Thank you, Mudit. Good afternoon, everyone. A very warm welcome to all of you joining us for Ashoka Buildcon earnin gs conference call for the quarter ended 30 th June 2026. Joining me on today's call are our CFO, Mr. Paresh Mehta, along with our Investor Rela tions Advisors from SGA. I hope everyone has had the opportunity to review our financial results and investor presentation, which have been uploaded on the stock exchanges and the company's website. Let me begin by giving you a brief perspective on industry environment and then t ake you through some of the key developments of Ashoka during the quarter. Q1 FY27 has started on a mixed note for infrastruct ure sector. On one hand, the domestic highway awarding environment conti nues to remain subdued. On the other hand, we are seeing enc ouraging

opportunities emerging in the areas of railways, pow er transmission, distribution and international infrastructure. In the highway segment, the pace of fresh awarding continues to be below the levels we have seen historically. NHAI awarded only around 5 kilometers of projects in June compared with 102 k ilometers in May, while construction activity in June declined 32% y ear-on-year to around 274 kilometers. For the first 2 months of FY 27, construction stood at approximately 638 kilometers, which is aroun d 34% lower year-on-year. So while we remain positive on the long-term funda mentals of India's road infrastructure, we believe the sector is curre ntly going through a period, where the focus is shifting from simply awa rding more kilometers to ensuring that projects are properly ap praised, land is made available and execution can proceed efficiently. For us, this makes diversification particularly imp ortant. At the same time, the medium- to long-term opportunities in infr astructure remains strong. The Indian budget has provided a significan t push to the railway sector with a record capital expenditure al location of approximately INR2.93 lakh crores. The government has also announced 7 new high-speed rail corridors covering around 4,000 kilometers with an estimated i nvestment potential of INR16 lakh crores, along with 2,052 ki lometers dedicated freight corridor between Dankuni and Surat. This is important because the opportunity in railways is no longer limited to traditional track construction. It increasingly spans over electrification, signal ing, safety systems, freight infrastructure, station development and oth er specialized EPC requirements. For Ashoka, this creates an opportunit y to leverage our existing execution capabilities and participate in infrastructure spending beyond the traditional road segment.

The power transmission and distribution segment is a nother area, where we see long structural growth. India is addin g renewable energy capacity at a rapid pace, but the success of this t ransition depends equally on the ability to evacuate and transmit tha t power to consumption centers. This is driving significant in vestment into state transmission systems and energy corridors. Let me now highlight key business developments for Q 1 FY27 which was marked by international and non-road wins, whil e domestic road awarding stayed muted. We believe this is an importa nt development because it demonstrates that our diversification st rategy is beginning to provide us with alternative avenues for growth, whi le the domestic highway cycle remains subdued. In Guyana, we received a letter of award from Cent ral Housing and Planning Authority for the 4 laning of Versailles-P arika Highway in Region 3. The project is valued at USD 35.42 millio n, around INR328 crores. This award is particularly encouraging because it further strengthens our international road infrastructure portfolio in the South America. In Chhattisgarh, our joint venture received a lette r of award from Chhattisgarh State Industrial Development Corporatio n for the development of Gems and Jewellery Park in Raipur und er the PPP mode. The project involves a premium of approximately INR1 12.4 crores with Ashoka holding 51% stake in the joint venture. The project has a 5-year construction period and a 30-year lease exte ndable to 90 years. What makes this project strategically relevant is th at it represents our entry into industrial park development and therefor e adds another vertical to our infrastructure portfolio. As a part of our portfolio streamlining, we dilute d our stake in Ashoka Purestudy Technologies Private Limited from 59% to 39 .33% pursuant

