Akash Infra-Projects Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Civil construction: 100.0%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Operating margins have improved to 17.0% from 8.8%
CONS
- A large part of profit comes from other income (114.4% of PBT)
- Recent results are weak - TTM profit is down 76.5% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -22.25x)
- Company has a low return on equity of 0.9% over last 3 years
- Company has a low return on capital employed of 3.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3989.15 | 33.08 | 548853.62 | 0.95 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.95 | 47.74 | 42940.99 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1410.25 | 21.19 | 24083.20 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.18 | 24.28 | 23165.60 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1234.85 | 35.26 | 21213.19 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 276.40 | 19.81 | 15534.85 | 1.81 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 969.70 | 26.16 | 11277.57 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.30 | 21.25 | 11126.30 | 1.61 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 407.85 | 19.61 | 10856.97 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 284.95 | 72.43 | 10480.02 | 0.70 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| WELENT | 741.55 | 33.58 | 10264.08 | 0.40 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| AKASH | 25.20 | 61.94 | 42.49 | 0.00 | 0.19 | 8.52 | 39.14 | 84.52 | 3.38 | 3.66 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 15 | 5 | 10 | 6 | 1 | 6 | 13 | 13 | 5 | 4 | 31 | 31 | |
| 24 | 14 | 6 | 6 | 5 | 2 | 5 | 10 | 12 | 5 | 3 | 28 | 30 | |
| Operating Profit | -0 | 1 | -1 | 3 | 1 | -1 | 1 | 3 | 1 | -0 | 2 | 2 | 1 |
| OPM % | -0.82% | 7.07% | -21.03% | 35.05% | 21.45% | -77.78% | 15.53% | 25.26% | 7.39% | -2.36% | 37.91% | 7.49% | 4.55% |
| Other Income | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -1 | 1 | -2 | 3 | 0 | -2 | 0 | 2 | 0 | -1 | 1 | 0 | 1 | |
| Tax % | -0.00% | 3.57% | -0.51% | 11.24% | 2.22% | 0.55% | 29.41% | 5.29% | 41.18% | -1.00% | 0.97% | 2.17% | 24.17% |
| Net Profit | -1 | 1 | -2 | 3 | 0 | -2 | 0 | 2 | 0 | -1 | 1 | 0 | 1 |
| -1 | 0 | -1 | 2 | 0 | -1 | 0 | 1 | 0 | -1 | 1 | 0 | 0 | |
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 74 | 93 | 141 | 92 | 73 | 67 | 79 | 62 | 53 | 27 | 70 | |
| 68 | 84 | 137 | 89 | 67 | 63 | 89 | 56 | 50 | 22 | 65 | |
| Operating Profit | 6 | 10 | 8 | 8 | 6 | 6 | 7 | 7 | 6 | 5 | — |
| OPM % | 9 | 10 | 6 | 9 | 8 | 9 | 9 | 12 | 10 | 19 | — |
| Other Income | 1 | 1 | 5 | 4 | 1 | 2 | 17 | 1 | 2 | 1 | 1 |
| Interest | 2 | 2 | 3 | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 4 |
| Depreciation | 2 | 2 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| 4 | 6 | 3 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | |
| Tax % | 17 | 20 | 24 | 10 | 18 | 12 | -1 | 19 | 54 | 28 | 17 |
| Net Profit | 4 | 4 | 2 | 2 | 1 | 1 | 2 | 1 | 0 | 0 | 1 |
| EPS | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 0 | 0 | — |
| Dividend Payout % | 13 | 17 | 19 | 49 | 0 | 15 | 7 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 3 | 3 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -11%
- 5 Years:
- -18%
- 3 Years:
- -30%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -23%
- 5 Years:
- -11%
- 3 Years:
- -47%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -32%
- 3 Years:
- -3%
- 1 Year:
- -7%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 1%
- 3 Years:
- 1%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 5 | 8 | 8 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| 42 | 60 | 61 | 60 | 59 | 60 | 63 | 64 | 64 | 65 | |
| 10 | 4 | 22 | 22 | 18 | 20 | 18 | 57 | 81 | 78 | |
| Trade Payables | 2 | 10 | 24 | 31 | 16 | 21 | 30 | 35 | 22 | 24 |
| 9 | 12 | 15 | 15 | 12 | 15 | 18 | 15 | 15 | 14 | |
| Total Liabilities | 67 | 93 | 130 | 144 | 122 | 134 | 146 | 188 | 200 | 198 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 9 | 10 | 12 | 10 | 8 | 5 | 5 | 4 | 3 | 3 | |
| 0 | 5 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | |
| 7 | 10 | 14 | 17 | 25 | 30 | 11 | 38 | 30 | 34 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 153 | 149 | |
| Cash & Bank | 9 | 16 | 15 | 16 | 11 | 12 | 6 | 5 | 5 | 5 |
| 43 | 52 | 89 | 101 | 78 | 86 | 123 | 139 | 7 | 6 | |
