Reported Earnings • May 23
Full year 2026 earnings released: EPS: ₹90.84 (vs ₹60.35 in FY 2025) Full year 2026 results: EPS: ₹90.84 (up from ₹60.35 in FY 2025). Revenue: ₹77.0b (down 23% from FY 2025). Net income: ₹25.5b (up 51% from FY 2025). Profit margin: 33% (up from 17% in FY 2025). Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Aankondiging • May 12
Ashoka Buildcon Limited to Report Q4, 2026 Results on May 21, 2026 Ashoka Buildcon Limited announced that they will report Q4, 2026 results on May 21, 2026 Buy Or Sell Opportunity • Mar 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to ₹106. The fair value is estimated to be ₹133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 69%. Revenue is forecast to decline by 5.7% in 2 years. Earnings are forecast to decline by 86% in the next 2 years. Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹75.21 (vs ₹23.32 in 3Q 2025) Third quarter 2026 results: EPS: ₹75.21 (up from ₹23.32 in 3Q 2025). Revenue: ₹18.7b (down 22% from 3Q 2025). Net income: ₹21.1b (up 223% from 3Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Aankondiging • Jan 21
Ashoka Buildcon Limited to Report Q3, 2026 Results on Jan 30, 2026 Ashoka Buildcon Limited announced that they will report Q3, 2026 results on Jan 30, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: ₹2.78 (vs ₹16.28 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.78 (down from ₹16.28 in 2Q 2025). Revenue: ₹19.1b (down 23% from 2Q 2025). Net income: ₹780.6m (down 83% from 2Q 2025). Profit margin: 4.1% (down from 18% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 07
Ashoka Buildcon Limited to Report Q2, 2026 Results on Nov 14, 2025 Ashoka Buildcon Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 14, 2025 Aankondiging • Sep 01
Ashoka Buildcon Limited, Annual General Meeting, Sep 29, 2025 Ashoka Buildcon Limited, Annual General Meeting, Sep 29, 2025, at 12:30 Indian Standard Time. Price Target Changed • Aug 15
Price target decreased by 8.2% to ₹233 Down from ₹254, the current price target is an average from 7 analysts. New target price is 31% above last closing price of ₹178. Stock is down 24% over the past year. The company is forecast to post earnings per share of ₹8.92 for next year compared to ₹60.35 last year. Price Target Changed • Aug 13
Price target decreased by 7.8% to ₹247 Down from ₹268, the current price target is an average from 7 analysts. New target price is 38% above last closing price of ₹178. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₹11.20 for next year compared to ₹60.35 last year. Reported Earnings • Aug 12
First quarter 2026 earnings released: EPS: ₹7.74 (vs ₹5.36 in 1Q 2025) First quarter 2026 results: EPS: ₹7.74 (up from ₹5.36 in 1Q 2025). Revenue: ₹19.4b (down 21% from 1Q 2025). Net income: ₹2.17b (up 45% from 1Q 2025). Profit margin: 11% (up from 6.1% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 04
Ashoka Buildcon Limited to Report Q1, 2026 Results on Aug 11, 2025 Ashoka Buildcon Limited announced that they will report Q1, 2026 results on Aug 11, 2025 Reported Earnings • May 24
Full year 2025 earnings released: EPS: ₹60.36 (vs ₹17.92 in FY 2024) Full year 2025 results: EPS: ₹60.36 (up from ₹17.92 in FY 2024). Revenue: ₹102.1b (up 4.2% from FY 2024). Net income: ₹16.9b (up 237% from FY 2024). Profit margin: 17% (up from 5.1% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 4.8% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 15
Ashoka Buildcon Limited to Report Q4, 2025 Results on May 23, 2025 Ashoka Buildcon Limited announced that they will report Q4, 2025 results on May 23, 2025 Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹201, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Construction industry in India. Total returns to shareholders of 129% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹199 per share. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹23.32 (vs ₹3.82 in 3Q 2024) Third quarter 2025 results: EPS: ₹23.32 (up from ₹3.82 in 3Q 2024). Revenue: ₹23.9b (down 10% from 3Q 2024). Net income: ₹6.55b (up ₹5.47b from 3Q 2024). Profit margin: 27% (up from 4.0% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 03
Ashoka Buildcon Limited to Report Q3, 2025 Results on Feb 10, 2025 Ashoka Buildcon Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Price Target Changed • Jan 08
