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Ashoka Buildcon Ltd (ASHOKA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533271 NSE: ASHOKA Engineering - Construction | Small Cap | Ashoka Buildcon Share Price

₹115.40 -0.20 (-0.17%)

As on 07-Sep'26 16:59

Ashoka Buildcon Ltd (ASHOKA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533271 NSE: ASHOKA Engineering - Construction | Small Cap | Ashoka Buildcon Share Price

₹115.40 -0.20 (-0.17%)

As on 07-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹3,245 Cr.
Current Price
₹115.4
52-Week Low / High
₹101 / 214
TTM EPS
₹87.6
TTM Sales
₹7,132 Cr.
Book Value per Share
₹238.9
P/E Ratio
1.32
Lower than its 5-year historical median
Industry PE
24.9
Price to Book (P/B)
0.48
Lower than its 5-year historical median
Price to Sales (P/S)
0.46
Lower than its 5-year historical median
EV/EBITDA
2.39
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
49.09%
Outperforms industry median
Return on Capital Employed (ROCE)
57.94%
Outperforms industry median
Return on Assets (ROA)
15.62%
Operating Profit Margin
25.1%
Net Profit Margin
34.25%
Gross Profit Margin
15.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-25.08%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-35.54%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
48.58%
Asset Quality
Promoter Holding
54.48%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,566 Cr.
Equity
₹140.4 Cr.
Face Value
₹5
All Time Low / High
₹27.53 / 319.00

Ashoka Buildcon stock performance

Key Ratios
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Quality

Very Good
Check detailed performance

Valuation

Undervalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Ashoka Buildcon Ltd a good quality company?
Ashoka Buildcon Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Ashoka Buildcon Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ashoka Buildcon Ltd vs industry peers?
Ashoka Buildcon Ltd revenue CAGR is 8.54%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ashoka Buildcon Ltd?
Promoters hold 54.48% of the Ashoka Buildcon Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ashoka Buildcon Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 0.6% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ashoka Buildcon Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ13%18%19.6%21.1%20.1%31.4%27.8%29.4%41.4%57.9%-
Value Creation
Index ⓘ		-0.10.30.40.50.41.21.01.22.03.1-

Growth Parameters ⓘ
Sales ⓘ2,9733,6014,9305,0704,9925,9998,1009,79810,0377,5207,132
Sales YoY Gr.-21.1%36.9%2.9%-1.6%20.2%35%21%2.4%-25.1%-
Adj EPS ⓘ-8.4-4.2-0.15.59.819.512.215.359.937.187.6
YoY Gr.-NANANA77.6%98.6%-37.7%25.6%292.7%-38.1%-
BVPS (₹) ⓘ16.711.310.214.822.149.259.779.1139.5234.4238.9
Adj Net
Profit ⓘ		-237-117-1.51552765483414281,6821,0412,460
Cash Flow from Ops. ⓘ827621-90.31,0701553534927491,673655-
Debt/CF from Ops. ⓘ5.88.2-675.843.210.311.27.31.22.3-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10.9%8.5%-2.5%-25.1%
Adj EPS ⓘNA30.5%45.1%-38.1%
BVPSⓘ34.1%60.4%57.8%68%
Share Price 0.5% 2.3% -0% -37.9%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-21.7-29.7-0.544.353.454.822.32254.819.937
Op. Profit
Mgn % ⓘ		3231.628.331.130.829.824.32329.125.121.6
Net Profit
Mgn % ⓘ		-8.6-3.5-0.235.594.24.617.214.234.5
Debt to
Equity ⓘ		10.116.221.115.110.82.63.32.50.50.2-
Working Cap
Days ⓘ		273280284340388377265207225324163
Cash Conv.
Cycle ⓘ		5211171921127152865

