### **Overview** Ashoka Buildcon Limited (ABL) is a leading integrated EPC (Engineering, Procurement, and Construction) infrastructure conglomerate in India with over **45 years of experience** in delivering complex projects across Roads, Railways, Power Transmission & Distribution (T&D), Buildings, Water, and Smart Infrastructure. A Fortune India 500 company, ABL operates across 22 Indian states and in seven countries on three continents—establishing a strong domestic footprint and growing international presence. The company has evolved from a road-focused developer into a **multi-sector EPC player**, strategically diversifying into high-growth verticals such as water management and renewable energy while actively monetizing mature assets to maintain financial strength. --- ### **Recent Highlights (2025)** #### **November 2025** - **Prestigious International Milestone**: Ashoka Buildcon successfully completed a **major road project in Guyana**, one of the world’s fastest-growing economies, strengthening its global reputation. - The project received **formal recognition and appreciation from both the Indian and Guyanese governments**, underscoring bilateral cooperation and ABL’s execution excellence in international markets. #### **September 2025** - **Water Sector Growth**: Building on government initiatives like *Namami Gange* and *Smart Cities*, ABL is expanding its footprint in **wastewater treatment** using advanced technologies. - Executed the **Poisar River Rejuvenation Project** under the **Design-Build-Operate (DBO) model**, featuring modular MBR-based STPs, sewer networks, and interceptors. - The project includes a **15-year O&M contract**, ensuring long-term revenue, environmental compliance, and sustainable urban development. - **Strategic Diversification**: ABL views wastewater management as a **key growth engine**, aligning with India’s sustainable infrastructure goals and rising urbanization. - **Global Presence**: Operations span **seven countries**, including Guyana, Maldives, Bangladesh, Benin, Ivory Coast, Saudi Arabia, and South Africa (under exploration). - **Financial Performance**: - **FY25 Consolidated Revenue**: INR 7,188 crore - **EBITDA Margin**: 9.4%, demonstrating resilient margins amid sectoral headwinds. - **Order Book**: INR 14,905 crore (**2.25x revenue coverage**), providing clear multi-year execution visibility. #### **Asset Monetization Strategy** ABL is actively de-risking its balance sheet through strategic monetization: - **Solar assets** and **BOT/HAM SPVs** are being transferred to unlock capital, reduce leverage, and recycle funds into new EPC opportunities. - As of **August 2025**, total order book stood at **INR 15,886 crore**, reflecting sustained order inflow and pipeline momentum. #### **August 2025** - Reaffirmed financial strength with: - **Debt-Equity Ratio**: 0.51x (standalone) - **5-Year CAGR**: 17% (Revenue), 16% (EBITDA) - **Credit Ratings**: AA (Long Term), A1+ (Short Term) – reaffirmed by **ACUITE**, signaling stable creditworthiness. - Infrastructure delivered: - Over **14,000 lane kilometers of highways** - Power T&D projects benefitting **over 30,000 villages** --- ### **Core Business Segments & Strategic Focus** #### **1. Roads & Highways** - **Leading Developer**: Recognized for EPC, BOT, and HAM models under National Highways Development Projects and **Bharatmala Pariyojana**. - Completed landmark projects such as: - **Mopa Airport Link Road (Goa)** – India’s highest elevated road, delivered **3 months ahead of schedule**. - **8-lane extra-dosed cable-stayed bridge over River Narmada** – nearing completion. - **Order Book (as of FY24–25)**: - **Road EPC**: ~INR 3,821 crore (36.9% of total) - **Road HAM**: ~INR 803 crore (7.8%) #### **2. Railways** - Entered in **FY2018–19**, leveraging civil construction expertise. - Projects include **track laying, civil works, and electrification** for agencies like IRCON and Gujarat Rail Infrastructure Corp. - **Order Book**: INR 691–1,412 crore (~6–8% of total) - Joint venture: *ABL STS JV* (74% owned) executing railway infrastructure in Mughalsarai. #### **3. Power T&D** - Grown rapidly with focus on substation and transmission line projects. - **Amravati 400/220 kV Substation Project** (INR 312.13 crore) secured in **Nov 2024**. - Power sector contributed **~38% of order book in 2023** (INR 6,706 crore). - Notable wins: Solar PV plant (150 MW for NTPC), EHP substations (Rewa Ultra Mega Solar). #### **4. Water & Environmental Infrastructure** - Positioned as a **future growth pillar**. - Focus on **decentralized, technology-driven solutions** like MBR-based STPs and river rejuvenation. - **Poisar River Project**: Flagship DBO model initiative with **long-term O&M revenue**. - Target: **15–20% of total business within two years**, EPC margins targeted at ~10%. #### **5. Buildings & Smart Infrastructure** - Re-entered segment with key wins: - **Superspeciality hospital in Mumbai** (INR 600 crore) - **2,000 social housing units in Maldives** (USD 140 million) - Current order book: ~INR 2,179–2,557 crore (~12–16% of total) --- ### **International Expansion** - **Projects Active in**: Guyana, Maldives, Bangladesh, Benin, Ivory Coast, Saudi Arabia. - **International Order Book**: ~INR 1,118 crore (**10.5% of total**) as of Sep 2024. - Strategy: - Focused on **EXIM Bank-funded or sovereign-guaranteed projects**. - Prioritizing **margin security and funding certainty**. - Exploring new opportunities in **Africa** and **Gulf region**. --- ### **Corporate Developments & Strategy** #### **Ashoka Concessions Limited (ACL)** - Road concessions arm of ABL. - **ABL holds 66% stake**, planning to **acquire remaining 34%** to make ACL a **wholly-owned subsidiary**. - Objective: Enable **investor exits**, streamline asset management, and consolidate infrastructure investments. #### **Divestment & Asset Recycling** - Successful **divestment of 50% stake in Unison Enviro (UEPL)** to MGL in 2023. - Demonstrates full-cycle capability: **Develop → Operate → Monetize → Recycle capital**. - Future Monetization Pipeline (May 2025 Guidance): - **HAM Projects**: INR 1,200 crore (by July), INR 400 crore (by Aug), INR ~1,000 crore (by Dec) - Final project (Belgaum-Khanapur) expected in **FY27** - **BOT Projects**: INR 1,700 crore (by July 15), INR 700 crore (linked to traffic extensions – expected FY27) #### **Subsidiary Developments** - **GVR Ashoka Chennai ORR Ltd.**: Made **wholly owned SPV** in Mar 2024 for Chennai Outer Ring Road Phase II (DBFOT Annuity model). - SPV turnover: ~INR 185–216 crore annually; Net worth: INR 397.55 crore (FY22–23) --- ### **ESG & Sustainability** - **Water Projects**: Aligned with **Sustainable Urban Development Goals**. - **Solar & Renewable Energy**: Active in EPC solar parks and substations. - **Resilient Infrastructure**: Designed for long-term environmental compliance and public health impact. ---