Price target increased by 9.1% to ₹286 Up from ₹263, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹291. Stock is up 80% over the past year. The company is forecast to post earnings per share of ₹10.14 for next year compared to ₹17.92 last year. Buy Or Sell Opportunity • Jan 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ₹293. The fair value is estimated to be ₹240, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 3.6%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to decline by 53% in the next 2 years. Aankondiging • Nov 29
Ashoka Buildcon Limited Appoints Mayank Sharma as COO - Renewable Energy Vertical Ashoka Buildcon Limited announced that Mr. Mayank Sharma has been appointed as COO - Renewable Energy Vertical of the Company effective November 26, 2024. Mr. Mayank Sharma is MBA, M. Com graduate from M.D.S. University, Ajmer, Rajasthan, brings over two decades of extensive experience in Business Development, Project Management, and Project Execution in the Renewable Energy sector. Mr. Sharma has a proven track record of successfully developing and executing large- scale projects, driving operational excellence and sustainable growth. Mr. Sharma will lead the Renewable Energy vertical, ever aging his in-depth industry knowledge and exemplary leadership abilities to strengthen your position in this growing sector. Prior to this, Mr. Sharma held leadership positions at H.G. Infra Engineering Ltd. and Rays Power Infra Ltd., where he consistently delivered remarkable business growth and operational success. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹16.28 (vs ₹4.00 in 2Q 2024) Second quarter 2025 results: EPS: ₹16.28 (up from ₹4.00 in 2Q 2024). Revenue: ₹25.3b (up 17% from 2Q 2024). Net income: ₹4.57b (up 307% from 2Q 2024). Profit margin: 18% (up from 5.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.9% p.a. on average during the next 3 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Aankondiging • Nov 04
Ashoka Buildcon Limited to Report Q2, 2025 Results on Nov 12, 2024 Ashoka Buildcon Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Aankondiging • Nov 01
Ashoka Buildcon Limited (NSEI:ASHOKA) entered into an agreement to acquire remaining 34% stake in Ashoka Concessions Limited from Macquarie-SBI Infrastructure Fund, L.P. and Macquarie SBI Infrastructure Management Pte. Ltd. for INR 15.3 billion. Ashoka Buildcon Limited (NSEI:ASHOKA) entered into an agreement to acquire remaining 34% stake in Ashoka Concessions Limited from Macquarie-SBI Infrastructure Fund, L.P. and Macquarie SBI Infrastructure Management Pte. Ltd. for INR 15.3 billion on October 30, 2024. A cash consideration of INR 15.26 billion will be paid by Ashoka Buildcon Limited towards 340,000 shares, 7,741,250 Class A Compulsorily Convertible Debentures and 20,000,000 Class B Compulsorily Convertible Debentures. Upon completion, Ashoka Buildcon Limited will own 100% stake in Ashoka Concessions Limited.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. The expected completion of the transaction is June 30, 2025. Aankondiging • Sep 11
Ashoka Buildcon Limited, Annual General Meeting, Sep 27, 2024 Ashoka Buildcon Limited, Annual General Meeting, Sep 27, 2024, at 12:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹268, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Construction industry in India. Total returns to shareholders of 162% over the past three years. Price Target Changed • Aug 22
Price target increased by 16% to ₹248 Up from ₹214, the current price target is an average from 8 analysts. New target price is 5.3% above last closing price of ₹235. Stock is up 130% over the past year. The company is forecast to post earnings per share of ₹13.03 for next year compared to ₹17.92 last year. Price Target Changed • Aug 22
Price target increased by 16% to ₹248 Up from ₹214, the current price target is an average from 8 analysts. New target price is 5.3% above last closing price of ₹235. Stock is up 130% over the past year. The company is forecast to post earnings per share of ₹13.03 for next year compared to ₹17.92 last year. Price Target Changed • Aug 21
