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Investor Presentation January 2026
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Developing Infrastructure for Better Tomorrow Safe Harbor This presentation has been prepared by and is the sole responsibility of Ashoka Buildcon Limited (the “Company”) . By accessing this presentation, you are agreeing to be bound by the trailing restrictions . This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation . Such information and opinions are in all events not current after the date of this presentation . There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if the information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate . Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements .” You can generally identify forward looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections . Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in regulatory norms applicable to the Company, (d) technological changes, (e) investment income, (f) cash flow projections, and (g) other risks. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes . 2
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Q3 & 9M FY26 Business & Financial Highlights
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Developing Infrastructure for Better Tomorrow Key Updates 4 Update on Sale of stake in Subsidiaries of Ashoka Concessions Limited In November 2025, ACL, sold its 100% stake held in the five BOT SPVs to Maple Infrastructure Trust and its nominees, for an aggregate consideration of Rs. 1,814 Crores Acquisition of Ashoka Concessions Limited (ACL) Pursuant to the SPA, on 27th November 2025, the Company has acquired, 3,40,000 equity shares held by Investors and the Company & VHL have acquired balance 32,83,402 Class A CCDs and balance 84,82,891 Class B CCDs at an aggregate consideration of ~Rs.667 crores, constituting a full acquisition of the securities held by the Investors in Ashoka Concessions Limited (ACL), a subsidiary of the Company Post the acquisition of 3,40,000 equity shares, ACL has now become Wholly Owned Subsidiary of the Company effective 27th November 2025 and thus, the Investors have fully exited from ACL Receipt of Work Order for additional Scope for the existing BMC Project ABL received a Letter from Brihanmumbai Municipal Corporation (BMC) awarding additional scope of work in respect of the existing Project viz. ‘Construction of Flyover Arm-1 Arm-2 at T Junction on Sion Panvel Highway Maharashtra Nagar in M/E Ward’ for Rs. 447 Crores, including taxes Receipt of LOA for BMC Project The Adani-Ashoka-Aakshaya joint venture, wherein Adani Road Transport Limited holds 51% being Lead Member, Ashoka Buildcon Limited holds 26% and Aakshaya Infra Projects Private Limited holds 23%, has received a LOA for Mithi River Development and allied works from the BMC for a consideration of Rs. 1,816 Crores, excluding GST. The time period to complete the Design and Build work is 48 months excluding monsoon period and further 10 years of Operation and Maintenance work
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Developing Infrastructure for Better Tomorrow Key Updates 5 The Ashoka-Aakshaya joint venture, wherein Ashoka Buildcon Limited holds 51% being the lead member and Aakshaya Infra Projects Private Limited holds 49%, has received a LOA for construction of Flyover from the BMC for a consideration of Rs. 1,041 Crores, including GST. The time period to complete the work is 24 months excluding monsoon period Receipt of LOA from Public Works Dept. WD - I, Daman Ashoka Buildcon received a Letter of Acceptance from the Public Works Department, Daman for the construction of proposed signature bridge connecting Jampore Sea Front road near Light House to Devka Sea Front road at Parkota Sheri at Daman for a consideration of Rs. 307.7 Crores excluding GST The time period to complete the Design and Build work is 30 months Update on Credit Rating ABL received an assignment and reaffirmation of its credit rating by CRISIL Ratings Limited. The Company receives a new rating of CRISIL A1+ for its commercial paper facilities of Rs. 200 Crores and reaffirms its total bank loan facilities of Rs.6,306 Crores and long-term facilities at CRISIL AA-/Negative and short-term facilities at CRISIL A1+
