Ashoka Buildcon Q1 FY27 Results (NSE: ASHOKA)
Signal: Revenue declined
The read
The key inflection is renewed group-level deterioration: consolidated revenue fell 20.5% YoY to ₹1499.61 crore and EBITDA fell 55.0% to ₹292 crore, while standalone revenue was nearly flat at ₹1287.88 crore and standalone PAT rose 3.0% to ₹31.54 crore, placing the earnings weakness primarily in subsidiaries and other consolidated entities rather than the parent alone.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,499.61 Cr | -20.5% | N/A |
| EBIT | ₹256.22 Cr | -58.0% | |
| Net profit | ₹123.48 Cr | -45.6% | |
| EPS | ₹4.55 | -41.2% | |
| EBIT margin | 19.5% |
P&L walk
Consolidated revenue declined 20.5% YoY to ₹1499.61 crore, but EBITDA fell faster at 55.0% to ₹292 crore, driving EBITDA margin down to 19.5%; PAT declined 45.6% to ₹123.48 crore.
Segments
No segment table was disclosed, but the ₹123.48 crore consolidated PAT versus ₹31.54 crore standalone PAT shows that subsidiaries and associates contributed materially to group earnings; subsidiary results included ₹73.94 crore of net profit.
Key positives
- Standalone revenue declined only 1.7% YoY to ₹1287.88 crore versus a 20.5% consolidated decline, indicating better resilience in the parent business.
- Standalone gross margin expanded approximately 570bps YoY to 70.2% as raw-material cost fell to 29.8% of revenue from 35.4%.
- Debt-equity improved to 0.49x from 0.59x YoY and current ratio improved to 2.19x from 1.73x.
- Consolidated subsidiaries generated ₹73.94 crore of net profit during the quarter, supporting group PAT of ₹123.48 crore.
Key concerns
- Consolidated EBITDA declined 55.0% YoY to ₹292 crore, far faster than the 20.5% revenue decline, while EBITDA margin was 19.5%.
- Standalone EBITDA fell 16.7% YoY to ₹125.53 crore despite revenue declining only 1.7%, showing weak operating conversion.
- Standalone PAT growth of 3.0% to ₹31.54 crore was not operating-led because other income of ₹32.57 crore represented 75.8% of standalone PBT.
Research and educational content only. Not investment advice.