Any current/future new fundraising through debt or equity?

No immediate plans for acquisitions or fundraising through equity in the near future. Company is studying sectors around core competence for future diversification and growth, which may include acquisitions or tie-ups in 2-3 years. A significant portion of cash (approx. Rs. 1,000 crores) is being used for CAPEX and procurement to reduce costs and improve the supply chain. They are avoiding interest-bearing government advances to reduce finance costs. Some private sector clients (like DLF) fund CAPEX interest-free, reducing financial exposure. No specific mention of fresh debt or equi

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

Current CAPEX planned around Rs. 350-400 crores, mainly for plant, machinery, and shuttering materials. CAPEX used to reduce finance costs by avoiding interest-bearing advances on government projects and to optimize procurement. CAPEX target for FY'26 is about Rs. 400-450 crores; for FY'27, expected to reduce by ~20% to around Rs. 300 crores due to equipment becoming free as projects complete. Investment in heavy-duty machinery such as larger cranes and electronic batching plants to support high-rise and structural steel buildings. Focus on mechanization and advanced shuttering systems

Future growth expectations in sales/revenue/volumes?

The company expects revenue growth of 15% to 20% for the full year FY'26. H2 FY'26 is anticipated to have higher revenue and earnings, maintaining the growth trajectory. For FY'26, key projects like DLF Downtown and Signature Global are ramping up, contributing to increased billing. Airport projects (Varanasi and Darbhanga) are on track to achieve about 30% execution in FY'26, with higher execution expected in FY'27. Gems and Jewelry project is expected to generate about 30%-35% of total order value as revenue in FY'27. For the CSMT redevelopment, around 40% of the order value is expected as r

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

The company targets revenue growth of 15% to 20% for FY'26 and expects to maintain this range, potentially narrowing to 17%-26% in H2FY'26. EBITDA margin for 2QFY'26 stood at 10.92%, with management confident in maintaining double-digit margins going forward. PAT margin was 6.63% in 2QFY'26, with PAT more than doubling YoY in the quarter, indicating strong profitability momentum. EPS for 2QFY'26 was Rs. 11.80, doubling from Rs. 5.73 in 2QFY'25; 1HFY'26 EPS was Rs. 19.43 vs. Rs. 10.29 in 1HFY'25, signaling robust earnings growth. For FY'27, revenue from certain key projects (e.g., airpo

Current/ Expected Orderbook/ Pending Orders?

Net order book as of September 30, 2025: Rs. 18,057.60 crores, to be executed over the next 2.5 years (Page 3). Total order inflow during FY '26: Rs. 4,521.06 crores (Page 3). Currently L1 in 2 projects aggregating Rs. 1,620 crores: OUTR Bhubaneswar University (~Rs. 1,000 crores) and Ram Manohar Lohia Hospital, Delhi (~Rs. 570 crores) (Page 3). Order pipeline currently about Rs. 6,500 crores, a mix of private and government sector (Page 6). Targeting total new order inflow around Rs. 8,000 crores for FY '26 (Page 6). Whiteland project's order book increased from Rs. 821 crores to Rs. 1,065 cro

Ahluwalia Contracts (India) LtdQ3 FY26

Ahluwalia Contracts (India) Ltd Q3 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

→The company expects revenue growth of 15% to 20% for the full year FY'26.
→H2 FY'26 is anticipated to have higher revenue and earnings, maintaining the growth trajectory.
→For FY'26, key projects like DLF Downtown and Signature Global are ramping up, contributing to increased billing.
→Airport projects (Varanasi and Darbhanga) are on track to achieve about 30% execution in FY'26, with higher execution expected in FY'27.
→Gems and Jewelry project is expected to generate about 30%-35% of total order value as revenue in FY'27.
→For the CSMT redevelopment, around 40% of the order value is expected as revenue in FY'27.
→Order inflow target remains healthy around Rs. 8,000 crores annually, supporting sustained growth.
→The company is confident of maintaining double-digit EBITDA margins alongside revenue growth.

Margin guidance

Category 3

→The company targets revenue growth of 15% to 20% for FY'26 and expects to maintain this range, potentially narrowing to 17%-26% in H2FY'26.
→EBITDA margin for 2QFY'26 stood at 10.92%, with management confident in maintaining double-digit margins going forward.
→PAT margin was 6.63% in 2QFY'26, with PAT more than doubling YoY in the quarter, indicating strong profitability momentum.
→EPS for 2QFY'26 was Rs. 11.80, doubling from Rs. 5.73 in 2QFY'25; 1HFY'26 EPS was Rs. 19.43 vs. Rs. 10.29 in 1HFY'25, signaling robust earnings growth.
→For FY'27, revenue from certain key projects (e.g., airports, residential) is expected to increase significantly, supporting higher earnings.
→CAPEX plans to moderate in FY'27 (about 20% less than FY'26), which may improve operating leverage and profits.
→No near-term acquisitions planned; strategic growth is expected from organic expansion and sector adjacencies.

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Fundraise plans

→No immediate plans for acquisitions or fundraising through equity in the near future.
→Company is studying sectors around core competence for future diversification and growth, which may include acquisitions or tie-ups in 2-3 years.
→A significant portion of cash (approx. Rs. 1,000 crores) is being used for CAPEX and procurement to reduce costs and improve the supply chain.
→They are avoiding interest-bearing government advances to reduce finance costs.
→Some private sector clients (like DLF) fund CAPEX interest-free, reducing financial exposure.
→No specific mention of fresh debt or equity fundraising announced in the near term.

Order book

Yes

→Net order book as of September 30, 2025: Rs. 18,057.60 crores, to be executed over the next 2.5 years (Page 3).
→Total order inflow during FY '26: Rs. 4,521.06 crores (Page 3).
→Currently L1 in 2 projects aggregating Rs. 1,620 crores: OUTR Bhubaneswar University (~Rs. 1,000 crores) and Ram Manohar Lohia Hospital, Delhi (~Rs. 570 crores) (Page 3).
→Order pipeline currently about Rs. 6,500 crores, a mix of private and government sector (Page 6).
→Targeting total new order inflow around Rs. 8,000 crores for FY '26 (Page 6).
→Whiteland project's order book increased from Rs. 821 crores to Rs. 1,065 crores due to scope increase (Page 15).
→Execution for major projects to pick up from FY'27 onwards (Page 15).

Capex plans

Yes

→Current CAPEX planned around Rs. 350-400 crores, mainly for plant, machinery, and shuttering materials.
→CAPEX used to reduce finance costs by avoiding interest-bearing advances on government projects and to optimize procurement.
→CAPEX target for FY'26 is about Rs. 400-450 crores; for FY'27, expected to reduce by ~20% to around Rs. 300 crores due to equipment becoming free as projects complete.
→Investment in heavy-duty machinery such as larger cranes and electronic batching plants to support high-rise and structural steel buildings.
→Focus on mechanization and advanced shuttering systems to mitigate labor skill shortages.
→Strategic use of Rs. 1,000 crores cash reserve: partly funding CAPEX, reducing procurement costs, and holding for potential future diversification or acquisitions (though no acquisitions planned in the near term).
→Considering expansion into adjacencies or new technologies in 2-3 years, including possible ties with foreign partners or acquisitions.

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