Synopsis: Ashoka Buildcon awarded Rs. 1,041 crore BMC order for Mumbai flyover development through 51:49 JV with Aakshya Infra Projects. Order book details inside.
A prominent infrastructure and construction company has secured a significant order from the Brihanmumbai Municipal Corporation (BMC). The firm received a Letter of Award (LOA) for an EPC construction project, involving the development of a flyover connecting J.J. Bridge and Sitaram Selam Bridge in Mumbai’s “E” Ward, with completion expected within 24 months.
Ashoka Buildcon Limited’s stock, with a market capitalisation of Rs. 4,747 crores, rose to Rs. 169.90, hitting a high of up to 2.69 percent from its previous closing price of Rs. 165.45. Furthermore, the stock over the past year has given a negative return of 44 percent.
Order Update
A joint venture between Ashoka Buildcon Limited (51% lead member) and Aakshya Infra Projects Private Limited (49%), has received a Letter of Acceptance from Brihanmumbai Municipal Corporation (BMC) for a major infrastructure project.
The project involves construction of a flyover connecting J.J. Bridge and Sitaram Selam Bridge (Y Bridge) at J.J. Road and Saboo Siddik Polytechnic Road Junction in “E” Ward, with an accepted bid price of Rs. 1,041 crore. The project is classified as EPC/Construction Work awarded to a domestic entity, with a completion timeline of 24 months excluding the monsoon period.
Order Book
The Company Reported an order book of Rs. 14,888 crores as of September 2025, reflecting a notable upward trajectory from Rs. 11,104 crores in September 2024. The order book showed steady growth through the fiscal year, peaking at Rs. 16,457 crores in December 2024 before moderating to Rs. 14,905 crores in March 2025 and Rs. 15,886 crores in June 2025. This performance demonstrates the company’s consistent ability to secure infrastructure contracts across multiple quarters.
The segment and regional distribution reveals Road EPC as the dominant business vertical, accounting for 45.8% of the total order book, followed by power T&D at 31.0%. Geographically, the west region represents the largest concentration at 62.5%, with the east region contributing 12.2% and south region adding 11.6%.
Client-wise, state Government projects comprise 62.9% of the order book, while central Government contracts account for 13.4% and HAM projects represent 12.3%, showing the company’s strong positioning in government-driven infrastructure development.
Q2 Financial Highlights
The company reported revenue of Rs. 1,851 crore in Q2FY26, reflecting a sharp decline of 25.6% YoY from Rs. 2,489 crore in Q2FY25 and a marginal 1.9% QoQ decrease from Rs. 1,887 crore in Q1FY26. This downward trajectory in topline performance signals challenging market conditions despite the company’s robust 3-year sales CAGR of 19%, which highlights its historical growth momentum.
Profit stood at Rs. 91 crore in Q2FY26, marking a steep 80.3% YoY drop from Rs. 462 crore in Q2FY25 and a significant 59.9% QoQ decline from Rs. 227 crore in Q1FY26. Despite this recent profitability pressure, the company maintains strong long-term fundamentals with an impressive 3-year profit CAGR of 49% and a 3-year ROE CAGR of 37%, indicating sustainable business quality and efficient capital deployment over the medium term.
Written By Fazal Ul Vahab C H
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