Ashoka Buildcon Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Ashoka Buildcon Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ashoka Buildcon reported flat standalone total income of Rs 1,320 crores for Q1 FY27 with EBITDA down 17% year-on-year at a 9.5% margin, while consolidated numbers declined due to prior monetization of BOT and HAM assets. Management lowered its full-year growth guidance from 20% to 10-15% citing supply chain uncertainties, and reduced EBITDA margin guidance by 0.5%. The company reported new order wins in Guyana and Chhattisgarh during the quarter and discussed progress on monetizing its HAM and BOT asset portfolio.
Numbers mentioned
Total income (standalone): INR1,320 crores (Q1 FY27)
p. 6
“For Q1 FY27, total income stood at INR1,320 crores as compared to INR1,339 crores in Q1 FY26, flat year-on-year.”
Paresh Mehta, page 6 of the filed PDF · View the filing
EBITDA (standalone): INR126 crores (Q1 FY27)
p. 6
“EBITDA for the quarter stood at INR126 crores down to 17% Y-on-Y with EBITDA margin of 9.5%.”
Paresh Mehta, page 6 of the filed PDF · View the filing
Profit after tax (standalone): INR31.5 crores (Q1 FY27)
p. 6
“Profit after tax stood at INR31.5 crores against INR30.6 crores during FY26 Q1, up 3%, Y-on-Y.”
Paresh Mehta, page 6 of the filed PDF · View the filing
Total income (consolidated): INR1,534 crores (Q1 FY27)
p. 7
“Total income for Q1 FY27 stood at INR1,534 crores as compared to INR1,937 crores in Q1 FY26, this is seeing a 21% de-growth largely contributed by monetization of BOT and HAM projects in the Q3 FY26.”
Paresh Mehta, page 7 of the filed PDF · View the filing
EBITDA (consolidated): INR292 crores (Q1 FY27)
p. 7
“EBITDA for the quarter stood at INR292 crores, down 55% year-on-year with EBITDA margin at 19.0%, again due to monetization of HAM and BOT assets.”
Paresh Mehta, page 7 of the filed PDF · View the filing
Profit after tax (consolidated): INR127 crores (Q1 FY27)
p. 7
“Profit after tax stood at INR127 crores during Q1 FY27.”
Paresh Mehta, page 7 of the filed PDF · View the filing
Toll collection, Jaora-Nayagaon: INR75 crores (Q1 FY27)
p. 7
“In Q1 FY27, our BOT division, the company recorded a gross total toll collection from Jaora-Nayagaon road project of INR75 crores, up by 8% year-on-year.”
Paresh Mehta, page 7 of the filed PDF · View the filing
Order book: INR15,251 crores (as on 30 June 2026)
p. 6
“As on 30th June, our order book stands at INR15,251 crores, excluding order received after 30 June, that is ~INR450 crores.”
Satish Parakh, page 6 of the filed PDF · View the filing
Bid pipeline pending decision: INR8,000 crores
p. 8
“So wherever we have bid and bids are not yet open is around INR8,000 crores.”
Satish Parakh, page 8 of the filed PDF · View the filing
Capex: approximately INR25 crores (Q1 FY27)
p. 13
“So capex for this quarter was approximately INR25 crores, of which INR7 crores was for our international projects and balance was for domestic.”
Paresh Mehta, page 13 of the filed PDF · View the filing
Interest paid to subsidiaries: INR17 crores (Q1 FY27)
p. 11
“So interest cost paid to the subsidiaries is INR17 crores for this quarter.”
Paresh Mehta, page 11 of the filed PDF · View the filing
HAM investment to date: INR638 crores (up to June 2026)
p. 9
“And investment up to June, the six HAM projects is to the tune of almost INR638 crores.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Revenue from outside India: INR145 crores (Q1 FY27)
p. 18
“In Q1, it is around INR1451 crores from out of India.”
Satish Parakh, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Overall revenue/order book growth — 10% to 15% · FY27
stated conditionally by Satish Parakh
p. 8
“So guidance, we are lowering down from 20% to between 10% to 15% because this quarter has been flat due to various reasons and various uncertainties, particularly supply chain.”
Satish Parakh, page 8 of the filed PDF · View the filing
Order inflow — INR6,000 to INR8,000 crores · balance of FY27
stated as an aspiration by Satish Parakh
p. 8
“Order inflow will be to the tune of INR6,000 to INR8,000 crores.”
