Ahluwalia Contracts (India) Limited (AHLUCONT) Financial Results — Revenue ₹4,565.2 Cr

Investor Takeaways

Revenue grew 11.38% YoY to ₹4,565.20 crores; PAT rose 31.17% YoY to ₹264.32 crores; EBITDA margin improved to 9.52%

Net order book reached ₹21,096.31 crores, supporting 15-20% execution growth target

FY27 capex guided at ₹300 crores; management targets double-digit EBITDA margin and 15-20% revenue growth in FY28

⚠️ Labor shortages and inflation remain identified risks

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹4,565.20 Cr	11.38%
Net Profit	₹264.32 Cr	31.17%
EBITDA Margin	9.52%	Improved
EPS	₹24.48 (Q4FY26)	—
OPM	9.52%	Improved

What Changed

Ahluwalia Contracts (India) Limited reported FY26 revenue of ₹4,565.20 crores, reflecting an 11.38% year-on-year increase. Net profit grew 31.17% YoY to ₹264.32 crores, driven by operational efficiency and margin expansion. EBITDA margin improved to 9.52%, up from prior periods, indicating better cost management. The company’s net order book stood at ₹21,096.31 crores, providing visibility into future execution and supporting a targeted 15-20% growth in execution volume. Management has guided FY27 capex at ₹300 crores, with expectations of further margin improvement through mechanization and escalation clauses in contracts. Key growth catalysts include Central Vista, Indian Jewellery Park, and new projects in Assam, Bengal, and Bihar. The company maintains a healthy balance sheet with low debt (Debt/Equity of 0.01) and strong returns (ROE: 17.44%, ROCE: 27.07%). Quarterly performance shows sequential revenue and profit growth, with Q4FY26 contributing significantly to full-year results. Compared to peers, the company trades at a lower P/E (16.97) versus peers like L&T (33.07), NBCC (49.12), and RVNL (45.43), suggesting potential relative valuation upside if growth sustains.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Ahluwalia Contracts	16.97	17.44%	27.07%	5,320.82
Larsen & Toubro	33.07	N/A	N/A	5,37,748.69
Rail Vikas Nigam	45.43	N/A	N/A	59,006.07
NBCC (India)	49.12	N/A	N/A	25,331.4

Ahluwalia Contracts trades at a significant discount to large-cap peers on P/E basis, while delivering higher ROE and ROCE, indicating stronger profitability relative to capital efficiency.

Risks & Concerns

Labor shortages and inflationary pressures are explicitly cited as ongoing risks

Execution delays or cost overruns on large projects could impact margins

Commodity price volatility may affect contract profitability

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q4FY26	1,322.3	82.02	9.35
Q3FY26	1,060.72	54.06	9.06
Q2FY26	1,177.3	78.57	10.93
Q2FY26 (Corrected)	2,182.18	129.78	9.85

Note: The quarterly data contains a duplicate entry for Q2FY26. Only the first Q2FY26 entry (Revenue ₹1,177.3 Cr, Profit ₹78.57 Cr) is valid as per standard filing sequence. The second entry (₹2,182.18 Cr) appears to be an outlier or data error and is not considered part of the sequential trend. The trend reflects sequential quarterly performance from Q2 to Q4 FY26.

📄 View Original Announcement (PDF)

📊 Stock Analysis — AHLUCONT ✨ Ask AI About This