Price target increased by 16% to ₹248 Up from ₹214, the current price target is an average from 8 analysts. New target price is 6.3% above last closing price of ₹233. Stock is up 128% over the past year. The company is forecast to post earnings per share of ₹13.03 for next year compared to ₹17.92 last year. Price Target Changed • Aug 21
Price target increased by 16% to ₹248 Up from ₹214, the current price target is an average from 8 analysts. New target price is 6.3% above last closing price of ₹233. Stock is up 128% over the past year. The company is forecast to post earnings per share of ₹13.03 for next year compared to ₹17.92 last year. Price Target Changed • Aug 20
Price target increased by 16% to ₹248 Up from ₹214, the current price target is an average from 8 analysts. New target price is 5.2% above last closing price of ₹235. Stock is up 131% over the past year. The company is forecast to post earnings per share of ₹13.03 for next year compared to ₹17.92 last year. Price Target Changed • Aug 19
Price target increased by 11% to ₹237 Up from ₹214, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹236. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹13.20 for next year compared to ₹17.92 last year. Price Target Changed • Aug 19
Price target increased by 11% to ₹237 Up from ₹214, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹236. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹13.20 for next year compared to ₹17.92 last year. Price Target Changed • Aug 19
Price target increased by 11% to ₹237 Up from ₹214, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹236. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹13.20 for next year compared to ₹17.92 last year. Price Target Changed • Aug 18
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 8 analysts. New target price is 5.9% below last closing price of ₹234. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹8.40 for next year compared to ₹17.92 last year. Price Target Changed • Aug 18
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 8 analysts. New target price is 5.9% below last closing price of ₹234. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹8.40 for next year compared to ₹17.92 last year. Price Target Changed • Aug 18
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 8 analysts. New target price is 5.9% below last closing price of ₹234. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹8.40 for next year compared to ₹17.92 last year. Price Target Changed • Aug 17
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 8 analysts. New target price is 5.9% below last closing price of ₹234. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹8.40 for next year compared to ₹17.92 last year. Price Target Changed • Aug 17
Price target increased by 8.1% to ₹221 Up from ₹204, the current price target is an average from 8 analysts. New target price is 5.9% below last closing price of ₹234. Stock is up 134% over the past year. The company is forecast to post earnings per share of ₹8.40 for next year compared to ₹17.92 last year. Aankondiging • Aug 15
Ashoka Buildcon Limited Announces Appointment of Swadhin Samantray as Sbu Head Water Vertical Ashoka Buildcon Limited announced that Mr. Swadhin Samantray has been appointed as SBU Head Water Vertical of the Company effective August 14, 2024. Mr. Swadhin Samantaray is an Engineering graduate. With over three decades of experience in business development, project financing and management within the water sector, Mr. Swadhin has
a proven track record of successfully executing and developing large, technology - driven projects. He will be heading the water vertical at the Company. He possesses extensive industry knowledge and leadership qualities. Mr. Swadhin has held leadership roles at Kathari Water, a subsidiary of Eversource Capital, VA Tech Wabag and BGR Energy where
he demonstrated his expertise in steering business growth. Reported Earnings • Aug 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ₹5.36 (up from ₹2.41 in 1Q 2024). Revenue: ₹24.9b (up 29% from 1Q 2024). Net income: ₹1.50b (up 122% from 1Q 2024). Profit margin: 6.0% (up from 3.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Aankondiging • Aug 05
