Ashoka Buildcon Limited reported a 62% increase in net profit to ₹320 crore for FY26, driven by asset monetization and reduced interest costs. Consolidated debt fell sharply to ₹2,778 crore from ₹6,671 crore in the previous year.

The company held its 33rd Annual General Meeting on September 25, 2026, where shareholders approved the re-designation of key executive directors to Joint Managing Director roles. The meeting, conducted via video conferencing, saw the adoption of audited standalone and consolidated financial statements for FY26. The Board recommended the re-appointment of Mr. Sanjay Londhe and Mr. Ashish Kataria, who retired by rotation and sought re-election.

Financial performance and debt reduction

Turnover declined to ₹7,705 crore in FY26 from ₹10,205 crore in FY25, a drop attributed to lower execution of EPC work and the stake sale of HAM/BOT projects during the year. Despite the revenue contraction, operating margins remained stable at 27%, generating an operating margin of ₹2,066 crore.

The most significant balance sheet development was the substantial reduction in debt. Consolidated debt decreased by 58% to ₹2,778 crore as on March 31, 2026, compared to ₹6,671 crore in March 2025. This reduction was primarily due to the sale of HAM and BOT projects. Standalone debt also fell to ₹1,127 crore from ₹1,405 crore. Cash and bank balances stood at ₹1,216 crore on a consolidated basis.

Order book and segment composition

The company reported an order book of ₹15,312 crore as on March 31, 2026. The roads and railway segment constitutes 66.11% (₹10,122 crore) of the total order book, while Power Transmission & Distribution accounts for approximately 23% (₹3,533 crore). The EPC building segment stands at ₹562 crore.

Recent orders include:

• Bridges and Water Treatment: ₹2,434 crore, including a ₹1,816 crore Mithi River Development project (JV with Adani-Ashoka-Aakshaya) and a ₹1,041 crore flyover project in Mumbai.
• Railway: ₹1,608 crore, including gauge conversion work in Maharashtra and electric traction upgrades in Rajasthan.
• Smart Infra: ₹2,523 crore, featuring Intelligent Traffic Management Systems in Maharashtra.
• International: USD 392 million in orders from Guyana, Liberia, Angola, and Saudi Arabia.

Segment breakup of order book

Asset monetization and strategic shifts

The asset monetization program continued to reinforce the company's full-cycle capabilities. In November 2025, Ashoka Concessions Limited (ACL) sold its 100% stake in five BOT SPVs to Maple Infrastructure Trust for ₹1,814 crore. Earlier, in September 2025, ACL and the company sold their 100% stake in five HAM SPVs to Edelweiss for ₹1,146 crore. Additionally, Viva Highways Limited acquired a 26% stake in Jaora-Nayagaon Toll Road Company Private Limited for ₹166.6 crore.

ACL became a wholly owned subsidiary of Ashoka Buildcon in November 2025 following a Share Purchase Agreement. The company is actively pursuing the sale of further HAM projects in national highways.

Governance and voting details

Mr. Ashok Katariya, Chairman of the Board, chaired the AGM proceedings. Mr. Manoj Kulkarni, Company Secretary, facilitated the remote e-voting process, which was open from September 22, 2026, to September 24, 2026. Mr. Vishwanath from M/s. Sharma & Trivedi LLP served as the Scrutinizer. Voting results are scheduled to be disclosed to stock exchanges within two working days of the AGM's conclusion.

What the numbers show

The divergence between turnover and net profit highlights the impact of non-operational factors. While turnover fell 24.5% due to lower EPC execution and asset sales, net profit rose 62.4%. This suggests that the gains from asset monetization and the significant reduction in interest costs (linked to the 58% drop in consolidated debt) outweighed the operational revenue decline. The stable operating margin of 27% indicates that core project execution profitability remains intact despite the volume contraction.

Ashoka Buildcon has completed the acquisition of a 100% equity stake in Sakoli Power Transmission Limited for ₹3.06 crore, making the entity a wholly owned subsidiary.

The transaction, disclosed on September 23, 2026, involves the purchase of shares from REC Power Development and Consultancy Limited. The acquisition was executed pursuant to a Share Purchase Agreement signed following a Letter of Intent received on August 13, 2026, as part of a Tariff Based Competitive Bidding process for a transmission project.

Acquisition details

The following table summarises the key details of the transaction:

Project scope and timeline

Sakoli Power Transmission Limited is a Special Purpose Vehicle (SPV) incorporated on July 7, 2025. It was established specifically to provide transmission services on a Build-Own-Operate-Transfer (BOOT) basis. The SPV's primary objective is to establish and develop infrastructure for the AIS Sakoli Substation (New 400 kV AIS Substation) and associated transmission lines.

The Scheduled Date of Commercial Operation for the project is set at 24 months from the date of acquisition. As the SPV was incorporated recently, historical turnover data for the last three years is not applicable, and the size/turnover is currently nil.

Regulatory and strategic context

The acquisition required approval from the Ministry of Power for the share transfer of the SPV, which has been received. The transaction does not fall within Related Party Transactions, and no promoter or group companies hold any interest in the entity being acquired prior to this deal.

Ashoka Buildcon’s move reflects its continued interest in expanding its portfolio within the power transmission segment. The consideration paid includes the share purchase price along with relevant expenses and liabilities of the SPV incurred to date.