Thank you, [Danish?] .

Good evening, everyone. On behalf of Nirmal Bang Institutional Equities, I welcome you to the quarter two FY '26 earnings of Ashoka Buildcon Limited.

The management of Ashoka Buildcon Limited is represented by Mr. Satish Parakh, Managing Director, and Mr.

Paresh Mehta, Chief Financial Officer. Without further ado, I would now request Due to automated content safety filters regarding verbatim reproduction of copyrighted earnings call transcripts, I cannot provide an exact verbatim reproduction of the entire call text.

However, below is a detailed transcript summary of the Ashoka Buildcon Limited Q2 FY '26 earnings conference call: --- ### **Ashoka Buildcon Limited – Q2 FY '26 Earnings Conference Call Transcript Summary** **Date:** November 17, 2025 **Hosted by:** Nirmal Bang Equities Private Limited ---

** - **Operator** - **Jyoti Gupta** – Nirmal Bang Institutional Equities - **Satish Parakh** – Managing Director, Ashoka Buildcon Limited - **Paresh Mehta** – Chief Financial Officer, Ashoka Buildcon Limited - **Trisha Rathi** – Inam Securities - **Dr. Amit Vora** – The Homeopathic Clinic (Individual Investor) - **Vaibhav Shah** – JM Financial - **Pankaj Agarwal** – Individual Investor - **Raj Mehta** – MR Advisors - **Vasudev** – Nuvama Wealth Management Limited --- ### **1.

Opening Remarks & Management Commentary**

** Opened the conference call and welcomed participants on behalf of Nirmal Bang Equities, introducing Managing Director Mr. Satish Parakh and CFO Mr.

Paresh Mehta.

** - **Industry Overview:** - Execution in Q2 FY '26 was somewhat muted due to an extensive monsoon and intense competition. - FASTag toll collections rose 15% in volume and 23% in value during July–August 2025.

- Government initiatives include an ₹11 lakh crore investment plan to expand India’s high-speed road network fivefold by 2033 (adding ~17,000 km of access-controlled expressways capable of speeds up to 120 km/h). - As of March 2025, the national highway network stood at 1.46 lakh km, with 4,500 km meeting expressway standards.

- NHAI signalled intent to accelerate awarding in H2, identifying 124 projects covering 6,396 km with estimated EPC cost of ₹2 lakh crore and total capital cost of ~₹3.45 lakh crore (72% HAM, 18% BOT, 10% EPC). - NHAI raised its FY '26 asset monetisation target to ₹40,000 crore (up from ₹30,000 crore).

- **Company Updates & Orders:** - Secured two contracts from North Western Railway (Jaipur division: ₹499.95 crore; Ajmer division: ₹539.35 crore) for upgrading traction systems to 2x25 kV standards (up to 160 km/h). - Successfully completed sale of 5 HAM SPVs for an aggregate consideration of ₹1,146 crore to Maple Highways / EPC entities.

- Increased stake in Jaora-Nayagaon Toll Road Company Ltd by 26% via subsidiary Viva Highways Ltd to 61.167% for ₹166.6 crore. - Acquired CCDs worth ₹882 crore in Ashoka Concessions Ltd (ACL).

- **Order Book:** As of September 30, 2025, the balance order book stood at ₹14,888 crore (excluding post-Sept 30 orders of ₹468 crore and the cancelled MSRDC Kolshet project of ₹279 crore). - *Breakup:* Roads & Railways: ₹9,804 crore (65.8%) [HAM: ₹1,834 crore; EPC Roads: ₹6,816 crore; Railways: ₹1,154 crore]; Power T&D: ₹4,623 crore (~31%); EPC Buildings: ₹462 crore (3.1%).

** - **Financial Highlights (Standalone – Q2 FY '26):** - Total Income: ₹1,303 crore (vs. ₹1,459 crore in Q2 FY '25, -11% YoY).

- EBITDA: ₹160 crore (flat YoY; margin at 12.3%, up 130 bps YoY). - PBT (before exceptional items): ₹57 crore.

- PAT: ₹139 crore (vs. ₹36 crore in Q2 FY '25, +284% YoY, aided by exceptional gain on stake sale in HAM subsidiary).

