Any current/future new fundraising through debt or equity?

The company is looking for an enhancement of its fund-based and non-fund-based bank limits, potentially increasing from around INR1,940 crores to INR2,100-2,200 crores (Page 9). Currently, about INR200 crores of the existing limits remain unutilized. No explicit mention of new equity fundraising was made during the call. The management indicated no urgency to sell assets (e.g., West Bengal land) for monetization this year; any steps are likely in the next financial year (Page 11). Overall, the focus appears to be on bank limit enhancement rather than fresh equity or debt issuance at this time.

Any current/future capex/capital investment/strategic investment?

Q1 FY24 capex was INR24 crores. Capex target for the entire year is expected to remain in the usual range. Management has started building capacity for new large projects; capex spending will continue as designs get completed. Capex rate is expected to remain similar to Q1 levels in coming quarters. Management indicated potential addition to machinery and shuttering for awarded projects in recent months. No mention of any strategic investments or major changes to capex guidance; current capex is to support execution of strong order book.

Future growth expectations in sales/revenue/volumes?

The company maintains a conservative guidance of 20% year-on-year growth in revenue. Despite a slowdown in fresh tenders expected due to the 2024 general elections, the healthy order book supports this growth target. Expectation of consistent execution and revenue generation from large projects starting in Q2 and Q3 FY24. Revenue run rate for some major projects like CST station redevelopment is expected to pick up significantly in the last quarter of FY24 and peak in the first half of next year. Order book worth approximately INR11,780 crores to be executed over the next 24-30 months supports

Future growth expectations in earnings/operating earnings/profits/EPS?

The company maintains a conservative revenue growth guidance of 20% year-on-year. EBITDA margin guidance is around 11%, with potential to improve to 11.5%-12% as execution scales up. Growth visibility remains strong over the next 4-5 years due to a healthy order book and favorable economic conditions. Orders to be executed over the next 24-30 months total INR 11,779.64 crores. New large projects like the International Jewellery Park (INR 2,840 crores) and station redevelopment projects will contribute significantly to revenue in coming quarters. Execution on key projects such as Tata Memorial

Current/ Expected Orderbook/ Pending Orders?

Net order book stands at approximately INR 11,780 crores to be executed over the next 24-30 months. Total order inflow for FY '24 till date is around INR 4,377 crores. The company is L1 (lowest bidder) for a project worth INR 2,840 crores (International Jewellery Park, Mumbai), with expected work commencement in 2-3 months. Additional expected tendering activity of around INR 2,000-2,500 crores anticipated this year, though tendering is slowing due to the upcoming elections. Order book segment-wise: Commercial 8.7%, Infrastructure 31.6%, Institutional 24.7%, Residential 13.6%, Hospital 21.0%.

Ahluwalia Contracts (India) LtdQ1 FY24Construction

Ahluwalia Contracts (India) Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹532.1P/E: 15.8Market Cap: ₹3.6K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company maintains a conservative guidance of 20% year-on-year growth in revenue.
Despite a slowdown in fresh tenders expected due to the 2024 general elections, the healthy order book supports this growth target.
Expectation of consistent execution and revenue generation from large projects starting in Q2 and Q3 FY24.
Revenue run rate for some major projects like CST station redevelopment is expected to pick up significantly in the last quarter of FY24 and peak in the first half of next year.
Order book worth approximately INR11,780 crores to be executed over the next 24-30 months supports steady growth.
EBITDA margins targeted at 11% plus, with potential improvement as scale increases.
Bid pipeline stands at around INR2,500 crores, supporting future order inflows.

Margin guidance

Category 3

The company maintains a conservative revenue growth guidance of 20% year-on-year.
EBITDA margin guidance is around 11%, with potential to improve to 11.5%-12% as execution scales up.
Growth visibility remains strong over the next 4-5 years due to a healthy order book and favorable economic conditions.
Orders to be executed over the next 24-30 months total INR 11,779.64 crores.
New large projects like the International Jewellery Park (INR 2,840 crores) and station redevelopment projects will contribute significantly to revenue in coming quarters.
Execution on key projects such as Tata Memorial Hospital and Dharavi Wastewater Treatment has started or will start soon, supporting growth.
Expansion and increased staffing due to higher projects will increase operational capacity, supporting future earnings growth.

