Analysts/Institutional Investor Meet/Con. Call Updates

Ashoka Buildcon Limited 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 –730851/731112/731435/731487/732069/732127; and NCDs - 976190 / 976191 / 976192 August 18, 2026 Sub: Call Transcript Please find enclosed herewith the copy of transcript of the Earnings Call held on August 12, 2026 in respect of unaudited Standalone and Consolidated financial results for the quarter ended June 30, 2026. Kindly take the matter on your record. Thanking you, For Ashoka Buildcon Limited Manoj A. Kulkarni (Company Secretary) ICSI Membership No.: FCS – 7377 Regd. Office: S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422 011, Maharashtra, India hhhhTel. + 91 253 6633705hhhhFax +91 253 2236704 hhhh www.ashokabuildcon.com CIN: L45200MH1993PLC071970 “Ashoka Buildcon Limited Q1 FY27 Earnings Conference Call” August 12, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 12th August 2026 will prevail MANAGEMENT: • Mr. Satish Parakh – Managing Director – Ashoka Buildcon Limited • Mr. Paresh Mehta – Chief Financial Officer – Ashoka Buildcon Limited MODERATOR: • Mr. Mudit Bhandari – IIFL Capital Page 1 of 20 Ashoka Buildcon Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ashoka Buildcon Q1 FY27 Earnings Conference Call hosted by IIFL Capital. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mudit Bhandari from IIFL Capital. Thank you, and over to you, sir. Mudit Bhandari: Thank you so much. Good afternoon, everybody. On behalf of IIFL Capital, I welcome you all to first quarter FY27 earnings conference call of Ashoka Buildcon Limited. From the management, we have Mr. Satish Parakh, Managing Director; and Mr. Paresh Mehta, Chief Financial Officer. With this, I would request Satish sir to start with his opening comments, and then we can open the floor for question-and-answer. Thank you, and over to you, sir. Satish Parakh: Thank you, Mudit. Good afternoon, everyone. A very warm welcome to all of you joining us for Ashoka Buildcon earnings conference call for the quarter ended 30th June 2026. Joining me on today's call are our CFO, Mr. Paresh Mehta, along with our Investor Relations Advisors from SGA. I hope everyone has had the opportunity to review our financial results and investor presentation, which have been uploaded on the stock exchanges and the company's website. Let me begin by giving you a brief perspective on industry environment and then take you through some of the key developments of Ashoka during the quarter. Q1 FY27 has started on a mixed note for infrastructure sector. On one hand, the domestic highway awarding environment continues to remain subdued. On the other hand, we are seeing encouraging Page 2 of 20 Ashoka Buildcon Limited August 12, 2026 opportunities emerging in the areas of railways, power transmission, distribution and international infrastructure. In the highway segment, the pace of fresh awarding continues to be below the levels we have seen historically. NHAI awarded only around 5 kilometers of projects in June compared with 102 kilometers in May, while construction activity in June declined 32% year-on-year to around 274 kilometers. For the first 2 months of FY27, construction stood at approximately 638 kilometers, which is around 34% lower year-on-year. So while we remain positive on the long-term fundamentals of India's road infrastructure, we believe the sector is currently going through a period, where the focus is shifting from simply awarding more kilometers to ensuring that projects are properly appraised, land is made available and execution can proceed efficiently. For us, this makes diversification particularly important. At the same time, the medium- to long-term opportunities in infrastructure remains strong. The Indian budget has provided a significant push to the railway sector with a record capital expenditure allocation of approximately INR2.93 lakh crores. The government has also announced 7 new high-speed rail corridors covering around 4,000 kilometers with an estimated investment potential of INR16 lakh crores, along with 2,052 kilometers dedicated freight corridor between Dankuni and Surat. This is important because the opportunity in railways is no longer limited to traditional track construction. It increasingly spans over electrification, signaling, safety systems, freight infrastructure, station development and other specialized EPC requirements. For Ashoka, this creates an opportunity to leverage our existing execution capabilities and participate in infrastructure spending beyond the traditional road segment. Page 3 of 20 Ashoka Buildcon Limited August 12, 2026 The power transmission and distribution segment is another area, where we see long structural growth. India is adding renewable energy capacity at a rapid pace, but the success of this transition depends equally on the ability to evacuate and transmit that power to consumption centers. This is driving significant investment into state transmission systems and energy corridors. Let me now highlight key business developments for Q1 FY27 which was marked by international and non-road wins, while domestic road awarding stayed muted. We believe this is an important development because it demonstrates that our diversification strategy is beginning to provide us with alternative avenues for growth, while the domestic highway cycle remains subdued. In Guyana, we received a letter of award from Central Housing and Planning Authority for the 4 laning of Versailles-Parika Highway in Region 3. The project is valued at USD 35.42 million, around INR328 crores. This award is particularly encouraging because it further strengthens our international road infrastructure portfolio in the South America. In Chhattisgarh, our joint venture received a letter of award from Chhattisgarh State Industrial Development Corporation for the development of Gems and Jewellery Park in Raipur under the PPP mode. The project involves a premium of approximately INR112.4 crores with Ashoka holding 51% stake in the joint venture. The project has a 5-year construction period and a 30-year lease extendable to 90 years. What makes this project strategically relevant is that it represents our entry into industrial park development and therefore adds another vertical to our infrastructure portfolio. As a part of our portfolio streamlining, we diluted our stake in Ashoka Purestudy Technologies Private Limited from 59% to 39.33% pursuant Page 4 of 20 Ashoka Buildcon Limited August 12, 2026 to a preferential allotment resulting in a classification from subsidiary to an associate company. Coming to the order book status, the company received 2 new project orders as discussed from Central Housing and Planning Authority Republic of Guyana INR328 crores in Chhattisgarh State Development Corporation, Gems and Jewellery Park of INR450 crores. As on 30th June, our order book stands at INR15,251 crores, excluding order received after 30 June, that is ~INR450 crores. The breakup of the order book is road and railway comprised of around INR9,648 crores, which is 63.3% of the order book. Among the road order book, HAM projects are to the tune of ~INR1,500 crores. And EPC is worth around ~INR6,780 crores and railway is around INR1,346 crores. Power T&D accounts for around [Showing first 8,000 characters — download PDF for full document]