| Total Assets | 67 | 93 | 130 | 144 | 122 | 134 | 146 | 188 | 200 | 198 |
| Total Debt | 10 | 5 | 25 | 22 | 19 | 23 | 22 | 60 | 84 | 80 |
| Net Working Capital | 36 | 52 | 58 | 68 | 75 | 82 | 88 | 87 | 87 | 87 |
| Contingent Liabilities | 16 | 32 | 32 | 34 | 69 | 116 | 29 | 113 | 102 | 99 |
| Book Value per Share | 99.16 | 88.68 | 90.05 | 45.32 | 45.12 | 45.77 | 47.19 | 47.95 | 48.16 | 48.37 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14 | -1 | -0 | -1 | 2 | -2 | -1 | -34 | -21 | 8 | |
| Cash from Investing | 3 | -8 | 1 | 3 | 2 | 0 | 5 | 1 | 1 | 0 |
| Cash from Financing | -16 | 16 | -1 | 1 | -7 | 2 | -4 | 33 | 20 | -8 |
| 1 | 7 | -1 | 3 | -3 | -0 | 0 | -0 | 0 | -0 | |
| Free Cash Flow | 13 | -5 | -5 | -2 | 2 | -2 | -2 | -34 | -21 | 8 |
| OCF / Net Profit | 3.85 | -0.21 | -0.14 | -0.69 | 3.21 | -2.08 | -0.54 | -23.91 | -61.31 | 21.63 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 4 | -12 | -9 | -38 | -57 | -51 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 7.53 | 5.85 | 2.58 | 1.02 | 0.38 | 0.66 | 1.41 | 0.84 | 0.20 | 0.21 |
| Book Value (₹) | 99.16 | 88.68 | 90.05 | 45.32 | 45.12 | 45.77 | 47.19 | 47.95 | 48.16 | 48.37 |
| Dividend per Share (₹) | 1.00 | 1.00 | 0.50 | 0.50 | 0.00 | 0.10 | 0.10 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 4.62 | 4.50 | 3.34 | 2.86 | 1.78 | 1.56 | 2.14 | 1.45 | 0.70 | 0.55 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 8.60% | 10.43% | 6.01% | 8.91% | 8.35% | 9.46% | 8.83% | 11.68% | 5.89% | 17.01% |
| Net Margin % | 4.86% | 4.78% | 1.39% | 1.87% | 0.88% | 1.67% | 3.02% | 2.29% | 0.65% | 1.36% |
| ROE % | 7.59% | 7.77% | 2.89% | 2.39% | 0.84% | 1.46% | 3.04% | 1.76% | 0.43% | 0.44% |
| ROCE % | 9.80% | 11.35% | 6.45% | 5.33% | 3.82% | 4.96% | 5.68% | 5.11% | 3.10% | 2.76% |
| 4.78% | 5.53% | 1.75% | 1.26% | 0.48% | 0.87% | 1.70% | 0.85% | 0.18% | 0.18% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 184 | 124 | 131 | 297 | 334 | 321 | 400 | 681 | 944 | 2078 |
| Inventory Days | 36 | 34 | 31 | 61 | 106 | 150 | 96 | 147 | 234 | 438 |
| Payable Days | 30 | 92 | 93 | 274 | 300 | 217 | 193 | 453 | 293 | 837 |
| 191 | 66 | 69 | 83 | 140 | 255 | 302 | 374 | 884 | 1680 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.20x | 0.07x | 0.37x | 0.29x | 0.25x | 0.30x | 0.28x | 0.74x | 1.03x | 0.98x |
| Interest Coverage (x) | 3.24x | 4.13x | 1.93x | 1.60x | 1.27x | 1.36x | 1.69x | 1.39x | 1.19x | 1.13x |
| 3.71x | 4.20x | 2.20x | 2.22x | 3.11x | 2.94x | 2.75x | 1.93x | 1.82x | 1.83x | |
| GROWTH | ||||||||||
| Revenue Growth % | -14.27% | 26.50% | 51.08% | -34.29% | -21.34% | -7.44% | 17.30% | -21.64% | -13.62% | -50.31% |
| Operating Profit Growth % | -45.60% | 53.48% | -12.90% | -2.67% | -26.28% | 4.84% | 9.59% | 3.64% | -22.86% | -8.72% |
| Net Profit Growth % | -30.95% | 24.38% | -55.95% | -11.67% | -63.14% | 75.81% | 112.46% | -40.57% | -75.61% | 4.55% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -75.61% | 4.55% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 153.07x | 117.31x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.65x | 0.52x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 23.57x | 22.93x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-24 - AKASH: Akash Infra Projects Limited has informed the Exchange regarding Appointment of Mr. Lalji Kishorji Vaghela as Non- Executive Independent Director of the company w.e.f. January 17, 2027.
2026-08-24 - AKASH: Akash Infra Projects Limited has informed the Exchange regarding Appointment of Mrs. Urvi Sachin Bhatt as Non- Executive Independent Director of the company w.e.f. January 17, 2027.
2026-08-24 - AKASH: Akash Infra Projects Limited has informed the Exchange about Change in Management of the Company
2026-08-17 - AKASH: Akash Infra Projects Limited has informed the Exchange about Newspaper Publication of Financial Results for quarter ended on 30th June 2026
2026-08-14 - Akash Infra Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-28 - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
2026-07-03 - Akash Infra Projects Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-24 - Akash Infra Projects Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-08 - Akash Infra Projects Limited has informed regarding Disclosure of material event under Regulation 30 of LODR
News
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