Whalesbook
Ashoka Buildcon Ltd is engaged in the business of construction and infrastructure facilities on EPC and BOT basis. It is also involved in the sale of RMC (ready mix and making switchgear concrete).[1]
Business Segments1) Construction Contract (63% in 9M FY25 vs 55% in FY23):[1][2]The company undertakes engineering, procurement, and construction (EPC) of road, rail, power projects, etc. It is aFortune India 500 company and one of the leading highway developers in India.[3]As of 9M FY25, the company has constructed 14,000+ lane km of highways and electrified 30,000+ villages through power T&D projects. Additionally, it has completed 750+ Tkms of overhead electrification, linked 170+ Tkms of railway tracks, laid 32,000 km of optical fiber, and built 10+ Mn sq. ft. of buildings.[4][5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Larsen & Toubro | 3983.60 | 34.09 | 547976.40 | 0.85 | 4678.01 | 15.63 | 67983.53 | 10.44 | 14.49 | 270722.51 | 12.67 | 16074.88 | 3926.09 | 5.40 | 4.98 | 1.32 |
| 2. | Rail Vikas | 312.40 | 57.37 | 65136.03 | 0.55 | 230.52 | -19.73 | 5122.97 | 5.52 | 14.72 | 20026.00 | 4.70 | 1135.41 | 230.29 | 6.81 | 6.40 | 0.52 |
| 3. | NBCC | 112.52 | 45.49 | 30380.40 | 0.60 | 156.69 | 25.71 | 2910.20 | 18.99 | 33.17 | 12751.71 | 5.04 | 667.83 | 153.52 | 11.37 | 4.68 | 0.00 |
| 4. | IRB Infra.Devl. | 43.01 | 29.67 | 25973.74 | 0.70 | 140.82 | 41.00 | 1751.02 | 10.42 | 7.82 | 8024.67 | 48.08 | 875.41 | 140.82 | 1.27 | 2.01 | 1.02 |
| 5. | Kalpataru Proj. | 1169.20 | 24.32 | 19966.73 | 0.77 | 237.39 | 91.27 | 6528.57 | 32.43 | 15.95 | 25498.99 | 8.25 | 821.04 | 240.05 | 2.87 | 2.36 | 0.69 |
| 6. | KEC International | 713.60 | 27.81 | 18996.03 | 0.77 | 160.75 | 88.21 | 6091.56 | 19.13 | 17.98 | 23335.94 | 7.26 | 683.11 | 160.75 | 3.37 | 2.75 | 0.94 |
| 7. | Afcons Infrastr. | 400.30 | 29.31 | 14722.42 | 0.62 | 105.08 | -22.42 | 2988.39 | 0.97 | 19.59 | 12793.14 | 11.12 | 502.26 | 105.08 | 2.73 | 2.94 | 0.66 |
| 8. | Ashoka Buildcon | 163.91 | 22.84 | 4601.33 | 0.00 | 139.18 | 39.85 | 1266.10 | -10.68 | 9.86 | 6343.56 | 8.70 | 201.45 | 50.64 | 1.10 | 2.05 | 0.56 |
| – | Median: 118 Co. | 140.31 | 19.2 | 602.26 | 0.0 | 9.21 | 24.84 | 149.57 | 10.73 | 18.01 | 510.67 | 12.72 | 28.44 | 9.16 | 2.13 | 6.77 | 0.44 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,559 | 2,134 | 1,792 | 1,532 | 1,877 | 1,311 | 2,044 | 2,500 | 1,975 | 1,280 | 1,561 | 1,418 | 1,266 |
Expenses | 1,442 | 1,957 | 1,629 | 1,462 | 1,756 | 1,188 | 1,893 | 2,314 | 1,832 | 1,168 | 1,417 | 1,299 | 1,143 |
Operating Profit | 117 | 177 | 163 | 70 | 121 | 122 | 150 | 186 | 143 | 112 | 144 | 119 | 123 |
Other Income | 31 | 28 | 24 | 25 | 24 | 29 | 374 | 250 | 38 | 30 | 28 | 41 | 149 |
Profit before tax | 89 | 115 | 79 | 22 | 57 | 43 | 458 | 343 | 79 | 87 | 95 | 65 | 169 |
Tax % | 25% | 25% | 23% | 25% | 28% | 29% | 5% | 22% | 24% | 25% | 25% | 44% | 18% |
Net Profit | 67 | 87 | 61 | 16 | 41 | 31 | 435 | 268 | 60 | 65 | 71 | 36 | 139 |
EPS in Rs | 2.38 | 3.09 | 2.16 | 0.59 | 1.45 | 1.09 | 15.49 | 9.56 | 2.12 | 2.33 | 2.54 | 1.29 | 4.96 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,557 | 1,967 | 1,938 | 2,006 | 2,446 | 3,821 | 3,937 | 3,818 | 4,645 | 6,372 | 7,727 | 7,061 | 6,344 |