to a preferential allotment resulting in a classifi cation from subsidiary to an associate company. Coming to the order book status, the company receiv ed 2 new project orders as discussed from Central Housing and Plannin g Authority Republic of Guyana INR328 crores in Chhattisgarh St ate Development Corporation, Gems and Jewellery Park of INR450 crores. As on 30th June, our order book stands at INR15,25 1 crores, excluding order received after 30 June, that is ~INR450 crore s. The breakup of the order book is road and railway comprised of arou nd INR9,648 crores, which is 63.3% of the order book. Among the road order book, HAM projects are to the tune of ~INR1,500 crores. And EPC is worth around ~INR6,780 crores and railw ay is around INR1,346 crores. Power T&D accounts for around INR5 ,066 crores, which is approximately 33.2% of the total order boo k. The building EPC segment is INR536 crores, which is 3.5% of the total order book. With this, I would now request Mr. Paresh Mehta, C FO, to present the financial performance. Thank you.

Thank you, sir. Good afternoon, everybody. Starting with the standalone numbers; For Q1 FY27, total income stood a t INR1,320 crores as compared to INR1,339 crores in Q1 FY26, fl at year-on-year. EBITDA for the quarter stood at INR126 crores down to 17% Y-on-Y with EBITDA margin of 9.5%. Profit after tax stood at INR31.5 crores against I NR30.6 crores during FY26 Q1, up 3%, Y-on-Y. Our revenue contribution fo r each segment for Q1 FY27 is as follows; Road EPC contributed 49. 3%, Road HAM contributed 10.2%, Power T&D contributed 18.4%, rail way stood at 11.5% and other segments like building EPC and other s contributed to 10.7%.

Coming to consolidated numbers; Total income for Q1 FY27 stood at INR1,534 crores as compared to INR1,937 crores in Q1 FY26, this is seeing a 21% de-growth largely contributed by moneti zation of BOT and HAM projects in the Q3 FY26. EBITDA for the qu arter stood at INR292 crores, down 55% year-on-year with EBITDA mar gin at 19.0%, again due to monetization of HAM and BOT assets. Profit after tax stood at INR127 crores during Q1 FY27. In Q1 FY27, our BOT division, the company recorded a gross total toll collection from Jaora-Nayagaon road project of INR75 crores, u p by 8% year-on- year. With this, we now open the floor for question-and- answers. Thank you.

Thank you very much. We will now begin with the ques tion-and- answer session. Will take the first question from th e line of Aditya Sahu from HDFC Securities Limited.

I had a few queries and data points, if you can hel p me with. This is pertaining to the bid pipeline. What would be the b id pipeline that we have right now? And if you can throw some light on w here are we sort of bidding the projects considering that road award ing has been next to nothing. So if you can throw some light on which se ctors and what is the amount of bid pipeline?

So if we see the bid pipeline, NHAI and MoRTH alone is throwing up around INR1 lakh crores of bids to be coming in. An d if we see states then about INR25,000 crores bids are on the pipelin e. Other than this, railways is there, which is throwing around INR50,0 00 crores of bids, which are already now under pipeline. Other than this, power T&D and renewable energy sector are there where we are also bidding for EPC.

So wherever we have bid and bids are not yet open is around INR8,000 crores.

Okay. Understood, sir. And in terms of the revenue, EBITDA and the order inflow guidance, if you can provide that?

So guidance, we are lowering down from 20% to betwe en 10% to 15% because this quarter has been flat due to various r easons and various uncertainties, particularly supply chain. So we fee l the overall performance will be able to touch between 10% to 15 % growth. And order book provided...

From earlier 20% I think because you had mentioned th e 20% growth. Yes.

Yes, 20% was earlier...

Okay. And on the EBITDA margin front and the order inflow?

Order inflow will be to the tune of INR6,000 to INR 8,000 crores. We have already got INR800 crores in Q1. We are L1 in around INR1,800 crores. That will materialize in Q2. And further, w e should be able to bag around INR6,000 to INR8,000 crores in balance 3 quarters.

Okay. Okay. So INR6,000 to INR8,000 crores?

Q1 has been good in that way. Q1 has been good. INR 780 crores plus L1 in INR1,800 crores.

