Ahuwalia Contracts (India) (532811) Q4 25/26 earnings summary

Executive summary

• FY 2026 turnover was INR 4,565.20 crore (₹45,652 Mn), up 11.38% year-over-year; PAT was INR 264.32 crore (₹2,643 Mn), up 31.17% year-over-year.

• Q4 FY 2026 turnover was INR 1,322.30 crore (₹13,223 Mn), up 8.76% year-over-year; PAT was INR 80.14 crore (₹801 Mn), down 3.63% year-over-year.

• Gross order book reached ₹296,757 Mn as of March 31, 2026, with unexecuted orders at ₹210,963 Mn, executable over 24–30 months.

• Operations span 53+ ongoing projects across 16 Indian states and one overseas location.

• Audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, were approved, with unmodified audit opinions.

Financial highlights

• FY 2026 EPS was INR 39.46 (₹39.46), up from INR 30.08 (₹30.08) in FY 2025; EBITDA margin at 9.52% vs. 8.34% year-over-year.

• PAT margin for FY 2026 was 5.70% vs. 4.85% in FY 2025; Q4 FY 2026 PAT margin was 6.7%.

• Net worth surpassed INR 2,000 crore (₹20,600 Mn) as of March 31, 2026.

• Mobilization advance: INR 802 crore; retention: INR 450 crore; unbilled revenue: INR 638 crore.

• Net cash position: INR 817 crore; margin money: INR 200 crore; cash and cash equivalents at year-end: ₹30,800.98 lakhs (standalone).

Outlook and guidance

• FY 2027 revenue growth guidance is 15%-20%, with order inflow target of INR 8,000 crore (including L1 projects).

• Double-digit EBITDA margin expected in FY 2027, supported by escalation clauses in 89% of order book.

• H2 FY 2027 expected to be significantly stronger than H1 due to labor and election-related disruptions in H1.

• CapEx for FY 2027 projected at INR 300 crore; depreciation to rise proportionally.

• The Board is monitoring regulatory changes, including new labor codes, and pursuing amalgamation with five wholly owned subsidiaries.