Interim report
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Ashoka Buildcon Limited Regd. Office: S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422 011, Maharashtra, India Tel. + 91 253 6633705Fax +91 253 2236704 www.ashokabuildcon.com CIN: L45200MH1993PLC071970 To To The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: Equity: 533271 Scrip Symbol: ASHOKA Debt Codes: CPs –729743 & 730307; and Debt Code NCDs: 976190 / 976191 / 976192 November 14, 2025 Dear Sir/ Madam, Sub: Outcome of the Board Meeting Pursuant to Regulation s 30, 33 and 52 of the SEBI (L isting Obligations & Disclosure Requirements) Regulations, 2015, (“SEBI LODR”) the outcome of meeting of the Board of Directors held In-Person at Ashoka House, Ashoka Marg, Nashik, - 422 011 on Friday, November 14, 2025, which was commenced at 3.45 p.m. and concluded at 5.45 p.m. is as follows. The Board of Directors has inter alia considered and approved the Unaudited Standalone and Consolidated Financial Results (Limited Review) for the quarter and half year ended September 30, 2025 , pursuant to Regulations 33 and 52 of the SEBI (LODR) Regulations, 2015 along with state ments of Assets & Liabilities and Cash Flow, which have been duly reviewed and recommended by the Audit Committee. The unaudited Standalone & Consolidated Financial Results will be made available on the Company’s website www.ashokabuildcon.com Please take the same on your records. Yours faithfully, For Ashoka Buildcon Limited (Manoj A. Kulkarni) Company Secretary ICSI Membership No.: FCS - 7377
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Ashoka Buildcon Limited Regd. Office: S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422 011, Maharashtra, India Tel. + 91 253 6633705Fax +91 253 2236704 www.ashokabuildcon.com CIN: L45200MH1993PLC071970 To, To, The Manager, The Manager, The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: Equity: 533271 Scrip Symbol: ASHOKA Debt Codes: CPs –729743 & 730307; and Debt Code NCDs: 976190 / 976191 / 976192 November 14, 2025 Sub: Submission of Financial Results – quarter and half year ended September 30, 2025 We enclose herewith the unaudited standalone and consolidated financial results (Limited Review) (“the statements”) for the quarter and half year ended September 30, 2025, along with Limited Review Reports issued by M/s S R B C & C O LLP, statutory auditors of the Company, which have been reviewed and recommended by the Audit Committee and approved and taken on record by the Board of Directors. This disclosure is pursuant to Regulations 30, 33 and 52 of the SEBI LODR, 2015. Kindly take the matter on your record. Thanking you, For Ashoka Buildcon Limited (Manoj A. Kulkarni) Company Secretary ICSI Membership No.: FCS - 7377 Encl.: As above
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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000 Chartered Accountants S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ashoka Buildcon Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Ashoka Buildcon Limited (the “Company”) for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Compa ny’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consi sts of making inquiries, primarily of persons responsibl e for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 3 to the accompanying Statement, regarding an ongoing regulatory matter which is sub -judice before Ld. Court of Special Judge, CBI, Bihar, involving inter -alia the Company, pending final outcome of which no adjustments have been made to the Statement. Our conclusion is not modified in respect of this matter. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 per Pramod Kumar Bapna Partner Membership No.: 105497 UDIN: 25105497BMKVKK6864 Place: Mumbai Date: November 14, 2025
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(₹ in Lakhs except Earnings per share) Year Ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1,26,609.52 1,31,063.91 1,41,755.85 2,57,673.43 3,29,461.27 7,06,142.89 3,652.02 2,847.75 4,133.23 6,499.77 6,505.29 12,637.06 1,30,261.54 1,33,911.66 1,45,889.08 2,64,173.20 3,35,966.56 7,18,779.95 39,151.50 46,451.00 61,710.17 85,602.50 1,50,252.96 2,88,221.56 66,586.07 61,457.55 55,884.75 1,28,043.62 1,30,884.11 3,14,031.43 5,580.06 5,689.77 6,193.90 11,269.83 12,520.19 24,045.96 7,815.82 8,405.43 7,062.56 16,221.25 13,688.18 29,635.47 2,448.63 2,336.00 2,492.10 4,784.63 4,729.13 9,820.47 2,964.37 5,243.63 6,067.01 8,208.00 11,766.39 25,154.62 1,24,546.45 1,29,583.38 1,39,410.49 2,54,129.83 3,23,840.96 6,90,909.51 5,715.09 4,328.28 6,478.59 10,043.37 12,125.60 27,870.44 11,205.41 - - 11,205.41 - - 5.66 4.87 5.69 10.53 11.73 19.67 16,926.16 4,333.15 6,484.28 21,259.31 12,137.33 27,890.11 3,552.49 1,562.00 1,786.89 5,114.49 3,491.39 7,945.72 (543.87) (291.00) 1,076.12 (834.87) 941.12 220.00 3,008.62 1,271.00 2,863.01 4,279.62 4,432.51 8,165.72 13,917.54 3,062.15 3,621.27 16,979.69 7,704.82 19,724.39 (10.90) (10.91) (0.70) (21.81) (1.40) (45.73) 2.79 2.80 0.18 5.59 0.36 11.72 (8.11) (8.11) (0.52) (16.22) (1.04) (34.01) 13,909.43 3,054.04 3,620.75 16,963.47 7,703.78 19,690.38 14,036.16 14,036.16 14,036.16 14,036.16 14,036.16 14,036.16 3,86,904.15 4.96 1.09 1.29 6.05 2.74 7.03 1.54 1.09 1.29 2.63 2.74 7.03 Paid-up equity share capital (equity shares of Face Value of 5/- each) XIV Earnings per equity share # (Face Value of 5/- each) : Other Equity A. With Exceptional Items B. Without Exceptional Items and related tax Basic & Diluted ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025 Other expenses IV Expenses Cost of Materials Consumed Particulars Finance costs Quarter Ended Half Year Ended V Total expenses XI Profit after tax (IX-X) Other comprehensive income / (loss) (net of tax) (i+ii) (i) Items that will not be reclassified to profit or loss VII Exceptional Item (Refer Note 4) Total tax expenses IX Profit before Tax (VI+VII+VIII) (1) Current tax (2) Deferred tax charge / (credit) XII Other Comprehensive Income / (Loss) X Tax expenses : # Not annualised except for the year ended March 31, 2025 Basic & Diluted XIII Total Comprehensive Income for the Period / Year (XI+XII) I Revenue from Operations Construction Expenses Employee Benefit Expenses Depreciation and amortisation expense II Other Income III Total Income (I+II) (ii) Income tax relating to items that will not be reclassified to profit or loss VI Profit before Exceptional Items and Tax (III-V) VIII Share of Profit from Partnership Firms