See what Ahluwalia Contracts (India) Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company is looking for an enhancement of its fund-based and non-fund-based bank limits, potentially increasing from around INR1,940 crores to INR2,100-2,200 crores (Page 9).
Currently, about INR200 crores of the existing limits remain unutilized.
No explicit mention of new equity fundraising was made during the call.
The management indicated no urgency to sell assets (e.g., West Bengal land) for monetization this year; any steps are likely in the next financial year (Page 11).
Overall, the focus appears to be on bank limit enhancement rather than fresh equity or debt issuance at this time.

Order book

Yes

Net order book stands at approximately INR 11,780 crores to be executed over the next 24-30 months.
Total order inflow for FY '24 till date is around INR 4,377 crores.
The company is L1 (lowest bidder) for a project worth INR 2,840 crores (International Jewellery Park, Mumbai), with expected work commencement in 2-3 months.
Additional expected tendering activity of around INR 2,000-2,500 crores anticipated this year, though tendering is slowing due to the upcoming elections.
Order book segment-wise: Commercial 8.7%, Infrastructure 31.6%, Institutional 24.7%, Residential 13.6%, Hospital 21.0%.
Sector-wise split: approx. 75% government orders (central and state), 25% private sector.
Region-wise: East (25.3%), North (13.7%), West (37.7%), South (2.8%), Overseas (3.5%).

See what Ahluwalia Contracts (India) Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Q1 FY24 capex was INR24 crores.
Capex target for the entire year is expected to remain in the usual range.
Management has started building capacity for new large projects; capex spending will continue as designs get completed.
Capex rate is expected to remain similar to Q1 levels in coming quarters.
Management indicated potential addition to machinery and shuttering for awarded projects in recent months.
No mention of any strategic investments or major changes to capex guidance; current capex is to support execution of strong order book.

Track Ahluwalia Contracts (India) Ltd — get its next earnings analysis in your feed

How does Ahluwalia Contracts (India) Ltd rank vs peers in Construction?

Pro feature

ThisAhluwalia Contracts (India) Ltd

Rev 2Mar 3

See where Ahluwalia Contracts (India) Ltd sits in ConstructionSee which companies these are, and every other name in the sector.Open rankings

How does Ahluwalia Contracts (India) Ltd rank in Construction?

Compare Ahluwalia Contracts (India) Ltd against every Construction company (Q1 FY24) on revenue, margins and earnings-call signals.

View Construction leaderboard →

What Ahluwalia Contracts (India) Ltd's management said in earlier quarters

Others in Construction this season

GK Energy Ltd (Q2 FY27)
Q2 FY27 Revenue from Operations:** ₹4,026.54 Mn, a 12.3% year-on-year (YoY) increase from ₹3,585.04 Mn in Q2 FY26 (Page 29, 31, 13). Key investor presentation t
PNC Infratech Ltd (Q2 FY27)
1,146 Crs (17% YoY increase from Rs. Key investor presentation takeaways from PNC Infratech Ltd's Q2 FY27 investor presentation — and how it ranks against secto
Larsen & Toubro (Q2 FY27)
Q2 FY27 Revenue: ₹787.5 billion, up 16% YoY (Page 9, 6) . Key investor presentation takeaways from Larsen & Toubro Ltd's Q2 FY27 investor presentation — and how
Central Mine Pla (Q2 FY27)
Revenue from Operations (Net Sales) for Q2 FY 2026-27: ₹593.31 crore, up ₹41.44 crore or 8% vs Q2 FY 2025-26 (₹551.87 crore). Key investor presentation takeaway

Compare:vs Larsen & Toubro vs Rail Vikas Nigam Ltd vs Kalpataru Projects International Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →