Any current/future new fundraising through debt or equity?

No specific mention of any current or future fundraising through debt or equity in the provided transcript. The company emphasizes being a zero-debt company and growing conservatively, as noted by Shobhit Uppal on page 8. Capital expenditure (CAPEX) for FY26 is planned around Rs. 200 crores primarily for specialized machinery and shuttering systems related to high-rise building projects (page 4). Interest-bearing mobilization advance has reduced from 58% to 40%, indicating reduced reliance on interest-bearing debt (pages 8 and 14). No explicit discussion or plans mentioned regarding raising ca

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

Capex guidance for FY26 is about Rs. 200 crores. Higher CAPEX expected due to specialized equipment required for high-rise building projects. Recent orders for high-rise buildings, such as DLF projects, require investment in aluminum or specialized system shuttering and cranes. CAPEX executed in the current year is about Rs. 190 crores, with similar levels expected going forward. No specific mention of strategic investments beyond project-related capital expenditure. Investment focus is on machinery and equipment to support large-scale building and construction projects. For the CSMT project,

Future growth expectations in sales/revenue/volumes?

Ahluwalia Contracts projects a revenue growth of about 15% for FY26 based on the monthly construction schedule. For FY27, the company anticipates similar growth but acknowledges uncertainty due to the extended timeline. Under ideal conditions (no government slowdowns, labor shortages, or economic disruptions), a growth rate of up to 30% is considered achievable, targeting revenues of approximately Rs. 6,000 crores in FY27. Current order book covers about two to two and a half years, supporting steady revenue generation. Execution growth is cautiously planned due to labor availability c

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

For FY27, the company anticipates around 25-30% revenue growth, potentially reaching Rs. 6,000 crores if industry conditions remain favorable (no government slowdowns, labor shortages, or adverse international events). FY26 revenue growth guidance is approximately 15%. EBITDA margins are expected to sustain in double digits, following recovery from prior slow-moving projects. PAT showed significant improvement in Q4 FY25 with a margin of 6.74% vs. 4.67% in Q4 FY24; however, FY25 PAT margin declined slightly compared to FY24 due to prior issues. EPS for FY25 stood at Rs. 30.08, down fro

Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2025, the net order book stands at Rs. 15,775.08 crores to be executed over the next 2 to 2.5 years. Total order inflow during FY25 was Rs. 8,436.69 crores; FY26 order inflow till March 31, 2025, was Rs. 396.50 crores. The company is L1 in two projects aggregating Rs. 1,796 crores: a university project in Bhubaneshwar (~Rs. 1,000 crores) and a MIDC project in Mumbai (~Rs. 700 crores). The Edition 66 smart-moving project, worth approx. Rs. 600 crores, remains in the order book with Rs. 70-80 crores billed to date. Order pipeline is estimated to be about Rs. 15,000 crores. Focus

Ahluwalia Contracts (India) LtdQ1 FY26

Ahluwalia Contracts (India) Ltd Q1 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 projects a revenue growth of about 15% for FY26 based on the monthly construction schedule.
→For FY27, the company anticipates similar growth but acknowledges uncertainty due to the extended timeline.
→Under ideal conditions (no government slowdowns, labor shortages, or economic disruptions), a growth rate of up to 30% is considered achievable, targeting revenues of approximately Rs. 6,000 crores in FY27.
→Current order book covers about two to two and a half years, supporting steady revenue generation.
→Execution growth is cautiously planned due to labor availability concerns, especially around election periods affecting skilled labor inflow.
→The company is optimistic about sustaining double-digit EBITDA margins alongside revenue growth.

Margin guidance

Category 3

→For FY27, the company anticipates around 25-30% revenue growth, potentially reaching Rs. 6,000 crores if industry conditions remain favorable (no government slowdowns, labor shortages, or adverse international events).
→FY26 revenue growth guidance is approximately 15%.
→EBITDA margins are expected to sustain in double digits, following recovery from prior slow-moving projects.
→PAT showed significant improvement in Q4 FY25 with a margin of 6.74% vs. 4.67% in Q4 FY24; however, FY25 PAT margin declined slightly compared to FY24 due to prior issues.
→EPS for FY25 stood at Rs. 30.08, down from Rs. 34.42 (excluding exceptional items) in FY24; expectations suggest steady improvement with revenue growth.
→Margin expansion beyond current double digits to historical 12-13% levels is unlikely in near term due to labor shortages and industry challenges.
→Capex around Rs. 200 crores is expected to support growth, especially for high-rise and specialized machinery investments.

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Fundraise plans

→No specific mention of any current or future fundraising through debt or equity in the provided transcript.
→The company emphasizes being a zero-debt company and growing conservatively, as noted by Shobhit Uppal on page 8.
→Capital expenditure (CAPEX) for FY26 is planned around Rs. 200 crores primarily for specialized machinery and shuttering systems related to high-rise building projects (page 4).
→Interest-bearing mobilization advance has reduced from 58% to 40%, indicating reduced reliance on interest-bearing debt (pages 8 and 14).
→No explicit discussion or plans mentioned regarding raising capital via debt or equity fundraising in the near future.

Order book

Yes

→As of March 31, 2025, the net order book stands at Rs. 15,775.08 crores to be executed over the next 2 to 2.5 years.
→Total order inflow during FY25 was Rs. 8,436.69 crores; FY26 order inflow till March 31, 2025, was Rs. 396.50 crores.
→The company is L1 in two projects aggregating Rs. 1,796 crores: a university project in Bhubaneshwar (~Rs. 1,000 crores) and a MIDC project in Mumbai (~Rs. 700 crores).
→The Edition 66 smart-moving project, worth approx. Rs. 600 crores, remains in the order book with Rs. 70-80 crores billed to date.
→Order pipeline is estimated to be about Rs. 15,000 crores.
→Focus remains on large orders with a balanced portfolio: currently 58% private sector and 42% government.

Capex plans

Yes

→Capex guidance for FY26 is about Rs. 200 crores.
→Higher CAPEX expected due to specialized equipment required for high-rise building projects.
→Recent orders for high-rise buildings, such as DLF projects, require investment in aluminum or specialized system shuttering and cranes.
→CAPEX executed in the current year is about Rs. 190 crores, with similar levels expected going forward.
→No specific mention of strategic investments beyond project-related capital expenditure.
→Investment focus is on machinery and equipment to support large-scale building and construction projects.
→For the CSMT project, necessary machinery and resources are already invested to mitigate cost escalations and delays.

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