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Ashoka Buildcon Limited
(ASHOKA)
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Rating:65Neutral
Price Target:
₹122.00
▲(7.06% Upside)
Action:Reiterated
Date:06/16/26
The score is supported by a very low P/E and improved balance-sheet leverage, but is held back by sharply weaker FY2026 cash flow (weak cash conversion versus earnings) and a technically weak price trend below the long-term moving average with negative MACD.
Positive Factors
Lower leverage
The substantial reduction in leverage improves financial resilience and lowers the burden of debt service. A stronger capital structure gives Ashoka Buildcon more flexibility to fund projects, manage contract cycles, and withstand periods of uneven infrastructure cash flows over the coming quarters.
Negative Factors
Weak cash conversion
The steep deterioration in operating and free cash flow means FY2026 accounting profits translated into relatively little cash. Persistent weak conversion could constrain reinvestment, reduce liquidity available for project execution, and increase dependence on collections timing or external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Lower leverage
The substantial reduction in leverage improves financial resilience and lowers the burden of debt service. A stronger capital structure gives Ashoka Buildcon more flexibility to fund projects, manage contract cycles, and withstand periods of uneven infrastructure cash flows over the coming quarters.
Read all positive factors
Ashoka Buildcon Limited (ASHOKA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹31.97B
Dividend Yield0.65%
Average Volume (3M)208.79K
Price to Earnings (P/E)1.3
Beta (1Y)1.49
Revenue Growth-24.59%
EPS Growth39.70%
CountryIN
Employees1,401
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)88.05
Shares Outstanding280,723,240
10 Day Avg. Volume394,246
30 Day Avg. Volume208,795
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.56
Price to Sales (P/S)1.37
P/FCF Ratio235.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.76
Revenue Forecast (FY)₹64.37B
Ashoka Buildcon Limited Business Overview & Revenue Model
Company Description
Ashoka Buildcon Limited is an infrastructure development enterprise based in India. The company operates through three principal divisions: Construction & Contract Related Activity, Built, Operate and Transfer (BOT) projects, and the Sale of Goods...
How the Company Makes Money
Ashoka Buildcon makes money mainly by executing and developing infrastructure projects. Its core revenue stream is contracting income from EPC and item-rate construction work, where it is paid for building assets such as roads/highways and associa...
Ashoka Buildcon Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
78
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 71.32B | 75.20B | 90.23B | 97.98B | 81.00B | 59.99B |
| Gross Profit | 18.46B | 20.28B | 36.86B | 31.67B | 25.39B | 11.16B |
| EBITDA | 38.14B | 42.05B | 30.49B | 23.68B | 19.83B | 22.50B |
| Net Income | 24.60B | 25.50B | 16.94B | 5.03B | 2.92B | 7.79B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 130.50B | 207.70B | 191.24B | 171.45B | 154.65B |
| Cash, Cash Equivalents and Short-Term Investments | 6.74B | 6.74B | 5.86B | 9.17B | 6.80B | 4.04B |
| Total Debt | 0.00 | 16.08B | 19.88B | 54.50B | 19.09B | 36.33B |
| Total Liabilities | -65.76B | 64.74B | 166.11B | 167.00B | 151.70B | 138.65B |
| Stockholders Equity | 65.76B | 65.79B | 39.15B | 22.20B | 17.55B | 13.81B |
Cash Flow | ||||||
| Free Cash Flow | 6.11B | 435.07M | 15.55B | 6.03B | 3.13B | 2.08B |
| Operating Cash Flow | 6.48B | 1.61B | 16.73B | 7.49B | 4.92B | 3.53B |
| Investing Cash Flow | 10.17B | 11.24B | -6.26B | 2.34B | -2.64B | -2.33B |
| Financing Cash Flow | -8.39B | -9.44B | -10.52B | -4.07B | -3.11B | -350.01M |
Ashoka Buildcon Limited Technical Analysis
Negative
113.95
Price Trends
119.55
Negative
124.49
Negative
135.70
Negative
Market Momentum
-1.20
Negative
42.71
Neutral
10.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASHOKA, the sentiment is Negative. The current price of 113.95 is below the 20-day moving average (MA) of 114.67, below the 50-day MA of 119.55, and below the 200-day MA of 135.70, indicating a bearish trend. The MACD of -1.20 indicates Negative momentum. The RSI at 42.71 is Neutral, neither overbought nor oversold. The STOCH value of 10.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASHOKA.
Ashoka Buildcon Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹36.01B | 9.45 | ― | 0.84% | -2.47% | -6.60% | |
65 Neutral | ₹31.97B | 1.29 | ― | 0.65% | -24.59% | 39.70% | |
59 Neutral | ₹35.31B | 8.96 | ― | 0.20% | -37.51% | -58.59% | |
59 Neutral | ₹45.02B | 6.15 | ― | 0.34% | -6.48% | 9.02% | |
58 Neutral | ₹65.60B | 5.19 | ― | 0.25% | -18.82% | 46.79% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹31.54B | 16.95 | ― | 0.41% | -3.14% | -57.80% |
* General Sector Average
IN:ASHOKA
Ashoka Buildcon Limited
113.90
-75.90
-39.99%
IN:DBL
Dilip Buildcon Ltd.
403.85
-157.15
-28.01%
IN:HGINFRA
H.G. Infra Engineering Ltd.
483.95
-521.02
-51.84%
IN:JKIL
J. Kumar Infraprojects Limited
475.95
-168.45
-26.14%
IN:KNRCON
KNR Constructions Limited
125.55
-69.25
-35.55%
IN:PNCINFRA
PNC Infratech Ltd
175.50
-127.11
-42.00%
Ashoka Buildcon Limited Corporate Events
Ashoka Buildcon wins Rs 602 crore RVNL electro-mechanical contract for Rishikesh–Karnprayag rail tunnels
Aug 29, 2026
Ashoka Buildcon has received a Letter of Acceptance from Rail Vikas Nigam Limited for a major electro-mechanical works package on the Rishikesh–Karnprayag new broad-gauge rail line in Uttarakhand. The contract covers supply, erection, testin...
Ashoka Buildcon Extends Timeline for Sale of Remaining Road SPVs
Jul 31, 2026
Ashoka Buildcon Limited has announced a further extension to the expected completion dates for the sale and disposal of its remaining stakes in six special purpose vehicle subsidiaries held directly and through Ashoka Concessions Limited to an inv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.