Ashoka Buildcon Limited (IN:ASHOKA)
:ASHOKA
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Ashoka Buildcon Limited
(ASHOKA)
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Rating:62Neutral
Price Target:
₹131.00
▼(-21.08% Downside)
Action:Downgraded
Date:05/23/26
The score is supported by very attractive valuation (low P/E) and a significantly de-levered balance sheet, but is held back by poor FY2026 cash generation/cash conversion and weak technical momentum with the stock trading below major moving averages.
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
₹36.09B
Dividend YieldN/A
Average Volume (3M)62.37K
Price to Earnings (P/E)4.0
Beta (1Y)1.53
Revenue Growth-25.08%
EPS Growth51.20%
CountryIN
Employees1,594
SectorServices
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)49.24
Shares Outstanding280,723,240
10 Day Avg. Volume52,979
30 Day Avg. Volume62,370
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.56
Price to Sales (P/S)1.37
P/FCF Ratio235.95
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)₹70.24B
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/construction contracting and (2) PPP/concession-based infrastructure assets, supplemented by (3) project-related services and (4) other operating income where applicable.
1) EPC / construction...
Ashoka Buildcon Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
78
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 88.21B | 75.20B | 90.23B | 97.98B | 81.00B | 59.99B |
| Gross Profit | 33.11B | 20.28B | 36.86B | 31.67B | 25.39B | 11.16B |
| EBITDA | 25.59B | 18.82B | 30.49B | 23.68B | 19.83B | 22.50B |
| Net Income | 13.82B | 25.50B | 16.94B | 5.03B | 2.92B | 7.79B |
Balance Sheet | ||||||
| Total Assets | 191.89B | 130.50B | 207.70B | 191.24B | 171.45B | 154.65B |
| Cash, Cash Equivalents and Short-Term Investments | 15.44B | 6.74B | 5.86B | 9.17B | 6.80B | 4.04B |
| Total Debt | 19.89B | 16.08B | 19.88B | 54.50B | 19.09B | 36.33B |
| Total Liabilities | 147.13B | 64.74B | 166.11B | 167.00B | 151.70B | 138.65B |
| Stockholders Equity | 42.11B | 65.79B | 39.15B | 22.20B | 17.55B | 13.81B |
Cash Flow | ||||||
| Free Cash Flow | 6.11B | 435.07M | 15.55B | 6.03B | 3.13B | 2.08B |
| Operating Cash Flow | 6.48B | 1.61B | 16.73B | 7.49B | 4.92B | 3.53B |
| Investing Cash Flow | 10.17B | 11.24B | -6.26B | 2.34B | -2.64B | -2.33B |
| Financing Cash Flow | -8.39B | -9.44B | -10.52B | -4.07B | -3.11B | -350.01M |
Ashoka Buildcon Limited Technical Analysis
Negative
166.00
Price Trends
124.83
Negative
138.26
Negative
162.29
Negative
Market Momentum
-1.05
Positive
41.51
Neutral
24.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHOKA, the sentiment is Negative. The current price of 166 is above the 20-day moving average (MA) of 131.79, above the 50-day MA of 124.83, and above the 200-day MA of 162.29, indicating a bearish trend. The MACD of -1.05 indicates Positive momentum. The RSI at 41.51 is Neutral, neither overbought nor oversold. The STOCH value of 24.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | ₹52.48B | 30.38 | ― | 0.06% | 10.19% | -16.13% | |
66 Neutral | ₹36.41B | 8.36 | ― | 0.67% | 0.52% | -1.01% | |
62 Neutral | ₹36.09B | 4.03 | ― | ― | -25.08% | 51.20% | |
62 Neutral | ₹18.26B | 8.91 | ― | ― | 11.63% | -6.76% | |
60 Neutral | ₹68.76B | 16.11 | ― | 0.58% | 0.87% | 9.05% | |
58 Neutral | ₹54.57B | 4.95 | ― | 0.23% | -20.69% | 1.98% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% |
* Services Sector Average
IN:ASHOKA
Ashoka Buildcon Limited
123.45
-87.90
-41.59%
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Ashoka Buildcon Limited Corporate Events
Ashoka Buildcon Posts Lower FY26 Revenue but Strong Profit and Robust Order Book
May 22, 2026
Ashoka Buildcon reported a decline in standalone total income for the March 2026 quarter and full fiscal year, with revenue down 10% year-on-year in Q4 and 17% for FY26, while EBITDA also fell modestly. Despite lower revenue and profit before tax,...
Ashoka Buildcon Releases FY26 Results Investor Presentation
May 22, 2026
Ashoka Buildcon Limited has released an investor presentation covering its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The disclosure, addressed to both major Indian stock exchanges, is...
Ashoka Buildcon Receives Clean Audit Opinion on FY26 Financial Statements
May 21, 2026
Ashoka Buildcon Limited announced that its statutory auditors, S R B C CO. LLP, have issued an unmodified opinion on the company’s standalone and consolidated Ind AS financial statements for the year ended March 31, 2026. The audited result...
Ashoka Buildcon Injects Rs 14.52 Crore into Road Subsidiary via Rights Issue
Apr 29, 2026
Ashoka Buildcon Limited has increased its investment in its wholly owned subsidiary, Ashoka Baswantpur Singnodi Road Private Limited, by subscribing to a rights issue of 14.52 million equity shares at Rs.10 each, for a total cash consideration of ...
Ashoka Buildcon Fully Redeems Rs 100 Crore Series II NCDs on Schedule
Apr 16, 2026
Ashoka Buildcon Limited has announced the full and timely redemption of its Series II rated, listed, senior, unsecured, redeemable non-convertible debentures, comprising 10,000 units of Rs 1,00,000 each, aggregating Rs 100 crore. The principal and...
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 ...
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.