Ashoka Buildcon Limited (ASHOKA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+96.5%

₹198.07

vs ₹100.78 price

Levered DCF

₹45.67

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	4.03×	3.22×	8.93×	7.1×	3.09×	10.36×	7.02×	-109.41×
P/B	1.56×	1.39×	2.02×	1.18×	1.74×	4.62×	2.8×	12.74×
P/S	1.37×	0.61×	0.46×	0.26×	0.4×	0.57×	0.24×	0.77×
EV / EBITDA	2.67×	2.32×	4.01×	1.94×	2.52×	6.9×	5.48×	9.74×
Gross margin	27.0%	40.9%	32.3%	31.3%	18.6%	29.9%	37.2%	32.7%
Operating margin	22.9%	18.1%	25.5%	12.5%	16.7%	25.4%	26.5%	24.0%
Net margin	33.9%	18.8%	5.1%	3.6%	13.0%	5.5%	3.4%	-0.7%
Current ratio	2.17×	1.23×	1.77×	1.17×	1.12×	0.89×	0.79×	0.79×
Debt / equity	0.24×	0.51×	2.45×	1.09×	2.63×	10.85×	15.32×	21.07×
Interest coverage	1.89×	1.31×	2.12×	0.94×	1.01×	1.97×	1.96×	1.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-44.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	38.8%	43.3%	22.7%	16.7%	56.4%	44.6%	39.9%	-11.7%
Return on invested capital	12.8%	21.6%	10.3%	11.8%	13.8%	7.4%	6.3%	-3.7%
Return on assets	19.5%	8.2%	2.6%	1.7%	5.0%	1.9%	1.2%	-0.3%
Free cash flow yield	0.4%	28.5%	13.4%	15.1%	8.6%	2.4%	82.6%	-10.2%
Earnings yield	24.8%	31.0%	11.2%	14.1%	32.3%	9.7%	14.2%	-0.9%
Enterprise value	₹112.1B	₹70.7B	₹94.8B	₹38.1B	₹56.7B	₹92.6B	₹69.4B	₹96.2B
Net debt / EBITDA	0.22×	0.53×	2.11×	0.88×	1.45×	4.77×	4.56×	6.04×
Cash conversion cycle (days)	175	129	70	107	146	149	116	135