And then the margin guidance standard was the same le vel, 9.5% to 10.5% roughly that we were targeting?

For the year around, probably we will touch that on ce we ramp up our revenues in the next H2 rather. H1 will continue to remain subdued, but H2 will definitely ramp up and there we'll catch up with 9.5% of EBITDA based on whatever we are spending for the ne w projects which are taking off, where initial establishment e xpense is now being

incurred, mobilization, then we had ramp up in the H 2 and margins also will look better.

Understood, sir. On the HAM equity requirement, what would be the investment amount that we have done till date? And ho w much would be the pending contribution on a year-on-year basis?

So for the coming years, for '26-'27, we will have to invest INR 179 Cr on the existing HAM projects including Bowaichandi project. And for '27-'28 and '28-'29 it would be INR 72 crores each. And investment up to June, the six HAM projects is to the tune of almost INR638 crores. .

Okay. Understood, sir. I mean earlier we were target ing on the sale of the 6 SPVs. Our initial plan was, I understand that this was 4 assets by the June quarter and 2 assets by the December quarte r. And now I think that we have revised that. So all the assets are being sold by September '26. Is that how the revised timeline look s like and why the revision timeline from June to September?

So as we said, 4 assets, we expect to clear by Q2 r evised from Q1, largely because certain compliances to be done for h anding over the project to the investors. So that presently there i s some delay in handing over. Some compliances we take on but it is on track and we expect that by September end or first part of Octobe r definitely we should be able to get the money in.

And that is for all 6 assets you're referring to?

For the 4 assets, the other 2 assets need some time. Because there are duty and other compliance to be done at those proje cts, which will happen by December and may be Q4, we'll be able to de monstrate the sales.

Understood, sir. And the realization, how much are w e realizing from these assets? If you can -- the 4 assets and the 2 assets, respectively, if you can give those numbers?

The total price which was offered by them, when we d isclosed was around approximately INR1,100 crores. And we expect to realize approximately that for a bit of time.

Okay. Pardon, if you could repeat the number?

INR1,100 crores.

INR1,100 crores would be for the 4 assets.

For the 6 assets.

For the 6 assets. Okay. And for the 4 assets that w e are planning to sell by September?

Approximately INR700 crores.

We have the next question from the line of Vaibhav S hah from JM Financial.

You mentioned that EBITDA margins would be 9% to 9.5% for the entire year?

Yes.

So we are lowering the guidance?

Yes, by 0.5% because we lost something in this quar ter, which will not totally recover for the balance 3 quarter. So we we re in the range of around 2 digits at the start of the year. We will b e at roughly 0.5% short of that.

No, nothing very significant vis-a-vis as compared to previous year. But largely because we have mobilized a lot of new a dministrative and employees and other costs for the new verticals wher e in the initial phase those costs have been loaded in this quarter. So they get rationalized over the coming quarters.

Sir, on the debt side, we have roughly INR2,100 cro res of debt. So partly it is from the subsidiaries. So can you give the breakup of the subsidiary debt and the breakup of interest cost, t hird-party and what you are paying to subsidiary in 1Q?

So interest cost paid to the subsidiaries is INR17 crores for this quarter. Balance is all third-party interest paid, including NCDs, working capital, term loans and equipment loans and also inte rest on mobilization advance, which is to the employers.

Okay. Sir, once the assets are monetized, then what could be the debt number, at least the third-party debt?

Third-party debt would be approximately in the rang e of, as we have guided, around INR500 crores to INR600 crores.

And what is the amount, right? So we won't be reduci ng the debt from subsidiaries in future?

So these debt need not be reduced because they are typically free cash flows of our subsidiaries. And they are typically 1 00% subsidiaries of Ashoka Buildcon. So they may continue to be part of the resources for Ashoka Buildcon. So on the consol level, they will get knocked off. But otherwise, it's not a third-party outflow for the consol.

