ASHOKA

📈 Key Positives

🏗️ Order Wins & Business Updates Company continues to secure new infrastructure contracts, including: Urban projects like river clean-up (via JV) Government and international EPC orders Received Completion Certificate (COD) for an NHAI project → supports revenue recognition. Strong order pipeline remains a key positive. 💰 Debt & Fundraising Activity Issued ₹100 crore Commercial Papers (April 2026) for working capital. Successfully repaid ₹100 crore NCDs on time, including interest. Regular issuance + repayment shows: Active liquidity management Improving financial discipline 🔄 Corporate Developments Extended deadline for stake sale in subsidiaries/SPVs (till mid-2026) → Important for debt reduction and cash flow Invested in subsidiaries via rights issues (March 2026) → Strengthening project execution arms 📈 Key Positives Strong order book visibility Recent stock momentum improving Timely debt repayment → positive signal Infra sector tailwinds (govt spending)