Ashoka Buildcon Limited, a Fortune India 500 company, stands as a prominent integrated EPC, BOT, and HAM player in India's infrastructure development landscape. Incorporated in May 1993, the company specializes in the construction of infrastructure facilities on an Engineering Procurement and Construction (EPC) and Built Operate and Transfer (BOT) basis, along with the sale of Ready Mix Concrete (RMC). Ashoka Buildcon has established a significant footprint across various infrastructure segments, including highways, railways, power transmission, and urban infrastructure. As of 9M FY25, the company has demonstrated its extensive capabilities by constructing over 14,000 lane km of highways and electrifying more than 30,000 villages through its power T&D projects. Furthermore, it has completed 750+ Tkms of overhead electrification, linked 170+ Tkms of railway tracks, laid 32,000 km of optical fiber, and constructed over 10 million sq. ft. of buildings.
Ashoka Buildcon operates through three primary business segments that contribute to its diversified revenue stream:
* Construction Contract (63% in 9M FY25 vs 55% in FY23): This segment encompasses the engineering, procurement, and construction (EPC) of road, rail, and power projects, forming the largest portion of the company's operations.
* Build Operate and Transfer (BOT) / Annuity: This segment focuses on developing infrastructure under BOT and Annuity models.
* Sale of Goods: This segment primarily consists of the sale of construction materials like RMC and real estate development.
The company's expertise extends across multiple infrastructure verticals, including highways and bridges, power transmission and distribution, railway infrastructure, buildings, and urban development projects. Ashoka Buildcon possesses comprehensive experience in managing and executing projects across all major infrastructure sectors.
For the full year ended March 2025, Ashoka Buildcon reported a significant increase in net profit, rising by 236.75% to Rs 1694.10 crore, compared to Rs 503.08 crore in the previous fiscal year. Sales for the full year increased by 2.43% to Rs 10036.63 crore in March 2025, up from Rs 9798.46 crore in March 2024.
For the quarter ended March 2025, Net profit saw a substantial rise of 73.15% to Rs 432.23 crore, from Rs 249.63 crore in the same quarter of the previous year. However, sales declined by 11.71% to Rs 2694.42 crore in the quarter ended March 2025, compared to Rs 3051.87 crore in the corresponding quarter of the previous year.
* Market Capitalization: ₹5,905.57 Cr (as of June 2025)
* Promoter Holding: 54.48% (as of March 2025)
* Revenue (FY25): Rs 10,037 crore
* Net Profit (FY25): Rs 1,694 crore
As of September 30, 2024, Ashoka Buildcon's balance order book stood at Rs 11,104 crore. While the company started FY25 with an order book of Rs 11,700 crore, the slight decrease is attributed to a more strategic and selective bidding approach, particularly in the Road segment, prioritizing projects with better margins over aggressive bidding for low-margin contracts.
Notable recent order wins include significant NHAI projects:
* Project 1: Development of a 4-lane Economic Corridor along NH 116A from Kharagpur to Chandrakona Ghatal Road Crossing (₹1,400 crore excluding GST).
* Project 2: Construction of a 4-lane Economic Corridor along NH 116A from Bowaichandi to Guskara Katwa Road (₹1,391 crore).
Ashoka Buildcon is actively pursuing asset monetization to optimize its balance sheet and reduce debt. The company has entered into a sales and purchase agreement (SPA) with an affiliate of CDPQ to sell 5 BOT assets at an equity valuation of Rs 2,540 crore. This strategic move is expected to yield net proceeds of Rs 860 crore after accounting for prior commitments. The company also plans to monetize 11 HAM assets in FY25, further enhancing its financial flexibility.
The company has been consistently securing new contracts and expanding its operational reach. Ashoka Buildcon has received a Letter of Acceptance for a ₹311.92 crore turnkey project from MSETCL for establishing a 400/220 KV substation in Maharashtra, reinforcing its presence in the EPC segment. In terms of leadership, the board has reappointed Satish Parakh as Managing Director and Sanjay Londhe as Whole-Time Director for a term of three years, effective April 1, 2025, recognizing their significant contributions to the company's growth.
Ashoka Buildcon has guided for a flattish revenue in FY25, with an expected growth of 10-15% in FY26, supported by its existing order book and the acquisition of new projects. The company anticipates margin expansion, with projections indicating a marginal improvement to around 8.5% by the end of FY25, and expects to achieve double-digit margins from Q1 and Q2 of FY26.
The company is prioritizing a sustainable EPC business across Highways, Railways, Power Transmission, and Power Distribution. Ashoka Buildcon's strategic focus on diversified infrastructure segments, coupled with its robust order book, effective asset monetization plan, and commitment to margin improvement, positions it favorably to capitalize on India's ongoing infrastructure development initiatives and drive future growth.