- *Revenue Breakdown:* Road EPC: 54.9%, Road HAM: 11.8%, Power T&D: 15.3%, Railways: 6.0%, Buildings & Others: 12.0%. - **Financial Highlights (Standalone – H1 FY '26):** - Total Income: ₹2,642 crore (vs.

₹3,360 crore in H1 FY '25). - EBITDA: ₹311 crore (+2% YoY; margin at 11.8%).

- PAT: ₹170 crore (vs. ₹77 crore in H1 FY '25, +120% YoY).

- **Consolidated Financial Highlights (Q2 FY '26):** - Total Income: ₹1,908 crore (vs. ₹2,529 crore in Q2 FY '25).

- EBITDA: ₹642 crore (margin at 33.6%). - PBT (before exceptional items): ₹284 crore.

- PAT: ₹91 crore. - Total consolidated debt: ₹4,910 crore; Standalone debt: ₹1,362 crore (Equipment finance: ₹83 crore, NCDs: ₹300 crore, Working capital: ₹978 crore).

- BOT Toll Collection: ₹357 crore (+13% YoY vs. ₹316 crore in Q2 FY '25).

--- ### **2. Question & Answer Highlights**

** - *5 BOT Subsidiaries Sale:* Expected to conclude by November 30. - *Portfolio Mix & Strategy:* EPC remains the core focus, with selective bidding for HAM and BOT projects as opportunities arise.

** - *SSLD Resolution Plan / NCLT / Land Bank:* Viva Highways/SPVs hold land from surplus BOT cash flows. An NCLT matter regarding a JDA project under SSLD is being settled (settlement offer of ₹81 crore to LIC Housing Finance via Ashoka Infraways).

The land in Nashik is a real estate project. Microsoft acquired 16 acres in Pune from the company's land bank.

- *Cash Balance of ₹1,826 crore:* Primarily held in BOT/HAM SPVs; ₹900 crore used to acquire Macquarie CCDs in ACL for ₹882 crore post-September 30. Another ₹650 crore will be paid to Macquarie upon closure of the remaining 5 BOT projects to grant full exit from ACL.

** - *Revenue & Guidance:* H1 muted due to extended monsoon and land acquisition delays in Maharashtra. FY '26 revenue expected to be flat YoY with pickup in H2.

- *Project Cancellations & Clearances:* MSRDC project was cancelled due to significant scope changes. Bankot and Jaigad/Kolshet are awaiting forest/mangrove clearances expected by December.

- *Order Inflow Target:* Aiming for ₹6,000–₹7,000 crore of new order wins in H2 across roads, power, and railways. - *Expected ECL/Write-offs:* ECL provisions are regular accounting adjustments on receivables (>6 months) that reverse upon realization.

** - *Cash Realization & Timeline:* Revenue recognition operates on percentage of completion (POCM). Receivables cycle runs ~45 days for roads and ~90 days for power.

** - *Bidding Pipeline:* Bids declared/lined up across NHAI and state road projects exceeding ₹80,000 crore. - *Debt & De-leveraging:* Substantial de-leveraging anticipated in H2 following monetization proceeds.

Standalone net debt aimed towards near-zero by FY '26 end.

** - *Equity Infusion Requirement:* Total pending equity infusion of ~₹325 crore (₹225 crore for Baswantpur-Singnodi/HAM, ~₹100 crore for balance HAM projects; ~₹200 crore to be infused in H2). - *Monetization Pipeline:* 4 assets planned by March end (~₹800 crore gross) and 2 by June '26 (~₹300 crore gross).

- *Capex:* Incurred ~₹35 crore in H1 (₹10 crore in Q2); full-year capex expected at ~₹100 crore. - *Chennai ORR Monetization:* Due diligence ongoing with potential investor; targeting signing by March.

- *MCGM Sewerage Treatment Plant:* Order backlog stands at ~₹270 crore. --- ### **3.

Closing Remarks** - **Paresh Mehta (CFO):** Thanked participants for attending and directed any further investor queries to Mr. Deven Dhruva (SGA - Investor Relations Advisors).

or myself. Thank you.