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 Year Ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Debt-Equity Ratio (Total Borrowings (Current Borrowings + Non Current Borrowings + Lease liabilities) / Total Equity 0.56 0.59 0.58 0.56 0.58 0.51 2 Debt Service Coverage Ratio # (Earnings for debt service / Debt service) (Earnings for debt service = Profit before Exceptional Item and tax + Depreciation and amortisation expense + Interest on Loans + Interest on Lease Liabilities) (Debt Service = Interest on Loans + Interest on Lease Liabilities + Repayment of Non Current Borrowings (Including Current Maturities of Term Loans) for the period) 1.16 0.84 1.99 0.98 1.95 0.72 3 Interest Service Coverage Ratio ((Profit before Exceptional Item and tax + Finance costs + Deprecation and amortisation expense) / Finance costs) 2.05 1.79 2.27 1.91 2.23 2.27 4 Net Worth (₹ in Lakhs) (Total Equity) 4,17,903.78 4,03,994.35 3,88,953.70 4,17,903.78 3,88,953.70 4,00,940.31 5 Current Ratio (Total Current Assets / Total Current Liabilities) 1.95 1.73 1.60 1.95 1.60 1.82 6 Long Term Debt to Working Capital (Non Current Borrowings (Including Current Maturities of Term Loans) / Working capital (Total Current Assets - Total Current Liabilities)) 0.32 0.32 0.37 0.32 0.37 0.39 7 Bad Debts to Account Receivable Ratio (Bad Debts / Average Trade receivables) 0.00 0.00 0.00 0.00 0.00 0.01 8 Current Liability Ratio (Total Current Liabilities / Total Liabilities) 0.65 0.68 0.75 0.65 0.75 0.65 9 Total Debts to Total Assets Ratio ((Total Borrowings (Current Borrowings + Non Current Borrowings)) / Total Assets) 0.24 0.25 0.25 0.24 0.25 0.22 10 Debtors' turnover ratio # (Revenue from Operations / Average Trade receivable ((Opening Trade receivables and Contract Assets + Closing Trade receivables and Contract Assets) / 2)) 0.29 0.30 0.39 0.60 0.95 1.85 11 Inventory turnover ratio # (Cost of Materials Consumed / Average Inventory ((Opening inventory + Closing inventory) / 2)) 1.40 1.45 1.34 2.78 3.42 7.38 12 Operating Margin (%) (Profit before Exceptional Item and tax + Finance costs + Deprecation and amortisation expense - Other Income / Revenue from Operations) 9.74% 9.33% 8.40% 9.53% 7.30% 7.75% 13 Net Profit Margin (%) (Profit after tax for the period / Revenue from Operations) 10.99% 2.34% 2.55% 6.59% 2.34% 2.79% 14 Outstanding Redeemable Preference Shares - - - - - - 15 Capital Redemption Reserve - - - - - - 16 Debenture Redemption Reserve - - - - - - # Not annualised except for the year ended March 31, 2025 Additional information pursuant to Regulation 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended as at and for the quarter and half year ended September 30, 2025 ParticularsSr. No. For the purpose of computing above ratios, assets / liabilities included under 'held for sale' has been considered in the respective accounting captions, wherever applicable. Quarter Ended Half Year Ended
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 3. Pursuant to the first information report filed by a law enforcement agency (‘CBI’) in earlier year alleging bribery of certain NHAI officials by Company personnel for providing undue advantage to the aforesaid persons and the Company with respect to a project executed in Bihar, on February 28, 2025, the Company had received the final chargesheet dated February 15, 2024 from the Ld. Court of Special Judge, CBI, Bihar (‘Ld. Court’) whereby the Company has been arraigned in the matter primarily for alleged non-completion / deviation in the executed work and minor irregularities in quality of work during the period from April 2021 to August 2022. As of September 30, 2025, the execution of the said project has been substantially completed and the management believes that the Company has adhered to the contractual obligations and is of view that there would not be any material impact on the financial results in this regard. Further, in consultation with its legal experts,Company has moved an application in the Patna High Court requesting for the witness statements, post which a petition will be filed with the aforesaid High Court for quashing of the allegations made in the chargesheet. As the matter is sub-judice, pending outcome of the same with the Ld. Court, no adjustments have been made to the financial results. 5. During the year ended March 31, 2025, the Company along with its subsidiaries viz. Viva Highways Ltd (“VHL”) and ACL have entered into an agreement on October 30, 2024, with Macquarie SBI Infrastructure Investments Pte. Limited and SBI Macquarie Infrastructure Trust (collectively, the “Investors”) to acquire entire investments of Investors in ACL (comprising of equity shares and Compulsorily Convertible Debentures (‘CCD’s)) in Jaora Nayagaon Toll Road Company Private Limited (‘JTCL’), which is subject to completion of certain conditions precedent including sale of certain project assets of ACL and the Company. On sale of five HAM subsidiaries (as stated in Note 4), subsequent to the quarter, the Company has made partial acquisition of the securities (CCD’s) held by the investors for a consideration of88,225.49 Lakhs and VHL has acquired entire investor equity stake in JTCL for a consideration of 16,659.93 Lakhs. 1. The above unaudited standalone financial results of Ashoka Buildcon Limited ('the Company') have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on November 14, 2025. 2. As permitted by paragraph 4 of Ind AS 108, "Operating Segments", notified under section 133 of the Companies Act, 2013, read together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial results and the separate financial results of the parent, segment information need to be presented only on the basis of the consolidated financial results. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) on segment wise revenue results and capital employed are given in consolidated financial results. 4. The Company and its subsidiary Ashoka Concessions Limited ('ACL') had entered into share subscription and purchase agreements and other transaction documents for sale of its entire stake in five of its wholly owned subsidiaries namely Ashoka Belgaum Dharwad Tollway Limited, Ashoka Highways (Durg) Limited, Ashoka Highways (Bhandara) Limited, Ashoka Dhankuni Kharagpur Tollway Limited and Ashoka Sambalpur Baragarh Tollway Limited which are engaged in construction and operation of road projects on Build Operate Transfer (BOT) basis. Further, the Company and ACL had executed the share subscription and purchase agreements and other transaction documents for divestment of their entire stake in certain subsidiaries (completed projects), engaged in construction and operation of Road Projects on Hybrid Annuity Mode (HAM) basis awarded by National Highways Authority of India ('NHAI'). The above transactions were subject to completion of certain conditions precedent including approval from the lenders of the respective subsidiaries and other regulatory approvals. In the current quarter, Company and ACL have sold their entire stake and transferred control in one HAM and four HAM subsidiaries respectively. Accordingly, the Company has recognised gain of 11,205.41 Lakhs on sale of its investment in one HAM subsidiary which has been disclosed as an exceptional item. For the balance six HAM subsidiaries and five BOT subsidiaries, considering the high probability of the sale transactions getting completed, as per Ind AS 105, the investments made, loans given to these subsidiaries and related current assets/liabilities have been classified as held for sale. Besides the above, the Company is also in the process of divesting its 100% stake in GVR Ashoka Chennai ORR Limited, which is also classified as held for sale. Notes:
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 6. STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2025 ( In Lakhs ) Particulars As at As at 30-Sep-25 31-Mar-25 Unaudited Audited (I) ASSETS NON-CURRENT ASSETS (a) Property, plant and equipment 29,246.83 30,351.12 (b) Capital work-in-progress 553.27 1,634.49 (c) Right of Use 1,306.81 397.10 (d) Intangible assets 39.81 45.50 (e) Financial assets (i) Investments 1,27,645.05 1,26,215.24 (ii) Trade receivables 24,819.84 49,633.35 (iii) Loans - - (iv) Other financial assets 5,533.03 7,879.50 (f) Deferred tax assets (net) 9,523.82 8,688.95 (g) Non-Current Tax Assets (net) 9,943.24 9,695.66 (h) Other non-current assets 4,165.83 3,026.79 TOTAL NON-CURRENT ASSETS 2,12,777.53 2,37,567.70 CURRENT ASSETS (a) Inventories 26,762.75 34,870.50 (b) Contract Assets 2,49,892.24 2,26,797.77 (c) Financial assets (i) Investment - 119.28 (ii) Trade receivables 1,42,847.47 1,27,195.81 (iii) Cash and cash equivalents 1,01,729.00 13,540.03 (iv) Bank balances other than (iii) above 11,308.98 10,505.50 (v) Loans 43,850.52 1,05,639.39 (vi) Other financial assets 8,715.00 6,786.18 (d) Other current assets 72,207.18 56,351.17 TOTAL CURRENT ASSETS 6,57,313.14 5,81,805.63 ASSETS HELD FOR SALE (Refer Note 4 & 5) 1,07,698.28 1,19,791.48 TOTAL ASSETS 9,77,788.95 9,39,164.81 (II) EQUITY & LIABILITIES EQUITY (a) Equity Share Capital 14,036.16 14,036.16 (b) Other Equity 4,03,867.62 3,86,904.15 TOTAL EQUITY 4,17,903.78 4,00,940.31 LIABILITIES NON-CURRENT LIABILITIES (a) Contract Liability 70,783.60 59,204.10 (b) Financial Liabilities (i) Borrowings 1,00,139.68 1,03,069.21 (ii) Lease Liability 719.70 42.93 (iii) Trade Payable (A) Total outstanding dues of micro enterprises and small enterprises - - (B) Total outstanding dues of creditors other than micro enterprises and small enterprises. 17,367.68 16,698.60 (c) Provisions 6,166.65 5,958.94 TOTAL NON-CURRENT LIABILITIES 1,95,177.31 1,84,973.78 CURRENT LIABILITIES (a) Contract Liability 68,634.37 71,866.53 (b) Financial liabilities (i) Borrowings 1,32,063.95 1,02,800.16 (ii) Lease Liability 573.73 327.04 (iii) Acceptances / Factoring Liabilities 24,454.09 29,395.20 (iv) Trade payables (A) Total outstanding dues of micro enterprises and small enterprises 13,815.77 11,420.52 (B) Total outstanding dues of creditors other than micro enterprises and small enterprises. 75,799.91 89,280.93 (v) Financial Guarantee liabilities - - (vi) Other financial liabilities 4,324.09 4,018.29 (vii) Obligation towards Investor in Subsidiary 36,131.28 36,131.28 (c) Other current liabilities 3,292.75 3,576.85 (d) Provisions 2,979.40 2,397.95 (e) Current tax liabilities (net) 946.35 251.89 TOTAL CURRENT LIABILITIES 3,63,015.69 3,51,466.64 LIABILITIES HELD FOR SALE (Refer Note 4 & 5) 1,692.17 1,784.08 TOTAL LIABILITIES 5,59,885.17 5,38,224.50 TOTAL EQUITY AND LIABILITIES 9,77,788.95 9,39,164.81
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 7. CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 ( In Lakhs ) 30-Sep-25 30-Sep-24 Unaudited Unaudited A CASH FLOW FROM OPERATING ACTIVITIES : Profit before tax 21,259.31 12,137.33 Non Cash / Non Operating Adjustment to reconcile profit before tax to net cash flows Depreciation and amortisation expenses 4,784.63 4,729.13 Expected credit loss / Impairment allowance 1,947.31 3,622.48 Finance Cost 16,221.25 13,688.18 Receivables and advances written off 715.90 207.41 Operating liabilities written back (1,223.91) (1,511.74) Share of profit from investment in partnership firm/LLP (10.53) (11.73) Interest income (4,170.97) (3,892.88) Net loss / (gain) on financial assets measured at fair value through profit and loss (FVTPL) - (13.61) Reversal of obligation towards Investor in Subsidiary - (1,068.72) Gain on sale of investments (11,403.16) (459.20) Gain on disposal of property, plant and equipment (net) (440.80) (304.00) Operating profit before changes in working capital 27,679.03 27,122.65 Adjustments for changes in operating assets & liabilities: Decrease / (increase) in trade receivables 16,714.14 (8,602.92) Decrease / (increase) in inventories 7,808.23 (1,280.91) Decrease / (increase) in other assets (financial and non-financial) (16,646.25) (4,042.07) Decrease / (increase) in contract assets (24,856.47) (15,421.70) Increase / (decrease) in acceptances / factoring liabilities (4,941.11) (5,256.86) Increase / (decrease) in trade payables (9,192.79) (46,231.07) Increase / (decrease) in contract liabilities 8,347.34 (16,952.10) Increase / (decrease) in short term provision 583.23 239.07 Increase / (decrease) in other liabilities (financial and non-financial) 110.02 (2,111.77) Increase / (decrease) in long term provision (114.81) - Cash generated from operations 5,490.56 (72,537.68) Income tax paid (net of refunds) (4,667.61) (2,794.15) NET CASH FLOW FROM / (USED IN) OPERATING ACTIVITIES (A) 822.95 (75,331.83) B CASH FLOW FROM INVESTING ACTIVITIES : Purchase of property, plant and equipment, intangible assets including capital work in progress and capital advances(2,524.38) (4,506.22) Proceeds from sale of Property, Plant and Equipment 549.31 577.06 (Purchases of) / Proceeds from sale of Current Investment 119.28 - Investment in Subsidiaries (1,427.50) (4,965.77) Perpetual debt repaid by subsidiaries - 5,075.00 Proceeds from sale of investment in subsidiaries / joint venture 16,456.00 544.42 Loans given to subsidiaries, joint ventures and others (10,640.43) (18,974.08) Loans repaid by subsidiaries 72,523.32 1,039.45 Proceeds from / (investment in) fixed deposits (net) 509.79 1,232.48 Interest received 1,666.12 862.11 NET CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES (B) 77,231.51 (19,115.55) C CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Long Term Borrowings from Banks / Financial Institution 728.42 721.12 Proceeds from Long Term Borrowings from Related Parties 40,909.97 60,000.00 Repayment of long term borrowings to Banks / Financial Institution (4,956.12) (2,109.60) Repayment of long term borrowings to Related Parties (10,268.85) - Proceeds from / (repayment of) current borrowings (net) (79.18) 22,153.73 Lease payments (283.91) (141.33) Interest paid on lease liabilities (56.72) (26.93) Interest paid (15,859.10) (13,780.06) NET CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES (C) 10,134.51 66,816.93 Net increase / (decrease) in cash & cash equivalents (A+B+C) 88,188.97 (27,630.45) Cash and Cash Equivalents at the beginning of the period 13,540.03 35,788.97 Cash and Cash Equivalents at the end of the period 1,01,729.00 8,158.52 COMPONENTS OF CASH AND CASH EQUIVALENTS Balances with Banks On current accounts 1,01,672.54 8,120.29 On deposit accounts - - Cash on hand 56.46 38.23 Cash and cash equivalents for statement of cash flows 1,01,729.00 8,158.52 For & on behalf of the Board of Directors (Satish D Parakh) Place: Nashik Managing Director Date: November 14, 2025 DIN : 00112324 For Half Year Ended Particulars
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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000 Chartered Accountants S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ashoka Buildcon Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Ashoka Buildcon Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as amended (the “Listing Regulations”). 2. The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 , as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 3 to the accompanying Statement, regarding an ongoing regulatory matter which is sub-judice before Ld. Court of Special Judge, CBI, Bihar, involving inter-alia the Holding Company, pending final outcome of which no adjustments have been made to the Statement. Our conclusion is not modified in respect of this matter.