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Developing Infrastructure for Better Tomorrow Q3 & 9M FY26 Standalone Financial Performance Highlights 6 1,816 1,492 Q3 FY25 Q3 FY26 -18% 187 157 Q3 FY25 Q3 FY26 -16% Q3 FY25 Q3 FY26 10.3% 10.6% +30 bps 79 50 Q3 FY25 Q3 FY26 -37% Total Revenue (Rs. Crs.) EBITDA (Rs. Crs.) EBITDA Margin % Profit before Tax* *Before Exceptional Gains 5,175 4,134 9M FY25 9M FY26 -20% 493 468 9M FY25 9M FY26 -5% 9M FY25 9M FY26 9.5% 11.3% +180 bps 200 150 9M FY25 9M FY26 -25% Q3 FY269M FY26
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Developing Infrastructure for Better Tomorrow Debt Profile 7 Consolidated Debt (Rs. Crs.) Consolidated Debt Breakup (Rs. Crs.) 5,381 5,266 5,174 3,548 1,676 1,466 1,405 1,652 1,362 1,046 Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 6,847 6,671 6,826 4,910 2,722 Standalone Debt Project Debt Incl ACL Debt Cash & Bank Balance (Rs. Crs.) 189 274 215 1,151 376241 384 292 1,826 1,111 Dec’24 Mar’25 Jun’25 Sep’25 Dec’25 Standalone Cash & Bank Balance Consolidated Cash & Bank Balance 1,676 Projects Debt Equipment Loan Working Capital Loan Cash & Bank Balance Standalone Debt Breakup (Rs. Crs.) Cash & Bank Balance Standalone Debt 1,046 2,722 79 667 376 NCDs (ABL) 300 1,046 1,111
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Developing Infrastructure for Better Tomorrow Standalone Profit & Loss Statement 8 Particulars (Rs. Crs.) Q3 FY26 Q3 FY25 Y-o-Y Q2 FY26 Q-o-Q 9M FY26 9M FY25 Y-o-Y Revenue from Operations 1,463.0 1,792.0 -18% 1,266.1 16% 4,039.8 5,086.6 -21% Other Income 28.9 23.7 36.5 93.9 88.8 Total Revenue 1,491.9 1,815.7 -18% 1,302.6 15% 4,133.6 5,175.4 -20% Cost of Goods Sold 1,206.6 1,493.2 1,057.4 3,343.1 4,304.6 Gross Profit 285.3 322.5 -12% 245.2 16% 790.5 870.8 -9% Gross Profit Margin 19.1% 17.8% 18.8% 19.1% 16.8% Employee Cost 56.4 63.4 55.8 169.1 188.6 Other Expenses 71.4 72.1 29.6 153.4 189.7 EBITDA 157.4 187.1 -16% 159.8 -1% 467.9 492.5 -5% EBITDA Margin 10.6% 10.3% 12.3% 11.3% 9.5% Depreciation 25.5 25.3 24.5 73.3 72.6 Finance Cost 82.4 82.9 78.2 244.6 219.8 Share of Profit from Partnership Firms and AOPs 0.1 0.0 0.1 0.2 0.2 Profit Before Tax Before Exceptional Item 49.6 78.9 -37% 57.2 -13% 150.2 200.3 -25% Exceptional Gain/ (Expense) 52.7 0.0 112.1 164.7 0.0 Profit before Tax 102.3 78.9 30% 169.3 -40% 314.9 200.3 57% Tax 0.5 18.4 30.1 43.3 62.7 Profit After Tax 101.8 60.6 68% 139.2 -27% 271.6 137.6 97% PAT Margin 6.8% 3.3% 10.7% 6.6% 2.7%
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Developing Infrastructure for Better Tomorrow Consolidated Profit & Loss Statement 9 Particulars (Rs. Crs.) Q3 FY26 Q3 FY25 Y-o-Y Q2 FY26 Q-o-Q 9M FY26 9M FY25 Y-o-Y Revenue from Operations 1,827.3 2,387.9 -23% 1,851.2 -1% 5,565.6 7,342.2 -24% Other Income 39.0 38.5 56.7 145.7 107.8 Total Revenue 1,866.3 2,426.4 -23% 1,907.9 -2% 5,711.2 7,450.0 -23% Cost of Goods Sold 1,202.8 1,546.9 1,104.2 3,427.6 4,612.5 Gross Profit 663.5 879.5 -25% 803.7 -17% 2,283.6 2,837.5 -20% Gross Profit Margin 35.6% 36.2% 42.1% 40.0% 38.1% Employee Cost 98.8 114.3 107.6 311.9 346.0 Other Expenses 90.5 87.8 54.5 207.2 240.8 EBITDA 474.3 677.3 -30% 641.6 -26% 1,764.5 2,250.7 -22% EBITDA Margin 25.4% 27.9% 33.6% 30.9% 30.2% Depreciation 41.6 58.0 40.2 119.7 250.0 Finance Cost 200.2 312.7 318.0 829.5 927.6 Share of Profit/ (Loss) from JV and Associates 0.2 0.1 0.1 0.5 0.5 Profit Before Tax Before Exceptional Item 232.7 306.7 -24% 283.5 -18% 815.8 1,073.5 -24% Exceptional Gain/ (Expense) 2,376.3 0.0 -219.3 2,157.0 0.0 Profit before Tax 2,609.0 306.7 751% 64.2 3961% 2,972.8 1,073.5 177% Tax 497.6 -354.8 -26.5 543.8 -208.4 Profit After Tax 2,111.4 661.5 219% 90.7 2228% 2,429.0 1,281.9 89% PAT Margin 113.1% 27.3% 4.8% 42.5% 17.2%
