Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. Borrowings are minimal, with borrowing reported at around Rs. 2 crores as mentioned by Satbeer Singh. Cash reserves stand at Rs. 920 crores, indicating a strong liquidity position. The company is expecting CAPEX of about Rs. 500 crores this year, with a lower amount anticipated next year. Management appears focused on executing existing projects and order inflow rather than raising new funds.

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

The company's CAPEX for the current year (FY26) is expected to be around Rs. 500 crores. In Q1FY26, Rs. 62 crores of CAPEX was already spent. CAPEX for next year (FY27) will be lower than the current year. No specific mention of strategic investments or other capital investment plans beyond usual CAPEX guidance was provided.

Future growth expectations in sales/revenue/volumes?

Ahluwalia Contracts targets a 15% to 20% growth in topline/revenue for FY'26 and expects similar growth of 15% to 20% next year (FY'27). The unexecuted order book stands at approximately Rs. 18,671 crores, to be executed over the next 2 to 2.5 years, supporting sustained growth. Key projects like CSMT are expected to contribute Rs. 400-500 crores in revenue this year, with revenues increasing next year as higher-value items kick in. New marquee private sector projects, particularly with clients like DLF (order book exposure around Rs. 5,500 crores), are expected to support growth with po

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

The company projects 15% to 20% topline growth for FY'26 and expects similar growth for FY'27. (Page 12, 10, 6, 5) EBITDA margin is expected to improve to double digits, with 10% blended margin anticipated from Q2 or later in H2 of FY'26, and maintenance of double-digit margins in FY'27. (Page 11, 10) Profit after tax (PAT) showed a 67% growth in 1QFY26 compared to 1QFY25, indicating strong earnings momentum. (Page 4) Earnings per share (EPS) for 1QFY26 was Rs. 7.63 versus Rs. 4.57 in 1QFY25, reflecting positive profit growth. (Page 4) Order book of Rs. 16,582 crores to be executed ove

Current/ Expected Orderbook/ Pending Orders?

The net order book as of June 30, 2025, stands at Rs. 16,582.09 crores, to be executed over the next 2-2.5 years. Total order inflow during FY'26 till date is Rs. 3,889.06 crores. Additional order inflow of Rs. 2,089 crores has been reported, increasing the unexecuted order book to Rs. 18,671 crores. The company is currently L1 in two projects amounting to Rs. 1,796 crores. Order pipeline includes government sector bids which are minimal and private sector bids valued at about Rs. 5,000 crores with ongoing negotiations on contracts worth Rs. 1,000 crores. The order backlog is expected to gener

Ahluwalia Contracts (India) LtdQ2 FY26

Ahluwalia Contracts (India) Ltd Q2 FY26 Earnings Call Analysis

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

Price: ₹837P/E: 21.1Market Cap: ₹5.6K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ahluwalia Contracts targets a 15% to 20% growth in topline/revenue for FY'26 and expects similar growth of 15% to 20% next year (FY'27).
→The unexecuted order book stands at approximately Rs. 18,671 crores, to be executed over the next 2 to 2.5 years, supporting sustained growth.
→Key projects like CSMT are expected to contribute Rs. 400-500 crores in revenue this year, with revenues increasing next year as higher-value items kick in.
→New marquee private sector projects, particularly with clients like DLF (order book exposure around Rs. 5,500 crores), are expected to support growth with potential additional work in future phases.
→The Gems and Jewellery Park (Rs. 2,000 crore-plus project) is anticipated to gradually contribute revenue once clearances are received and construction begins.
→Overall, management is confident of maintaining double-digit EBITDA margins alongside the revenue growth.

Margin guidance

Category 3

→The company projects 15% to 20% topline growth for FY'26 and expects similar growth for FY'27. (Page 12, 10, 6, 5)
→EBITDA margin is expected to improve to double digits, with 10% blended margin anticipated from Q2 or later in H2 of FY'26, and maintenance of double-digit margins in FY'27. (Page 11, 10)
→Profit after tax (PAT) showed a 67% growth in 1QFY26 compared to 1QFY25, indicating strong earnings momentum. (Page 4)
→Earnings per share (EPS) for 1QFY26 was Rs. 7.63 versus Rs. 4.57 in 1QFY25, reflecting positive profit growth. (Page 4)
→Order book of Rs. 16,582 crores to be executed over next 2-2.5 years supports revenue and profit growth visibility. (Page 4, 13)
→New projects and strong client relationships (e.g., with DLF and Birla) signal sustained future earnings potential. (Page 13, 5)

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Fundraise plans

→There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript.
→Borrowings are minimal, with borrowing reported at around Rs. 2 crores as mentioned by Satbeer Singh.
→Cash reserves stand at Rs. 920 crores, indicating a strong liquidity position.
→The company is expecting CAPEX of about Rs. 500 crores this year, with a lower amount anticipated next year.
→Management appears focused on executing existing projects and order inflow rather than raising new funds.

Order book

Yes

→The net order book as of June 30, 2025, stands at Rs. 16,582.09 crores, to be executed over the next 2-2.5 years.
→Total order inflow during FY'26 till date is Rs. 3,889.06 crores.
→Additional order inflow of Rs. 2,089 crores has been reported, increasing the unexecuted order book to Rs. 18,671 crores.
→The company is currently L1 in two projects amounting to Rs. 1,796 crores.
→Order pipeline includes government sector bids which are minimal and private sector bids valued at about Rs. 5,000 crores with ongoing negotiations on contracts worth Rs. 1,000 crores.
→The order backlog is expected to generate 15-20% growth in topline next year.

Capex plans

Yes

→The company's CAPEX for the current year (FY26) is expected to be around Rs. 500 crores.
→In Q1FY26, Rs. 62 crores of CAPEX was already spent.
→CAPEX for next year (FY27) will be lower than the current year.
→No specific mention of strategic investments or other capital investment plans beyond usual CAPEX guidance was provided.

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