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Chartered Accountants Ashoka Buildcon Limited Page 2 of 4 7. The accompanying Statement includes the unaudited interim financial results and other unaudited financial information, in respect of: • 61 subsidiaries, whose unaudited interim financial results and other unaudited financial information include total assets of Rs . 14,64,057.84 lakhs as at September 30, 202 5, total revenues of Rs . 62,019.64 lakhs and Rs. 1,24,872.77 lakhs, total net profit after tax of Rs. 47,205.91 lakhs and Rs. 54,666.99 lakhs, total comprehensive income of Rs. 47,217.21 lakhs and Rs. 54,672.64 lakhs, for the quarter ended September 30, 2025 and the period ended on that date respectively, and net cash inflows of Rs. 13,584.11 lakhs for the period from April 01, 202 5 to September 30, 202 5, as considered in the Statement which have been reviewed by their respective independent auditors. • 1 associate and 2 joint ventures, whose unaudited interim financial results and other unaudited financial information include Group’s share of net profit of Rs. 1.46 lakhs and Rs. 4.78 lakhs and Group’s share of total comprehensive income of Rs. 1.46 lakhs and Rs. 4.78 lakhs for the quarter ended September 30, 202 5 and for the period from April 01, 202 5 to September 30, 202 5 respectively, as considered in the Statement whose interim financial results and other financial information have been reviewed by their respective independent auditors. The independent auditor’s reports on unaudited interim financial results and other unaudited financial information of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, joint ventures and associate is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of: • 1 associate and 2 joint ventures, whose unaudited interim financial results and other unaudited financial information includes the Group’s share of net profit of Rs. 18.04 lakhs and Rs 40.83 lakhs and Group’s share of total comprehensive income of Rs. 18.04 lakhs and Rs. 40.83 lakhs for the quarter ended September 30, 2025 and for the period ended on that date respectively. The unaudited interim financial results and other unaudited financial information of these joint ventures and associate have not been reviewed by any auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these joint ventures and associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management , these interim financial results are not material to the Group. 9. Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results / financial information certified by the Management. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 per Pramod Kumar Bapna Partner Membership No.: 105497 UDIN: 25105497BMKVKL5973 Place of Signature: Mumbai Date: November 14, 2025
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Chartered Accountants Ashoka Buildcon Limited Page 3 of 4 Annexure 1 to the Independent Auditor’s Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Holding Company: 1) Ashoka Buildcon limited Subsidiaries: 1) Ashoka Concessions Limited 2) Ashoka Highways (Durg) Limited 3) Ashoka Highways (Bhandara) Limited 4) Ashoka Belgaum Dharwad Tollway Limited 5) Ashoka Dhankuni Kharagpur Tollway Limited 6) Ashoka Sambhalpur Baragarh Tollway Limited 7) Jaora-Nayagaon Toll Road Company Private Limited 8) Ashoka-DSC Katni Bypass Road Limited 9) Ashoka Infrastructures 10) Ashoka Highway Ad 11) Ashoka Mudhol Nipani Roads Limited 12) Ashoka Bagewadi Saundatti Road Limited 13) Ashoka Hungund Talikot Road Limited 14) Ashoka Kharar Ludhiana Road Limited (upto September 29, 2025) 15) Ashoka Ranastalam Anandapuram Road Limited (upto September 29, 2025) 16) Ashoka Khairtunda Barwa Adda Road Limited (upto September 29, 2025) 17) Ashoka Mallasandra Karadi Road Limited 18) Ashoka Karadi Banwara Road Private Limited 19) Ashoka Belgaum Khanapur Road Private Limited 20) Ashoka Ankleshwar Manubar Road Limited (upto September 29, 2025) 21) Ashoka Bettadahalli Shivamogga Road Private Limited 22) Ashoka Kandi Ramsanpalle Road Private Limited (upto September 29, 2025) 23) Ashoka Banwara Bettadahalli Road Private Limited 24) Ashoka Purestudy Technologies Private Limited 25) Viva Highways Limited 26) Ashoka Infraways Limited 27) Ashoka Infrastructure Limited 28) Viva Infrastructure Limited 29) Ashoka Precon Private Limited 30) Ashoka Solar Energy Private Limited (Formally known as “Ashoka Auriga Technologies Private Limited”) 31) Ashoka Highway Research Centre Private Limited 32) Ashoka Concrete Private Limited (Formally known as “Ashoka Aerospace Private Limited”) 33) Unique Hybrid Renewables Energy Private Limited (Formally known as “Ratnagiri Natural Gas Private Limited”) 34) Blue Feather Infotech Private Limited 35) Endurance Road Developers Private Limited 36) Ashoka Path Nirman (Nashik) Private Limited 37) Tech Breater Private Limited 38) A.P. Techno Horizon Private Limited 39) Ashoka Baswantpur Singnodi Road Private Limited 40) Ashoka Akshaya Infraways Private Limited 41) Ashoka Buildcon (Guyana) INC 42) GVR Ashoka Chennai ORR Limited 43) Unique Hytech Renewable Energy Private Limited 44) Unique Hybrid Global Renewable Energy Private Limited 45) Unique Hyport Renewable Energy Private Limited 46) Ashoka Buildcon Limited for Contracting Company 47) Prakashmaan Renewable Energy Private Limited 48) Unique Vidyutsutra Renewable Energy Private Limited 49) Prakashmitra Solar Private Limited
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Chartered Accountants Ashoka Buildcon Limited Page 4 of 4 50) Ashoka Bowaichandi Guskara Road Private Limited 51) Ashoka Akshaya Project Private Limited 52) Ashoka Rajasthan Renewable Energy 1 Private Limited 53) Ashoka Renewable Energy 1 Private Limited 54) Ashoka Renewable Energy 3 Private Limited 55) Ashoka Renewable Energy 2 Private Limited 56) Ashoka Renewable Energy 4 Private Limited 57) Ashoka Renewable Energy 5 Private Limited 58) Unique Hybrid Renewable Energy 1 Private Limited 59) Unique Hybrid Renewable Energy 2 Private Limited 60) Unique Hybrid Renewable Energy 3 Private Limited 61) Unique Hybrid Renewable Energy 4 Private Limited 62) Unique Hybrid Renewable Energy 5 Private Limited 63) Unique Hybrid Renewable Energy 6 Private Limited (incorporated on May 06, 2025) 64) Unique Hybrid Renewable Energy 7 Private Limited (incorporated on May 09, 2025) 65) Unique Hybrid Renewable Energy 8 Private Limited (incorporated on May 06, 2025) 66) Unique Hybrid Renewable Energy 9 Private Limited (incorporated on May 05, 2025) 67) Unique Hybrid Renewable Energy 10 Private Limited (incorporated on May 08, 2025) Joint Ventures: 1) Mohan Mutha Ashoka Buildcon LLP 2) Ashoka Bridgeways 3) Cube Ashoka Joint Venture 4) Abhijeet Ashoka Infrastructure Private Limited Associates: 1) PNG Tollway Limited 2) Dyanamicx Ropeway Private Limited
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( In Lakhs except Earning per share) Year Ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1,85,118.02 1,88,706.72 2,48,893.10 3,73,824.74 4,95,432.36 10,03,662.78 5,670.11 4,993.95 4,005.95 10,664.06 6,932.12 16,879.40 1,90,788.13 1,93,700.67 2,52,899.05 3,84,488.80 5,02,364.48 10,20,542.18 40,915.29 46,714.04 68,246.13 87,629.33 1,57,888.81 2,97,868.69 69,503.31 65,347.83 69,581.93 1,34,851.14 1,48,675.55 3,37,165.96 10,755.17 10,553.69 11,511.63 21,308.86 23,169.21 44,618.21 31,798.48 31,132.37 30,695.87 62,930.85 61,491.58 1,24,531.07 4,017.79 3,796.52 9,827.98 7,814.31 19,195.83 28,970.84 5,449.79 6,225.62 9,041.84 11,675.41 15,294.99 32,000.30 1,62,439.83 1,63,770.07 1,98,905.38 3,26,209.90 4,25,715.97 8,65,155.07 28,348.30 29,930.60 53,993.67 58,278.90 76,648.51 1,55,387.11 5.10 26.14 16.67 31.24 36.96 91.07 28,353.40 29,956.74 54,010.34 58,310.14 76,685.47 1,55,478.18 VIII Exceptional Items (Refer Note 4) (21,929.26) - - (21,929.26) - - 6,424.14 29,956.74 54,010.34 36,380.88 76,685.47 1,55,478.18 6,822.32 5,198.04 11,550.49 12,020.36 16,500.59 28,674.97 17.63 - (0.68) 17.63 1.61 (381.07) (9,485.48) 2,069.55 (3,786.37) (7,415.93) (1,856.73) (46,172.59) (2,645.53) 7,267.59 7,763.44 4,622.06 14,645.47 (17,878.69) 9,069.67 22,689.15 46,246.90 31,758.82 62,040.00 1,73,356.87 (1.63) (18.57) (7.78) (20.20) (10.85) 128.68 2.60 2.60 0.18 5.20 0.36 8.37 - - - - - - - - - - - - 0.97 (15.97) (7.60) (15.00) (10.49) 137.05 9,070.64 22,673.18 46,239.30 31,743.82 62,029.51 1,73,493.92 Profit / (Loss) for the period / year attributable to: Owners of the Group 7,806.28 21,739.32 45,703.90 29,545.60 60,736.73 1,69,410.26 Non-Controlling interests 1,263.39 949.83 543.00 2,213.22 1,303.27 3,946.61 Other Comprehensive Income/ (loss) for the period / year attributable to : Owners of the Group 1.23 (15.71) (8.61) (14.48) (12.51) 138.02 Non-Controlling interests (0.26) (0.26) 1.01 (0.52) 2.02 (0.97) Total Comprehensive Income/(Loss) for the period / year attributable to : Owners of the Group 7,807.52 21,723.60 45,695.29 29,531.12 60,724.22 1,69,548.28 Non-Controlling interests 1,263.12 949.58 544.01 2,212.70 1,305.29 3,945.63 14,036.16 14,036.16 14,036.16 14,036.16 14,036.16 14,036.16 Other Equity 3,77,489.13 2.78 7.74 16.28 10.52 21.64 60.35 9.48 7.74 16.28 17.22 21.64 60.35 # Not annualised except for the year ended March 31, 2025 XIV Earnings per equity share # (Face Value of ₹5/- each) : Basic & Diluted a) With Exceptional Items Basic & Diluted b) Without Exceptional Items and related tax Paid -up equity share capital (equity shares of Face Value of ₹5/- each) Half Year Ended XII Other Comprehensive Income / (loss) (ii) Income tax relating to items that will not be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss A (i) Items that will not be reclassified subsequently to profit or loss XIII Total Comprehensive Income for the period / year (XI+XII) Depreciation and amortisation expenses IX Profit before Tax (VII+VIII) (1) Current tax B (i) Items that will be reclassified to profit or loss Other Comprehensive Income / (loss) VI Share of Profit/(Loss) from Partnership Firms, joint ventures and associates VII Profit before Exceptional Items and Tax (V+VI) XI Profit after tax (IX-X) IV EXPENSES ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025 (2) Tax expense relating to earlier years INCOME Other expenses I Revenue From Operations II Other Income Finance costs III Total Income (I+II) Construction expenses Employee benefit expenses Quarter Ended Total expenses (IV) Particulars Cost of materials consumed V Profit before share of profit /(loss) of joint ventures and associate and tax (III-IV) X Tax expense (3) Deferred tax charge / (credit) (Refer Note 4) Total Tax Expense
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 Year Ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Debt-Equity Ratio (Total Borrowings (Current Borrowings + Non Current Borrowings) + Lease Liabilities / Total Equity) 1.39 1.85 2.65 1.39 2.65 1.93 2 Debt Service Coverage Ratio # (Earning for Debt Service / Debt service) (Earning for Debt Service = Profit before Exceptional Items and Tax + Depreciation and Amortisation Expenses + Interest on Loans + Interest on Lease Liabilities) (Debt Service = Interest on Loans + Interest on Lease Liabilities + Repayment of Non Current borrowings (Including Current Maturities of Term Loans) for the period) 1.09 1.22 2.24 1.11 1.74 1.59 3 Interest Service Coverage Ratio ((Profit before Exceptional Items and Tax + Finance Costs + Deprecation and Amortisation Expenses) / Finance Costs) 2.02 2.08 3.08 2.05 2.56 2.48 Outstanding Redeemable Preference Shares (Quantity) (No.of Shares) 64,81,250 64,81,250 64,81,250 64,81,250 64,81,250 64,81,250 (Value) ( in Lakhs) 6,236.81 6,236.81 6,901.81 6,236.81 6,901.81 6,236.81 5 Capital Redemption Reserve - - - - - - 6 Debenture Redemption Reserve - - - - - - 7 Net Worth ( in Lakhs) (Total Equity) 4,47,650.35 4,38,607.11 3,04,486.55 4,47,650.35 3,04,486.55 4,15,906.01 8 Current Ratio (Total Current Assets / Total Current Liabilities) 1.28 1.23 1.29 1.28 1.29 1.23 9 Long Term Debt to Working Capital (Non Current Borrowings (Including Current Maturities of Term Loans) / Working Capital (Total Current Assets - Total Current Liabilities)) 1.36 1.93 3.28 1.36 3.28 2.12 10 Bad debts to Account Receivable Ratio (Bad Debts / Average Accounts Receivable ((Opening Trade receivable + Closing Trade receivable) / 2)) 0.00 0.00 0.00 0.00 0.00 0.07 11 Current Liability Ratio (Total Current Liabilities / Total Liabilities) 0.86 0.87 0.37 0.86 0.37 0.87 12 Total Debt to Total Asset Ratio ((Total Borrowings (Current Borrowings + Non Current Borrowings)) / Total Assets) 0.32 0.38 0.42 0.32 0.42 0.39 13 Debtors Turnover # (Revenue