At stand-alone level it will hit the interest cost?

If you include the third-party debt and the debt fr om subsidiaries, so maybe post monetization, the debt could be around IN R1,000 crores, including the debt from subsidiary?

Around say INR1,100 crores, around approximately INR 700 crores would be third-party debt. So around, say, INR1,200-odd crores.

Okay. And sir, on interest cost side, we have seen reduction to INR60 crores in this quarter. So incrementally, it will f urther come down to maybe end the year by around INR50-odd crores?

Yes, definitely, we expect on 2 counts. One is real ization of our WIP working capital receivables and WIP in our power se ctor, which is due to be collected in the next 2 quarters as well as mo netization of assets will typically also reduce debt.

Okay. Sir, when are we expecting the for AD for Bowaichandi HAM?

October first week, we should expect appointed date.

So maybe 15%, 20% work only would happen for this year?

This year will be around 15%.

Okay. And sir, when will work start for the newer projects Mithi River, Guyana and Angola?

Mithi has also started now. And Guyana, we are alre ady present, the work is ongoing. Angola will take some time to start , maybe another 2 months.

Okay. And sir, lastly, you mentioned that the total cash flows from monetization will be roughly INR1,100 crores. So ea rlier it was INR1,150 crores. So is that lowering down of the number?

Okay. And sir, last, the assets which you have alre ady monetized, of that, part amount was pending, some INR50 crores fo r BOT and INR90 crores for HAM. So has that been received now?

No, we are in the process of receiving. We have almo st received around 30% of it and balance we are in the process of getting it. It is in process, there are certain compliances which needs t o be done to get it done. So we're waiting for that.

And of this INR1,150 crores, entire would be receiv ed this year or part would be stuck?

As I said, by Q2, the 4 assets and by Q4, the balan ce 2 assets, that's what our target would be.

I mean would there be any holdback amount of INR1,150 crores?

Didn't get it.

So in the previous 2 deals for 5 BOT and 5 HAM, par t amount roughly INR150 crores was hold back. Which we're expecting to receive the balance portion now. So of INR1,150 crores, would t here be any holdback or the entire money will be received in this year?

So there could be holdbacks, small holdbacks in the range of INR30 crores, INR40 crores. I mean that will depend once we get to very close to the transaction. So it's more of compliance , which will be there. So I really cannot pinpoint the number at this moment.

Okay. And sir, lastly, what would be the capex for 1Q and the target for FY27?

So capex for this quarter was approximately INR25 c rores, of which INR7 crores was for our international projects and balance was for domestic. Target, as we said, was approximately INR 125 crores for the whole year.

Margins would be weaker for this year, next year co uld it be in 10%, 10.5% range for FY28?

We should expect that as projects which are there, typically would throw a margin of 10.5%, 11%. So we should definitel y expect margins to improve over a period of time.

We have the next question from the line of Vasudev from Nuvama.

Most of the questions are answered. I just want to know where are we on monetization of Chennai ORR and Jaora-Nayagaon? Any thoughts on that?

So on both the projects, we have potential investor s who have shown interest. They are working on one of the projects, they are also working on the diligence part of it. We expect Chennai ORR could happen by the year-end. We still need to freeze on the invest or. And Jaora- Nayagaon, either by March end or by next year first half. It has more of a process to be driven at the compliance from the authority, but we expect that by Q1, we should be able to aggressively monetize.

We have the next question from the line of Daksh Pr ashar from Desvelado Research.

I just have one question. So we diluted our stake i n Ashoka Purestudy Technologies from 59% to 39%. Would you please shine some light on what was the rationale behind that exit?

We have diluted and we have brought in a strategic partner who will help us in execution of projects which we have take n at Purestudy level. So the intent is to create more value at the SPV level for our stakes.

Sir, I wanted to know what is the order book that i s lying at the SPV level? Like I believe few of our order book are at the SPV level. Can you just help with the number?

