Construction - Real Estate · Founded 1979 · www.acilnet.com · BSE 532811 · NSE AHLUWALIA CO · ISIN INE758C01029
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Business
Ahluwalia Contracts (India) Ltd. is a leading Indian engineering, procurement, and construction (EPC) company. It primarily operates as a general contractor, undertaking a diverse range of construction projects across India. Its core business involves constructing institutional, commercial, residential, industrial, healthcare, hospitality, and power projects. The company's business model is based on bidding for and executing contracts awarded by government bodies, public sector undertakings, and private developers. It generates revenue by successfully completing these projects within agreed timelines and budgets, receiving payments based on milestones achieved.
Revenue Mix
The company does not typically report distinct revenue segments in the traditional sense, as its core business is integrated construction. However, its project portfolio broadly covers:
Commercial & Institutional: Office complexes, corporate parks, educational institutions, research centers.
Residential: High-rise residential buildings, townships, group housing.
Healthcare: Hospitals, medical colleges, specialized healthcare facilities.
Hospitality: Hotels, resorts.
Industrial: Factories, warehouses.
Others: Government buildings, stadia, etc.
While specific percentages fluctuate based on new orders, the company generally maintains a diversified order book across these categories to mitigate concentration risk.
Industry
The Indian construction industry is highly fragmented, with numerous local, regional, and national players. It's largely driven by government infrastructure spending, real estate development, and industrial growth. Ahluwalia Contracts operates in the mid-to-large segment of general contractors, competing with a mix of larger diversified players and smaller specialized firms. Its long operational history and track record allow it to bid for significant government and private projects. The company is known for its strong execution capabilities, particularly in complex building projects, which helps it maintain a respectable position among its peers.
MOAT
Ahluwalia Contracts possesses several durable advantages:
Track Record & Reputation: Over 40 years of successful project execution has built a strong reputation for quality, timely delivery, and reliability, essential for securing repeat business and new contracts.
Execution Capabilities: Expertise in managing complex projects, including specialized structural work and MEP (Mechanical, Electrical, Plumbing) integration, particularly in institutional and healthcare sectors.
Client Relationships: Long-standing relationships with various government agencies, PSUs, and prominent private developers.
Pre-qualification: Its size, financial strength, and past experience often enable it to pre-qualify for large and complex projects, limiting competition from smaller players.
Growth Drivers
Government Focus on Infrastructure: Continued high government spending on social infrastructure (hospitals, educational institutions) and urban development initiatives (Smart Cities, affordable housing) will provide a robust pipeline of projects.
Real Estate Revival: A potential revival in the residential and commercial real estate sectors could boost private sector demand for construction services.
Healthcare Sector Growth: India's growing healthcare needs and investments in new hospitals and medical facilities offer significant opportunities.
Urbanization: Rapid urbanization necessitates more commercial, residential, and institutional buildings in Tier 1 and Tier 2 cities.
Order Book Momentum: Strong current order book provides revenue visibility for the short to medium term.
Risks
Cyclicality of Construction Sector: The industry is highly sensitive to economic cycles, government policies, and interest rates.
Working Capital Management: Construction projects are working capital intensive, and delays in client payments can strain liquidity.
Competition & Margin Pressure: Intense competition can lead to aggressive bidding and pressure on profit margins.
Project Delays & Cost Overruns: Unforeseen site conditions, regulatory hurdles, labor shortages, or material price volatility can lead to project delays and cost overruns, impacting profitability.
Regulatory & Environmental Risks: Changes in construction regulations, environmental clearances, or land acquisition policies can affect project execution.
Interest Rate Fluctuations: Higher interest rates can increase borrowing costs for projects and clients.
Management & Ownership
Ahluwalia Contracts is promoted by the Ahluwalia family, with Mr. Bikramjit Ahluwalia being the Chairman & Managing Director. The company has a professional management team with significant experience in the construction industry. The promoters hold a substantial stake in the company, which aligns their interests with minority shareholders. The ownership structure includes promoter holding, institutional investors, and public shareholders, indicating a diversified investor base.