Satish Parakh, page 8 of the filed PDF · View the filing
EBITDA margin — 9% to 9.5% · FY27
stated firmly by Vaibhav Shah
p. 10
“You mentioned that EBITDA margins would be 9% to 9.5% for the entire year?”
Vaibhav Shah, page 10 of the filed PDF · View the filing
EBITDA margin — H2 FY27
stated as an aspiration by Paresh Mehta
p. 8
“H1 will continue to remain subdued, but H2 will definitely ramp up and there we'll catch up with 9.5% of EBITDA based on whatever we are spending for the new projects which are taking off, where initial establishment expense is now being incurred, mobilization, then we had ramp up in the H2 and margins also will look better.”
Paresh Mehta, page 8 of the filed PDF · View the filing
HAM equity investment — INR179 crores · FY27
stated firmly by Paresh Mehta
p. 9
“So for the coming years, for '26-'27, we will have to invest INR 179 Cr on the existing HAM projects including Bowaichandi project.”
Paresh Mehta, page 9 of the filed PDF · View the filing
HAM equity investment — INR72 crores each · FY28 and FY29
stated firmly by Paresh Mehta
p. 9
“And for '27-'28 and '28-'29 it would be INR 72 crores each.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Asset monetization (4 assets) — INR700 crores · by September end or early October 2026
stated conditionally by Paresh Mehta
p. 9
“So as we said, 4 assets, we expect to clear by Q2 revised from Q1, largely because certain compliances to be done for handing over the project to the investors.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Asset monetization (remaining 2 assets) — by December or Q4
stated conditionally by Paresh Mehta
p. 9
“For the 4 assets, the other 2 assets need some time. Because there are duty and other compliance to be done at those projects, which will happen by December and may be Q4, we'll be able to demonstrate the sales.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Third-party debt post monetization — INR500 crores to INR600 crores
stated firmly by Paresh Mehta
p. 11
“Third-party debt would be approximately in the range of, as we have guided, around INR500 crores to INR600 crores.”
Paresh Mehta, page 11 of the filed PDF · View the filing
Interest cost — around INR50-odd crores · end of the year
stated conditionally by Paresh Mehta
p. 12
“Yes, definitely, we expect on 2 counts. One is realization of our WIP working capital receivables and WIP in our power sector, which is due to be collected in the next 2 quarters as well as monetization of assets will typically also reduce debt.”
Paresh Mehta, page 12 of the filed PDF · View the filing
Appointed date for Bowaichandi HAM — October first week
stated firmly by Satish Parakh
p. 12
“October first week, we should expect appointed date.”
Satish Parakh, page 12 of the filed PDF · View the filing
Angola project start — another 2 months
stated conditionally by Satish Parakh
p. 12
“Angola will take some time to start, maybe another 2 months.”
Satish Parakh, page 12 of the filed PDF · View the filing
Margins on new projects — 10.5%, 11% · FY28
stated as an aspiration by Paresh Mehta
p. 14
“We should expect that as projects which are there, typically would throw a margin of 10.5%, 11%.”
Paresh Mehta, page 14 of the filed PDF · View the filing
Chennai ORR monetization — by year-end
stated conditionally by Paresh Mehta
p. 14
“We expect Chennai ORR could happen by the year-end. We still need to freeze on the investor.”
Paresh Mehta, page 14 of the filed PDF · View the filing
Jaora-Nayagaon monetization — March end or next year first half
stated conditionally by Paresh Mehta
p. 14
“And Jaora-Nayagaon, either by March end or by next year first half.”
Paresh Mehta, page 14 of the filed PDF · View the filing
Power T&D collections — by Q4 this year
stated conditionally by Paresh Mehta
p. 16
“So we expect that that should rationalize by this year-end 4Q.”
Paresh Mehta, page 16 of the filed PDF · View the filing
Road awarding — Q3, Q4
stated as an aspiration by Satish Parakh
p. 15
“So Q3, Q4, we expect good awarding to happen.”
Satish Parakh, page 15 of the filed PDF · View the filing
Standalone interest cost — approximately INR200 crores, INR210 crores · FY28
stated conditionally by Paresh Mehta
p. 20
“It will all depend on how much business is executed, turnover. So it will be in the range of approximately INR200 crores, INR210 crores, assuming there is a increase in turnover in the next 2 years.”
Paresh Mehta, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave a breakdown of pending bids across NHAI/MoRTH, states, railways and power sectors.
Answered by Satish Parakh
Asked by Aditya Sahu: What is the current bid pipeline across sectors?
p. 7
“So if we see the bid pipeline, NHAI and MoRTH alone is throwing up around INR1 lakh crores of bids to be coming in.”
