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). 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.