ASHOKA

Ashoka Buildcon Limited

EPC and infrastructure developer of roads, railways, power transmission and buildings projects

Industrials›Construction›Construction›Civil Construction

ashokabuildcon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹104.95
Market cap
2,946 Cr
Stock P/E
1.2
P/B
0.45
ROE (FY26)
38.8%
ROCE (FY26)
50.0%
Operating margin (FY26)
22.9%
Debt / equity (FY26)
0.23
OCF / EBITDA (FY26)
34.8%
OCF / EBITDA (3Y)
44.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ashoka Buildcon builds roads, railways, power transmission and distribution networks and buildings on contract, and develops and operates toll and annuity road projects, mostly in India.

Company snapshot

29thBy market cap

Ranked among 90 companies in Civil Construction.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

SegmentRevenue shareRevenuePBTAssets
BOT / Annuity Projects—0 Cr0 Cr—
Construction & Contract—0 Cr0 Cr—
Sale of Goods—0 Cr0 Cr—

What we see

Positives
  • ✓Net margin of 34.3% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 44% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,154 Cr2,657 Cr3,052 Cr2,465 Cr2,489 Cr2,388 Cr2,694 Cr1,887 Cr1,851 Cr1,827 Cr1,954 Cr1,500 Cr
Operating expenses (approx.)1,608 Cr2,060 Cr2,417 Cr1,866 Cr1,584 Cr1,749 Cr1,917 Cr1,288 Cr1,266 Cr1,392 Cr1,691 Cr1,242 Cr
EBITDA546 Cr597 Cr635 Cr599 Cr905 Cr639 Cr777 Cr599 Cr585 Cr435 Cr263 Cr258 Cr
OPM %25.3%22.5%20.8%24.3%36.4%26.8%28.8%31.7%31.6%23.8%13.5%17.2%
Other income41 Cr42 Cr86 Cr29 Cr40 Cr38 Cr61 Cr50 Cr57 Cr39 Cr38 Cr34 Cr
Interest321 Cr337 Cr334 Cr308 Cr307 Cr313 Cr318 Cr311 Cr318 Cr200 Cr82 Cr83 Cr
Depreciation99 Cr103 Cr68 Cr94 Cr98 Cr58 Cr40 Cr38 Cr40 Cr42 Cr41 Cr36 Cr
Profit before tax167 Cr189 Cr426 Cr227 Cr540 Cr307 Cr481 Cr300 Cr64 Cr2,609 Cr160 Cr173 Cr
Tax %28.8%41.9%38.2%30.4%14.4%-115.7%6.2%24.3%-41.2%19.1%8.0%26.4%
Net profit119 Cr110 Cr254 Cr158 Cr462 Cr661 Cr452 Cr227 Cr91 Cr2,111 Cr147 Cr127 Cr
EPS (₹)₹4.00₹3.82₹8.89₹5.36₹16.28₹23.32₹15.40₹7.74₹2.78₹75.21₹10.61₹4.55

