Ahuwalia Contracts (India) (532811) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 turnover reached ₹100,487.96 lakhs, up from ₹91,934.83 lakhs YoY; PAT rose to ₹5,111.04 lakhs, a 67.03% increase.

• EPS for Q1 FY26 was ₹7.63, compared to ₹4.57 in Q1 FY25.

• Gross order book as of June 30, 2025, stands at ₹231,372 Mn, with unexecuted orders at ₹165,821 Mn.

• Operating across 46 ongoing projects in 15 Indian states and 1 overseas location.

• Unaudited standalone and consolidated financial results for Q1 FY26 were approved by the Board on August 14, 2025.

Financial highlights

• Net order book as of June 30, 2025, stands at ₹165,821 Mn, executable over 2–2.5 years.

• Total order inflow for FY26 to date is ₹3,889.06 crore.

• EBITDA margin for Q1 FY26 was 8.6%, up from 6.6% YoY; PAT margin at 5.0%, up from 3.3% YoY.

• Net profit after tax for Q1 FY26 was ₹511 Mn, up from ₹306 Mn in Q1 FY25.

• CapEx in Q1 was ₹82 crore; full-year CapEx expected at ₹500 crore.

Outlook and guidance

• Projected revenue growth for FY26 is 15%-20%.

• Double-digit EBITDA margin targeted for FY26 and expected to continue in FY27.

• H2 expected to outperform H1 due to seasonality and project ramp-up.

• Indian construction market projected to grow from $1.04T in 2024 to $1.21T in 2025, reaching $2.13T by 2030 at a 12.1% CAGR.

• Real estate sector expected to contribute 13% to GDP by 2025, with strong demand for commercial and residential spaces.