Ahuwalia Contracts (India) (532811) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 turnover was INR 1,060.72 crore (₹10,607.2 Mn), up 11.43% year-over-year, with PAT at INR 54.02 crore (₹540.18 Mn), up 9.38% year-over-year.

• Nine-month FY 2026 turnover reached INR 3,242.90 crore (₹32,429 Mn), with PAT at INR 184.18 crore (₹1,841.81 Mn), both showing strong growth.

• EPS for Q3 FY 2026 was 8.06, and for nine months, 27.49, both higher than the previous year.

• The Board approved the amalgamation of five wholly owned subsidiaries to simplify the group structure and enhance operational efficiency.

• 48 ongoing projects across 15 Indian states and 1 overseas location, with a diversified client base.

Financial highlights

• EBITDA margin for Q3 FY 2026 was 9.05% (vs. 8.86% last year); PAT margin was 5.02% (vs. 5.11%).

• Nine-month EBITDA margin improved to 9.59% (from 7.57%); PAT margin rose to 5.60% (from 4.05%).

• Gross borrowings stood at INR 22 crore; cash balance at INR 253 crore, bank balance at INR 587 crore.

• CapEx for nine months was INR 193 crore, with full-year CapEx expected around INR 300 crore.

• Key balance sheet items: debtors INR 638 crore, retention INR 431 crore, mobilization INR 729 crore, creditors INR 738 crore, inventory INR 359 crore, unbilled revenue INR 639 crore.

Outlook and guidance

• FY 2026 revenue growth expected at 10%-15% due to NGT-related disruptions and early Holi.

• FY 2027 revenue growth projected at 15%-20%, with potential for higher growth given strong order book.

• Margins expected to remain in double digits, with 10% EBITDA margin targeted for Q4 and next year.

• Order inflow for FY 2027 expected to be INR 5,000–6,000 crore, lower than FY 2026 due to selective bidding.

• Amalgamation expected to improve operational flexibility, capital allocation, and financial planning.