Ashoka Buildcon Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ashoka Buildcon Ltd filed with BSE on 27 May 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 a decline in FY26 standalone total income to Rs 5,952 crore from Rs 7,188 crore in FY25, with EBITDA margins improving to 10.7%. Management attributed weaker execution during the year to project delays, price escalation pressures and ECL provisions, while highlighting new order wins in Saudi Arabia, Angola, Liberia and Bihar. The company also discussed progress on monetizing HAM and BOT assets and provided an order book position of Rs 15,312 crore as of March 31, 2026.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR1,819 crores (Q4 FY26)
p. 5
“Total income stood at INR1,819 crores as compared to INR2,012 crores in Q4 FY '25, a degrowth of 10%.”
Paresh Mehta, page 5 of the filed PDF · View the filing
EBITDA: INR168 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR168 crores, down by 7% Yon-Y with EBITDA margins of 9.2% an improvement by 20 bps year-on-year.”
Paresh Mehta, page 5 of the filed PDF · View the filing
PAT: INR49 crores (Q4 FY26)
p. 5
“PAT stood at INR49 crores against INR60 crores for Q4 FY '25.”
Paresh Mehta, page 5 of the filed PDF · View the filing
Total income: INR5,952 crores (FY26)
p. 5
“total income for the year stood at INR5,952 crores as compared to INR7,188 crores for FY '25, a degrowth of 17%.”
Paresh Mehta, page 5 of the filed PDF · View the filing
EBITDA: INR636 crores (FY26)
p. 5
“EBITDA for FY26 stood at INR636 crores, down by 6% Y-on-Y with EBITDA margins of 10.7%, an improvement of 1.3% (i.e. 130 bps) year-on-year.”
Paresh Mehta, page 5 of the filed PDF · View the filing
PAT: INR320 crores (FY26)
p. 5
“Profit before tax before exceptional items stood at INR226 crores and PAT stood at INR320 crores.”
Paresh Mehta, page 5 of the filed PDF · View the filing
Total consolidated debt: INR2,778 crores (as on March 31, 2026)
p. 6
“Total consolidated debt as on March 31, 2026 stood at INR2,778 crores.”
Paresh Mehta, page 6 of the filed PDF · View the filing
Order book: INR15,312 crores (as on March 31, 2026)
p. 5
“As on March 31, 2026, our balance order book stands at INR15,312 crores.”
Satish Parakh, page 5 of the filed PDF · View the filing
Gross toll collection (Jaora-Nayagaon): INR76.9 crores (Q4 FY26)
p. 6
“the company recorded a gross toll collection of INR76.9 crores from JaoraNayagaon Road Company as against INR66.4 crores in Q4 FY '25, recording a growth of 16% year-on-year.”
Paresh Mehta, page 6 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.
Revenue growth — 20% · FY27
stated firmly by Satish Parakh
p. 7
“As we have said, we are targeting 20% of revenue growth we are looking at.”
Satish Parakh, page 7 of the filed PDF · View the filing
Order inflow — INR8,000 crores to INR10,000 crores · FY27
stated firmly by Satish Parakh
p. 7
“So order book guidance, as I said, it is INR8,000 crores to INR10,000 crores.”
Satish Parakh, page 7 of the filed PDF · View the filing
EBITDA margin — 9.5% to 10.5% · FY27
stated firmly by Paresh Mehta
p. 7
“Our estimation for FY '27 based on the order book which we have, we will be in the range of 9.5% to 10.5% for next year.”
Paresh Mehta, page 7 of the filed PDF · View the filing
HAM asset monetization — 4 assets by June end · June 2026
stated firmly by Satish Parakh
p. 8
“June is what we are targeting out of 6 at least 4 assets we will monetize by June end.”
Satish Parakh, page 8 of the filed PDF · View the filing
HAM asset monetization (balance) — balance by December, INR400 crores · December 2026
stated conditionally by Paresh Mehta
p. 8
“And the balance we expect by December, which should bring in another INR400 crores.”
Paresh Mehta, page 8 of the filed PDF · View the filing
Working capital days — 110 to 120 days · post September
stated conditionally by Paresh Mehta
p. 7
“we believe that we should go back to normalcy by post September.”
Paresh Mehta, page 7 of the filed PDF · View the filing
Standalone working capital debt — INR500 crores to INR600 crores · March 2027
stated firmly by Paresh Mehta
p. 10
“we believe that the debt level will be in the range of INR500 crores to INR600 crores by March '27 also, keeping all almost similar kind of turnover with a 20% jump.”
