Ashoka Buildcon (ASBL) delivered weak performance in Q3FY26/9MFY26, with standalone revenue declining 18% YoY / 21% YoY. However, a healthy order book of Rs159bn (2.7x TTM revenue) provides medium-term revenue visibility, with the management guiding for a return to revenue growth in FY27E. The order book is well diversified, led by roads and railways, which account for ~65%, while power T&D contributes a meaningful ~32%. Order inflows during 9MFY26 stood at Rs50bn, and the management expects further Rs3035bn of inflows in Q4FY26. Crucially, the balance sheet has turned materially leaner...