Key Metrics of Ashoka Buildcon Limited
About Ashoka Buildcon Limited
Sectors
Company details
- Registered office
- S. No. 861, "ashoka House", Ashoka Marg, Vadala,, Nashik, Nashik, In-mh, 422011
- Listed
- NSE: ASHOKA · ₹106.95
Operational Areas of Ashoka Buildcon Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Oct 2026 | ICRA | Reaffirmed | — | — | — | — | View |
| 09 Jan 2026 | CARE | Watch | AA- | A1+ | Positive | ₹1,000 Cr | View |
| 10 Jan 2025 | CARE | Watch | AA- | — | Positive | ₹1,000 Cr | View |
| 12 Nov 2024 | CARE | Other | — | — | — | — | View |
| 22 Oct 2024 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹1,000 Cr | View |
| 19 Jun 2024 | CARE | Assigned | AA- | A1+ | Stable | ₹700 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Monetisation of assets expected to result in deleveraging and improvement of debt coverage metrics
ABL has made significant progress in its asset monetisation programme, having successfully completed the sale of five HAM assets to the Edelweiss Group and five BOT (Toll) assets to MIT (rated [ICRA]AAA (Stable)), generating aggregate proceeds of around Rs. 2,960 crore (Rs. 1,146 crore for five HAM assets and Rs. 1,814 crore for five BOT (Toll) assets).
+ Experienced management; track record of timely completion of EPC and BOT projects
ABL has extensive experience of over four decades in the construction sector and has demonstrated strong execution capabilities.
Credit challenges
− Moderate profitability margins, leverage and coverage metrics
ABL’s operating income declin ed to Rs. 5,812 crore from Rs. 7,061 crore in FY2025, impacted by widespread heavy rainfall and slowdown in project execution amid delays in receipt of approvals in few projects.
− Intense competition in the construction industry
ABL procures orders through competitive bidding.
Could lead to an upgrade
• Augmentation of order book and growth in scale of operations while improving adjusted total debt (considering interest bearing mobilisation advances)/PBILDT below 1.50x on a sustained basis.
Could lead to a downgrade
• Delay in completion of on -going asset monetisation leading to deterioration in financial risk profile of ABL. • Further elongation in working capital cycle leading to higher gross current asset (GCA) days of above 270 days on sustained basis, impacting
Agency-reported financials (ICRA, 30 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹7,061 Cr | ₹5,812 Cr |
| PAT | ₹197 Cr | ₹320 Cr |
| OPBDIT/OI | 7.7% | 8.5% |
| PAT/OI | 2.8% | 5.5% |
| Total outside liabilities/Tangible net worth (times) | 1.30× | 1.10× |
| Total debt/OPBDIT (times) | 3.80× | 4.30× |
| Interest coverage (times) | 1.80× | 1.60× |
| Revenue growth (YoY) | — | −17.7% |
| EBITDA (margin × income) | ₹544 Cr | ₹494 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,066 Cr | ₹2,124 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹302 Cr | ₹309 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Continues to be on Long-term bank facilities (RWP) | Working capital & bank lines | — | ₹200 Cr | — | AA- | Watch | CARE |
| LT continues to be on Watch Long-term Short-term bank (RWP) with ST Continues to be on | Working capital & bank lines | — | ₹500 Cr | — | AA- | Watch | CARE |
| facilities Non-convertible debentures (RWP) | Debentures & bonds | — | ₹300 Cr | — | AA- / A1+ | Other | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE442H08032 | Nov Apr | Debentures & bonds | — | — | — | ₹100 Cr | AA- | Not stated |
| INE442H08040 | Nov Apr | Debentures & bonds | — | — | — | ₹100 Cr | AA- | Not stated |
| INE442H08057 | Nov Apr | Debentures & bonds | — | — | — | ₹100 Cr | AA- | Not stated |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Non Convertible Debentures | ₹300 Cr | CARE AA- (Rating Watch with Positive Implications) |
| Term Loan | ₹200 Cr | CARE AA- (Rating Watch with Positive Implications) |
| Working Capital Limits | ₹500 Cr | CARE AA- / CARE A1+ (Rating Watch with Positive Implications) |
Lenders
| Fund-based - LT | Term Loan | Bandhan Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | South Indian Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | Proposed |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 40% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 33% chance the next rating action is stable or better
- Interest coverage 1.6×
What happened, step by step
- Oct 2026 — ₹135 cr raised through equity
- Oct 2026 — Full repayment of NCD
“ABL has a total pending equity commitment of around Rs. 135 crore towards its under-construction HAM projects, which is expected to be infused in FY2027.”