Ashoka Buildcon Limited to Report Q1, 2025 Results on Aug 13, 2024 Ashoka Buildcon Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹263, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 27x in the Construction industry in India. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹248 per share. New Risk • Jul 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Buy Or Sell Opportunity • Jun 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to ₹224. The fair value is estimated to be ₹186, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 5.9%. Revenue is forecast to decline by 6.6% in 2 years. Earnings are forecast to decline by 1.3% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹218, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Construction industry in India. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹185 per share. Buy Or Sell Opportunity • May 31
Now 22% overvalued Over the last 90 days, the stock has fallen 2.8% to ₹183. The fair value is estimated to be ₹151, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 5.9%. Revenue is forecast to decline by 8.3% in 2 years. Earnings are forecast to decline by 0.7% in the next 2 years. New Risk • May 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Reported Earnings • May 23
Full year 2024 earnings released: EPS: ₹17.92 (vs ₹13.23 in FY 2023) Full year 2024 results: EPS: ₹17.92 (up from ₹13.23 in FY 2023). Revenue: ₹100.1b (up 24% from FY 2023). Net income: ₹5.03b (up 36% from FY 2023). Profit margin: 5.0% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.1% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Aankondiging • May 12
Ashoka Buildcon Limited to Report Q4, 2024 Results on May 22, 2024 Ashoka Buildcon Limited announced that they will report Q4, 2024 results on May 22, 2024 Aankondiging • Mar 21
Ashoka Buildcon Limited Appoints Mario Nazareth and Nikhilesh Panchal as Independent Director Ashoka Buildcon Limited Board of Directors had sought the approval of the Shareholders by way of Postal Ballot: Appointment of Mr. Mario Nazarethas an Independent Director on the Board ofDirectors of the Company; and Appointment of Mr. Nikhilesh Panchal as an Independent Director on the Board of Directors of the Company. Aankondiging • Mar 14
Ashoka Buildcon Limited (NSEI:ASHOKA) entered into a share purchase agreement to acquire remaining 50% stake in GVR Ashoka Chennai Orr Limited from GVR Infra Projects Limited for INR 1.9 billion. Ashoka Buildcon Limited (NSEI:ASHOKA) entered into a share purchase agreement to acquire remaining 50% stake in GVR Ashoka Chennai Orr Limited from GVR Infra Projects Limited for INR 1.9 billion on March 14, 2024. Prior to the transaction, Ashoka Buildcon Limited (NSEI:ASHOKA) held 50%. GVR Ashoka reported net worth of INR 3.9755 billion and revenue of INR 1.8483 billion for FY 2022-2023. The transaction has been approved by Lenders of GVR Ashoka and Tamil Nadu Road Development Corporation Limited. The transaction is expected to close on March 31, 2024. Price Target Changed • Feb 16
Price target increased by 9.6% to ₹193 Up from ₹176, the current price target is an average from 7 analysts. New target price is 11% above last closing price of ₹174. Stock is up 126% over the past year. The company is forecast to post earnings per share of ₹9.67 for next year compared to ₹13.23 last year. Price Target Changed • Feb 09
Price target increased by 9.1% to ₹181 Up from ₹166, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹176. Stock is up 125% over the past year. The company is forecast to post earnings per share of ₹9.65 for next year compared to ₹13.23 last year. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: ₹3.82 (vs ₹4.85 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.82 (down from ₹4.85 in 3Q 2023). Revenue: ₹27.0b (up 38% from 3Q 2023). Net income: ₹1.07b (down 21% from 3Q 2023). Profit margin: 4.0% (down from 7.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 01
