Ahluwalia Contracts (India) Ltd

- There is no explicit mention of any current or future new fundraising through debt or equity in the provided transcript. - Gross borrowings stand at INR 22 crores as of the discussion, indicating a low debt level. - Cash and bank balances are substantial (INR 253 crores cash and INR 587 crores bank balance), suggesting no immediate need for raising funds. - Capex guidance is around INR 300 crores for the full year and similar or lesser for next year, likely funded through existing resources. - Management indicates a conservative growth estimate with no indication of external fundraising plans. - No mention of equity issuance or significant new debt planned during the conference discussion.

- Capex incurred in 9 months FY26: INR193 crores. - Additional capex in Q4 FY26: INR55 crores. - Total capex for full year FY26 expected around INR300 crores. - Capex guidance for FY27 is similar, approximately INR300 crores. - Capex for FY27 may be slightly lower as most required for projects ordered by March would be met. - Capex mainly tied to execution of current order book and projects. - No mention of new strategic investments; focus is on increasing efficiency and margins on existing projects and leveraging land owned by subsidiaries via mergers with the parent company.

- For FY '26, Ahluwalia Contracts expects sales growth of around 10% to 15%, impacted by NGT-related delays in the Delhi NCR region. - For FY '27, management is optimistic about achieving 15% to 20% top-line growth, considering a strong order book and improved execution capabilities. - There is hope to recoup the shortfall experienced in FY '26 during FY '27. - Growth could potentially be higher than stated projections, but the company remains conservative in guidance. - The Central Vista fast-moving project and ongoing government-funded projects are expected to significantly contribute to growth next year. - Order inflows remain robust with a net order book of ~INR18,680 crores, ensuring steady execution over 2.5 to 3 years. - Overall, the company anticipates resuming higher growth momentum from FY '27 onwards.

- For FY '26, the company targets a top-line growth of 10% to 15% due to disruptions from the NGT and project closures in Delhi. - For FY '27, management is optimistic about achieving 15% to 20% sales (top-line) growth, considering a healthy and growing order book. - Operating margins are expected to reach double digits starting FY '26 itself. - PAT margin for the 9 months FY '26 was 5.6%, improving from 4.05% in the same period last year. - EPS for 9 months FY '26 is INR 27.49 compared to INR 17.67 last year, reflecting strong earnings growth. - The conservative growth outlook is supported by an order inflow of INR 9,562 crores year-to-date, above the projected INR 8,000 crores. - Management remains focused on improving efficiency and profitability going forward.

- Net order book as of December 31, 2025: INR 18,679.50 crores, to be executed over the next 2.5 to 3 years. - Total order inflow in FY '26 (year-to-date): INR 9,562 crores, including GST. - Bid pipeline currently: Approximately INR 7,000 crores. - L1 orders (likely awards) amount to INR 2,485 crores, included in the inflow guidance. - Order composition: Around 40% from NCR region; efforts ongoing to balance private and government orders towards a roughly 50:50 mix. - Key pending projects include Central Vista (INR ~2,600 crores, 24 months timeline) and Gem & Jewellery Park (work begins Q1 FY '27, targeting 20%-25% revenue recognition in FY '27).