Ashoka Buildcon's Q2 FY26 sees PAT surge, strategic asset sales

Ashoka Buildcon Limited announced its Q2 FY26 financial results, with standalone total income at INR 1,303 crores, an 11% year-on-year degrowth. Consolidated total income reached INR 1,908 crores, marking a 25% decline. Standalone EBITDA remained flat at INR 160 crores, with a margin of 12.3%, an improvement of 130 bps. Consolidated EBITDA stood at INR 642 crores, with a margin of 33.6%. The company reported a standalone PAT of INR 139 crores, a 284% increase, and a consolidated PAT of INR 91 crores for the quarter.

The company successfully divested 5 HAM SPVs for INR 1,146 crores. It aims to monetize an additional 4 HAM assets by March-end and 2 by June '26, expecting INR 800 crores and INR 300 crores respectively. Its order book as of September 30, 2025, stood at INR 14,888 crores, with Roads and Railways accounting for 65.8% and Power T&D for 31.0%. Ashoka Buildcon secured two significant railway electrification contracts from North Western Railway totaling INR 1,039.30 crores.

Despite project execution challenges due to monsoon and land acquisition delays, the company anticipates closing FY26 with turnover similar to the previous year for its EPC segment. The management targets INR 6,000-7,000 crores in incremental orders during H2 FY26 and expects debt levels to approach zero by year-end after further monetizations.