Ashoka Buildcon Limited — Investor Meet, 21-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ashoka Buildcon reported Q2 FY26 standalone PAT up 284% to ₹139 Cr, driven by HAM sale gain, despite revenue decline. H1 revenue was muted due to monsoon/land acquisition. Order book stands at ₹14,888 Cr, boosted by new railway electrification projects. Management aims for H2 revenue to pick up, targeting full-year FY26 revenue flat YoY, with 10-15% growth for FY27. Expects ₹6,000-7,000 Cr in H2 order inflows and 10-11% EBITDA margins. Substantial deleveraging anticipated by FY26 end from monetizing 5 BOT assets (₹1,750 Cr cash expected by Nov) and remaining HAM assets. EPC remains core, selectively bidding for HAM/BOT. Management expresses confidence in H2 turnaround, substantial deleveraging, and healthy order inflows.