Ashoka Buildcon Limited (ASHOKA) AI Stock Analysis

• Market Cap: ₹57.76B
• Dividend Yield: N/A
• Average Volume (3M): 62.37K
• Price to Earnings (P/E): 3.3
• Beta (1Y): 1.46
• Revenue Growth: -17.28%
• EPS Growth: 43.34%
• Country: IN
• Employees: 1,594
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 1.40
• Shares Outstanding: 280,723,240
• 10 Day Avg. Volume: 52,979
• 30 Day Avg. Volume: 62,370
• PEG Ratio: 0.01
• Price to Book (P/B): 1.39
• Price to Sales (P/S): 0.61
• P/FCF Ratio: 3.51
• 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: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ₹198.00 ▲(19.71% Upside)

Ashoka Buildcon Limited's strong financial performance and attractive valuation are significant positives, suggesting potential for future growth. However, bearish technical indicators indicate current market challenges, which weigh on the overall score.

Positive Factors

Cash Generation Ability

Ashoka Buildcon's significant free cash flow growth indicates strong cash generation, enhancing its ability to fund projects and reduce debt.

Profitability Margins

Robust profit margins reflect efficient operations and pricing power, supporting sustainable profitability and competitive positioning.

Leverage Management

Ashoka Buildcon's manageable leverage suggests financial stability, allowing for strategic investments without excessive risk.

Negative Factors

Revenue Growth Decline

A decline in revenue growth can signal challenges in market expansion or competitive pressures, potentially impacting future earnings.

Equity Ratio Concerns

A relatively low equity ratio may limit financial flexibility, suggesting a need for equity enhancement to strengthen the balance sheet.

Stock Performance

Bearish technical indicators, while short-term, may reflect underlying market concerns that could affect investor confidence and capital access.

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 construction of infrastructure facilities on engineering, procurement, and construction basis, as well as built, operate, and transfer basis. The company undertakes various projects, such as highways, bridges, power projects, buildings, city gas distribution projects, and railways. It also sells ready mix concrete and real estate properties. In addition, the company develops software for educational institutions; distributes gas; and provides consultancy services. Ashoka Buildcon Limited was founded in 1976 and is based in Nashik, India.

How the Company Makes Money

Ashoka Buildcon Limited generates revenue primarily through its construction contracts, which include the development of national highways, state highways, and urban infrastructure projects. The company operates under several revenue streams, including engineering, procurement, and construction (EPC) contracts, where it undertakes the complete responsibility for project execution. Additionally, ASHOKA is involved in public-private partnership (PPP) projects, allowing it to collaborate with government entities to deliver infrastructure projects with a shared investment model. The company also earns revenue from operations in the power sector, particularly through the construction of power transmission lines and substations. Significant partnerships with government bodies, private developers, and financial institutions further bolster ASHOKA's earnings, enabling it to secure ongoing and new project contracts that drive growth.

Ashoka Buildcon Limited Financial Statement Overview

Summary

Ashoka Buildcon Limited demonstrates strong financial health with robust revenue and profit growth, effective cost management, and strong cash flow generation. The company's leverage is manageable, and its consistent performance positions it well for future growth.

Income Statement

Ashoka Buildcon Limited has demonstrated strong revenue growth with a 2.48% increase in Total Revenue over the past year. The company maintains a healthy Gross Profit Margin of approximately 36.73% and a Net Profit Margin of 16.88%, indicating robust profitability. Significant improvements in EBIT and EBITDA margins to 32.29% and 29.09% respectively highlight efficient operational performance.

Balance Sheet

The company exhibits a stable financial structure with a Debt-to-Equity Ratio of 0.51, indicating manageable leverage. Return on Equity stands at a strong 43.29%, suggesting effective use of equity to generate profits. The Equity Ratio is 18.85%, reflecting a balanced capital structure, though there is potential for increased equity to improve financial stability.

Cash Flow

Strong Free Cash Flow Growth of 158.12% signifies improved cash generation capability. The Operating Cash Flow to Net Income Ratio is at 0.99, reflecting efficient cash conversion from earnings. Additionally, the Free Cash Flow to Net Income Ratio of 0.92 suggests a healthy ability to generate cash relative to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	94.58B	90.23B	97.98B	81.00B	59.99B	49.92B
Gross Profit	36.75B	36.86B	31.67B	25.39B	11.16B	14.93B
EBITDA	30.82B	30.49B	23.68B	19.83B	22.50B	13.41B
Net Income	17.61B	16.94B	5.03B	2.92B	7.79B	2.76B
Balance Sheet
Total Assets	0.00	207.70B	191.24B	171.45B	154.65B	142.33B
Cash, Cash Equivalents and Short-Term Investments	5.86B	5.86B	9.17B	6.80B	4.04B	6.49B
Total Debt	0.00	19.88B	54.50B	19.09B	36.33B	67.19B
Total Liabilities	-41.59B	166.11B	167.00B	151.70B	138.65B	134.03B
Stockholders Equity	41.59B	39.15B	22.20B	17.55B	13.81B	6.19B
Cash Flow
Free Cash Flow	0.00	15.55B	6.03B	3.13B	2.08B	696.53M
Operating Cash Flow	0.00	16.73B	7.49B	4.92B	3.53B	1.55B
Investing Cash Flow	0.00	-6.26B	2.34B	-2.64B	-2.33B	-1.76B
Financing Cash Flow	0.00	-10.52B	-4.07B	-3.11B	-350.01M	-2.21B