Satish Parakh, page 7 of the filed PDF · View the filing
Management lowered growth guidance from 20% to 10-15% due to supply chain uncertainties.
Answered by Satish Parakh
Asked by Aditya Sahu: Has revenue/EBITDA/order inflow guidance changed?
p. 8
“So guidance, we are lowering down from 20% to between 10% to 15% because this quarter has been flat due to various reasons and various uncertainties, particularly supply chain.”
Satish Parakh, page 8 of the filed PDF · View the filing
Yes, margin guidance was cut by about 0.5% due to quarter losses that will not be fully recovered.
Answered by Paresh Mehta
Asked by Vaibhav Shah: Is the EBITDA margin guidance being lowered?
p. 10
“Yes, by 0.5% because we lost something in this quarter, which will not totally recover for the balance 3 quarter.”
Paresh Mehta, page 10 of the filed PDF · View the filing
Management attributed it to new administrative and employee costs mobilized for new verticals, loaded upfront.
Answered by Paresh Mehta
Asked by Vaibhav Shah: What explains the lower margin excluding other income in Q1?
p. 11
“But largely because we have mobilized a lot of new administrative and employees and other costs for the new verticals where in the initial phase those costs have been loaded in this quarter.”
Paresh Mehta, page 11 of the filed PDF · View the filing
Investors are conducting diligence; Chennai ORR expected by year-end and Jaora-Nayagaon by March or H1 next year.
Answered by Paresh Mehta
Asked by Vasudev Ganatra: What is the status of Chennai ORR and Jaora-Nayagaon monetization?
p. 14
“So on both the projects, we have potential investors who have shown interest.”
Paresh Mehta, page 14 of the filed PDF · View the filing
Management said a strategic partner was brought in to help execute Purestudy-level projects and create SPV-level value.
Answered by Paresh Mehta
Asked by Daksh Prashar: Why was the stake in Ashoka Purestudy Technologies diluted?
p. 14
“We have diluted and we have brought in a strategic partner who will help us in execution of projects which we have taken at Purestudy level.”
Paresh Mehta, page 14 of the filed PDF · View the filing
Management said it reflects an independent international vertical with plans to expand country presence.
Answered by Satish Parakh
Asked by Bhavin Modi: What is driving the growing share of international orders?
p. 15
“So basically, internationally, we are just increasing our presence in various country. We have an independent vertical for international.”
Satish Parakh, page 15 of the filed PDF · View the filing
Collections in Power T&D were delayed but expected to normalize in coming quarters; roads execution is on schedule.
Answered by Paresh Mehta
Asked by Mudit Bhandari: How is working capital impacted by collections across sectors?
p. 16
“So execution is not hurt by collection, but collection was getting increased in the Power T&D sector, which will now get realized in the next couple of quarters.”
Paresh Mehta, page 16 of the filed PDF · View the filing
Management described the project as an industrial park developed and sold on long-term lease, with about 9 acres and a 90-year lease.
Answered by Paresh Mehta
Asked by Vishal Periwal: What is the business model for the Gems and Jewellery Park JV?
p. 19
“The intent is to develop the project and sell the project on a long lease basis, all the assets created over the next 5 years.”
Paresh Mehta, page 19 of the filed PDF · View the filing
Risks flagged
Subdued domestic highway awarding environment
p. 4
“In the highway segment, the pace of fresh awarding continues to be below the levels we have seen historically.”
Satish Parakh, page 4 of the filed PDF · View the filing
Decline in NHAI construction activity
p. 4
“NHAI awarded only around 5 kilometers of projects in June compared with 102 kilometers in May, while construction activity in June declined 32% year-on-year to around 274 kilometers.”
Satish Parakh, page 4 of the filed PDF · View the filing
Supply chain uncertainties affecting growth
p. 8
“So guidance, we are lowering down from 20% to between 10% to 15% because this quarter has been flat due to various reasons and various uncertainties, particularly supply chain.”
Satish Parakh, page 8 of the filed PDF · View the filing
Delayed collections in Power T&D sector
p. 16
“So execution is not hurt by collection, but collection was getting increased in the Power T&D sector, which will now get realized in the next couple of quarters.”
Paresh Mehta, page 16 of the filed PDF · View the filing
Compliance delays affecting asset handover to investors
p. 9
“So as we said, 4 assets, we expect to clear by Q2 revised from Q1, largely because certain compliances to be done for handing over the project to the investors.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.