Ashoka Buildcon and Railtel Stocks Surge 6% Following ₹1,136 Cr Maharashtra Government Contract
Two prominent companies in the infrastructure and telecommunications sectors, Ashoka Buildcon Ltd. and Railtel Corporation of India Ltd., have witnessed a significant surge in their stock prices after securing a major modernization project from the Maharashtra government. The project, valued at approximately ₹1,136 crore, will cover end-to-end IT, network, cloud, and infrastructure operations over a period of five years.
Ashoka Buildcon Ltd., an EPC company with a focus on highways, power transmission and distribution (T&D), railways, and infrastructure development, saw its stock hit an intraday high of ₹150, a 6% increase from its previous close of ₹142. The company, with a market capitalization of more than ₹4,000 crore, has delivered a compounded annual growth rate (CAGR) of 24% in the last three years.
On the other hand, Railtel Corporation of India Ltd., which operates nationwide telecom and broadband networks, also saw its stock reach an intraday high of ₹337, a 4% increase from its previous close of ₹324. Railtel has achieved a CAGR of 44% in stock returns over the past three years.
What’s the News?
On February 21, 2026, Ashoka Buildcon Limited informed the stock exchanges that it had received a Letter of Intent for a Maharashtra government project in consortium with Railtel Corporation of India Limited. The project, awarded by the Inspector General of Registration & Controller of Stamps, Maharashtra, Pune, involves the end-to-end modernization, operation, and maintenance of IT, network, cloud, and application infrastructure. The project is expected to be completed by March 19, 2032, with an estimated financial impact of approximately ₹1,136.18 crore over five years, at a rate of ₹24.75 per scanned page.
The Order Book
Ashoka Buildcon Limited reported a robust order book of about ₹16,000 crore in Q3FY26, reflecting healthy growth over the previous quarter. The company's revenue contributions are diverse, with road EPC projects leading at 44%, followed by power T&D at 32%, road HAM at 11%, railways at 10%, and building EPC at 3%. This diversified portfolio strengthens Ashoka Buildcon's presence in the infrastructure sector.
RailTel Corporation of India Ltd. has an order book of around ₹1,000 crore from railway projects, along with signaling projects worth ₹1,700 crore and other telecom orders contributing another ₹400 crore. The company also has ₹5,000 crore worth of orders from non-railway segments, bringing its total order book to nearly ₹8,000 crore.
Business & Financial Overview
Ashoka Buildcon Ltd. is an Indian infrastructure developer headquartered in Nashik, engaged in highways, EPC, and BOT/HAM road projects, power T&D, railways, smart cities, and buildings. The company has executed notable projects such as the Mopa Airport Link Project in Goa and India’s first 8-lane extra-dosed cable-stayed bridge, completed in 33 months. In the latest quarter, the company saw its year-over-year (YoY) revenue fall by 23%, from ₹2,388 crore in Q3FY25 to ₹1,827 crore in Q3FY26. However, its YoY Net Profits grew by 218%, from ₹662 crore in Q3FY25 to ₹2,111 crore in Q3FY26. The extraordinary profit growth was due to exceptional gains and deferred tax involving ₹2,376 crore and ₹447 crore, respectively. The company has a 3-year profit CAGR of 49% and a sales CAGR of 19%.
RailTel Corporation of India Ltd., a Government of India enterprise under the Ministry of Railways, provides nationwide broadband and telecom infrastructure. It operates one of India’s largest neutral telecom networks along railway tracks, offering internet, virtual private network (VPN), data center, cloud, and cybersecurity services to enterprises, government bodies, and retail customers. In the latest quarter, the company saw a YoY revenue growth of 19%, from ₹768 crore in Q3FY25 to ₹913 crore in Q3FY26, while its YoY Net Profits fell by 5%, from ₹65 crore in Q3FY25 to ₹62 crore in Q3FY26. The company has a 3-year profit CAGR of 32% and a sales CAGR of 23%.
