Ashoka Buildcon Q2 FY27 Results: Consolidated Net Loss ₹119 Crore on Total Income of ₹1,609 Crore
- Earnings
- Infrastructure construction
Reviewed byKeshav SehgalBlacklitt Research
Ashoka Buildcon Limited reported consolidated total income of ₹1,609.21 crore and a net loss of ₹118.96 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,356.24 crore and standalone net profit was ₹37.96 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,609.21 crore, down 15.7% YoY and up 4.9% QoQ
- Net profit and EPS: Net loss of ₹118.96 crore; basic EPS of -₹4.23
- Exceptional items: Net loss of ₹318.57 crore, including a ₹236.54 crore impairment of HAM entities held for sale
- Finance costs: ₹81.55 crore, down 74.4% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,356.24 crore, up 4.1% YoY and 2.7% QoQ
- Net profit and EPS: ₹37.96 crore, down 72.7% YoY; basic EPS of ₹1.35
- Base quarter: The year-ago quarter included a ₹112.05 crore exceptional gain on sale of stake in BOT / HAM subsidiaries
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,609.21 | 1,907.88 | -15.7% | 1,533.72 | +4.9% | |
| Revenue from operations | 1,504.62 | 1,851.18 | -18.7% | 1,499.61 | +0.3% |
| Other income | 104.59 | 56.70 | +84.5% | 34.11 | +206.6% |
| -118.96 | 90.70 | n/a | 127.17 | n/a | |
| Profit before tax | -127.76 | 64.24 | n/a | 172.80 | n/a |
| Finance costs | 81.55 | 317.98 | -74.4% | 83.36 | -2.2% |
| Depreciation | 42.05 | 40.18 | +4.7% | 35.78 | +17.5% |
| Tax expense | -8.80 | -26.46 | +66.7% | 45.62 | n/a |
| Net profit margin | -7.39% | 4.75% | -12.15 pp | 8.29% | -15.68 pp |
| EPS, basic (₹) | -4.23 | 2.78 | n/a | 4.55 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The consolidated loss comes after exceptional items. In a filing on 05 Nov 2026 the company reported a net exceptional loss of ₹318.57 crore for the quarter, made up of a ₹236.54 crore impairment on HAM entities classified as held for sale and an ₹82.03 crore modification loss on revised major maintenance cost. The filing says the maintenance provision followed a significant increase in bitumen prices. Before those items, profit before tax was ₹190.81 crore, against ₹283.53 crore a year earlier, when the quarter carried a ₹219.29 crore exceptional loss on sale of stake in BOT / HAM subsidiaries. Of the net loss, ₹118.79 crore is attributable to owners of the Group.
Revenue from operations fell 18.7% YoY, to ₹1,504.62 crore from ₹1,851.18 crore, while other income rose 84.5% to ₹104.59 crore. Other income is 6.5% of total income this quarter.
Finance costs were ₹81.55 crore, against ₹317.98 crore a year earlier. The tax line is a credit of ₹8.80 crore this quarter, against a tax expense of ₹45.62 crore in the June quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,356.24 | 1,302.62 | +4.1% | 1,320.44 | +2.7% | |
| Revenue from operations | 1,315.48 | 1,266.10 | +3.9% | 1,287.88 | +2.1% |
| Other income | 40.75 | 36.52 | +11.6% | 32.57 | +25.1% |
| 37.96 | 139.18 | -72.7% | 31.54 | +20.4% | |
| Profit before tax | 51.45 | 169.26 | -69.6% | 43.01 | +19.6% |
| Finance costs | 56.88 | 78.16 | -27.2% | 60.25 | -5.6% |
| Depreciation | 25.66 | 24.49 | +4.8% | 22.32 | +15.0% |
| Tax expense | 13.49 | 30.09 | -55.2% | 11.47 | +17.6% |
| Net profit margin | 2.80% | 10.68% | -7.89 pp | 2.39% | +0.41 pp |
| EPS, basic (₹) | 1.35 | 4.96 | -72.8% | 1.12 | +20.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 4.1% YoY to ₹1,356.24 crore, but net profit fell 72.7% to ₹37.96 crore. The year-ago quarter included a ₹112.05 crore exceptional gain on sale of stake in BOT / HAM subsidiaries. Profit before tax was ₹51.45 crore, up 19.6% from ₹43.01 crore in the June quarter.
Tax expense of ₹13.49 crore is 26.2% of profit before tax of ₹51.45 crore, against ₹30.09 crore a year earlier. Finance costs fell 27.2% to ₹56.88 crore, while depreciation rose 4.8% to ₹25.66 crore.
Ashoka Buildcon Limited works in infrastructure construction and had a market value of ₹3,002 crore at the 05 Nov 2026 close of ₹106.95 a share.
Inference
The board approved raising up to ₹500 crore through unsecured, rated, listed non-convertible debentures on private placement, within the borrowing limits approved by shareholders. It also approved a postal ballot notice to seek shareholder approval for divesting the entire stake held by wholly owned subsidiaries in Jaora-Nayagaon Toll Road Company Private Limited, a material unlisted subsidiary.
The company is divesting five HAM subsidiaries and its 100% stake in GVR Ashoka Chennai ORR Limited, which are classified as held for sale. On 12 Jun 2026 a subsidiary, Ashoka Purestudy Technologies Private Limited, issued shares to a new investor; the group's stake fell to 39.33% and it became an associate.
The filing says a CBI chargesheet dated 15 Feb 2024 arraigns the company over a Bihar project. The matter is sub judice, no adjustments have been made to the results, and the auditors draw attention to it without modifying their conclusion. The company filed a writ petition in the Patna High Court on 11 May 2026. What remains open is the reason other income rose and why finance costs fell from a year earlier.
Filed with BSE on . Reference: Original filing (PDF)
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