Expenses | 1,358 | 1,717 | 1,697 | 1,764 | 2,153 | 3,305 | 3,352 | 3,297 | 4,089 | 5,839 | 7,150 | 6,515 | 5,792 |
Operating Profit | 198 | 250 | 241 | 243 | 293 | 515 | 586 | 520 | 556 | 534 | 576 | 547 | 552 |
Other Income | 32 | 58 | 96 | 72 | 98 | 69 | 145 | 191 | -624 | 455 | 332 | 127 | 239 |
Interest | 33 | 59 | 67 | 47 | 49 | 91 | 85 | 77 | 86 | 141 | 228 | 296 | 322 |
Depreciation | 43 | 55 | 67 | 51 | 53 | 76 | 111 | 87 | 70 | 74 | 105 | 98 | 99 |
Profit before tax | 153 | 194 | 203 | 216 | 289 | 417 | 534 | 547 | -224 | 773 | 575 | 279 | 370 |
Net Profit | 103 | 142 | 139 | 176 | 237 | 286 | 387 | 408 | -309 | 671 | 443 | 197 | 290 |
EPS in Rs | 4.37 | 5.98 | 4.95 | 6.27 | 8.44 | 10.19 | 13.79 | 14.54 | -10.99 | 23.91 | 15.77 | 7.03 | 10.33 |
Dividend Payout % | 23% | 16% | 20% | 17% | 6% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 79 | 79 | 94 | 94 | 94 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 |
Reserves | 854 | 975 | 1,602 | 1,629 | 1,833 | 2,072 | 2,459 | 2,866 | 2,558 | 3,229 | 3,672 | 3,869 | 4,039 |
Borrowings | 224 | 445 | 434 | 200 | 160 | 788 | 447 | 446 | 569 | 1,043 | 1,449 | 2,062 | 2,335 |
Other Liabilities | 1,053 | 1,167 | 940 | 1,527 | 1,841 | 2,308 | 2,266 | 2,049 | 2,099 | 2,787 | 3,472 | 3,321 | 3,264 |
Total Liabilities | 2,210 | 2,666 | 3,070 | 3,450 | 3,927 | 5,309 | 5,312 | 5,501 | 5,366 | 7,200 | 8,734 | 9,393 | 9,778 |
Fixed Assets | 203 | 167 | 151 | 169 | 217 | 380 | 349 | 285 | 279 | 282 | 327 | 308 | 306 |
Gross Block | 434.71 | 443.95 | 316.62 | 384.29 | 483.84 | 720.59 | 779.41 | 681.84 | 730.21 | 802.26 | 938.85 | 994.65 | – |
Accumulated Depreciation | 232.08 | 277.04 | 165.45 | 215.47 | 266.46 | 340.69 | 430.35 | 396.43 | 451.35 | 520.06 | 611.54 | 686.71 | – |
CWIP | 24 | 20 | 4 | 16 | 15 | 6 | 10 | 2 | 2 | 28 | 2 | 16 | 6 |
Investments | 976 | 1,097 | 1,230 | 1,306 | 1,346 | 1,364 | 1,411 | 1,458 | 1,063 | 1,373 | 1,484 | 1,263 | 1,276 |
Other Assets | 1,008 | 1,382 | 1,685 | 1,959 | 2,348 | 3,559 | 3,542 | 3,756 | 4,023 | 5,517 | 6,920 | 7,805 | 8,190 |
Total Assets | 2,210 | 2,666 | 3,070 | 3,450 | 3,927 | 5,309 | 5,312 | 5,501 | 5,366 | 7,200 | 8,734 | 9,393 | 9,778 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 338 | -75 | -350 | 442 | 498 | 8 | 741 | 131 | 161 | 73 | 410 | -591 |
Cash from Investing Activity | -234 | -91 | -15 | -146 | -334 | -552 | -57 | -206 | -252 | -391 | -282 | 51 |
Cash from Financing Activity | -103 | 162 | 388 | -184 | -18 | 473 | -448 | -74 | 25 | 336 | 173 | 318 |
Net Cash Flow | 1 | -4 | 23 | 112 | 146 | -71 | 237 | -149 | -65 | 18 | 301 | -222 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 44 | 89 | 109 | 83 | 128 | 122 | 116 | 115 | 82 | 62 | 52 | 66 |
Inventory Days | – | – | 337 | 55 | 65 | 38 | 49 | 50 | 48 | 45 | 46 | 44 |
Days Payable | – | – | 187 | 360 | 265 | 199 | 219 | 205 | 206 | 154 | 167 | 165 |
Cash Conversion Cycle | 44 | 89 | 259 | -222 | -71 | -39 | -55 | -40 | -76 | -46 | -69 | -55 |
Working Capital Days | -3 | 4 | 89 | 23 | 1 | 4 | -4 | 10 | 86 | 62 | 40 | 107 |
ROCE % | 18% | 18% | 15% | 13% | 17% | 22% | 20% | 19% | 19% | 15% | 12% | 10% |
Direct from BSE filings, auto-summarised
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