Paresh Mehta, page 10 of the filed PDF · View the filing
Capex — approximately INR100 crores · FY27
stated firmly by Paresh Mehta
p. 12
“We're planning approximately around INR100 crores of capex, which includes certain capex on the international projects also.”
Paresh Mehta, page 12 of the filed PDF · View the filing
Chennai ORR and Jaora-Nayagaon asset sale — 12 to 18 months
stated as an aspiration by Paresh Mehta
p. 11
“So we do pursue the sale of these 2 assets in the coming 12 to 18 months.”
Paresh Mehta, page 11 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 guided for 20% revenue growth and order inflow of INR8,000-10,000 crores, and attributed margin pressure to prolongation of works and fixed costs.
Answered by Satish Parakh
Asked by Vaibhav Shah: How does management see execution and margins in FY27, and what caused weak Q4 EBITDA margin?
p. 6
“So execution-wise, next year we should improve by 20%. Order book wise also, we expect to be at around 8% to 10% this year. And there has been pressure on margin due to prolongation in works and the overall turnover has also been affected due to fixed cost.”
Satish Parakh, page 6 of the filed PDF · View the filing
Management cited geopolitical pressure on price escalation and ECL provisions at year-end.
Answered by Paresh Mehta
Asked by Vaibhav Shah: What was the reason for the margin miss in Q4 at 6.9%?
p. 7
“So largely, as we have indicated in our opening remarks also, the geopolitical situation has brought some pressure on the price escalation.”
Paresh Mehta, page 7 of the filed PDF · View the filing
Management said the increase is transitory due to milestone-based projects and awaited clearances, expecting normalization by post-September.
Answered by Paresh Mehta
Asked by Vaibhav Shah: How is working capital expected to trend after doubling this year?
p. 7
“So because these are milestone-based projects and a couple of projects where we are awaiting appointed date and ROW clearances, we believe that we should go back to the old norms of 110 to 120 days”
Paresh Mehta, page 7 of the filed PDF · View the filing
Management said margins are distributed throughout the project and are not impacted by order size.
Answered by Satish Parakh
Asked by Bhavin Modi: Could shrinking individual order sizes create diseconomies of scale affecting margins?
p. 8
“No, it doesn't have any impact on the margin because margins are completely distributed throughout the project.”
Satish Parakh, page 8 of the filed PDF · View the filing
Management said the timing depends on receiving PCODs from NHAI.
Answered by Paresh Mehta
Asked by Aditya Sahu: Why were the HAM asset monetization timelines postponed from the original plan?
p. 9
“So this is largely dependent on the PCODs being received by us from NHAI. So based on the PCOD, we had targeted when it will be handed over to the buyer.”
Paresh Mehta, page 9 of the filed PDF · View the filing
Management said it is a mix of ECL on inventory and debtors, related to projects like Bowaichandi and delayed NHAI payments.
Answered by Paresh Mehta
Asked by Vishal Periwal: Which segment is driving the ECL provisions?
p. 12
“So it's a mix of ECL on inventory as well as debtors.”
Paresh Mehta, page 12 of the filed PDF · View the filing
Management said the Road Federation is discussing guidelines with NHAI on defining casualties for debarment, and harsh action would only apply to catastrophic structural failures.
Answered by Satish Parakh
Asked by Bhavin Modi: What is the status of the NHAI circular on casualty disclosure and debarment?
p. 13
“Unless it's a catastrophic kind of failure where the failure is due to the structural defect, then only they will take such harsh situation.”
Satish Parakh, page 13 of the filed PDF · View the filing
Risks flagged
Slower awarding activity and project delays across the industry
p. 3
“Awarding activity was slower than anticipated. Several project delays in clearances and land availability and execution momentum across the industry was impacted.”
Satish Parakh, page 3 of the filed PDF · View the filing
Geopolitical tensions, inflation and elevated input costs affecting execution
p. 3
“In addition, Q4 '26 has characterized by challenging global macroeconomic environment, including geopolitical tensions, inflationary pressures, supply chain uncertainties and elevated input cost.”
Satish Parakh, page 3 of the filed PDF · View the filing
Rising material prices and labor shortages impacting execution pace
p. 3
“Rising prices of key materials such as cement, bitumen, steel, fuel, along with labor shortages in certain regions, further impacted the execution pace across the projects.”
Satish Parakh, page 3 of the filed PDF · View the filing
ECL provisions on inventory and debtors due to delayed payments
p. 7
“And certain ECL provisions done at the year-end are contributors to a lower percentage.”
Paresh Mehta, page 7 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.