from Operations / Average Trade receivable ((Opening Trade receivables and Contract Assets + Closing Trade receivables and Contract Assets) / 2)) 0.40 0.43 0.33 0.82 0.69 2.33 14 Inventory turnover ratio # (Cost of Materials Consumed / Average Inventory ((Opening Inventory + Closing Inventory) / 2)) 0.85 0.90 0.99 1.74 2.35 4.81 15 Operating Margin (%) ((Profit before Exceptional Items and Tax + Finance Costs + Deprecation and Amortization Expenses - Other Income) / Revenue from Operations) 31.60% 31.74% 36.37% 31.67% 27.59% 29.10% 16 Net Profit Margin (%) (Profit after tax / Revenue from Operations) 4.90% 12.02% 18.58% 8.50% 12.52% 15.49% # Not annualised except for the year ended March 31, 2025. For the purpose of computing above ratios, assets / liabilities included under 'held for sale' has been considered in the respective accounting captions, wherever applicable. Particulars Quarter Ended Half Year Ended Additional information pursuant to Regulation 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended as at and for the quarter ended September 30, 2025 4 Sr. No.
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 1 2 3 4 5 The Company and its subsidiary Ashoka Concessions Limited ('ACL') had entered into share subscription and purchase agreements and other transaction documents for sale of its entire stake in five of its wholly owned subsidiaries namely Ashoka Belgaum Dharwad Tollway Limited, Ashoka Highways (Durg) Limited, Ashoka Highways (Bhandara) Limited, Ashoka Dhankuni Kharagpur Tollway Limited and Ashoka Sambalpur Baragarh Tollway Limited which are engaged in construction and operation of road projects on Build Operate Transfer (BOT) basis. Further, the Company and ACL had executed the share subscription and purchase agreements and other transaction documents for divestment of their entire stake in certain subsidiaries (completed projects), engaged in construction and operation of Road Projects on Hybrid Annuity Mode (HAM) basis awarded by National Highway Authority of India ('NHAI'). The above transactions were subject to completion of certain conditions precedent including approval from the lenders of the respective subsidiaries and other regulatory approvals. On September 29, 2025, Company and ACL have sold their entire stake and transferred control in five HAM subsidiariesfor a consideration of ₹ 1,14,608.00 Lakhs. Accordingly, the deficit of21,929.26 Lakhs between the net carrying value of these subsidiaries and the consideration has been recognised as an exception item. For the balance six HAM subsidiaries and five BOT subsidiaries, considering the high probability of the sale transactions getting completed, as per Ind AS 105, the assets and liabilities of these subsidiaries have been classified as held for sale. The BOT subsidiaries were classified as held for sale during the quarter ended September 30, 2024, consequent to which the amortisation of intangible assets in the BOT subsidiaries have been discontinued in the consolidated financial results from the date of classification as held for sale. Besides the above, the Company is also in the process of divesting its 100% stake in GVR Ashoka Chennai ORR Limited, which is also classified as held for sale Pursuant to the first information report filed by a law enforcement agency (‘CBI’) in earlier year alleging bribery of certain NHAI officials by Company personnel for providing undue advantage to the aforesaid persons and the Company with respect to a project executed in Bihar, on February 28, 2025, the Company had received the final chargesheet dated February 15, 2024 from the Ld. Court of Special Judge, CBI, Bihar (‘Ld. Court’) whereby the Company has been arraigned in the matter primarily for alleged non-completion / deviation in the executed work and minor irregularities in quality of work during the period from April 2021 to August 2022. As of September 30, 2025, the execution of the said project has been substantially completed and the management believes that the Company has adhered to the contractual obligations and is of view that there would not be any material impact on the financial results in this regard. Further, in consultation with its legal experts, Company has moved an application in the Patna High Court requesting for the witness statements, post which a petition will be filed with the aforesaid High Court for quashing of the allegations made in the chargesheet. As the matter is sub-judice, pending outcome of the same with the Ld. Court, no adjustments have been made to the financial results. As permitted by paragraph 4 of Ind AS 108, "Operating Segments", notified under section 133 of the Companies Act, 2013, read together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial results and the separate financial results of the parent, segment information need to be presented only on the basis of the consolidated financial results. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment wise revenue results and capital employed are given in consolidated financial results. The unaudited consolidated financial results of Ashoka Buildcon Limited (the 'Company') and its subsidiaries (together referred to as 'Group') and its associates and joint ventures have been reviewed by the Audit Committee and approved by the Board of Directors of the Holding Company at its meeting held on November 14, 2025 Notes: During the year ended March 31, 2025, the Company along with its subsidiaries viz. Viva Highways Ltd (“VHL”) and ACL have entered into an agreement on October 30, 2024, with Macquarie SBI Infrastructure Investments Pte. Limited and SBI Macquarie Infrastructure Trust (collectively, the “Investors”) to acquire entire investments of Investors in ACL (comprising of equity shares and Compulsorily Convertible Debentures (‘CCD’s)) and in Jaora Nayagaon Toll Road Company Private Limited (‘JTCL’), which is subject to completion of certain conditions precedent including sale of certain project assets of ACL and the Company. On sale of the five HAM subsidiaries (as stated in Note 4), subsequent to the quarter, the Company has made partial acquisition of the securities (CCD’s) held by the investors for a consideration of 88,225.49 Lakhs and VHL has acquired entire investor equity stake in JTCL for a consideration of 16,659.93 Lakhs.