Valuation of Ashoka Buildcon - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,9733,6014,9305,0704,9925,9998,1009,79810,0377,520
Operating Expenses ⓘ + 2,0222,4623,5363,4953,4564,2106,1327,5477,1175,638
Manufacturing Costs1,1461,3381,6321,7981,5122,1222,8193,1443,2762,979
Material Costs5978321,5081,1591,2911,5202,6623,5922,9791,874
Employee Cost 118141188293321354388439446416
Other Costs ⓘ 161150207245332213262372415368
Operating Profit ⓘ 9511,1401,3941,5751,5351,7891,9692,2522,9201,882
Operating Profit Margin (%) 32.0%31.6%28.3%31.1%30.8%29.8%24.3%23.0%29.1%25.0%
Other Income ⓘ + 82527782130148135207169184
Exceptional Items ⓘ 00-6000326-7210702,144
Interest ⓘ 9089941,0211,0439701,0041,1041,3101,245912
Depreciation ⓘ 264291258300276338341367290161
Profit Before Tax ⓘ -155-351313264389325888701,5553,132
Tax ⓘ 7084171166164161294349-179557
Profit After Tax -225-119-401602737712945211,7342,576
PAT Margin (%) -7.6%-3.3%-0.8%3.2%5.5%12.9%3.6%5.3%17.3%34.3%
Adjusted EPS (₹)-7.3-4.0-1.25.99.827.710.417.960.490.8
Dividend Payout Ratio (%)-14.60%-13.50%0%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4693162874146191,3811,6762,2203,9156,579
Share Capital ⓘ 9494140140140140140140140140
Reserves ⓘ 3762221472744791,2401,5352,0803,7756,439
Debt +4,6374,9345,7365,8166,1633,2714,8254,8631,6651,441
Long Term Debt4,5494,8705,4075,5585,8762,9363,8603,790728446
Short Term Debt88633282582873359651,073937995
Minority Interest11794119128211219220204244-3
Trade Payables5746499477387278591,0691,296988926
Others Liabilities ⓘ 4,9745,5185,9566,4556,4369,6449,25510,42113,3583,866
Total Liabilities ⓘ 10,77111,51013,04513,55114,15615,37517,04419,00520,17012,809

Fixed Assets

Net Fixed Assets ⓘ +8,0167,8757,8747,6607,4571,2756,8936,6561,0861,100
Gross Block9,2609,3509,6059,6609,7103,8549,8219,9304,6254,495
Accumulated Depreciation1,2441,4751,7312,0002,2542,5792,9293,2743,5383,395
CWIP ⓘ 37465877627362395354
Investments ⓘ 1862472841862146573112221440
Inventories360419426435437450561699539440
Trade Receivables3616891,0489318967649181,0581,2121,610
Cash Equivalents 102253234754631729580816377663
Others Assets ⓘ 1,7091,9803,1213,5074,46112,0197,9579,62416,6828,503
Total Assets ⓘ 10,77111,51013,04513,55114,15615,37517,04419,00520,17012,809
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 827621-901,0701553534927491,673655
PBT ⓘ -155-351313264389325888701,5553,132
Adjustment ⓘ 1,1201,3311,3211,3351,274862804768624-1,547
Changes in Working Capital ⓘ -44-556-1359-388-1412-1257-727-651-182-707
Tax Paid ⓘ -93-120-182-204-145-184-173-239-323-224
Cash Flow From Investing Activity ⓘ + -63-315-244-117-176-233-311258-6261,276
Capex -132-159-209-103-82-137-175-142-101-107
Net Investments 53-109-40-33-126-165-114105-5021,328
Others ⓘ 16-465193269-22295-2356
Cash Flow From Financing Activity ⓘ + -866-98311-571-221-35-311-407-1,052-1,590
Net Proceeds from Shares ⓘ 0035141520000
Net Proceeds from Borrowing ⓘ 00624212386461-132209143-466
Interest Paid ⓘ -908-510-596-631-650-698-777-869-921-647
Dividend Paid ⓘ -15-15-150000000
Others ⓘ 57426263-16728200598252-274-477
Net Cash Flow ⓘ -101208-24381-24285-130600-4341
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-20.57-30.22-13.3745.7452.9277.1419.2326.7656.5149.09
ROCE (%)12.9518.0219.6121.0720.1131.3927.7729.3741.3857.94
Asset Turnover Ratio0.270.320.40.380.360.410.50.540.510.46
PAT to CFO Conversion(x)N/AN/AN/A6.690.570.461.671.440.960.25
Working Capital Days
Receivable Days53.7053.2064.3071.3066.8050.5037.9036.8041.3068.50
Inventory Days87.8039.5031.303131.902722.8023.5022.5023.80
Payable Days319.70257186.80257.40205.50186.90125.50116.60139.90186.30

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Ashoka Buildcon Ltd FAQs

The current trading price of Ashoka Buildcon on 07-Sep-2026 16:59 is ₹115.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Sep-2026 the market cap of Ashoka Buildcon stood at ₹3,245.2 Cr

The latest P/E ratio of Ashoka Buildcon as of 06-Sep-2026 is 10.10.

The latest P/B ratio of Ashoka Buildcon as of 06-Sep-2026 is 0.74.

The 52-week high of Ashoka Buildcon is ₹214.3 and the 52-week low is ₹101.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ashoka Buildcon is ₹5,789 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ashoka Buildcon Ltd is a good quality company.

