Ashoka Buildcon wins ₹865.90 crore highway contract in Gujarat
Key Facts
Ashoka Buildcon said it received a letter of acceptance on November 9, 2026, from the National Highways Authority of India for a highway project in Gujarat, adding a new contract to the company’s infrastructure business. The accepted contract value is ₹865.90 crore, before goods and services tax, according to CNBC-TV18 coverage. The contract covers the remaining construction works on a section of the Vadodara-Mumbai Expressway, under Package IX. The announcement followed a separate disclosure in which the company was named the project’s lowest bidder. The company submitted its bid on November 5, before receiving the letter of acceptance, according to the same coverage.
The section covered by the contract runs from kilometre 128.0 to kilometre 154.6 between Karvad and Jojwa, and comprises eight lanes with access control. The project is in Gujarat, along the Vadodara-Mumbai Expressway route. The scope of work covers completion of the remaining construction on this stretch, according to the published project description. These geographic boundaries define the part of Package IX where the company will carry out the work. The announced contract value applies to the engineering, procurement and construction contract and excludes goods and services tax.
The execution period is 18 months, with a defect liability period of ten years, according to company disclosures cited in the available contract information. The execution period provides a timeframe for the work, while defect liability extends beyond the construction period. The available announcement did not specify when the execution period would begin. The letter of acceptance date alone therefore does not establish when the work will be completed. The announced contract value of ₹865.90 crore before goods and services tax remains the agreement’s primary financial figure.
In trading, it was not confirmed that the shares rose 13% in the November 11, 2026, session, nor was it established that the contract caused a move of that size. CNBC-TV18 coverage said the stock would be in focus on Wednesday, but did not confirm a jump that day. The coverage said the stock closed down 0.25% on Monday, November 9, ahead of the referenced Wednesday session. That decline was in a session before the letter of acceptance was announced and does not describe the market reaction on November 11. The contract win is therefore confirmed in the disclosure, while a documented reading of the share movement in the subsequent session is not available here.
The Gujarat contract adds to another project the company announced in October 2026, when it received a letter of acceptance from North Eastern Railway worth ₹290.23 crore to upgrade electric traction power supply facilities in Uttar Pradesh, according to CNBC-TV18. That contract differs from the current highway project in both the awarding authority and scope of work. The company also published a notice on November 7 announcing the publication in newspapers of its results for the quarter and half year ended September 30, 2026. Company announcements also referred to an invitation to a Q2 fiscal 2027 results call. The call provides investors with a date for follow-up alongside progress on the highway contract.