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Swing Capital

Ashoka Buildcon Ltd

NSE: ASHOKA BSE: 533271Cement

Ashoka Buildcon Ltd is engaged in the business of construction and infrastructure facilities on EPC and BOT basis. It is also involved in the sale of RMC (ready mix and making switchgear concrete).[1]

₹124
52W: ₹101 — ₹231
PE 17.4 · Book ₹149 · -17% vs book
Market Cap₹3,475 Cr
Stock P/E17.4Price to Earnings
ROCE9.86%Return on Capital
ROE4.75%Return on Equity
Div. Yield0%Face Value ₹5

Strengths

  • +Stock is trading at 0.84 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 7.97% over last 3 years.
  • −Contingent liabilities of Rs.1,066 Cr.
  • −Earnings include an other income of Rs.296 Cr.
  • −Working capital days have increased from 69.5 days to 107 days

Shareholding Pattern

Promoters54.47%
FIIs5.9%
DIIs14.39%
Public25.22%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.47%54.47%54.47%54.47%54.47%54.47%54.47%54.47%
FIIs7.63%7.95%▲0.38.52%▲0.67.48%▼1.07.29%▼0.27.45%▲0.27.46%▲0.05.9%▼1.6
DIIs19.32%17.79%▼1.515.46%▼2.314.93%▼0.514.16%▼0.814.06%▼0.114.45%▲0.414.39%▼0.1
Public18.57%19.8%▲1.221.55%▲1.823.12%▲1.624.07%▲0.924.02%▼0.123.62%▼0.425.22%▲1.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,5612,1342,5001,8771,4181,7921,9751,3111,2661,463
Expenses1,4171,9572,3141,7561,2991,6291,8321,1881,1431,334
Operating Profit144177186121119163143122123129
OPM %9%8%7%6%8%9%7%9%10%9%
Net Profit71872684136616031139102
EPS ₹2.543.099.561.451.292.162.121.094.963.63

AI Insights

Revenue Trend

TTM revenue at ₹6,015Cr, down 14.8% YoY. OPM at 9%.

Debt Position

Borrowings at ₹2,335Cr. Debt-to-equity ratio: 0.58x. Moderate leverage.

Capex Cycle

CWIP at ₹6Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.39% (-4.25pp change). FIIs: 5.9% (+3.50pp change). Promoters hold 54.47%.

Margin & Efficiency

ROCE declining from 18% (Mar 2014) to 10% (Mar 2025). Working capital days: 107.

Valuation

PE 17.4x with 9.86% ROCE. Price is -17% above book value of ₹149. Dividend yield: 0%.

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