Rated limits by facility
Timeline
From the report
ABL has a total pending equity commitment of around Rs. 135 crore towards its under-construction HAM projects, which is expected to be infused in FY2027.
From the report
The equity commitment towards the new project is estimated at Rs. 225 crore and likely to be infused over the next three years, including around Rs. 50-55 crore in FY2027.
From the report
The monetisation proceeds have been largely utilised towards the acquisition of SBI Macquarie’s stake in ACL and Jaora–Naigaon project, resulting in full exit of SBI Macquarie, repayment of NCD’s of Rs. 300 crore, and reducing working capital borrowings, while also supporting the company's overall liquidity position.
From the report
Nonetheless, ABL witnessed a reduction in debt levels following the receipt of asset monetisation proceeds and repayment of borrowings , as reflected by TOL/TNW decreasing to 1.07 times as on March 31, 2026 compared to 1.32 times as on March 31, 2025.
From the report
Liquidity position: Adequate ABL’s liquidity is adequate with unencumbered/free cash and bank balances of around Rs. 512 crore as of March 31, 2026, and a sizeable cushion in working capital limits of Rs. 437 crore with utilisation of fund-based limits remaining moderate at 63% for the quarter ended in June 30, 2026.
From the report
JNTRL is generating healthy cash surplus of around Rs.150 crore which can be up streamed to ABL aiding financial flexibility.
From the report
Liquidity: Strong ABL had free cash and cash equivalent of ₹136.25 crore as on March 31, 2025.
From the report
Average fund-based working capital utilisation limits remained moderate at ~33% for 12-months ending September 2025.
From the report
Yearly cash accruals of ~₹500 crore shall be sufficient for average annual debt repayment of ₹150 to 200 crore and pending equity commitments of ~₹360 crore to be infused over FY26 and FY27.
From the report
Yearly cash accruals of ~₹500 crore shall be sufficient for average annual debt repayment of ₹150 to 200 crore and pending equity commitments of ~₹360 crore to be infused over FY26 and FY27.
From the report
Negative factors • Increasing working capital intensity, leading to deteriorating gross current asset days beyond 225 days on sustained basis. • Deteriorating adjusted debt (Including interest bearing mobilization advances) to PBILDT above 2x on sustained basis. • Aggressive addition of under-construction BOT projects, leading to high exposures of its investments, loans and advances against its net worth on sustained basis. • Incremental debt availed to provide exit to SBI Macquire, deteriorating its coverage indicators Analytical approach: Standalone CARE Ratings has considered standalone fin
From the report
Liquidity: Strong ABL had free cash and cash equivalent of ₹82 crore as on September 30, 2024.
From the report
Average fund-based working capital utilization limits remained moderate at 67% for 12-months ending June 2024.
From the report
Yearly cash accruals of ~₹500 crore shall be sufficient for annual debt repayment of ₹60 to 90 crore and minimal pending equity commitments of ~₹100 crore.
From the report
Press Release Negative factors • Increasing working capital intensity, leading to deteriorating gross current asset days beyond 225 days on sustained basis. • Non-material improvement in debt coverage indicators as envisaged. • Sustaining total debt (including mobilisation advances) beyond ₹2,200 crore • Aggressive addition of under-construction BOT projects, leading to high exposures of its investments, loans and advances against its net worth on sustained basis. • Incremental debt availed to provide exit to SBI Macquire, deteriorating its coverage indicators or delaying stake sale plans beyo
From the report
Liquidity: Strong ABL had free cash and cash equivalent of ₹358 crore as on March 31, 2024.
From the report
Average fund-based working capital utilisation limits remained moderate at 67% for 12-months ending June 2024.
From the report
Yearly cash accruals of ~₹500 crore shall be sufficient for annual debt repayment of ₹60 to 90 crore and minimal pending equity commitments of ~₹100 crore.
From the report
CARE Ratings Limited (CARE Ratings) relies on the management’s articulation that exit to SBI Macquire shall be contingent to stake sale and no debt shall be availed for this.
From the report
Liquidity: Strong ABL had free cash and cash equivalent of ₹358 crore as on March 31, 2024.
From the report
Average fund-based working capital utilisation limits remained moderate at 65% for 12-months ending March 2024.
From the report
Yearly cash accruals of ~₹500 crore shall be sufficient for the annual debt repayment of ₹60 to 90 crore and minimal pending equity commitments of around ₹100 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Ashoka Buildcon Limited
Top competitors by location
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| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
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 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
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Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.