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Company Overview
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Developing Infrastructure for Better Tomorrow Ashoka Buildcon – Legacy of Excellence 11 50+ YEARS of experience in construction industry 14,000 LANE Kms. of highway constructed 30,000 Villages illuminated through Power T&D projects Rs. 15,927 Crs. Order Book as on 31 st December 2025** 10,000+ members in Ashoka Family ACUITE RATINGS AA/Reaffirmed Long Term A1+/Reaffirmed Short Term 0.56x Debt Equity Ratio (Standalone) 5 Year CAGR* 17% Revenue 16% EBITDA *Data as of 31 st March FY25; ** Excluding orders received post 31 st December 2025 of Rs. 308 crores
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Developing Infrastructure for Better Tomorrow ABL - Business Structure Ashoka Buildcon Limited ABL Own Projects % Stake Bagewadi Saundatti (BOT Annuity) 100% Chennai ORR (BOT Annuity) 100% Hungud Talikot (BOT Annuity) 100% Banwara Bettadahalli Road (HAM) 100% Bettadahalli Shivamogga Road (HAM) 100% Basawantpur Singnodi Road (HAM) 100% Bowaichandi Guskara Road (HAM) 100%Jaora-Nayagaon Road (Along with Fellow Subsidiary) 74% BOT Projects HAM Projects Ashoka Concession Limited (ACL) % Stake % Stake Mallasandra Karadi Road 100% Karadi Banwara Road 100% Belgaum Khanapur Road 100% (ABL owning 100% Stake) Note: • ACL’s HAM portfolio, including the Kharar–Ludhiana, Ranastalam–Anandpuram, Ankleshwar–Manubar Expressway, and Khairatunda–Barwa Adda Road projects, was successfully monetised and moved off the books in September 2025. Additionally, ABL’s Kandi–Ramsanpalle HAM project was also divested during the period, further strengthening the company’s balance sheet and enhancing capital efficiency • The BOT portfolio comprising of Ashoka Highways (Bhandara), Ashoka Highways (Durg), Ashoka Belgaum Dharwad Tollway, Ashoka Sambalpur Baragarh Tollway, and Ashoka Dhankuni Kharagpur Tollway was monetized by the company in November 2025 12
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Developing Infrastructure for Better Tomorrow Order Book Segment Breakup Region Breakup Client Breakup 44.1% 10.8% 9.8% 32.1% 3.3% Road EPC Road HAM Building EPC Railways Power T&D 8.7% 11.1% 68.7% 0.7% 3.9% 0.1% 6.9% North South East West Central North East Overseas 14.3% 64.7% 10.8% 3.4% 6.9% Central Govt State Govt HAM Private Client Overseas Order Book (Rs. Crs.) Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 16,457 14,905 15,886 14,888 15,927* 13*Excluding orders received post 31 st December 2025 of Rs. 308 crores
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Developing Infrastructure for Better Tomorrow Current Order Backlog Segment Rs. Crs. Roads 8,730 HAM Tumkur-Shivamoga IV, Karnataka 182 1,705 Baswantpur to Singnodi 14 Tumkur-Shivamoga III, Karnataka 46 Tumkur - Shivamoga II, Karnataka 32 Tumkur - Shivamoga I, Karnataka 8 Khrar - Ludhiana, Punjab 21 Belgaum Khanapur 157 Bowaichandi to Guskara-Katwa Road 1,177 Others (HAM Projects) 69 EPC Panagarh to Palsit 10 7,025 Banur - Kharar 16 Belgaum Sankeshwar 11 Demerara Region #4 Lot-1 150 Eccless Hway - Ph II 498 Baraiyerhat-Heanko-Ramgarh Road, Bangadesh 348 Others (EPC) 20 Aroor Tharavoor 196 Khammam Cable Stay Bridge 54 Bihar - Aurngbad-Chordaha 406 Gaimukh to Peyagaon 769 Kalyan Murbad Road 326 Kundalika Creek Bridge 1,202 Jaigad Creek Bridge 633 Bankot Creek Bridge 222 Flyover Sion Panvel Hway 983 Kempegowda Airport, Bangaluru 562 J J Flyover 531 SPV Maintenance EPC Contracts 90 Segment Rs. Crs. Other EPC Projects Power T&D & Others Rajasthan 82 5,108 Uttar Pradesh 79 Madhya Pradesh 441 Bihar 23 Maharashtra 2,638 Assam 0 Benin 90 Chhattisgarh 41 Others/ Miscellaneous 1,712 Railways Jharkhand 38 1,562 Madhya Pradesh 6 Punjab 50 Assam 6 Bihar 99 Maharashtra 477 Karnataka 20 Rajasthan 865 EPC Buildings 528 Total (As on 31st December 2025)* 15,927 14*Excluding orders received post 31 st December 2025 of Rs. 308 crores
