Ahuwalia Contracts (India) (532811) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue grew 12.03% year-over-year to INR 1,125.81 crore, but PAT declined 77.65% to INR 11.42 crore due to margin pressures and one-off items.

• Q1 FY27 income from operations was 11,258 Mn, up from 10,049 Mn in Q1 FY26 but down sequentially from 13,223 Mn in Q4 FY26.

• Net profit after tax for Q1 FY27 was 114 Mn, compared to 511 Mn in Q1 FY26 and 801 Mn in Q4 FY26.

• Gross order book as of June 30, 2026, stood at INR 20,663.52 crore, with INR 512.81 crore in new orders added in FY 2027 to date.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved, showing continued operations in civil construction and related activities.

Financial highlights

• EPS for Q1 FY27 was INR 1.70, down from INR 7.63 in Q1 FY26.

• PAT margin fell to 1% from 5.01% year-over-year.

• Trade payables at INR 776 crore, trade receivables at INR 632 crore, retention at INR 401 crore, inventory at INR 391 crore, mobilization at INR 924 crore, and unbilled revenue at INR 946 crore.

• Gross debt is minimal at INR 2 crore, with cash and bank balances at INR 920 crore.

• Standalone and consolidated revenue from operations for Q1 FY27 was ₹112,581.37 lakhs, up from ₹100,487.96 lakhs in Q1 FY26.

Outlook and guidance

• Full-year revenue growth expected at 12–15%, with margin recovery dependent on client compensation for labor cost increases and NGT-related uncertainties.

• Double-digit EBITDA margin ruled out for FY 2027; margin improvement targeted over the next three quarters, subject to external factors.

• Order inflow guidance revised down from INR 8,000 crore to INR 4,000–5,000 crore for the year due to market volatility.

• CapEx for FY 2027 reduced to INR 220–260 crore from earlier guidance of INR 300 crore.

• The Board approved a scheme of amalgamation involving five wholly owned subsidiaries, pending NCLT approval.