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Last Updated on: 17 October, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 533271 | NSE: ASHOKA

Ashoka Buildcon Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: October 17, 2024, 2:13 pm

Market Cap 7,022 Cr.
Current Price 250
High / Low285/121
Stock P/E12.9
Book Value 79.1
Dividend Yield0.00 %
ROCE27.1 %
ROE22.7 %
Face Value 5.00
PEG Ratio0.75

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ashoka Buildcon Ltd

Competitors of Ashoka Buildcon Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
HB Estate Developers Ltd 200 Cr. 103125/39.033.2 76.60.00 %7.00 %2.39 % 10.0
Hazoor Multi Projects Ltd 1,004 Cr. 533639/11516.0 1270.56 %%% 10.0
Gyan Developers & Builders Ltd 5.61 Cr. 18.733.8/6.4229.5 12.70.00 %4.02 %3.75 % 10.0
GG Dandekar Properties Ltd 61.9 Cr. 130163/73.0 98.60.00 %1.27 %9.45 % 1.00
ETT Ltd 17.6 Cr. 16.938.8/14.49.39 34.80.00 %6.64 %4.85 % 10.0
Industry Average19,279.39 Cr285.9444.39129.040.15%24.93%17.75%23.11

All Competitor Stocks of Ashoka Buildcon Ltd

Quarterly Result

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Sales1,2831,2651,4401,9921,8791,8081,9562,4481,9352,1542,6573,0522,465
Expenses8868581,0421,4241,3951,3821,4661,8931,4621,6082,0702,4261,866
Operating Profit397407398567484425490556473546587626599
OPM %31%32%28%28%26%24%25%23%24%25%22%21%24%
Other Income314036569433741-4238414219329
Interest240249255259250276290288319321337334308
Depreciation6371871178482888796991036894
Profit before tax12412642126019310415213997167189417227
Tax %36%38%8%14%30%37%9%132%26%29%48%39%30%
Net Profit807838922513566138-457211999254158
EPS in Rs2.862.8513.988.054.792.274.85-1.492.414.003.438.895.36

Last Updated: October 17, 2024, 2:13 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: October 17, 2024, 2:13 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024TTM
Sales1,8531,7952,3202,8252,9733,6014,9305,0704,9925,9998,1009,79810,329
Expenses1,4811,4131,8471,9072,0372,4623,5373,4953,4554,2106,1327,5647,970
Operating Profit3723824739189351,1401,3931,5751,5361,7891,9692,2352,358
OPM %20%21%20%33%31%32%28%31%31%30%24%23%23%
Other Income1414292482111179314748564312305
Interest1391342728009089941,0211,0439701,0041,1041,3101,300
Depreciation132139152269264291258300276338341367364
Profit before tax11412478-126-155-351313264389325888701,000
Tax %60%56%102%77%45%239%131%51%38%17%50%40%
Net Profit4555-1-224-225-119-40160273771294521630
EPS in Rs3.554.113.42-3.04-7.31-3.96-1.195.899.8427.7310.4217.9221.68
Dividend Payout %25%24%27%-33%-15%-13%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)22.22%-101.82%-22300.00%-0.45%47.11%66.39%500.00%70.62%182.42%-61.87%77.21%
Change in YoY Net Profit Growth (%)0.00%-124.04%-22198.18%22299.55%47.56%19.28%433.61%-429.38%111.79%-244.29%139.08%

Ashoka Buildcon Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:19%
5 Years:15%
3 Years:25%
TTM:27%
Compounded Profit Growth
10 Years:22%
5 Years:61%
3 Years:17%
TTM:167%
Stock Price CAGR
10 Years:13%
5 Years:20%
3 Years:29%
1 Year:83%
Return on Equity
10 Years:12%
5 Years:32%
3 Years:28%
Last Year:23%

Last Updated: Unknown

Balance Sheet

Last Updated: September 15, 2024, 4:03 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital537979949494140140140140140140
Reserves9981,1841,2781,6213762221472744791,2401,5352,080
Borrowings2,4543,1933,8734,6924,7545,1026,0446,2626,7193,6355,5095,450
Other Liabilities8,9349,0639,4374,5715,5806,1326,7706,9586,87910,3899,86011,335
Total Liabilities12,43913,51814,66710,97710,80411,55013,10113,63414,21715,40517,04519,005
Fixed Assets1,5004,02512,5718,5158,0167,8757,8747,6937,4881,3096,9276,689
CWIP9,6107,962151203746587762736239
Investments2822852402281862472841862146573112
Other Assets1,0461,2461,7052,2152,5653,3814,8855,6786,45413,9599,98212,165
Total Assets12,43913,51814,66710,97710,80411,55013,10113,63414,21715,40517,04519,005