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Developing Infrastructure for Better Tomorrow HAM Project Portfolio 15 COD – Commercial Operational Date, COD (P) - Commercial Operational Date(Provisional), UC - Under Construction All figures in Rs Crs. As per Financial Closure As per Actuals Projects (As on 31 st December 2025) % Stake (ACL/ABL) Status TPC Est. Grant Est. Estimated Equity PIM Contribution Est. Estimated Debt Grant Received Equity Invested PIM Received Total Debt Drawn No. of Annuity Due Belgaum-Khanapur 100% COD(P) 746 343 77 31 295 242 93 28 176 8 Tumkur-Shivamogga –II 100% COD(P) 1,006 487 97 37 385 489 114 78 339 4 Tumkur-Shivamogga –I 100% COD(P) 741 367 71 28 275 339 98 56 239 8 Tumkur-Shivamogga –IV 100% UC 1,127 553 88 56 430 341 111 86 302 - Tumkur-Shivamogga –III 100% COD(P) 755 414 60 31 250 406 78 69 206 4 Basawantpur Singnodi 100% COD(P) 1,082 509 144 39 390 432 109 26 380 2 Bowaichandi Guskara 100% FC 1,834 657 226 49 903 - 5 - - - TOTAL 7,291 3,330 763 271 2,928 2,249 608 343 1,642 - Head ACL 4 HAM ABL 1 HAM Total Sale Consideration 965 181 1,146 Cost of Investment 530 69 599 Profit 435 112 547 5 HAM Projects Sold (Rs. Crs.) in September 2025
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Developing Infrastructure for Better Tomorrow BOT Project Portfolio 16 All figures in Rs Crs. Projects (Rs. Crs.) (As on 31 st December 2025 ) % Stake (ACL/ABL) State / Client Lane / Lanes Kms Type Signing Date Concession Period Contract Ending Date Grant/ Premium Annuity Debt Jaora – Nayagaon 74% MP / MPRDC 4 / 511.24 BOT-Toll 20-Aug-07 25 yrs 27-Oct-33 Premium of Rs. Rs. 15.4 Crs. from SPCOD with 5% increment pa - 0 Chennai ORR 100% TN / TNRDC 6 / 183 BOT-Annuity 18-Sep-13 20 Years incl. Construction Period of 913 days (30 Months). 27-Oct-34 Project Support Fund Rs. 197.00 Crs. 35 Biannually of Rs. 119.97 each 234 Bagewadi - Saundatti 100% KN / KSRDC 2 / 126.58 BOT-Annuity 09-Dec-15 10 Years incl. Construction Period 03-Oct-2026 Lumsum Payment Rs. 75.5 Crs. 16 Biannually of Rs. 34.20 Crores each 0 Hungud Talikot 100% KN / KSRDC 2 / 113.98 BOT-Annuity 09-Dec-15 10 Years incl. Construction Period 03-Oct 2026 Lumsum Payment Rs. 65.6 Crs. 16 Biannually of Rs. 31.41 Crores each 0 Toll Collection Company Project Period FY22 FY23 FY24 FY25 FY26 % Rise Jaora - Nayagaon Toll Road Company Pvt Ltd. Jaora – Nayagaon Road Project Q1 36.8 49.1 57.5 59.6 69.7 16.9% Q2 45.2 51.2 56.3 62.0 80.4 29.7% Q3 43.7 52.4 54.4 64.0 77.3 20.7% Q4 46.7 54.3 58.4 66.4 172.5 207.1 226.6 252.1 227.4
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Developing Infrastructure for Better Tomorrow Top Executive Management 17 Mr. Ashok Katariya Chairman Mr. Satish Parakh Managing Director Mr. Sanjay Londhe Whole Time Director • In 1976, Mr. Katariya laid the foundation of the Company. A Gold medalist from College of Engineering Pune. A visionary, a leader, and a determined individual • He is recipient of Lifetime Achievement award from the Association of Consulting Civil Engineers and Civil Engineer of the year 2017 by Institute of Engineers (India) • Mr. Parakh’s association with Ashoka Group begin in 1982 • Under his leadership company has consolidated its position amongst the leading highway developers in the country