This article first appeared on GuruFocus .
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Quarterly Revenue:INR1,060.72 crores in Q3 FY26, up from INR951.96 crores in Q3 FY25.
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Quarterly PAT (Profit After Tax):INR54.02 crores in Q3 FY26, up from INR49.39 crores in Q3 FY25.
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Quarterly EPS (Earnings Per Share):INR8.06 in Q3 FY26, compared to INR7.37 in Q3 FY25.
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Quarterly EBITDA Margin:9.05% in Q3 FY26, compared to 8.86% in Q3 FY25.
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Quarterly PAT Margin:5.02% in Q3 FY26, compared to 5.11% in Q3 FY25.
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Nine-Month Revenue:INR3,242.90 crores in FY26, up from INR2,882.79 crores in FY25.
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Nine-Month PAT:INR184.18 crores in FY26, up from INR118.35 crores in FY25.
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Nine-Month EPS:INR27.49 in FY26, compared to INR17.67 in FY25.
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Nine-Month EBITDA Margin:9.59% in FY26, compared to 7.57% in FY25.
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Nine-Month PAT Margin:5.6% in FY26, compared to 4.05% in FY25.
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Net Order Book:INR18,679.50 crores as of December 31, 2025.
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Total Order Inflow:INR9,562 crores in FY26 year-to-date.
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Warning! GuruFocus has detected 3 Warning Signs with BOM:532811.
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Release Date: February 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Ahluwalia Contracts (India) Ltd ( BOM:532811 ) reported a turnover growth of 11.43% in Q3 FY26 compared to Q3 FY25.
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The company's PAT increased by 9.38% during Q3 FY26 compared to the same period last year.
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EPS for Q3 FY26 improved to INR8.06 from INR7.37 in Q3 FY25.
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The company's EBITDA margin increased to 9.05% in Q3 FY26 from 8.86% in Q3 FY25.
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The net order book as of December 31, 2025, stands at INR18,679.50 crores, indicating a strong pipeline for future projects.
Negative Points
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The company's PAT margin slightly decreased to 5.02% in Q3 FY26 from 5.11% in Q3 FY25.
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Execution in December and January was impacted by NGT regulations and project closures in Delhi, affecting the top line.
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The company anticipates further disruptions in March due to the Holi festival, which may impact labor availability.
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There are challenges with payment delays in certain state-funded projects, particularly in Himachal Pradesh and Assam.
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The company faces ongoing issues with labor availability, which is a significant concern for project execution.
Q & A Highlights
Q: What is the projected annual revenue growth for FY26 and FY27? A: For FY26, the company is targeting a revenue growth of 10% to 15%, impacted by disruptions in Delhi due to NGT and project closures. For FY27, the growth is expected to be between 15% to 20%, with a conservative outlook despite a strong order book. - Shobhit Uppal, Deputy Managing Director
Q: When will the work on the Gem & Jewelry Park begin, and what is the expected revenue contribution? A: The work on the Gem & Jewelry Park is expected to start in Q1 FY27. The project is anticipated to contribute 20% to 25% of its total value in FY27. - Shobhit Uppal, Deputy Managing Director
Q: How has the NGT impact affected the company's operations, and what measures are being taken to mitigate it? A: The NGT impact has been significant, affecting operations in NCR, which constitutes 44% of the order book. The company is working with stakeholders to mitigate future impacts and is hopeful for reduced disruptions in coming years. - Shobhit Uppal, Deputy Managing Director
Q: What is the status of the CSMT project, and are there any delays? A: The CSMT project has experienced delays due to design changes. However, work progress has picked up, and the company expects to execute INR300 to INR350 crores worth of work in the current financial year and INR700 crores in the next. - Shobhit Uppal, Deputy Managing Director
Q: What are the current gross debt levels and cash balances? A: The company's gross borrowings stand at INR22 crores, with a cash balance of INR253 crores and a bank balance of INR587 crores. - Satbeer Singh, Chief Financial Officer
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
