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

Executive summary

• Q3 FY26 turnover was INR 1,060.72 crore (₹10,607 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 FY26 turnover reached INR 3,242.90 crore (₹32,429 Mn), with PAT at INR 184.18 crore (₹1,841.81 Mn), both showing strong year-over-year growth.

• EPS for Q3 FY26 was 8.06 (standalone), compared to 7.37 in Q3 FY25; consolidated EPS was 8.07.

• Board approved amalgamation of five wholly owned subsidiaries to simplify structure and enhance efficiency, with no change in shareholding or control.

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

Financial highlights

• EBITDA margin for Q3 FY26 was 9.05% (vs. 8.86% in Q3 FY25); PAT margin was 5.02% (vs. 5.11%).

• Nine-month FY26 EBITDA margin improved to 9.59% (from 7.57%); PAT margin rose to 5.60% (from 4.05%).

• Order book as of Dec 31, 2025, stood at INR 1,867.95 crore (₹186,795 Mn), to be executed over 2.5–3 years.

• Total order inflow YTD FY26 was INR 956.2 crore.

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

Outlook and guidance

• FY26 revenue growth expected at 10%-15% due to NGT-related disruptions and early Holi.

• FY27 revenue growth projected at 15%-20%, with conservative estimates despite a strong order book.

• Margins expected to remain in double digits, with 10% EBITDA margin seen as achievable.

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

• Indian construction market projected to grow at a CAGR of 8.6% (2026–2035), reaching USD 1.70 trillion by 2035.