and diversification into various sectors • Mr. Londhe heads the execution of projects from their design stage to final completion • He possesses experience of more than 37 years • He is the Member of National Safety Council’s Governing body and CII National Committee on Roads & Highways (2025- 26) Mr. Ashish A. Kataria Whole Time Director • Mr. Ashish A. Kataria is MBA with Civil Engineering background • Possesses an experience of more than 18 years. Involved in the successful completion of various Road Projects of ASHOKA • Whole time Director of Ashoka Concessions Limited (ACL) Mr. Paresh Mehta Chief Financial Officer • Mr. Mehta heads Finance, Taxation and Accounting divisions of the group • He is a Chartered Accountant with more than 33 years of experience across various corporates and sectors • He has been associated with Ashoka Buildcon group for more than 26 years
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Developing Infrastructure for Better Tomorrow Experienced Board of Directors 18 Mr. Ashok Katariya Mr. Satish Parakh Mr. Sanjay Londhe Mr. Ashish Kataria Mr. Mario Nazareth Chairman Managing Director Whole Time Director Whole Time Director Independent Director Mr. Nikhilesh Panchal Mr. Mahendra Mehta Ms. Shilpa Hiran Independent Director Independent Director Independent Director
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Developing Infrastructure for Better Tomorrow Current Signature Project - Mopa Airport Link Road, Goa 19 MOPA AIRPORT LINK ROAD – GOA Project Length : 6.58 km with elevated portion of 4.4 km This superstructure is one of the highest elevated corridors constructed in India, with several piers as high as 40 meters
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Developing Infrastructure for Better Tomorrow Road Project in Guyana (FY25-26) 20 Ashoka Buildcon successfully completed construction of a prestigious road project in Guyana (South America), one of the fastest growing economies of the world. The project has earned appreciation from Indian and Guyanese Governments
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Developing Infrastructure for Better Tomorrow Signature Projects showcasing Project Execution Capabilities 21 India’s First 8 Lane Extra Dosed Cable Stayed Bridge Built in 33 Months One of India’s Longest 6 Lane Flyovers in Kerala (12.752 Kms) • The elevated flyover being constructed by Ashoka runs between Aroor and Thuravoor. • It is positioned above the existing NH 66 • Despite flood situations in 2 consecutive years and the pandemic, team Ashoka completed this prestigious 8 lanes bridge across Narmada river in Gujarat in Record time of 33 months Bundelkhand Expressway : 3 Construction records set • This prestigious project by UPEIDA was completed ahead of schedule by team Ashoka and three records were set during the construction as follows : • Non-stop laying of 12,765 tonnes of DBM in 64 hours, • Non-stop laying of 19,756 tonnes of Bituminous concrete in 96 hours and • Completion of 13 concrete deck slabs in 46 days
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Developing Infrastructure for Better Tomorrow Marquee Clients 22 ….and many more
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Developing Infrastructure for Better Tomorrow Awards & Recognition 23
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Developing Infrastructure for Better Tomorrow Awards & Recognition 24
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THANK YOU Mr. Paresh Mehta (CFO) paresh.mehta@ashokabuildcon.com Tel: 0253 - 6633705 Company: Ashoka Buildcon Limited CIN: L45200MH1993PLC071970 Mr. Deven Dhruva / Mr. Jigar Kavaiya deven.dhruva@sgapl.net / jigar.kavaiya@sgapl.net Tel: +91 98333 73300 / +91 99206 02034 Investor Relations: Strategic Growth Advisors (SGA) CIN: U74140MH2010PTC204285