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 prolon...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
100%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Annual revenue growth guidance for FY26 and FY27.
Asked by Bayam Sha, JM Financial
Management gave specific revised guidance of 10-15% for FY26 and 15-20% for FY27.
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Question
So firstly uh given the margins and the execution in 9 months. So how do you see the uh annual revenue for FI25 for FI26 targeting around 15 to 20% kind of growth?
Management (unnamed)
No more like uh anywhere between 10 to 15%, you know, uh margin uh projection is what I had given last time. it will be double digit uh but uh you know December January have been impacted uh by uh NGT and project closures in Delhi...
Answered
High priority
Can growth be higher given strong order book?
Asked by Bayam Sha, JM Financial
Management confirmed being conservative and cited higher order inflow.
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Question
So, given the uh very strong order book and you mentioned that the orders are to be regular in roughly three odd years. So, can the growth be even higher? Are we being conservative for 27?
Management (unnamed)
V. You ask me this every time. We are being slightly conservative. Yeah. The order book is uh it was healthy last time around. It's healthier now... we've given a projection of about 8,000 crores worth of uh order book in this inflow fresh order inflow in this year. We've crossed that it's at about 9 and a half thousand cr.
Answered
Medium priority
When will work start on Davidson J Park?
Asked by Bayam Sha, JM Financial
Management gave a specific timeline (Q1 FY27) and explained progress.
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Question
Secondly on a few key projects. So when do we expect to start the work on Davidson J Park?
Management (unnamed)
We will start it in uh Q1 uh FI 27. I mentioned the last time around also in April I said we'll start the drawings uh approvals are coming in now and uh the client is in the process of handing over part of the site to us.
Answered
Medium priority
Revenue target from gems and jewelry project in FY27.
Asked by Bayam Sha, JM Financial
Management gave a specific percentage range for revenue from the project.
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Question
can you do this 30 35% kind of exemption which you were targeting earlier for 27... what kind of revenue are we targeting from this budget of the total value of the project?
Management (unnamed)
I think it would be to the tune of about 20%. 20 to 25%.
Answered
Medium priority
Execution weakness on CSMT project and outlook.
Asked by Bayam Sha, JM Financial
Management provided specific revenue targets for current and next year.
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Question
Secondly on CSMT uh we have seen uh some weakness in execution in Q3 uh compared to the month quarter of last four quarters. So how do you say it for entire year and for next year?
Management (unnamed)
I think uh totally we had projected that we will execute in this financial year... anywhere between 300 and 350 crores worth of work on uh CSMP and we we are confident we will be doing that... next financial year we should be doing a work of about 700 crores.
Answered
High priority
What caused guidance reduction from 15-20% to 10-15%?
Asked by Lakshi Narayan, Tonga Investment
Management explained the specific reason (NGT/pollution) and quantified impact.
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Question
when we had a call in uh in the third week of November uh we were confident of growth of around 15 to 20%. And uh did you anticipate uh that uh this would actually get toned down to 10 to 15% or what actually happened uh in the last uh five to six weeks of uh Q3?
Management (unnamed)
the NGT impact this year has been uh has been uh more prolonged so to say uh since 44% of our order book is from NCR uh you know uh December and January have been impacted even the first week of February was impacted...
Answered
High priority
Exposure to developer slowdown and cash flow issues.
Asked by Lakshi Narayan, Tonga Investment
Management addressed the concern directly, stating no payment issues and a shift away from residential.
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Question
what is your sense of uh of of the entire market? I think last time also we you uh you said that we are somehow influenced uh ourselves from uh any any particular slowdown or any particular uh cash issues with any of the developers. Can you just elaborate a bit more on that?
Management (unnamed)
we have now slowed down as far as bidding for further residential projects is concerned... we've not seen any sort of issues with payments... DF being obviously uh the premier uh development company in the country...
Answered
Medium priority
What would execution have been without NGT issue?
Asked by Parves Kazi, Noama
Management gave a specific counterfactual growth rate.
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Question
on this MGT issue assuming let's say if it had not been there uh what kind of execution would we have done in?
Management (unnamed)
we would have uh stayed on course for a 15 plus% uh uh growth in our top line.
Answered
Medium priority
Payment situation in government funded projects.
Asked by Parves Kazi, Noama
Management identified specific states with issues but said overall no major problem.
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Question
how do you see uh things now especially from the government departments in some of the other segments of Indra we have seen a slowdown in payments uh in FI26. So how is the situation in your government funded projects?
Management (unnamed)
we really a lot of our or most of our government funded government projects are central government projects. We are not really seeing uh much of a problem there other than in the odd project here and there...
Answered
High priority
DFAS project revenue target for this year and next.
Asked by Mahes Patil, ICICI Securities
Management gave a specific percentage (40%) and explained the reason for shortfall.
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Question
first question is on the DFAS project. I think last time we guided for more than 100 share of uh revenue in this fiscal and around 3 to three and a half billion next year. So are we on track for that this year?
Management (unnamed)
No, this year uh it will be about 40% of that because uh you know new uh uh earthquake codes were put in place...
Answered
High priority
Q4 revenue estimate and next year growth.
Asked by Shraan Sha, Dollar Capital
Management confirmed a specific Q4 revenue target of ~1,400 cr.
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Question
in the fourth quarter uh how much are we are we looking to do uh do kind of a revenue 1400 or per kind of a revenue that we are looking at in this fourth quarter.
Management (unnamed)
Yes. Exactly. It would be 10 to 15%. Yeah. About 1,400 cr. Yes.
Answered
High priority
Central Vista project revenue in FY27.
Asked by Shraan Sha, Dollar Capital
Management gave a specific percentage (30%+) for FY27 revenue from Central Vista.
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Question
in f 27 uh can we see kind of a 40 odd% of this 2,600 ku?
Management (unnamed)
Yeah, that's that's what you know initially uh uh there is time is going to be taken by designing... we should be billing at least 30% plus in this year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| FY26 revenue growth guidance revised to 10-15% | 15% | 11.43% | Overstated vs filing |
| FY27 revenue growth guidance 15-20% | 20% | 11.43% | Overstated vs filing |
| CSMT project revenue target 300-350 cr this year | ₹350 cr | ₹1,060.72 cr | Understated vs filing |
| CSMT project revenue target 700 cr next year | ₹700 cr | ₹1,060.72 cr | Understated vs filing |
| Q4 revenue target ~1,400 cr | ₹1,400 cr | ₹1,060.72 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.