Mahanagar Gas Limited (NSEI:MGL) completed the acquisition of Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.6 billion. Mahanagar Gas Limited (NSEI:MGL) entered into share purchase agreement to acquire Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.3 billion on March 3, 2023. As of March 31, 2022, Unison Enviro Private Limited from Ashoka Buildcon Limited generated revenue of INR 894.4 million, net worth of INR 834.4 and loss after tax of INR 249.4 million.The transaction is subject to customary approvals from regulatory authorities. As of December 13, 2023, Petroleum and Natural Gas Regulatory Board (PNGRB) has approved the transaction. As of January 25, 2024, the Company has entered into agreement for creation of pledge of up to 51% of paid-up share capital (post acquisition) of UEPL (originally pledged by the existing shareholder of UEPL). HDFC Bank Investment Banking was transaction Advisor to MGL. Kotak Investment Banking was exclusive Financial Advisor to Ashoka Buildcon and the investment fund managed by Morgan Stanley India Infrastructure on this transaction.Mahanagar Gas Limited (NSEI:MGL) completed the acquisition of Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.6 billion on February 1, 2024. Aankondiging • Jan 26
Ashoka Buildcon Limited to Report Q3, 2024 Results on Feb 07, 2024 Ashoka Buildcon Limited announced that they will report Q3, 2024 results on Feb 07, 2024 Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹162, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Construction industry in India. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹113 per share. Price Target Changed • Nov 14
Price target increased by 27% to ₹164 Up from ₹129, the current price target is an average from 7 analysts. New target price is 17% above last closing price of ₹140. Stock is up 90% over the past year. The company is forecast to post earnings per share of ₹10.38 for next year compared to ₹13.23 last year. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹4.00 (vs ₹2.27 in 2Q 2023) Second quarter 2024 results: EPS: ₹4.00 (up from ₹2.27 in 2Q 2023). Revenue: ₹22.0b (up 21% from 2Q 2023). Net income: ₹1.12b (up 76% from 2Q 2023). Profit margin: 5.1% (up from 3.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Nov 01
Ashoka Buildcon Limited to Report Q2, 2024 Results on Nov 08, 2023 Ashoka Buildcon Limited announced that they will report Q2, 2024 results on Nov 08, 2023 Price Target Changed • Oct 10
Price target increased by 12% to ₹129 Up from ₹115, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹133. Stock is up 72% over the past year. The company is forecast to post earnings per share of ₹10.26 for next year compared to ₹13.23 last year. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹122, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Construction industry in India. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹209 per share. Aankondiging • Sep 08
Ashoka Buildcon Limited, Annual General Meeting, Sep 29, 2023 Ashoka Buildcon Limited, Annual General Meeting, Sep 29, 2023, at 12:30 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the year ended March 31, 2023, along with the reports of the Board of Directors (Board) and Auditors thereon; to receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2023, along with the report of the Auditors thereon; to consider Re-appointment of Mr. Ashok Katariya, who retires by rotation and being eligible offers himself for re-appointment; and to transact such other business matters. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹2.41 (vs ₹4.79 in 1Q 2023) First quarter 2024 results: EPS: ₹2.41 (down from ₹4.79 in 1Q 2023). Revenue: ₹19.7b (up 5.0% from 1Q 2023). Net income: ₹677.2m (down 50% from 1Q 2023). Profit margin: 3.4% (down from 7.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 30
Ashoka Buildcon Limited to Report Q1, 2024 Results on Aug 10, 2023 Ashoka Buildcon Limited announced that they will report Q1, 2024 results at 4:00 PM, Indian Standard Time on Aug 10, 2023 Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹92.91, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Construction industry in India. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹170 per share. Reported Earnings • May 25
Full year 2023 earnings released: EPS: ₹13.23 (vs ₹27.73 in FY 2022) Full year 2023 results: EPS: ₹13.23 (down from ₹27.73 in FY 2022). Revenue: ₹82.4b (up 39% from FY 2022). Net income: ₹3.71b (down 52% from FY 2022). Profit margin: 4.5% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Non-Executive & Independent Director Shilpa Hiran was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 16