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity 6,500386390251827621-901,070155353492749
Cash from Investing Activity -7,074-922-812-104-63-315-244-117-176-233-311234
Cash from Financing Activity 57657936925-866-98311-571-221-35-311-407
Net Cash Flow243-53172-101208-24381-24285-130575

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow370.00379.00470.00914.00931.00-4.00-5.00-5.00-5.00-2.00-4.00-3.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days172757674470786766464139
Inventory Days4432201841031371231087771
Days Payable223351285229232206206146160
Cash Conversion Cycle172757287-87-31-48-28-17-52-28-49
Working Capital Days-22-21115-102-114-70-110-2177268
ROCE %8%6%7%11%12%18%20%20%20%25%28%27%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters54.48%54.48%54.48%54.48%54.48%54.48%54.48%54.48%54.48%54.48%54.47%54.47%
FIIs2.80%2.40%2.13%2.43%1.93%2.00%1.90%2.40%2.97%4.51%7.23%7.63%
DIIs23.01%21.87%21.47%19.83%19.10%19.47%19.67%18.64%19.96%19.72%17.63%19.32%
Public19.70%21.25%21.92%23.26%24.48%24.05%23.93%24.48%22.60%21.28%20.66%18.57%
No. of Shareholders1,10,9751,20,4431,24,4821,37,5561,39,8801,36,3981,39,8441,37,9541,34,3651,28,0211,53,5881,54,029

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Multicap Fund9,774,9691.45223.483,266,9722024-10-13199.21%
SBI Infrastructure Fund4,500,0002.03102.883,266,9722024-10-1337.74%
Kotak Infrastructure & Economic Reform Fund - Regular Plan2,500,0002.2657.163,266,9722024-10-13-23.48%
SBI Multi Asset Allocation Fund2,500,0000.9157.163,266,9722024-10-13-23.48%
Kotak ELSS Tax Saver Fund1,500,0000.5334.293,266,9722024-10-13-54.09%
L&T Flexicap Fund - Regular Plan4,463,3891.1533.033,266,9722024-10-1336.62%
SBI Equity Savings Fund869,5060.3719.883,266,9722024-10-13-73.38%
Kotak Multi Asset Allocation Fund777,5260.2317.783,266,9722024-10-13-76.2%
Aditya Birla Sun Life Bal Bhavishya Yojna - Savings Plan1,059,6191.3410.583,266,9722024-10-13-67.57%
LIC MF Infrastructure Fund184,8170.564.233,266,9722024-10-13-94.34%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)17.9213.2327.739.845.89
Diluted EPS (Rs.)14.1113.2327.739.845.89
Cash EPS (Rs.)32.2825.3739.1418.9515.98
Book Value[Excl.RevalReserv]/Share (Rs.)86.3770.3556.9929.5819.32
Book Value[Incl.RevalReserv]/Share (Rs.)86.3770.3556.9929.5819.32
Revenue From Operations / Share (Rs.)349.04288.56211.80177.82180.62
PBDIT / Share (Rs.)87.5774.9369.0159.3459.02
PBIT / Share (Rs.)74.5162.7856.9649.5148.34
PBT / Share (Rs.)31.6420.8932.8214.9711.21
Net Profit / Share (Rs.)19.2213.2227.099.125.30
NP After MI And SOA / Share (Rs.)17.9213.2327.739.845.89
PBDIT Margin (%)25.0825.9632.5833.3632.67
PBIT Margin (%)21.3421.7526.8927.8426.76
PBT Margin (%)9.067.2415.498.416.20
Net Profit Margin (%)5.504.5812.795.122.93
NP After MI And SOA Margin (%)5.134.5813.095.533.26
Return on Networth / Equity (%)22.6521.1656.3844.6039.90
Return on Capital Employeed (%)20.8751.7930.1314.1414.89
Return On Assets (%)2.632.165.031.941.21
Long Term Debt / Equity (X)1.710.432.139.4913.42
Total Debt / Equity (X)2.451.092.629.9514.04
Asset Turnover Ratio (%)0.540.490.460.390.42
Current Ratio (X)1.211.151.120.880.77
Quick Ratio (X)1.131.111.070.790.67
Inventory Turnover Ratio (X)5.710.000.000.000.00
Interest Coverage Ratio (X)1.881.911.931.721.59
Interest Coverage Ratio (Post Tax) (X)1.331.401.431.261.14
Enterprise Value (Cr.)9228.393676.485520.308599.226349.21
EV / Net Operating Revenue (X)0.940.450.921.721.25
EV / EBITDA (X)3.751.752.855.163.83
MarketCap / Net Operating Revenue (X)0.440.250.400.570.22
Price / BV (X)1.981.181.744.612.80
Price / Net Operating Revenue (X)0.440.250.400.570.22
EarningsYield0.110.170.320.090.14

