India · Delayed Price · Currency is INR Ashoka Buildcon Earnings Call Transcripts
Fiscal Year 2026
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Significant debt reduction and asset monetization were achieved, with a strong order book and new project wins. Margins are expected to improve, though FY26 revenue will be lower, with a rebound anticipated in FY27. Execution delays persist but are expected to resolve soon.
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Q2 FY2026 saw muted execution due to monsoon, but toll collections and margins improved. Asset monetization and new railway contracts strengthened the balance sheet, with H2 focused on order inflow and de-leveraging. Revenue is expected to be flat for FY2026, with 10-11% EBITDA margins.
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Q1 FY26 saw lower revenues due to execution delays, but margins improved and new orders strengthened the order book. Asset monetization is on track to significantly reduce debt, with 10-12% revenue growth and stable margins guided for FY26.
Fiscal Year 2025
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Q4 FY25 saw consolidated revenue up 12% YoY and EBITDA up 16%, with strong order book and asset monetization set to reduce debt by INR 4,000-4,500 crores in FY26. Revenue growth for FY26 is guided at 10% with margin improvement expected.
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Q3 FY25 saw lower revenues but improved margins and strong order inflows, with major asset sales set to reduce debt significantly. FY26 guidance targets 10-15% revenue growth and 10-11% margins, supported by a robust order book and government infrastructure push.
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Q2 FY25 saw robust consolidated growth with PAT up 324% year-over-year, driven by asset monetization and strong order inflows. Margins remain under pressure from legacy contracts, but double-digit EBITDA is expected from FY26 as new projects ramp up. Debt reduction is anticipated post-asset sales.
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Q1 FY25 delivered strong revenue and profit growth, with robust order book and improved margins expected in H2. Asset monetization is progressing, and international and water segments are set for expansion. Revenue growth of 15-20% is guided for FY25 and FY26.