Akash Infra-Projects Limited

Industrials — Engineering & Construction · NSE

₹24.73−₹0.64 (−2.52%)

DalalBaazaar Score

38 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Akash Infra-Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Akash Infra-Projects Limited engages in the civil construction business in India. The company undertakes various government contracts for the construction, resurfacing, widening, and repair of roads and bridges.

IndustryEngineering & Construction

SectorIndustrials

Employees88

Annual revenue₹82 Cr

How does it make money?

Turns over ₹82 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 88 employees supports ₹92.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹92.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +32% while net margin moved -64% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect-64%

DalalBaazaar Score

38/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ ROE of 0.8% is weak

Quality vs. Valuation

Company Quality

37/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

65.1x

3Y Median

50.5x

40 monthly readings · mean 104.1x · range 33.9x–293.4x

Sector Median

30.1x

median of 3 sector peers

⚠️Current valuation is approximately 29% above its 3y median of 50.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 116% above the peer median of 30.1x.

vs. its own history

Expensive

50.5x median over 40 months · +29%

vs. sector peers

Expensive

30.1x median of 3 peers · +116%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

20.1x

PEG

6.51

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 10.0% to 8.1% over 3 years.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 52% over 3 years, from ₹61 Cr to ₹92 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.2x — little room if earnings dip.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹2 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 53% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 10.0% to 8.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 13.9x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
The price already assumes success
The stock trades 29% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 8.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 13.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.2x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 7% a year✓ 9.8% CAGR
Latest reported year was 84.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹42 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

65.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.49x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.38

Profitable

Profitable on a per-share basis

ROE

0.8%

Weak

Weak capital efficiency

ROCE

5.2%

Weak

Low return on total capital employed

Debt/Equity

1.08x

Moderate

Moderate leverage

Revenue Growth (YoY)

84.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

10.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

3.0%

Weak

Thin margins leave little room for error

Net Margin

0.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.73

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.61

Defensive

Steadier than the market

52W Range Position

16%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

24.8 / 25.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹62 Cr	₹60 Cr	₹58 Cr	₹82 Cr	+9.8%
EBITDA	₹6 Cr	₹5 Cr	₹6 Cr	₹7 Cr	+2.2%
EBITDA Margin	10.0%	8.7%	10.3%	8.1%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹1 Cr	₹1 Cr	-22.2%
EPS	₹0.82	₹0.13	₹0.53	₹0.38	-22.2%
ROE	1.7%	0.3%	1.1%	0.8%	—
ROCE	5.8%	4.2%	4.9%	5.2%	—
Total Debt	₹61 Cr	₹91 Cr	₹86 Cr	₹92 Cr	+15.1%
Free Cash Flow	-₹34 Cr	-₹25 Cr	₹9 Cr	-₹2 Cr	—

🟢 Revenue has grown at 9.8% a year over 3 years.

🟢 EBITDA has grown at 2.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 10.0% to 8.1% over 3 years (-1.9 pts).

🔴 PAT (Net Profit) has shrunk at 22.2% a year over 3 years.

🔴 EPS has shrunk at 22.2% a year over 3 years.

🟡 ROE has held roughly flat at 0.8% over 3 years.

🟡 ROCE has held roughly flat at 5.2% over 3 years.

🔴 Total Debt has grown at 15.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹220 Cr

Total Liabilities

₹134 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹0 Cr

Corporate Actions

Ex-Dividend Date

15 Sept 2022

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 positive5 general

Akash Infraprojects Ltd

Equitypandit, 06 Feb

Akash Infra-Projects Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Akash Infra-Projects vs Nifty 50: Returns Compared

Univest, 07 Sept

SEBI Penalises Three ₹20 Lakh For Manipulating Akash Infra Stock Through Telegram Channels

LiveLawBiz, 30 Jul

Akash Ambani says Jio's 6G rollout is on the horizon, but it won't need a physical infrastructure build-out; details

Livemint, 15 Oct

Akash Infra-Projects Q2 2026 Earnings: Revenue Jumps 41.87% YoY to ₹81.76 Crore as EPS Reaches ₹0.38

https://www.siam.in/, 28 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