So at the SPV level presently, couple of orders are lined. We have not pulled the number exactly. Maybe if you can come offl ine. Or maybe by the end of this call, I can give you that number.

Okay. Secondly, sir, we have been recently seeing t he share of the international book has been increasing. So what is the first thing the strategy behind that? Is it because the awarding is lower happening in the road side or is it because the margins are bette r in the international side? And just how are the international orders dif ferent from the domestic orders?

So basically, internationally, we are just increasi ng our presence in various country. We have an independent vertical fo r international. And margins and competition will vary from country to country. Presently, we are working in 7 countries. We plan i n going ahead to work around in 10 countries.

Okay. And any specific geographies that you're targeting not to enter?

Not to enter geographies are not yet that well list ed. But what we have been working in these 7 geographies, and we may add another 2, 3 geographies. It's all, we evaluate when the opportunities feel right.

Right. And sir, lastly, how are you seeing the road awarding happening this year? Obviously, till date, there hasn't been any remarkable awarding that has happened.– And the NHAI has come up with a list of 113 highways. So how are we seeing in terms of the competition and in terms of the awarding happening by the end of this year?

So Q3, Q4, we expect good awarding to happen. And o ff late NHAI is also going for bigger sized packages. So that will definitely rationalize the competition also. And we will have healthy comp etition amongst

good players. Size of the projects are going for th e larger sized projects.

Right. sir, and the last thing is NHAI is coming up a big ticket BOT orders. There are few BOT orders which are even of INR5,000 crores plus. So are we looking to participate in the bids of such orders?

So we have been evaluating these BOT orders also. S o project by project, we need to take a call. So wherever we are comfortable and we are sure about traffic and execution, we may participate.

We have the next question from the line of Mudit Bha ndari from IIFL Capital.

Sir, we have roughly around INR150 billion to INR15 3 billion order book across road, power and building. You mentioned some delays in collection from Power T&D side. So how is this acros s our segment or across the client for, let's say, for 1Q or 4Q? And how has the working capital been?

What was the first part? I got the second part, whi ch is impact on working capital. Could you repeat the first part of the question?

Yes, in terms of collection, how it is across the se ctor or across the clients? Anything particularly hurting the execution?

So execution is not hurt by collection, but collect ion was getting increased in the Power T&D sector, which will now ge t realized in the next couple of quarters. So we expect that that sho uld rationalize by this year-end 4Q. And most of the payment should be i n, which is today locked up in working capital and debtor that is unbilled revenue and debtors. The roads and other they are almost in sync with what is planned and as per milestone.

Any?

Working capital differential from March to June?

Yes. So approximately INR250-odd crores has been inf used in March for the new projects which have taken off where billings yet to start. So the investments have happened in those sectors, adva nces paid to contracts for new contracts. So that way it has inc reased, but it is all as planned.

Got it, sir. And when we say our bid pipeline acros s states, railways and Power T&D as well as real renewables, so any par ticular projects that you are aiming for or in particular, let's say , segment, whether it is more concentrated towards, let's say, within states , let's say, roads or -- so basically trying to identify some focus areas amon g where we will be bidding?

We have strategic focus areas. We definitely cannot disclose.

Got it, sir. And any big projects that you want to highlight that are coming up for bidding?

So there are large projects coming up, NHAI is coming up in UP, very big 4 projects. There is a pipeline in NHIDCL in No rtheast. There are projects coming up in Hyderabad. So these all are co mpletely like INR1 lakh crores when I say order book, it's all part of that.

We will take the next question from the line of Vasudev from Nuvama.

Yes, sir. On this Gems and Jewellery Park, what is t he revenue that we can expect on a per annum basis from here? Gems and Jewellery Park project, which we got. So what kind of revenues can we expect from this project?

Okay. And we also got this order from Guyana?

From Guyana. What did you say?

So the construction of 4 lane highway order that we got, what is the value of this order like in rupees terms?

INR338 crores. INR338 crores is the value.

