Guidance cut amid highway slowdown; diversification offsetting

Revenue down 20.5% YoY, PAT down 44% YoY; Q1 flat YoY standalone

Lowered to 9-9.5% for FY27; Q1 standalone margin 9.5%, consolidated 19.0% (anomaly-driven)

Guidance explicitly cut to 10-15% YoY growth; Q1 delivered -20.5% YoY revenue

Order book ₹15,251 Cr as-is; Q1 inflow slow; FY27 target cut from ₹8-10k Cr

Guyana ₹328 Cr and Gems Park ₹450 Cr orders are positive but offset by ₹1,451 Cr revenue; domestic road awarding NHAI 5 km in June vs 102 km in May

Q1 flat YoY standalone (₹1,320 Cr vs ₹1,339 Cr), consolidated -21% YoY (₹1,534 Cr vs ₹1,937 Cr). Domestic highway awarding collapsed: NHAI only 5 km in June vs 102 km in May; construction activity -32% YoY.

Management cut target by 50 bps, citing Q1 loss due to supply chain and new vertical mobilization costs. H1 expected subdued; margin recovery to 9.5% if H2 ramps.

Q1 inflow ₹800 Cr + ₹1,800 Cr L1. Pace tracking below prior target. FAI Bid pipeline ₹1 lakh Cr (NHAI/MoRTH) + ₹50k Cr railways, but actual awards muted.

4 SPVs shifted from Q1 to Q2 revised (Sept-Oct) due to compliance delays. 2 remaining assets expected Q4. Total ₹1,100-1,150 Cr expected; only 30% received so far from prior deals.

NHAI/MoRTH ₹1 lakh Cr, states ₹25k Cr, railways ₹50k Cr pipeline. ₹8k Cr already bid. Revenue growth lowered 20%→10-15% FY27 due to Q1 flatness and supply chain. Order inflow ₹6-8k Cr FY27 (vs prior ₹8-10k Cr).

FY27 ₹179 Cr, FY28-29 ₹72 Cr each. 6 HAM SPVs ₹638 Cr invested to date. 4 assets sale revised from Q1 to Q2 (Sept-Oct) for compliance; 2 assets Q4. Total ₹1,100 Cr (4 assets ₹700 Cr, 6 assets ₹1,100 Cr).

Yes, lowered 0.5%. Q1 loss will not fully recover H1. Main driver: mobilization costs for new verticals (admin, employees) loaded in Q1, to rationalize over quarters. No significant one-offs.

Interest cost to subsidiaries ₹17 Cr Q1. Total third-party debt ₹500-600 Cr post-monetization (vs ₹2,100 Cr now). Post-sale, overall debt ~₹1,200 Cr (₹700 Cr third-party, ₹500 Cr subsidiary). Interest cost expected ₹50 Cr by year-end.

Bowaichandi AD October first week; 15% work FY27. Mithi started now. Guyana ongoing. Angola 2 months away.

Collection delays in Power T&D, no execution hurt yet. Expected normalization by Q4. ₹250 Cr infused Q-o-Q (Mar-Jun) for new project advances; all as planned.

Brought in strategic partner for execution support on Purestudy projects. Intent to create more value at SPV level for Ashoka's stake.

Expanding presence across 7 countries (plan 10). Margins and competition vary country to country. Independent vertical. Evaluate opportunities case-by-case.

Q3-Q4 expect good awarding. NHAI moving to larger-sized packages, will rationalize competition. Healthy competition among good players. Bigger packages favor larger contractors.

Couple of orders lined; exact number not pulled. Will provide offline.

Evaluating BOT orders case-by-case. Will participate wherever comfortable with traffic forecast and execution confidence.

Industrial park development on 9 acres (30% gems & jewellery use). Lease model 30+60=90 years. Develop and sell on long-lease basis. Investment ~₹1,000 Cr over 5 years (51% Ashoka share), recovered in similar timeframe. Remaining 49% with private party (not government).

Q1 international revenue ~₹1,451 Cr from out of India (note: transcript says ₹260 Cr on call, corrected footnote to ₹145 Cr). 80% from Guyana.

Q1 flat YoY, Q2-Q4 recovery dependent on order inflow pace and new project ramp. Supply chain and execution risks cited.

H1 subdued (mobilization costs); H2 recovery to 9.5% as new projects ramp and costs rationalize.

Contingent on scaling new verticals and order inflow. Not formally committed, exploratory.

Q1 capex ₹25 Cr (₹7 Cr international, ₹18 Cr domestic). Back-loaded into H2 as projects ramp.

Domestic highway construction activity -34% YoY (638 km vs 964 km prior); NHAI focus shifted to quality over volume. Sector-wide pause impacting new order inflow.

Q1 inflow ₹800 Cr + ₹1,800 Cr L1. For ₹6-8k Cr FY27 target, need ₹4-5.2k Cr in Q2-Q4. Current pace suggests miss. Bid pipeline (₹1 lakh Cr) large but awards slow.

Power T&D segment (18.4% of revenue) facing delayed collections. Unbilled revenue and debtors locked up. ₹250 Cr infused Q1 for new project advances. Execution not hurt yet, but liquidity pressure if delays extend beyond Q4.

Q1 EBITDA margin 9.5% standalone (vs prior 9.5-10.5% guidance). New vertical mobilization costs (admin, staff for railways, power T&D, international) front-loaded in H1. If order inflow delays extend H1, rationalization may not occur as planned.

4 HAM SPV sales revised from Q1 target to Sept-Oct Q2. 2 remaining assets to Q4. Holdback amounts (₹30-40 Cr) possible. Previous deals saw ₹140-150 Cr holdbacks. Total ₹1,100-1,150 Cr expected, only 30% received so far from prior sales. Timing uncertainty introduces liquidity risk.