Outlook
Ahluwalia Contracts is well-positioned to benefit from India's sustained infrastructure push and long-term urbanization trends, supported by its strong track record and diversified project portfolio. The company's focus on executing complex institutional and building projects provides a degree of insulation from the most commoditized segments of construction.
However, the cyclical nature of the construction sector, intense competition, and inherent working capital risks remain key challenges. While a healthy order book provides revenue visibility, efficient project execution and timely collections will be critical for maintaining profitability and cash flow. The ability to manage input costs, labor, and potential project delays will determine its continued success in the competitive Indian construction landscape.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 902 | 1026 | 1164 | 919 | 1011 | 952 | 1216 | 1005 | 1177 | 1061 |
| Other Income | 8 | 9 | 12 | 11 | 12 | 15 | 18 | 16 | 15 | 15 |
| Total Income | 910 | 1035 | 1176 | 930 | 1023 | 967 | 1234 | 1021 | 1192 | 1076 |
| Total Expenditure | 812 | 915 | 1059 | 859 | 938 | 868 | 1092 | 919 | 1049 | 965 |
| Operating Profit | 98 | 121 | 117 | 71 | 85 | 99 | 142 | 102 | 144 | 111 |
| Interest | 11 | 12 | 14 | 15 | 16 | 15 | 13 | 12 | 15 | 11 |
| Depreciation | 13 | 14 | 29 | 15 | 17 | 18 | 17 | 21 | 22 | 26 |
| Exceptional Income / Expenses | 0 | 0 | 195 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 74 | 95 | 269 | 41 | 53 | 67 | 112 | 70 | 106 | 74 |
| Provision for Tax | 19 | 24 | 69 | 11 | 14 | 17 | 29 | 18 | 27 | 20 |
| Profit After Tax | 55 | 71 | 200 | 31 | 38 | 49 | 83 | 51 | 79 | 54 |
| Adjustments | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | -1 | -0 |
| Profit After Adjustments | 55 | 70 | 200 | 31 | 39 | 50 | 83 | 51 | 79 | 54 |
| Adjusted Earnings Per Share | 8.2 | 10.5 | 29.8 | 4.6 | 5.8 | 7.4 | 12.4 | 7.6 | 11.7 | 8.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1060 | 1250 | 1427 | 1647 | 1755 | 1885 | 1982 | 2692 | 2838 | 3855 | 4099 | 4459 |
| Other Income | 12 | 14 | 8 | 6 | 10 | 10 | 22 | 29 | 30 | 37 | 60 | 64 |
| Total Income | 1072 | 1263 | 1435 | 1653 | 1764 | 1895 | 2005 | 2722 | 2868 | 3892 | 4159 | 4523 |
| Total Expenditure | 945 | 1089 | 1253 | 1427 | 1538 | 1732 | 1828 | 2436 | 2534 | 3467 | 3761 | 4025 |
| Operating Profit | 126 | 174 | 182 | 226 | 226 | 163 | 177 | 286 | 334 | 425 | 397 | 499 |
| Interest | 39 | 35 | 27 | 25 | 19 | 35 | 43 | 44 | 33 | 48 | 58 | 51 |
| Depreciation | 21 | 20 | 24 | 26 | 28 | 32 | 30 | 34 | 39 | 67 | 67 | 86 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195 | 0 | 0 |
| Profit Before Tax | 67 | 119 | 131 | 175 | 179 | 97 | 103 | 208 | 262 | 504 | 273 | 362 |
| Provision for Tax | 3 | 35 | 45 | 59 | 62 | 32 | 26 | 53 | 68 | 130 | 71 | 94 |