We take the next question from the line of Aditya S ahu from HDFC Securities Limited.

Just one question over here. I see that because our order book is increasing on the overseas front. Related to that, I wanted to understand from a revenue standpoint, how is our rev enue sort of bifurcated geographically, if you can help me with that, how much is from India, how much is from other countries, if you can provide the bifurcation? At least for the Q1 part?

In Q1, it is around INR145 1 crores from out of India.

INR145 1 crores.

INR145 1 crores. And so from the INR145 1 crores, like do we have the geographical bifurcation from where are we getting this?

So 80% of it is from Guyana only.

We have the next question from the line of Vishal Pe riwal from PL Capital.

Sir, with respect to the Chhattisgarh Industrial De velopment Corporation, but I mean, in terms of the JV as a par tner, we are working with a 51% stake. So can you give some highl ight in terms of what exactly is the business model out here? Will it be on a sale or a lease? And second, what are the investments that we are planning for this particular LOA? 1 Mentioned as INR 260 crores on the call, however, the correct figure is INR145 crores

So this is largely kind of industrial park kind of gems and Jewellery Park development, where approximately 9 acres has be en given to us for development, of which 30% has to be used for us e of gems and jewelleries. The intent as we said, it's to develop and it's a lease for 30 plus another 60 years. So total 90 years lease woul d be available on this project. And the intent is to develop the proj ect and sell the project on a long lease basis, all the assets created over the next 5 years.

Okay. And what do we plan to invest in this from ou r side as a 51% stake?

So presuming it's everything sold off. So it's typic ally a project to the size of around, say, INR1,000-odd crores, which wil l be spent over the 5 years and recovered in that similar time.

Okay. And remaining stake is with the state government in this?

So it is with private party, not the government.

We have the next question from the line of Mudit Bha ndari from IIFL Capital.

How much equity have you invested in Jaora-Nayagaon and Chennai ORR?

In Jaora, all parties invested total INR278 crores as face value of equity at the start of the project when the project was developed. The invested value of ours after acquiring stakes are a pproximately INR 418 crores. And in Chennai ORR, all parties investe d approx. INR200 crores. The effective cost of us after consolidatio n today is INR300 crores for 100% stake.

We will take the next question from the line of Ziya d Mukaddam from Ashika Institutional Equities.

Could you please guide us on how much revenue will be booked from the Bowaichandi to Guskara, Gaimukh to Payegaon, Kun dalika Creek

Bridge and Flyover Sion Panvel Highway in FY27, if possible, if you could quantify how much revenue booking will happen in FY27?

Let me take it offline, because it's quite a granular number. We do have it, but not offhand.

We have the next follow-up question from the line of Vasudev from Nuvama Wealth.

Sir, I just wanted to confirm in Q1, we received 3 o rders. The Guyana one is INR338 crores, Gems and Jewellery Park is INR 450 crores and Angola is INR684 crores. That's right, sir, right?

Angola was declared last year. Other 2 are in this quarter.

We have the next question from the line of Vaibhav S hah from JM Financial.

Standalone level interest cost was roughly INR313 crores for FY26. So for FY25, it should be closer to INR200-odd crores?

Close to what number?

INR210 crores?

Yes, it should be in the range of around INR225 cro res or INR225 crores to INR240 crores.

And for '28, it should go below INR200 crores? As money would come to...

Yes, exactly.

So what could be the range?

Thank you very much. Ladies and gentlemen, we will t ake that as the last question. And that concludes the question-and- answer session. I now hand the conference back to the management for th e closing comments.

We hope that all queries have been answered. For an y further information or query left out, you could approach us or our Investor Relations agency, SGA. And thanks, everybody, for a ttending the call. Thank you.

Thank you. Thank you, everyone.

Thank you, members of the management. On behalf of IIF L Capital, we conclude this conference. Thank you, everyone, f or joining with us today, and you may now disconnect your lines.