Ashoka Buildcon533271Quarterly results
Board approves Q2 standalone results; profit after tax Rs. 3,796.18 lakhs vs Rs. 13,917.54 lakhs a year ago
Board approved unaudited standalone results for the quarter and half year ended 30-Sep-26; the Audit Committee reviewed them.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,50,462.16 | 1,85,118.02 | −18.7% | 1,49,960.51 | +0.3% |
| Total income | 1,60,921.35 | 1,90,788.13 | −15.7% | 1,53,371.71 | +4.9% |
| Profit before tax | (12,776.33) | 6,424.14 | — | 17,279.67 | — |
| Profit after tax | (11,896.30) | 9,069.67 | — | 12,717.24 | — |
| Total comprehensive income | (11,479.82) | 9,070.64 | — | 12,288.02 | — |
| Basic EPS | (4.23) | 2.78 | — | 4.55 | — |
- Total income YoY
- 1,90,788.13 (−15.7%)
- Period
- Quarter Ended 30-Sep-26
Also decided at the meeting
- Approved enhancement of limit for raising debt via unsecured Non-Convertible Debentures on private placement basis up to Rs.500 Crore, within shareholder-approved borrowing limits.
- Approved Postal Ballot Notice seeking shareholders' approval for divestment of entire stake held by wholly owned subsidiaries in Jaora-Nayagaon Toll Road Company Private Limited, a material unlisted subsidiary.
Auditor's review
Conclusion: Unmodified
- Emphasis of matter: Note 3 regarding an ongoing regulatory matter sub-judice before Ld. Court of Special Judge, CBI, Bihar, involving the Holding Company; no adjustments made pending final outcome.
Notes to the results
- Exceptional items (net) of (31,857.16) lakhs recognised in the quarter ended 30-Sep-26 (Refer Note 4).
- Note 3: CBI chargesheet alleging bribery of NHAI officials re a Bihar project; Company shared writ petition dated May 11, 2026 in Patna High Court; no adjustments made as matter is sub-judice.
- Investments, loans and related assets/liabilities of five HAM subsidiaries and GVR Ashoka Chennai ORR Limited classified as held for sale under Ind AS 105.
- Ashoka Purestudy Technologies Private Limited ceased to be a subsidiary and became an associate on June 12, 2026, as Company's stake reduced from 59% to 39.33%.
Board approval
The board approved unaudited standalone financial results for the quarter and half year ended 30-Sep-26, and the Audit Committee reviewed them. These are standalone numbers of the company. Along with the results, the notes explain a road-asset divestment, a change in the status of one subsidiary, and the status of a legal matter.
Quarterly scorecard (standalone, as printed in ₹ lakhs)
- Revenue from Operations: 1,31,548.41
- Profit before exceptional items and tax: 5,140.01
- Profit after tax: 3,796.18
- Basic and diluted EPS: 1.35
Why profit after tax looks much lower than a year ago
- The same quarter last year showed profit after tax of 13,917.54 lakhs.
- That quarter carried an exceptional gain of 11,205.41 lakhs on sale of stake in BOT / HAM subsidiaries. No such gain is shown for the current quarter.
- So a large part of the year-on-year fall comes from a one-time gain sitting in the base quarter, while Revenue from Operations is higher than a year earlier and profit before exceptional items and tax is lower.
Divestment of road assets
- The company and its subsidiary Ashoka Concessions Limited executed share subscription and purchase agreements and other transaction documents to divest their entire stake in certain completed road projects built on Hybrid Annuity Mode (HAM) and awarded by NHAI.
- Considering the high probability of the sales completing, the investments, loans given and related current assets/liabilities of five HAM subsidiaries are classified as held for sale.
- Assets held for sale stand at 88,885.83 lakhs.
- Divestment of the 100% stake in GVR Ashoka Chennai ORR Limited is also in process, and its investments, loans and related current assets/liabilities are likewise classified as held for sale.
Subsidiary becomes an associate
- Ashoka Purestudy Technologies Private Limited (APTPL) allotted fully paid-up equity shares at par on a preferential allotment basis to a new investor on 12 June 2026.
- As a result, the company's shareholding came down to 39.33%, and APTPL ceased to be a subsidiary and became an associate of the company.
Legal matter
- A first information report by a law enforcement agency (CBI) alleged bribery of certain NHAI officials by company personnel for undue advantage in a project executed in Bihar.
- The company received a final chargesheet dated 15 February 2024 from the Court of Special Judge, CBI, Bihar, and was arraigned as a party, primarily for alleged non-completion / deviation in executed work and minor irregularities in quality of work during April 2021 to August 2022.
- The project is complete, the company has received the completion certificate from NHAI, and management believes there would not be any material impact on the financial results in this regard.
- The company has shared a writ petition dated 11 May 2026 with the High Court of Judicature at Patna questioning the allegations, stating there is no evidence linking the company to the bribery and that the case rests on unreliable evidence.
- The matter is sub-judice and no adjustments have been made to the financial results.
What investors may want to track
- The quarter mixes higher Revenue from Operations with a lower profit after tax, largely because the base quarter held the one-time stake-sale gain; the operating profit line before exceptional items is the cleaner like-for-like comparison.
- The HAM road divestments are the big balance-sheet event around these results: a large chunk of assets is already parked under held for sale, so completion of those sales is the key next step.
- The CBI matter is a legal overhang, but the company states the project is complete and it expects no material financial impact, with the case pending before the Patna High Court.
- Segment-wise revenue, results and capital employed are presented in the consolidated financial results.
₹3,796.18 lakh-72.7%
Q2 FY26₹13,917.54 lakhQ2 FY27₹3,796.18 lakh
1,60,921.35 (₹ in Lakhs)Total income, latest quarter
Revenue from operations, latest quarter1,50,462.16 (₹ in Lakhs)
Total comprehensive income, year-ago quarter9,070.64 (₹ in Lakhs)
Also from Ashoka Buildcon
Declared L1 Lowest Bidder for NHAI Expressway Package in Gujarat
5 Nov 2026
Ashoka Buildcon to hold Q2/H1 FY27 earnings call on November 6, 2026, hosted by Anand Rathi Research
2 Nov 2026
Earnings call on November 6, 2026 to discuss Q2 and H1 FY27 results
2 Nov 2026
More numbers
- Revenue from Operations, Q2 FY27 (standalone)1,31,548.41
- Profit after tax, Q2 FY27 (standalone)3,796.18
- Profit after tax, Q2 FY26 (standalone)13,917.54
- Gain on sale of stake in BOT / HAM subsidiaries (exceptional item)11,205.41
- Profit before exceptional items and tax, Q2 FY27 (standalone)5,140.01
- Basic & diluted EPS, Q2 FY27 (standalone)1.35
- Assets held for sale as at 30-Sep-2688,885.83
- Company's shareholding in APTPL after preferential allotment39.33%
- Total income, latest quarter1,60,921.35 (₹ in Lakhs)
- Total income, year-ago quarter1,90,788.13 (₹ in Lakhs)
- Total income, previous quarter1,53,371.71 (₹ in Lakhs)
- Total comprehensive income, latest quarter(11,479.82) (₹ in Lakhs)
- Total comprehensive income, year-ago quarter9,070.64 (₹ in Lakhs)
- Total comprehensive income, previous quarter12,288.02 (₹ in Lakhs)
- Profit after tax, latest quarter(11,896.30) (₹ in Lakhs)
- Profit after tax, year-ago quarter9,069.67 (₹ in Lakhs)
- Profit after tax, previous quarter12,717.24 (₹ in Lakhs)
- Revenue from operations, latest quarter1,50,462.16 (₹ in Lakhs)
- Revenue from operations, year-ago quarter1,85,118.02 (₹ in Lakhs)
- Revenue from operations, previous quarter1,49,960.51 (₹ in Lakhs)
- Profit before tax, latest quarter(12,776.33) (₹ in Lakhs)
- Profit before tax, year-ago quarter6,424.14 (₹ in Lakhs)
- Profit before tax, previous quarter17,279.67 (₹ in Lakhs)
Source: BSE · 5 Nov 2026
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