Ahuwalia Contracts (India) (532811) Q2 25/26 earnings summary

Executive summary

• Achieved Q2 FY26 turnover of INR 1,177.30 crores and PAT of INR 79.05 crores, up 16.39% and 106.07% year-over-year, respectively.

• H1 FY26 turnover reached INR 2,182.18 crores with PAT of INR 130.16 crores, both showing strong growth over H1 FY25.

• Gross order book reached ₹250,049 Mn as of September 30, 2025, with unexecuted orders at ₹180,576 Mn.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025.

• Operating across 43 ongoing projects in 15 states and 1 overseas location.

Financial highlights

• Q2 FY26 EPS at INR 11.80, up from INR 5.73 in Q2 FY25.

• Q2 FY26 EBITDA margin improved to 10.92% from 7.25% and PAT margin to 6.63% from 3.75% year-over-year.

• Standalone Q2 FY26 revenue from operations: ₹117,729.94 lakhs, up from ₹101,148.06 lakhs in Q2 FY25.

• PAT for FYE 25 was ₹2,015 Mn, with a margin of 4.9%.

• Employee costs rose to INR 121 crores in Q2 due to delayed increments and arrears, expected to taper in H2.

Outlook and guidance

• FY26 revenue growth projected at 15%-20%, with double-digit EBITDA margins expected to be maintained.

• Order inflow target for FY26 is INR 8,000 crores, with confidence in achieving this.

• The Indian construction market is projected to grow at a CAGR of 12.1% from 2025 to 2030, reaching $2.13 trillion by 2030.

• Real estate sector expected to reach $1 trillion by 2030, contributing 13% to GDP by 2025.

• No forward-looking guidance or projections provided in the reviewed period.