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

Executive summary

• Q2 FY26 turnover reached INR 1,177.30 crores (₹11,773 Mn), up 16.39% year-over-year; PAT at INR 79.05 crores (₹791 Mn), up 106.07% from Q2 FY25.

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

• Gross order book as of September 2025 reached ₹250,049 Mn, with unexecuted orders at ₹180,576 Mn and INR 4,521.06 crores in new orders for FY26.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025; auditors found no material misstatements.

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

Financial highlights

• EPS for Q2 FY26 is INR 11.80, up from INR 5.73 in Q2 FY25; H1 FY26 EPS is INR 19.43 versus INR 10.29 in H1 FY25.

• EBITDA margin improved to 10.92% in Q2 FY26 from 7.25% in Q2 FY25; PAT margin rose to 6.63% from 3.75%.

• Standalone capital employed as of 30th September 2025: ₹192,609.41 lakhs; consolidated: ₹192,413.94 lakhs.

• Employee costs spiked in Q2 due to delayed increments and arrears, expected to taper in H2.

• Net worth increased to ₹18,001 Mn in FYE 25.

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.

• H2 is expected to be more remunerative, but NCR construction bans pose some uncertainty.

• Similar growth rates and order inflows anticipated for FY27.