Ashoka Buildcon shares surged over 11% in intraday trade on Wednesday, November 11. Buyers piled in.
A relentless 48-hour order spree across international clean energy and domestic highways snapped months of persistent selling pressure. The Nashik-based infrastructure developer clinched back-to-back contracts worth more than ₹1,400 crore, formalizing major commitments in Bhutan and Gujarat through back-to-back regulatory filings.
The buying frenzy pushed Ashoka Buildcon into positive territory for the rolling month with an 8% gain. But the broader chart tells a harsher story. The counter remains down 14% over the past six months and has shed 32% since the start of the year.
The catalyst arrived Wednesday when Ashoka Buildcon received a formal Letter of Acceptance from Bhutan’s state utility, Druk Green Power Corporation Limited. The mandate tasks the Nashik firm with the design, supply, installation, testing, and commissioning of the 120 MWp Wobthang Solar PV Power Plant.
The project carries a valuation of approximately $58 million—exceeding ₹543 crore at current exchange rates. Under the contractual terms outlined in the exchange filing, the company must complete the plant within 18 months, followed by a mandatory defect liability period running for 24 months.
The project includes the design, supply, installation, testing and commissioning of the 120 MWp Wobthang Solar PV Power Plant," the company confirmed in its regulatory disclosure.
The cross-border clean energy contract comes less than 24 hours after the National Highways Authority of India awarded Ashoka Buildcon a major highway contract on Tuesday, November 10. That order—valued at ₹865.90 crore—covers balance construction works on an eight-lane, access-controlled section of the Vadodara-Mumbai Expressway in Gujarat.
The stretch spans 26.6 kilometres between Km 128.0 and Km 154.6 from Karvad to Jujuwa. The company will execute the project under the engineering, procurement, and construction model, having emerged as the lowest bidder for the stretch earlier this month.
| Project Name | Awarding Authority | Order Value (₹ Cr) | Execution Details |
|---|---|---|---|
| Wobthang Solar PV Power Plant (120 MWp) | Druk Green Power Corp (Bhutan) | ₹543.00+ ($58M) | 18 months execution; 24 months defect liability |
| Vadodara-Mumbai Expressway Section | NHAI (Gujarat) | ₹865.90 | Km 128.0 to Km 154.6; 8-lane EPC model |
| Electric Traction Substation Upgrade | North Eastern Railway (UP) | ₹290.23 | 2x25-kV AC system design, supply, commissioning |
These additions expand a growing order book across diverse infrastructure segments. Last month, North Eastern Railway awarded the company a ₹290.23 crore contract in Uttar Pradesh. That assignment entails the design, supply, erection, testing, and commissioning of traction substations alongside associated switching posts for an upgraded 2x25-kilovolt alternating current traction feeding system.
Market Context: Order replenishment remains the single most scrutinized operating metric for mid-tier EPC contractors navigating margin pressures. By locking in ₹1,408.90 crore across renewable energy and high-speed highway corridors in two consecutive sessions, Ashoka Buildcon has infused visible medium-term revenue visibility into its execution pipeline.
Execution on both the Gujarat expressway stretch and the Wobthang solar facility will begin following the completion of site handover protocols and bank guarantee submissions required under the Letters of Acceptance.