Price target increased by 7.0% to ₹120 Up from ₹113, the current price target is an average from 7 analysts. New target price is 58% above last closing price of ₹76.16. Stock is down 17% over the past year. The company posted earnings per share of ₹27.73 last year. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹4.85 (vs ₹13.98 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.85 (down from ₹13.98 in 3Q 2022). Revenue: ₹19.6b (up 36% from 3Q 2022). Net income: ₹1.36b (down 65% from 3Q 2022). Profit margin: 7.0% (down from 27% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 03
Price target increased by 8.5% to ₹122 Up from ₹113, the current price target is an average from 10 analysts. New target price is 56% above last closing price of ₹78.15. Stock is down 20% over the past year. The company posted earnings per share of ₹27.73 last year. Aankondiging • Feb 02
Ashoka Buildcon Limited to Report Q3, 2023 Results on Feb 10, 2023 Ashoka Buildcon Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹2.27 (vs ₹2.85 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.27 (down from ₹2.85 in 2Q 2022). Revenue: ₹18.1b (up 43% from 2Q 2022). Net income: ₹636.6m (down 20% from 2Q 2022). Profit margin: 3.5% (down from 6.3% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹2.27 (vs ₹2.85 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.27 (down from ₹2.85 in 2Q 2022). Revenue: ₹18.4b (up 46% from 2Q 2022). Net income: ₹636.6m (down 20% from 2Q 2022). Profit margin: 3.5% (down from 6.3% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Aankondiging • Nov 03
Ashoka Buildcon Limited to Report Q2, 2023 Results on Nov 11, 2022 Ashoka Buildcon Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Aankondiging • Sep 02
Ashoka Buildcon Limited, Annual General Meeting, Sep 23, 2022 Ashoka Buildcon Limited, Annual General Meeting, Sep 23, 2022, at 12:30 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Standalone Financial Statements for the financial year ended March 31, 2022, together with the reports of the Board of Directors and Auditors thereon; to consider and adopt the Audited Consolidated Financial Statements for the financial year ended March 31, 2022, together with the report of the Auditors thereon; to appoint Mr. Sanjay Londhe (DIN: 00112604), who retires by rotation as a director; and to discuss other matters. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹4.79 (vs ₹2.86 in 1Q 2022) First quarter 2023 results: EPS: ₹4.79 (up from ₹2.86 in 1Q 2022). Revenue: ₹19.2b (up 49% from 1Q 2022). Net income: ₹1.35b (up 68% from 1Q 2022). Profit margin: 7.0% (up from 6.3% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Aankondiging • Aug 03
Ashoka Buildcon Limited to Report Q1, 2023 Results on Aug 10, 2022 Ashoka Buildcon Limited announced that they will report Q1, 2023 results at 3:30 PM, Indian Standard Time on Aug 10, 2022 Aankondiging • Jul 12
Adani, AG&P, Others Look to Buy into Unison Enviro Adani Enterprises Limited (BSE:512599) and I Squared Capital-backed AG&P City Gas, as well as Canadian funds Canada Pension Plan Investment Board and Brookfield are in initial talks to buy Morgan Stanley (NYSE:MS)'s stake in Unison Enviro in a deal valuing the city gas distribution company at $150-200 million. US private equity firms such as The Carlyle Group Inc. (NasdaqGS:CG) have also been reached out for a potential investment, as an India infrastructure fund managed by the Wall Street bank looks to monetise its four-year-old investment, people with direct knowledge of the process told ET. North Haven India Infrastructure Fund (NHIIF), an affiliate of Morgan Stanley Infrastructure Partners, has hired Kotak Mahindra Capital and launched a formal process to identify a buyer for its 49% stake in Unison Enviro, the people said. Indicative bids are due this week, they added. Ashoka Buildcon holds 51% in the company. Morgan Stanley, CPPIB, Brookfield and Carlyle declined to comment. Emails sent to Ashoka Buildcon, Adani Group and AG&P remained unanswered until press time on July 11, 2022. Price Target Changed • Jun 15
Price target decreased to ₹126 Down from ₹137, the current price target is provided by 1 analyst. New target price is 60% above last closing price of ₹78.80. Stock is down 22% over the past year. The company posted earnings per share of ₹27.73 last year. Aankondiging • Jun 03
NIIF May Acquire Ashoka Buildcon Toll Road Company National Investment and Infrastructure Fund Limited (NIIF), the country's first infra-focused corpus, is in advanced talks to acquire a road project owned jointly by Ashoka Buildcon and Macquarie Capital Advisers (India) Private Limited, valuing the Madhya Pradesh property in the vicinity of INR 10.00 billion. Multiple people told ET that talks are reaching the concluding stage on ownership transfer of the Jaora-Nayagaon Toll Road Company that operates the 120-km Jaora-Nayagaon section of SH-31 (erstwhile NH-79). An Ashoka subsidiary owns 74% of the Jaora-Nayagaon Toll Road Company, while Macquarie India owns the remaining 26%. "The talks are in final stages and we expect the deal to be signed in a month," said one of the sources. The asset will be acquired through Athaang Infrastructure - the road platform incubated by NIIF Master Fund. Mails sent to NIIF and Ashoka Buildcon remained unanswered, while a Macquarie spokesperson declined to comment. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 18% share price gain to ₹81.55, the stock trades at a trailing P/E ratio of 2.9x. Average forward P/E is 15x in the Construction industry in India. Total loss to shareholders of 44% over the past three years. Reported Earnings • May 28
Full year 2022 earnings released Full year 2022 results: Revenue: ₹61.5b (up 23% from FY 2021). Net income: ₹7.79b (up 182% from FY 2021). Profit margin: 13% (up from 5.5% in FY 2021). Over the next year, revenue is expected to shrink by 12% compared to a 14% growth forecast for the industry in India. Price Target Changed • May 27
Price target decreased to ₹138 Down from ₹152, the current price target is provided by 1 analyst. New target price is 92% above last closing price of ₹71.85. Stock is down 23% over the past year. The company posted earnings per share of ₹9.84 last year. Aankondiging • May 19
Ashoka Buildcon Limited to Report Q4, 2022 Results on May 25, 2022 Ashoka Buildcon Limited announced that they will report Q4, 2022 results on May 25, 2022 Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹2.37 (down from ₹3.15 in 3Q 2021). Revenue: ₹14.8b (up 13% from 3Q 2021). Net income: ₹3.92b (up 344% from 3Q 2021). Profit margin: 27% (up from 6.8% in 3Q 2021). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is forecast to grow 8.6%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Feb 04
Ashoka Buildcon Limited to Report Q3, 2022 Results on Feb 12, 2022 Ashoka Buildcon Limited announced that they will report Q3, 2022 results on Feb 12, 2022 Aankondiging • Jan 04
Ashoka Buildcon in Advanced Discussions to Sell A Stake in Jaora Nayagaon and the Chennai Orr Project Ashoka Buildcon Limited (BSE:533271) is in advanced discussions to sell a stake in Jaora Nayagaon and the Chennai ORR project, and some developments could be expected on this front soon, as per analysts. Besides, the company is also looking to monetize its HAM (Hybrid Annuity Model) assets through outright sale or the InvIT (Infrastructure Investment Trust), said analysts at Motilal Oswal Financial Services Ltd. With multiple developments on divestments underway, the benefits are likely to accrue to the company. Analysts say that the monetisation would mean that the EPC (Engineering Procurement and Construction) segments' cash generation is not used to support the cash-drag projects. A sharper-focused EPC would also augur well and analysts thereby see a potential for a better valuation multiple for the core EPC operations. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹2.85 (vs ₹2.61 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹13.0b (up 9.7% from 2Q 2021). Net income: ₹799.4m (up 9.1% from 2Q 2021). Profit margin: 6.1% (down from 6.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 19% share price gain to ₹116, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Construction industry in India. Total returns to shareholders of 1.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹210 per share. Aankondiging • Oct 02
Ashoka Buildcon Limited (BSE:533271) acquired remaining 40% stake in Ashoka Bettadahalli Shivamogga Road Private Limited for INR 0.2 million. Ashoka Buildcon Limited (BSE:533271) acquired remaining 40% stake in Ashoka Bettadahalli Shivamogga Road Private Limited for INR 0.2 million on September 30, 2021.
Ashoka Buildcon Limited (BSE:533271) completed the acquisition of remaining 40% stake in Ashoka Bettadahalli Shivamogga Road Private Limited on September 30, 2021. Major Estimate Revision • Jun 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₹55.5b to ₹56.5b. EPS estimate fell from ₹12.30 to ₹8.05 per share. Net income forecast to shrink 18% next year vs 45% growth forecast for Construction industry in India . Consensus price target broadly unchanged at ₹142. Share price rose 3.3% to ₹103 over the past week. Reported Earnings • Jun 20
Full year 2021 earnings released: EPS ₹9.84 (vs ₹5.89 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹51.2b (up 1.0% from FY 2020). Net income: ₹2.76b (up 67% from FY 2020). Profit margin: 5.4% (up from 3.3% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Aankondiging • Feb 19
Brookfield, NIIF, Actis Reportedly Place Bids to Buy Ashoka Concessions Brookfield Asset Management Inc. (TSX:BAM.A), National Investment and Infrastructure Fund Limited (NIIF) and Actis LLP have placed bids to buy Ashoka Concessions Limited in a deal with an implied equity value of around $350 million, said two people aware of the development. EY is running the sales process for the highways infrastructure firm. "It is now to be decided who gets the exclusivity on the deal that has an enterprise value (EV) of around $1.2 billion," one of the two people cited above said, requesting anonymity. The roads portfolio of Ashoka Concessions comprises 15 assets, including six operational build, operate, transfer (BOT) toll projects, one operational BOT annuity project and eight under-construction hybrid annuity projects. Ashoka Buildcon Limited (BSE:533271) has a 61% stake in Ashoka Concessions, and the remaining 39% is held by Macquarie Infrastructure and Real Assets (MIRA). Spokespersons for Brookfield, Actis, Macquarie Group Limited (ASX:MQG) and EY declined to comment. "As per NIIF policy, we do not comment on market speculation and information gathered from third-party sources," said an external spokesperson for NIIF in an emailed response. Queries emailed to a spokesperson for Ashoka Buildcon on February 15, 2021 remained unanswered. To be sure, the sale process for Ashoka Concessions has been in the works for long. The person cited above did not give a timeline when a deal would be completed. Mint reported on December 6, 2020 about Actis looking to buy Ashoka Concessions Cube Highways and Infrastructure Pte. Ltd. had also shown interest in buying Ashoka Concessions. Major Estimate Revision • Feb 12
Analysts increase EPS estimates to ₹5.20 The 2021 consensus revenue estimate increased from ₹44.3b to ₹46.4b. The company is forecast to report a profit instead of a loss, with analysts raising their EPS forecasts from -₹0.05 to ₹5.20 for the same period. The Construction industry in India is expected to see an average net income growth of 23% next year. The consensus price target increased from ₹116 to ₹141. Share price is up 5.7% to ₹110 over the past week. Aankondiging • Feb 06
Ashoka Buildcon Limited Receives INR 5.03 Billion Order for EPC Package of 150 MW Solar PV Project in Rajasthan Ashoka Buildcon Limited has bagged an order from NTPC Renewable Energy Limited worth INR 5.03 billion for EPC package of 150 MW Solar PV project in Rajasthan. The project includes Operation and Maintenance of complete Solar PV Plant for a period of 3 years from the date of successful completion of trial run of the plant. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS ₹3.15 (vs ₹1.15 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹13.3b (up 4.0% from 3Q 2020). Net income: ₹884.5m (up 173% from 3Q 2020). Profit margin: 6.6% (up from 2.5% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 
