Ahluwalia Contracts (India) Ltd(AHLUCONT)

NSE: AHLUCONTBSE: 532811

₹ 541.95-1.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,630 crWebsite: www.acilnet.comUpdated: 24 Oct 2026

About

Ahluwalia Contracts (India) Ltd is a civil construction company focused on building construction - institutional, residential, commercial, and government projects. In FY26 the company reported revenue of ₹4,565.20 cr, with virtually all income from its single Contract Work segment. Its unexecuted order book stood at ₹20,663.52 cr as of June 2026, representing roughly 3 - 3.5 years of execution runway.^[1][2]

Business segments

Contract Work is the sole reporting segment, contributing ₹4,558.95 cr or 99.9% of FY26 revenue, with a segment EBIT of ₹371.57 cr and EBIT margin of 8.2%.^[3]
In FY25, besides construction contracts, the company reported small lease rental income from investment property and income from inventory property (real estate trading).^[4]

Order book and inflows

Gross order book stood at ₹29,713.8 cr as of Q1FY27, compared with ₹29,676 cr at end of FY26.^[5]
FY26 full-year order inflows reached ₹10,257.39 cr, more than doubling the original ₹7,000 - 8,000 cr guidance; Q4FY26 alone accounted for ₹4,300 cr.^[1]
Q1FY27 order inflows were ₹512.81 cr YTD; management lowered the FY27 inflow target to ₹4,000 - 5,000 cr from ₹8,000 cr, citing cost volatility and the large existing book.^[5]
Fixed-price contracts represented 10.34% of the order book in Q1FY27; 89% of the book carries escalation clauses covering volatile materials.^[5]

Order book mix

Private sector accounted for 61.7% of the unexecuted order book as of Q1FY27, and North India (NCR-heavy) represented 52% of the book.^[5]
Residential projects comprised 39.7% of the unexecuted order book as of Q1FY27; management has slowed residential bids, focusing on institutional, airport, hotel, and commercial projects.^[5]

Key operating numbers

Working capital days were 119 days in Q1FY27, up from 104 days in Q4FY26 and 87 days in Q2FY26.^[5]
Mobilisation advance outstanding was ₹924 cr in Q1FY27, versus ₹802 cr at end of FY26; unbilled revenue was ₹552 cr and retention money ₹418 cr as of Q2FY26.^[5]

Key ongoing projects

Central Vista (two buildings for Finance and Defence Ministries): ₹2,601 cr EPC contract awarded January 2026; foundation casting begun, structural steel from September 2026; FY27 billing target ₹700 cr, completion by FY29.^[5]
CSMT redevelopment: FY27 billing target revised to ₹400 - 500 cr (from ~₹600 cr); FY28 target ~₹700 cr.^[5]
DLF Dahlias (₹2,089 cr): under execution; FY27 billing target ~₹400 cr per the Q4FY26 call, with staff already mobilised.^[1]

Customers

Named private clients include DLF, Signature Global, Brigade, Whiteland, MAIA, and Smart World; NCR accounts for ~50% of total portfolio.^[1]
Government clients include the central government (Central Vista) and airport authorities (Varanasi airport); management expects private/government mix to move toward ~60:40.^[6]

Operations and capex

Company employs approximately 10,000 - 12,000 workers, of whom ~70% are skilled; a multi-year mechanisation strategy uses tower cranes, passenger hoists, and batching plants.^[5]
FY26 capex was ₹274 cr; FY27 capex guidance revised down to ₹220 - 250 cr from ~₹300 cr; Q1FY27 capex was ₹60 cr.^[5]
Safety budget has risen from ~1% to ~3% of project cost, now built into all new bids.^[5]
The company has initiated implementation of the RISE with SAP ERP system (FY25 annual report).^[4]

Recent developments

AIIMS Jammu final bill was frozen in Q1FY27 at ₹29 cr below costs incurred; management has initiated arbitration.^[5]
Haryana and UP governments raised minimum wages by 35 - 40%; management submitted escalation claims to major NCR clients.^[5]
Iran war disrupted supply of panels and switchgear; delivery lead times extended from 4 - 6 weeks to 3 - 4 months, affecting NCR execution.^[5]
Management is merging subsidiaries that hold a Kolkata land parcel into the parent company to obtain clearances needed to leverage that asset.^[6]

Market Cap

₹3,630 Cr

High / Low

₹1,077 / 538

Stock P/E

16.1

Price / Book

1.8

Book Value

₹307

EPS

₹39.7

No. of Shares

6.7 Cr

ROCE

20.4%

ROE

13.8%

OPM

8.8%

Debt / Equity

0.00

Sales

₹4,565 Cr

Net Profit

₹266 Cr

Promoter holding

55.3%

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Ahluwalia Contracts (India) Ltd(AHLUCONT)

About

Business segments

Order book and inflows

Order book mix

Key operating numbers

Key ongoing projects

Customers

Operations and capex

Recent developments

Signal history

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