Ashoka Buildcon arm sells stake in five SPVs to Maple Infrastructure Trust for ₹1,814 crore

Infrastructure company Ashoka Buildcon Ltd on Wednesday (November 26) said its material subsidiary, Ashoka Concessions Ltd (ACL), has sold its entire share capital in five special purpose vehicles (SPVs) to Maple Infrastructure Trust and its nominees.

The transaction was completed on November 26, 2025, at an aggregate consideration of ₹1,814.42 crore, subject to certain holdbacks as per the respective transaction documents.

The SPVs involved in the sale include Ashoka Highways (Bhandara) Ltd, Ashoka Highways (Durg)

Ltd, Ashoka Belgaum Dharwad Tollway Ltd, Ashoka Sambalpur Baragarh Tollway Ltd, and Ashoka Dhankuni Kharagpur Tollway Ltd. The sale follows earlier agreements executed starting on October 30, 2024.

Also Read: Ashoka Buildcon Q1 profit rises 45% YoY on improved margin; revenue falls

SPV Name	Turnover (FY 2024-25)	Net Worth (FY 2024-25)
Ashoka Highways (Bhandara)	₹127.49 crore	₹(38.91) crore
Ashoka Highways (Durg)	₹146.93 crore	₹81.60 crore
Ashoka Belgaum Dharwad Tollway	₹126.33 crore	₹(333.43) crore
Ashoka Sambalpur Baragarh Tollway	₹132.80 crore	₹255.46 crore
Ashoka Dhankuni Kharagpur Tollway	₹542.39 crore	₹(948.69) crore

Second Quarter Results

Ashoka Buildcon reported a steep 83% year-on-year drop in net profit to ₹78.06 crore in the quarter ended September 30, 2025. The company reported a 25.6% slide in revenue to ₹1,851 crore versus ₹2,489 crore a year earlier. EBITDA declined 35.4% to ₹585 crore, while margins narrowed to 31.6% from 36.3% in the prior-year period.

For the quarter ended June 30, 2025 (Q1FY26), Ashoka Buildcon had posted a consolidated net profit of ₹217.3 crore, marking a 44.6% increase from ₹150.3 crore in the same quarter last year, aided by improved margins.

Also Read: Ashoka Buildcon bags North Western Railway project worth ₹539 crore

Shares of Ashoka Buildcon Ltd ended at ₹179.45, up by ₹1.80, or 1.01%, on the BSE today, November 26.