Ashoka Buildcon shares jump nearly 14% on Rs 866-crore NHAI project win
The company said it received a Letter of Acceptance (LoA) for the project, with an accepted Engineering, Procurement and Construction (EPC) price of Rs 865.90 crore, excluding GST.
- Nov 11, 2026,
- Updated Nov 11, 2026 10:19 AM IST
Shares of Ashoka Buildcon Ltd soared 13.94 per cent in Wednesday's early trade to hit a high of Rs 117.36 following the company's prior announcement of bagging a project from the National Highways Authority of India (NHAI).
The company said it received a Letter of Acceptance (LoA) for the project, with an accepted Engineering, Procurement and Construction (EPC) price of Rs 865.90 crore, excluding GST.
The project involves completing the balance work for the construction of an eight-lane, access-controlled expressway on the Vadodara-Mumbai Expressway, covering the 26.6-km Karvad to Jujuwa section (Km 128.0 to Km 154.6) in Gujarat. The project will be executed on an EPC basis and has a completion timeline of 18 months.
Q2 performance
On the earnings front, Ashoka Buildcon reported a 4 per cent year-on-year (YoY) increase in revenue in the September quarter of FY27. However, its EBITDA margin contracted by around 265 basis points (bps) YoY to 7.1 per cent, Nuvama Institutional Equities noted.
The brokerage said the company's adjusted profit after tax (PAT) rose 40 per cent YoY and 20 per cent sequentially to Rs 38 crore.
The road segment contributed around 60 per cent to the company's revenue, while power transmission and distribution (T&D) and railway segments accounted for 23 per cent and 14 per cent, respectively.
Nuvama also noted that Ashoka Buildcon expects to conclude the sale of four hybrid annuity model (HAM) projects by the end of Q3 FY27. The sale of the remaining two HAM assets is expected to be completed by the end of Q4 FY27 or early Q1 FY28.
Meanwhile, Ashoka Buildcon shares were last seen trading 10.59 per cent higher at Rs 113.91. At this level, the stock remains down 32.18 per cent on a year-to-date (YTD) basis.
Shares of Ashoka Buildcon Ltd soared 13.94 per cent in Wednesday's early trade to hit a high of Rs 117.36 following the company's prior announcement of bagging a project from the National Highways Authority of India (NHAI).
The company said it received a Letter of Acceptance (LoA) for the project, with an accepted Engineering, Procurement and Construction (EPC) price of Rs 865.90 crore, excluding GST.
The project involves completing the balance work for the construction of an eight-lane, access-controlled expressway on the Vadodara-Mumbai Expressway, covering the 26.6-km Karvad to Jujuwa section (Km 128.0 to Km 154.6) in Gujarat. The project will be executed on an EPC basis and has a completion timeline of 18 months.
Q2 performance
On the earnings front, Ashoka Buildcon reported a 4 per cent year-on-year (YoY) increase in revenue in the September quarter of FY27. However, its EBITDA margin contracted by around 265 basis points (bps) YoY to 7.1 per cent, Nuvama Institutional Equities noted.
The brokerage said the company's adjusted profit after tax (PAT) rose 40 per cent YoY and 20 per cent sequentially to Rs 38 crore.
The road segment contributed around 60 per cent to the company's revenue, while power transmission and distribution (T&D) and railway segments accounted for 23 per cent and 14 per cent, respectively.
Nuvama also noted that Ashoka Buildcon expects to conclude the sale of four hybrid annuity model (HAM) projects by the end of Q3 FY27. The sale of the remaining two HAM assets is expected to be completed by the end of Q4 FY27 or early Q1 FY28.
Meanwhile, Ashoka Buildcon shares were last seen trading 10.59 per cent higher at Rs 113.91. At this level, the stock remains down 32.18 per cent on a year-to-date (YTD) basis.