The key valuation ratios of Ashoka Buildcon Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ashoka Buildcon Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Ashoka Buildcon Ltd

Ashoka Buildcon Ltd. is engaged in Engineering, Procurement and Construction, Operations and Maintenance of Roads & Highways. The Company is the Flagship Company of the Group, which comprises the Subsidiaries, step down subsidiaries and intermediate holding company. The Company has formed various Special Purpose Vehicle(s) for implementation of Projects awarded to it by various Government Agencies and National Highway Authority of India (NHAI).

Ashoka has worked in many states across the country, and completed prestigious projects for Central as well as State Governments. Overseas it is constructing road network for Housing Development Corporation in the Republic of Maldives. The company is one of the first Indian infrastructure companies to be certified for Integrated Management Systems, which encompasses ISO certification for Quality, Occupational Health and Safety and Environment.

The company is strengthened with a strong talent pool of technical as well as support staff. It’s strong financials give it the ability to bid and execute large scale projects.

Business area of the company

The company is one of the leading highway developers in India. The Company is an integrated EPC and BOT player. It has a portfolio of various PPP projects, which is the largest in number by any private player in India. Besides construction of highways and bridges the company is also engaged in Power Transmission and Distribution on EPC basis.

Verticals

  • Highways
  • Bridges
  • Power (EPC)
  • Buildings
  • City Gas Distribution
  • Railways

Awards and recognitions

  • 2012: Ashoka Buildcon Limited, was honoured during the EPC World National Level Awards 2012 and has been awarded for Outstanding Contribution in Roads and Highways.
  • 2012: Ashoka Buildcon Limited, was honoured during the EPC World National Level Awards 2012 and has been awarded for Outstanding Contribution in Roads and Highways.
  • 2013: Ashoka Buildcon Limited, was honoured during the Construction Week Awards - 2013 and has been awarded for Infrastructure Company of The Year - 2013.
  • 2014: The Federation of Engineering Institutions of Asia and the Pacific (FEIAP) has awarded Mr Sanjay Londhe,Director & CEO Projects, Ashoka Buildcon Ltd as ‘Engineer of the Year 2014’ at an event in Beijing.
  • 2014: Ashoka Buildcon Limited, was honored during the Worldwide Achievers Awards - 2014 and has been awarded for Best Construction Company of The Year.
  • 2014: Ashoka Buildcon Ltd. Bags two awards at the Construction Week National Awards- 2014. Road Contractor of the Year & Roads and Highways Project of the Year (Runner up).
  • 2014: Ashoka Buildcon Limited, was honored during the Worldwide Achievers Awards - 2014 and has been awarded for Best Construction Company of The Year.
  • 2017: Ashoka Buildcon Limited, was honored during the ‘CIDC Vishwakarma Award -2017’ and has been awarded for ‘Best Professionally Managed Company.
  • 2017: Ashoka Buildcon Ltd’s Munger Power project has been Awarded as “Best Executed Power Project” by Construction Times Award 2017.
  • 2017: Mr. Sanjay Londhe, CEO & Director of Ashoka Buildcon Ltd has been Awarded as “CEO of The Year” by Construction Times Award 2017.
  • 2017: Ashoka Buildcon Ltd Awarded as “Infrastructure Company Of the Year” by D & B Awards - 2017.
  • 2018: Ashoka Buildcon Ltd Awarded for “Innovations in CSR Practices” by ET Now Presents CSR Leadership Awards -2018.
  • 2018: Ashoka Buildcon Ltd’s Roopnarayan Bridge project won the Silver Award in National Highways Awards for Excellence by Ministry of Road Transport & Highways.
  • 2018: Ashoka Buildcon Ltd. has been honored as Infra Company of The Year at the EPC World Awards
  • 2018: Ashoka Buildcon Ltd. honoured as Dream Company to Work For by ET Now presents Dream Companies to Work for
  • 2019: Ashoka Buildcon Limited, was honoured during the CIA World Infra Awards and has been awarded for Best Infrastructure Company of The Year - 2019.
  • 2020: Ashoka Buildcon Limited, was honoured during the CIA World Infra Awards and has been awarded for Best Roads & Highways Company of The Year - 2020.

Accreditations

  • Integrated Management System comprising of Certification of ISO 9001: 2008, ISO 14001: 2008 and OHSAS 18001: 2007.
  • Environmental Management System ISO 14001: 2004.
  • Occupational Health and Safety Management System 18001: 2007.
  • Quality Management System ISO 9001: 2008.
  • Green House Gases ISO 14064.1:2006 & ISO 14064.2:2006.
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