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Ashoka Buildcon Ltd as of October 16, 2024 is: ₹241.76

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of October 16, 2024, Ashoka Buildcon Ltd is Overvalued by 5.56% compared to the current share price ₹256.00

Intrinsic Value of Ashoka Buildcon Ltd as of October 16, 2024 is: ₹281.38

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of October 16, 2024, Ashoka Buildcon Ltd is Undervalued by 9.91% compared to the current share price ₹256.00

Last 5 Year EPS CAGR: 16.39%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 16.83%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -25.33, which is a positive sign.
  3. The company has shown consistent growth in sales (4.31 cr) and profit (252.77 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 4.00, which may not be favorable.
  2. The company has higher borrowings (4,807.25) compared to reserves (952.83), which may suggest financial risk.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Ashoka Buildcon Ltd:
    1. Net Profit Margin: 5.5%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 20.87% (Industry Average ROCE: 13.23%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 22.65% (Industry Average ROE: 8.51%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 1.33
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.13
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 12.9 (Industry average Stock P/E: 10.27)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 2.45
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Ashoka Buildcon Ltd. is a Public Limited Listed company incorporated on 13/05/1993 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L45200MH1993PLC071970 and registration number is 071970. Currently Company is involved in the business activities of Construction and maintenance of motorways, streets, roads, other vehicular and pedestrian ways, highways, bridges, tunnels and subways. Company’s Total Operating Revenue is Rs. 4591.46 Cr. and Equity Capital is Rs. 140.36 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringS. No. 861, Ashoka House, Nasik Maharashtra 422011investors@ashokabuildcon.com
http://www.ashokabuildcon.com
Management
NamePosition Held
Mr. Ashok KatariyaExecutive Chairman
Mr. Satish ParakhManaging Director
Mr. Sanjay LondheWhole Time Director
Mr. Ashish KatariaWhole Time Director
Mr. Sharadchandra AbhyankarIndependent Director
Mr. Mahendra MehtaIndependent Director
Mr. Gyanchand DagaIndependent Director
Mr. Albert TauroIndependent Director
Ms. Shilpa HiranIndependent Director

FAQ

What is the latest fair value of Ashoka Buildcon Ltd?

The latest fair value of Ashoka Buildcon Ltd is ₹241.76.

What is the Market Cap of Ashoka Buildcon Ltd?

The Market Cap of Ashoka Buildcon Ltd is 7,022 Cr..

What is the current Stock Price of Ashoka Buildcon Ltd as on 17 October 2024?

The current stock price of Ashoka Buildcon Ltd as on 17 October 2024 is ₹250.

What is the High / Low of Ashoka Buildcon Ltd stocks in FY 2024?

In FY 2024, the High / Low of Ashoka Buildcon Ltd stocks is 285/121.

What is the Stock P/E of Ashoka Buildcon Ltd?

The Stock P/E of Ashoka Buildcon Ltd is 12.9.

What is the Book Value of Ashoka Buildcon Ltd?

The Book Value of Ashoka Buildcon Ltd is 79.1.

What is the Dividend Yield of Ashoka Buildcon Ltd?

The Dividend Yield of Ashoka Buildcon Ltd is 0.00 %.

What is the ROCE of Ashoka Buildcon Ltd?

The ROCE of Ashoka Buildcon Ltd is 27.1 %.

What is the ROE of Ashoka Buildcon Ltd?

The ROE of Ashoka Buildcon Ltd is 22.7 %.

What is the Face Value of Ashoka Buildcon Ltd?

The Face Value of Ashoka Buildcon Ltd is 5.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ashoka Buildcon Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE