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

Executive summary

• Q1 FY 2026 turnover reached INR 1,004.88 crore, up 9.3% year-over-year, with PAT at INR 51.11 crore, a 67% increase from Q1 FY 2025; EPS rose to INR 7.63 from INR 4.57 year-over-year.

• Achieved total income of ₹41,540 Mn for FYE 25 and ₹10,207 Mn for Q1 FY26, with EBITDA of ₹3,418 Mn and ₹863 Mn respectively.

• 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 the quarter ended June 30, 2025, were approved by the Board on August 14, 2025.

Financial highlights

• Q1 FY 2026 EBITDA margin at 8.59%, up from 6.58% in Q1 FY 2025; PAT margin increased to 5.01% from 3.29% year-over-year.

• CapEx in Q1 was INR 82 crore; full-year CapEx expected at INR 500 crore, with next year projected at INR 200 crore.

• Borrowings are minimal at INR 2 crore; cash and liquid investments total INR 20 crore.

• Key working capital metrics: retention INR 397 crore, debtors INR 623 crore, mobilization INR 675 crore (35% interest bearing), trade payables INR 821 crore, inventory INR 380 crore, unbilled revenue INR 557 crore.

• Standalone revenue from operations for Q1 FY26 was ₹100,487.96 lakhs, up from ₹91,934.83 lakhs year-over-year.

Outlook and guidance

• Projected revenue growth of 15%-20% for FY 2026 and similar growth expected for next year.

• Double-digit EBITDA margin targeted for FY 2026 and FY 2027, with higher margins expected in H2 due to seasonality.

• Order intake for the year expected to reach around INR 8,000 crore.

• 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.