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 6 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2025 Particulars As at 30-Sep-25 Unaudited As at 31-Mar-25 Audited I) ASSETS 1) Non-Current Assets (a) Property, Plant and Equipment 31,925.18 32,355.32 (b) Capital Work-In-Progress 4,631.16 5,281.06 (c) Investment Property 3,691.08 3,797.85 (d) Right of Use Assets 10,123.27 4,203.33 (e) Intangible Assets 69,351.86 72,081.21 (f) Contract Assets 38,494.94 33,026.09 (g) Investments Accounted for Using Equity Method 8,070.14 1,104.20 (h) Financial Assets (i) Other Investments 62.99 62.99 (ii) Trade Receivables 24,819.84 49,633.35 (iii) Loans 3,306.07 3,141.66 (iv) Other Financial Assets 10,780.86 14,467.41 (v) Receivable Under Service Concessions Arrangements 1,314.72 - (i) Deferred Tax Asset (net) 59,601.45 59,960.92 (j) Non Current Tax Asset (net) 11,128.49 10,913.45 (k) Other Non-Current Assets 13,050.58 11,166.02 Total Non-Current Assets 2,90,352.63 3,01,194.86 2) Current Assets (a) Inventories 46,584.85 53,910.91 (b) Contract Assets 2,54,860.55 2,33,242.94 (c) Financial Assets (i) Investments 174.32 20,920.04 (ii) Trade Receivables 1,41,782.19 1,21,195.32 (iii) Cash and Cash Equivalents 1,25,179.63 16,731.73 (iv) Bank Balances Other Than (iii) Above 12,027.77 20,935.91 (v) Loans 12,144.54 10,382.86 (vi) Other Financial Assets 16,996.64 6,069.77 (vii) Receivable Under Service Concessions Arrangements 18,471.17 18,478.26 (d) Current Tax Asset (Net) 418.43 308.94 (e) Other Current Assets 81,628.80 67,377.88 Total Current Assets 7,10,268.89 5,69,554.56 Assets Held For Sale (Refer Note 4) 9,18,308.25 12,06,212.92 Total Assets 19,18,929.77 20,76,962.34 II) EQUITY & LIABILITIES 1) Equity (a) Equity Share Capital 14,036.16 14,036.16 (b) Other Equity 4,07,020.25 3,77,489.13 Equity Attributable to Owners of the Group 4,21,056.41 3,91,525.29 Non Controlling Interest 26,593.94 24,380.72 Total Equity 4,47,650.35 4,15,906.01 2) Non-Current Liabilities (a) Contract Liabilities 97,759.52 79,589.76 (b) Financial Liabilities (i) Borrowings 42,307.98 72,781.66 (ii) Lease Liabilities 5,731.08 2,777.25 (iii) Trade Payables (A) Total outstanding dues of micro enterprises and small enterprises - - (B) Total outstanding dues of creditors other than micro enterprises and small enterprises.17,370.91 16,703.63 (iv) Other Financial Liabilities 16,467.49 16,879.99 (c) Provisions 11,456.08 9,862.72 (d) Deferred Tax Liabilities (Net) 11,372.78 20,106.44 (e) Other Non-Current Liabilities - - Total Non-Current Liabilities 2,02,465.84 2,18,701.45 3) Current Liabilities (a) Contract Liabilities 72,057.68 77,749.45 (b) Financial Liabilities (i) Borrowings 1,48,573.71 1,22,654.69 (ii) Lease Liabilities 2,277.59 558.59 (iii) Acceptances / Factoring Liabilities 24,454.09 29,395.20 (iv) Trade Payables (A) Total outstanding dues of micro enterprises and small enterprises 13,817.80 11,469.06 (B) Total outstanding dues of creditors other than micro enterprises and small enterprises.75,971.65 87,302.63 (v) Other Financial Liabilities 9,264.40 10,625.20 (vi) Obligation Towards Investor In Subsidiary 1,54,935.20 1,52,600.00 (c) Other Current Liabilities 5,647.96 6,215.90 (d) Provisions 3,507.60 2,579.97 (e) Current Tax Liabilities (Net) 1,889.22 955.24 Total Current Liabilities 5,12,396.90 5,02,105.93 Liabilities Held For Sale (Refer Note 4) 7,56,416.68 9,40,248.95 Total Liabilities 14,71,279.42 16,61,056.33 Total Equity And Liabilities 19,18,929.77 20,76,962.34
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 7 CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED: Year Ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1. Segment Revenue Construction & Contract 1,19,517.36 1,19,429.27 1,30,034.95 2,38,946.63 2,98,789.56 6,32,629.78 BOT / Annuity Projects 60,476.33 63,550.53 67,436.01 1,24,026.86 1,38,553.21 2,99,493.40 Sale of Goods 5,124.33 5,726.92 51,422.14 10,851.25 58,089.59 71,539.60 Total 1,85,118.02 1,88,706.72 2,48,893.10 3,73,824.74 4,95,432.36 10,03,662.78 2. Segment Results Construction & Contract 7,069.08 2,284.64 5,574.15 9,353.72 13,329.37 29,221.92 BOT / Annuity Projects 22,653.26 24,873.71 9,766.44 47,526.97 24,330.83 80,316.27 Sale of Goods (343.47) 472.77 38,395.01 129.30 39,573.04 41,939.50 Total 29,378.87 27,631.12 53,735.60 57,009.99 77,233.24 1,51,477.69 3. Add / (Less): Unallocable Interest expenses (3,486.76) (343.33) (914.14) (3,830.09) (2,565.91) (1,500.78) Unallocable Expenses (1,969.28) (1,910.90) (2,349.54) (3,880.18) (4,127.07) (9,803.13) Unallocable Income (Including share of profit/(loss) from associate and joint ventures) 4,430.57 4,579.85 3,538.42 9,010.42 6,145.21 15,304.40 Exceptional Items (Refer Note 4) (21,929.26) - - (21,929.26) - - Total (22,954.73) 2,325.62 274.74 (20,629.11) (547.77) 4,000.49 4. Profit before Tax 6,424.14 29,956.74 54,010.34 36,380.88 76,685.47 1,55,478.18 5.Segment Assets Construction & Contract 5,51,726.05 5,45,939.80 4,69,358.35 5,51,726.05 4,69,358.35 5,26,388.27 BOT / Annuity Projects 1,78,295.35 1,88,179.13 8,20,438.64 1,78,295.35 8,20,438.64 1,86,136.45 Sale of Goods 72,690.29 55,071.24 39,654.19 72,690.29 39,654.19 46,100.03 Unallocated 1,97,909.80 1,06,101.80 60,183.06 1,97,909.80 60,183.06 1,12,124.67 Assets Held for Sale (Refer Note 4) 9,18,308.29 12,08,472.55 5,34,260.12 9,18,308.29 5,34,260.12 12,06,212.92 Total 19,18,929.77 21,03,764.52 19,23,894.36 19,18,929.77 19,23,894.36 