Order Inflow (YTD)
₹9,562 crore
+118% YoY
Fresh orders received in 9M FY26, including GST; strong pipeline of ₹7,000 crore.
AHLUWALIACONTRACTS
Other
10 Feb 2026
Ahluwalia Contracts Limited — Q3 FY26
Ahluwalia Contracts reported Q3 FY26 revenue of ₹1,060.72 crore (+11.4% YoY) and PAT of ₹54.02 crore (+9.4% YoY), slightly below initial 15-20% growth expectations due to prolonged NGT-mandated construction bans in Delhi-NCR (44% of order book).
✓ Verified against BSE filing
2-Min Summary
Ahluwalia Contracts reported Q3 FY26 revenue of ₹1,060.72 crore (+11.4% YoY) and PAT of ₹54.02 crore (+9.4% YoY), slightly below initial 15-20% growth expectations due to prolonged NGT-mandated construction bans in Delhi-NCR (44% of order book). EBITDA margin improved 19 bps YoY to 9.05%, while PAT margin dipped marginally. Order inflow YTD stood at ₹9,562 crore, with net order book of ₹18,679.5 crore (2.5-3 years visibility). Management guided FY26 revenue growth at 10-15% (revised down from 15-20%) and FY27 at 15-20%, citing NGT disruptions and early Holi. Key risks include recurring pollution bans, labor availability, and potential delays in large projects like CSMT and Signature Global. The company is shifting focus from residential to institutional projects to mitigate cyclical risks.
Key Numbers
Net Order Book
₹18,679.5 crore
+22% YoY
To be executed over 2.5-3 years; 44% from NCR region.
L1 Orders
₹2,485 crore
New
Includes RML Hospital, Odisha University, Assam Judicial Complex, Kota Airport.
Bid Pipeline
₹7,000 crore
N/A
Projects under evaluation; focus on institutional and government contracts.
Management Guidance
FY26 revenue growth revised to 10-15%
Management lowered earlier 15-20% guidance due to NGT bans and early Holi impacting Q4 execution.
revenueFY27 revenue growth target of 15-20%
Expects recovery from NGT disruptions and ramp-up in large projects like Central Vista and Gems & Jewellery Park.
growthEBITDA margin to remain around 10%
Management reiterated double-digit margin target for FY27, with potential for 10.5%.
marginsFY27 order inflow expected at ₹5,000-6,000 crore
Selective bidding, reduced focus on residential; includes conversion of L1 orders.
growthKey Risks
Recurring NGT construction bans in NCR
Pollution-related shutdowns have become annual, impacting 44% of order book and causing revenue shortfalls.
high · management_commentaryLabor availability and cost inflation
Scarcity of skilled labor and rising unit rates are pressuring margins; new labor code adds ₹1.31 crore cost in 9M.
medium · analyst_questionExecution delays in large projects
CSMT station redevelopment faces design rework and potential further delays; cost overruns may not be fully recoverable.
medium · analyst_questionSlow conversion of L1 orders
Government projects, especially state-level, may take longer to convert to letters of award, impacting future revenue visibility.
low · management_commentaryNotable Quotes
We are being slightly conservative. The order book is healthier now. We've given a projection of about 8,000 crores worth of fresh order inflow in this year. We've crossed that at about 9 and a half thousand cr.
The impact of GRAP this year has been more prolonged... since 44% of our order book is from NCR, December and January have been impacted.
We are now focusing on institutional projects or airports or hotels or commercial projects. Residential is not a focus area for us especially in NCR.