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,980 Cr3,603 Cr4,930 Cr5,070 Cr4,992 Cr5,946 Cr8,100 Cr9,798 Cr10,037 Cr7,520 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,029 Cr2,463 Cr3,536 Cr3,495 Cr3,456 Cr4,210 Cr6,132 Cr7,547 Cr7,117 Cr5,638 CrSign in free for the trailing twelve months
EBITDA951 Cr1,140 Cr1,394 Cr1,575 Cr1,535 Cr1,736 Cr1,969 Cr2,252 Cr2,920 Cr1,882 CrSign in free for the trailing twelve months
OPM %31.9%31.6%28.3%31.1%30.8%29.2%24.3%23.0%29.1%25.0%Sign in free for the trailing twelve months
Other income82 Cr52 Cr77 Cr82 Cr130 Cr201 Cr135 Cr207 Cr169 Cr184 CrSign in free for the trailing twelve months
Interest908 Cr994 Cr1,021 Cr1,043 Cr970 Cr1,004 Cr1,104 Cr1,310 Cr1,245 Cr912 CrSign in free for the trailing twelve months
Depreciation264 Cr291 Cr258 Cr300 Cr276 Cr338 Cr341 Cr367 Cr290 Cr161 CrSign in free for the trailing twelve months
Profit before tax-155 Cr-35 Cr131 Cr326 Cr438 Cr932 Cr588 Cr870 Cr1,555 Cr3,132 CrSign in free for the trailing twelve months
Tax %-45.1%-239.5%130.8%50.8%37.5%17.2%36.6%40.1%-11.5%17.8%Sign in free for the trailing twelve months
Net profit-225 Cr-119 Cr-40 Cr160 Cr273 Cr771 Cr373 Cr521 Cr1,734 Cr2,576 CrSign in free for the trailing twelve months
EPS (₹)₹-10.97₹-5.94₹-1.19₹5.89₹9.84₹27.73₹13.23₹17.92₹60.35₹116.21Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital94 Cr94 Cr140 Cr140 Cr140 Cr140 Cr140 Cr140 Cr140 Cr140 Cr
Reserves376 Cr222 Cr147 Cr274 Cr479 Cr1,240 Cr1,614 Cr2,080 Cr3,775 Cr6,439 Cr
Borrowings4,637 Cr4,934 Cr5,736 Cr5,816 Cr6,163 Cr3,623 Cr1,906 Cr5,443 Cr3,855 Cr1,511 Cr
Other liabilities5,582 Cr6,207 Cr6,960 Cr7,276 Cr7,240 Cr10,242 Cr13,264 Cr11,257 Cr12,755 Cr4,963 Cr
Total liabilities10,806 Cr11,550 Cr13,101 Cr13,634 Cr14,233 Cr15,465 Cr17,145 Cr19,124 Cr20,770 Cr13,050 Cr
Fixed assets (net)203 Cr261 Cr432 Cr409 Cr386 Cr407 Cr287 Cr336 Cr324 Cr307 Cr
CWIP20 Cr25 Cr42 Cr70 Cr45 Cr73 Cr62 Cr39 Cr53 Cr54 Cr
Investments186 Cr247 Cr284 Cr186 Cr245 Cr98 Cr67 Cr145 Cr259 Cr502 Cr
Loans & advances——15 Cr3 Cr3 Cr9 Cr13 Cr17 Cr104 Cr96 Cr
Inventories360 Cr419 Cr426 Cr435 Cr437 Cr450 Cr561 Cr699 Cr539 Cr440 Cr
Trade receivables361 Cr689 Cr1,048 Cr909 Cr896 Cr764 Cr910 Cr1,058 Cr1,212 Cr1,610 Cr
Cash & bank63 Cr172 Cr82 Cr573 Cr323 Cr369 Cr174 Cr459 Cr167 Cr591 Cr
Other assets9,614 Cr9,737 Cr10,772 Cr11,049 Cr11,898 Cr13,295 Cr15,072 Cr16,371 Cr18,112 Cr9,449 Cr
Total assets10,806 Cr11,550 Cr13,101 Cr13,634 Cr14,233 Cr15,465 Cr17,145 Cr19,124 Cr20,770 Cr13,050 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity827 Cr1,015 Cr-90 Cr1,069 Cr155 Cr353 Cr492 Cr767 Cr1,692 Cr655 Cr
Cash from investing-63 Cr-178 Cr-244 Cr-117 Cr-176 Cr-233 Cr-264 Cr234 Cr-660 Cr1,276 Cr
Cash from financing-866 Cr-592 Cr311 Cr-571 Cr-221 Cr-35 Cr-311 Cr-407 Cr-1,014 Cr-1,590 Cr
Net cash flow-101 Cr245 Cr-24 Cr381 Cr-242 Cr85 Cr-83 Cr593 Cr18 Cr0 Cr
Free cash flow (OCF − Capex)675 Cr852 Cr-301 Cr959 Cr70 Cr208 Cr313 Cr621 Cr1,536 Cr537 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.4%17.9%18.8%21.5%20.1%37.1%43.6%27.7%34.9%50.0%
ROE %-35.0%-27.1%-8.2%30.5%33.3%48.7%18.8%20.7%40.7%38.8%
Debtor days44707765654741394478
Inventory days21918310313712310877716686
Days payable350284247232205206145160121180
Cash conversion cycle-87-31-67-30-17-51-27-49-11-16
OCF / EBITDA %87.0%89.1%-6.5%67.9%10.1%20.3%25.0%34.1%57.9%34.8%
OCF / EBITDA % (3 years)——50.3%48.5%25.2%32.5%19.1%27.1%41.3%44.1%
Debt / equity9.8815.6219.9914.049.952.621.092.450.980.23
Current ratio0.730.730.790.790.891.391.090.921.132.17
Net debt / EBITDA4.81—4.053.333.801.870.882.211.260.49