb 2, 2026
Ashoka Buildcon Limited has notified the stock exchanges that it has uploaded the audio recording of its result update and earnings call for the quarter and nine months ended December 31, 2025, covering its unaudited standalone and consolidated fi...
Ashoka Buildcon Publishes Unaudited Q3 and Nine-Month FY2025 Results in Newspapers
Feb 1, 2026
Ashoka Buildcon Limited has published its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, in the newspapers Free Press Journal and Punyanagari, in line with regulatory disclosure req...
Ashoka Buildcon Posts Lower Q3 Revenue but Nearly Doubles Nine-Month Profit, Backed by Rs 15,927-Crore Order Book
Jan 30, 2026
Ashoka Buildcon reported a year-on-year decline in standalone revenue for the quarter and nine months ended 31 December 2025, with total income down 18% in Q3 FY26 to Rs 1,491.9 crore and 20% for the nine-month period to Rs 4,133.6 crore, while EB...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.