20,76,962.34 6.Segment Liabilities Construction & Contract 2,73,622.07 3,21,348.05 2,88,263.77 2,73,622.07 2,88,263.77 3,36,433.71 BOT / Annuity Projects 2,50,842.63 2,47,331.79 9,29,786.22 2,50,842.63 9,29,786.22 2,35,604.87 Sale of Goods 29,083.63 30,250.50 25,979.28 29,083.63 25,979.28 30,450.69 Unallocated 1,61,314.45 1,45,613.82 1,00,333.05 1,61,314.45 1,00,333.05 1,18,318.11 Liabilities Held for Sale (Refer Note 4) 7,56,416.64 9,20,613.25 2,75,045.49 7,56,416.64 2,75,045.49 9,40,248.95 Total 14,71,279.42 16,65,157.41 16,19,407.81 14,71,279.42 16,19,407.81 16,61,056.33 7. Capital Employed (Segment Assets (5) - Segment Liabilities (6) ) 4,47,650.35 4,38,607.11 3,04,486.55 4,47,650.35 3,04,486.55 4,15,906.01 Notes : b. Operating Segments of the Group are as below: i. “Construction & Contract ” includes Engineering, Procurement and Construction activity for Road, Rail, Power projects etc. ii. "BOT / Annuity Projects” includes business operation with respect to Toll collection and Hybrid Annuity road projects. iii. “Sale of Goods” primarily includes sale of Ready Mix Concrete and Real Estate. Half Year EndedQuarter Ended a. The Group has reported segment information as per Indian Accounting Standard 108 "Operating Segments" (IND AS 108). The identification of operating segments is consistent with performance assessment and resource allocation by the management. Particulars
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ASHOKA BUILDCON LIMITED Registered Office: S.No. 861, Ashoka House, Ashoka Marg, Nashik 422011 CIN : L45200MH1993PLC071970 8 CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 As at 30-Sep-2025 As at 30-Sep-2024 Unaudited Unaudited A CASH FLOW FROM OPERATING ACTIVITIES : Profit before tax 36,380.88 76,685.47 Non-cash and non-operating adjustment to reconcile profit before tax to net cash flows Depreciation and amortisation expenses 7,814.31 19,195.83 Expected credit loss / Impairment Allowance Reversal 2,451.36 3,676.16 Finance cost 62,930.85 61,491.58 Receivables and advances written off 751.95 207.58 Operating Liabilities written back (1,223.91) (1,511.74) Profit from partnership firms, associate and joint ventures (31.25) (36.96) Interest and finance income (7,949.60) (5,084.76) Net loss / (gain) on financial assets major at fair value through profit and loss (FVTPL) - (13.61) (Profit) / Loss on sale of investment in subsidiaries / joint ventures 21,731.51 (459.20) Finance income on financial asset carried at amortised cost (35,103.48) (41,577.98) Gain on disposal of property, plant and equipment (Net) (444.98) (379.92) Operating profit before changes in working capital 87,307.64 1,12,192.45 Adjustments for changes in operating assets & liabilities: (Increase) / decrease in inventories 7,026.51 5,547.79 (Increase) / decrease in trade receivables, contract assets, other financial and non-financial Assets (4,807.25) (14,366.81) Increase / (decrease) in acceptances / factoring liabilities (4,941.11) (5,256.86) Increase / (decrease) in trade payables (7,490.66) (43,454.86) Increase / (decrease) in current and non-current provisions 2,689.27 4,603.29 Increase / (decrease) in contract liabilities, other financial and non-financial liabilities (2,842.84) (15,627.59) Cash generated from operations 76,941.56 43,637.41 Income tax paid (Net of refunds) (12,101.67) (15,174.77) NET CASH FLOW FROM / (USED IN) OPERATING ACTIVITIES (A) 64,839.89 28,462.64 B CASH FLOW FROM INVESTING ACTIVITIES : Purchase of property plant and equipment, intangible assets including capital work in progress and capital advances(3,747.06) (4,984.47) Proceeds from sale of property plant and equipment 560.69 685.03 Sale / (Purchase) of non-current investment (Net) (6,930.00) - Purchase of investment in joint ventures (4.69) - Proceeds from sale of Current Investment 111.62 - Proceeds from sale of investment in subsidiaries / joint ventures 1,05,178.75 544.42 Loans given to others (Net) (1,926.09) 41.37 Proceeds from / (Investment in) fixed deposits (Net) (2,750.10) (6,955.64) Interest received 11,237.21 3,484.28 NET CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES (B) 1,01,730.33 (7,185.01) C CASH FLOW FROM FINANCING ACTIVITIES Proceeds from long term borrowings 9,544.80 40,364.26 Repayment of long term borrowings (55,563.26) (37,067.75) Proceeds from / (Repayment of) current borrowings (Net) 6,027.76 (8,585.80) Lease payments (1,698.41) (149.43) Interest paid on lease liabilities (35.47) (30.01) Interest paid (42,224.82) (45,607.72) NET CASH FLOW FROM/ (USED IN) FINANCING ACTIVITIES (C) (83,949.39) (51,076.45) Net increase / (decrease) In Cash & Cash Equivalents (A+B+C) 82,620.83 (29,798.82) Cash and Cash Equivalents at the beginning of the period 88,962.96 89,394.86 Cash and Cash Equivalents at the end of the period 1,71,583.79 59,596.04 COMPONENTS OF CASH AND CASH EQUIVALENTS (INCLUDING HELD FOR SALE ENTITIES) Balances with Banks On current accounts 1,32,261.37 13,634.18 On deposit accounts 15,008.89 31,121.53 Cash on hand 122.86 86.52 1,47,393.12 44,842.23 Add: Investments in Liquid Mutual Funds 174.32 14,753.81 Less : Cash and cash equivalents upon loss of control of subsidiary 24,016.35 - Cash and cash equivalents for statement of cash flows 1,71,583.79 59,596.04 For & on behalf of the Board of Directors (Satish D Parakh) Place: Mumbai Managing Director Date: November 14, 2025 DIN : 00112324 For the half year ended Particulars