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

Executive summary

• Q3 FY2026 turnover was INR 1,060.72 crore (₹10,607 Mn), up 11.43% year-over-year, with PAT at INR 54.02 crore, up 9.38% from Q3 FY2025; nine-month FY2026 turnover was INR 3,242.90 crore (₹32,429 Mn), with PAT at INR 184.18 crore, both showing strong growth.

• EPS for Q3 FY2026 was 8.06, and for nine months FY2026, it was 27.49, both higher than the previous year.

• Gross 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.

• 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 FY2026 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%).

• Net order book as of Dec 31, 2025, stood at INR 1,867.95 crore, to be executed over 2.5–3 years.

• Total order inflow YTD FY2026 was INR 9,562 crore (INR 8,900 crore ex-GST).

• Gross borrowing was INR 22 crore; cash balance INR 253 crore; bank balance INR 587 crore.

Outlook and guidance

• FY2026 revenue growth expected at 10–15% due to NGT-related disruptions and early Holi.

• FY2027 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 seen as achievable.

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