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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,060.72 Cr
verified against source
Revenue YoY
11.43%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management lowered earlier 15-20% guidance due to NGT bans and early Holi impacting Q4 execution.
- Expects recovery from NGT disruptions and ramp-up in large projects like Central Vista and Gems & Jewellery Park.
- Management reiterated double-digit margin target for FY27, with potential for 10.5%.
- Selective bidding, reduced focus on residential; includes conversion of L1 orders.
Risks flagged
- Pollution-related shutdowns have become annual, impacting 44% of order book and causing revenue shortfalls.
- Scarcity of skilled labor and rising unit rates are pressuring margins; new labor code adds ₹1.31 crore cost in 9M.
- CSMT station redevelopment faces design rework and potential further delays; cost overruns may not be fully recoverable.
- Government projects, especially state-level, may take longer to convert to letters of award, impacting future revenue visibility.
Key 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.
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