Ashoka Buildcon Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 165.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 165.4 is below the 20-day moving average (MA) of 173.78, below the 50-day MA of 186.05, and below the 200-day MA of 192.97, indicating a bearish trend. The MACD of -6.87 indicates Positive momentum. The RSI at 36.89 is Neutral, neither overbought nor oversold. The STOCH value of 39.10 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WELENT	70 Outperform	₹78.02B	24.54	―	0.58%	9.11%	16.30%
ASHOKA	69 Neutral	₹57.76B	3.28	―	―	-17.28%	43.34%
AHLUCONT	68 Neutral	₹61.49B	27.61	―	0.06%	5.56%	-22.59%
JKIL	67 Neutral	₹48.13B	11.81	―	0.71%	13.96%	12.91%
CAPACITE	64 Neutral	₹23.74B	12.15	―	―	15.23%	8.61%
PNCINFRA	57 Neutral	₹72.34B	10.77	―	0.24%	-30.54%	-35.13%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Ashoka Buildcon Limited Corporate Events

Ashoka Buildcon Secures Additional Work Order from BMC

Ashoka Buildcon Limited has received a work order from the Brihanmumbai Municipal Corporation (BMC) for additional work on an existing flyover project at the Sion Panvel Highway in Maharashtra. The additional scope of work is valued at Rs.447.21 Crore, bringing the total project cost to Rs.1,573.79 Crore. This expansion reflects Ashoka Buildcon’s strong position in the infrastructure sector and is expected to enhance its operational capabilities and market presence.

Ashoka Buildcon Acquires Full Stake in Ashoka Concessions Limited

Ashoka Buildcon Limited has announced the acquisition of all securities held by Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust in Ashoka Concessions Limited (ACL), making ACL a wholly owned subsidiary. This strategic move, completed for an aggregate consideration of Rs.667 crore, allows Ashoka Buildcon to consolidate its control over ACL, enhancing its operational capabilities and potentially strengthening its position in the infrastructure sector.

Ashoka Buildcon Releases Q2 FY26 Earnings Call Recording

Ashoka Buildcon Limited has made available the audio recording of its earnings call for the quarter and half-year ending September 30, 2025, on their website. This release provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting investor confidence and market positioning.

Ashoka Buildcon Releases Q2FY26 Financial Results

Ashoka Buildcon Limited has announced the publication of its unaudited standalone and consolidated financial results for the quarter and half-year ending on September 30, 2025. The results have been published in the ‘Free Press Journal’ and ‘Deshdoot’ newspapers. This disclosure is part of the company’s compliance with SEBI regulations, reflecting its commitment to transparency and regulatory adherence, which could reinforce stakeholder confidence in its financial management and operational integrity.

Ashoka Buildcon’s Subsidiary Secures Resolution Plan Approval

Ashoka Buildcon Limited announced that its wholly-owned subsidiary, Ashoka Infraways Limited, has received approval from the Committee of Creditors for its Resolution Plan concerning Shree Sainath Land & Development India Private Limited. The plan involves a financial commitment of Rs.80.52 Crore to creditors, including an upfront payment to LIC Housing Finance Limited, with the remaining balance to be paid over four years. Additionally, aggrieved homebuyers will receive their properties as per agreed terms. This development positions Ashoka Infraways as the Selected Resolution Applicant, pending approval from the National Company Law Tribunal, potentially enhancing the company’s operations and market positioning.

Ashoka Buildcon Strengthens Stake in JTCL with Strategic Acquisition

Ashoka Buildcon Limited, through its subsidiary Viva Highways Limited, has acquired 7,46,20,000 equity shares in Jaora-Nayagaon Toll Road Company Private Limited (JTCL) for Rs.1,66,59,93,151, increasing its shareholding to 61.17%. This strategic acquisition aims to consolidate Ashoka Buildcon’s position in the road infrastructure sector, enhancing operational efficiency and decision-making capabilities, ultimately benefiting stakeholders, including the Madhya Pradesh Road Development Corporation and lenders.

Ashoka Buildcon Divests Stake in SPVs for Rs.1,146 Crores

Ashoka Buildcon Limited, along with its subsidiary Ashoka Concessions Limited, has sold its entire 100% stake in five Special Purpose Vehicles (SPVs) to Epic Concesiones 2 Private Limited and other entities for a total consideration of Rs.1,146 Crores. This strategic move is part of the company’s efforts to streamline its operations and focus on core business areas, potentially impacting its market positioning and offering new opportunities for stakeholders.