| Profit After Tax | 64 | 84 | 86 | 115 | 117 | 64 | 77 | 155 | 194 | 375 | 202 | 267 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit After Adjustments | 64 | 84 | 86 | 115 | 117 | 64 | 77 | 155 | 194 | 375 | 202 | 267 |
| Adjusted Earnings Per Share | 9.6 | 12.6 | 12.9 | 17.2 | 17.5 | 9.6 | 11.5 | 23.2 | 29 | 56 | 30.2 | 39.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | 15% | 17% | 14% |
| Operating Profit CAGR | -7% | 12% | 19% | 12% |
| PAT CAGR | -46% | 9% | 26% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -13% | 15% | 21% | 11% |
| ROE Average | 12% | 19% | 16% | 17% |
| ROCE Average | 19% | 28% | 25% | 25% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 338 | 422 | 505 | 621 | 737 | 803 | 879 | 1035 | 1228 | 1600 | 1798 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 3 |
| Other Non-Current Liabilities | 36 | 70 | 52 | 9 | 39 | 96 | 186 | 103 | 122 | 347 | 450 |
| Total Current Liabilities | 648 | 649 | 661 | 600 | 680 | 836 | 972 | 882 | 1116 | 1214 | 1419 |
| Total Liabilities | 1030 | 1142 | 1218 | 1230 | 1457 | 1736 | 2038 | 2020 | 2467 | 3162 | 3671 |
| Fixed Assets | 121 | 118 | 107 | 99 | 102 | 110 | 123 | 118 | 185 | 247 | 368 |
| Other Non-Current Assets | 224 | 186 | 265 | 221 | 224 | 340 | 356 | 344 | 277 | 284 | 290 |
| Total Current Assets | 685 | 838 | 846 | 910 | 1132 | 1286 | 1559 | 1558 | 2004 | 2631 | 3012 |
| Total Assets | 1030 | 1142 | 1218 | 1230 | 1457 | 1736 | 2038 | 2020 | 2467 | 3162 | 3671 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 27 | 42 | 36 | 84 | 75 | 138 | 165 | 326 | 246 | 366 | 335 |
| Cash Flow from Operating Activities | 93 | 77 | 126 | 81 | 86 | 110 | 259 | 66 | 301 | 257 | 359 |
| Cash Flow from Investing Activities | 21 | -25 | -9 | -20 | -43 | -46 | -48 | -101 | -166 | -310 | -323 |
| Cash Flow from Financing Activities | -98 | -57 | -70 | -70 | 19 | -36 | -51 | -44 | -16 | 21 | -52 |
| Net Cash Inflow / Outflow | 16 | -6 | 48 | -9 | 62 | 27 | 160 | -79 | 120 | -31 | -16 |
| Closing Cash & Cash Equivalent | 42 | 36 | 84 | 75 | 138 | 165 | 326 | 246 | 366 | 335 | 318 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 9.56 | 12.6 | 12.87 | 17.23 | 17.51 | 9.61 | 11.52 | 23.17 | 28.96 | 55.95 | 30.17 |
| CEPS(Rs) | 12.72 | 15.59 | 16.44 | 21.06 | 21.63 | 14.37 | 16.07 | 28.18 | 34.75 | 65.94 | 40.11 |
| DPS(Rs) | 0 | 0 | 0 | 0.3 | 0.3 | 0 | 0 | 0.3 | 0.4 | 0.5 | 0.6 |
| Book NAV/Share(Rs) | 50.28 | 62.98 | 75.35 | 92.75 | 110.06 | 119.85 | 131.18 | 154.53 | 183.37 | 238.84 | 268.48 |
| Core EBITDA Margin(%) | 10.83 | 12.87 | 12.17 | 13.31 | 12.33 | 8.12 | 7.78 | 9.52 | 10.71 | 10.07 | 8.23 |
| EBIT Margin(%) | 9.93 | 12.35 | 11.08 | 12.14 | 11.32 | 6.98 | 7.37 | 9.36 | 10.38 | 14.33 | 8.08 |
| Pre Tax Margin(%) | 6.29 | 9.53 | 9.18 | 10.62 | 10.22 | 5.12 | 5.22 | 7.74 | 9.22 | 13.08 | 6.66 |
| PAT Margin (%) | 6.04 | 6.75 | 6.05 | 7.01 | 6.69 | 3.42 | 3.89 | 5.76 | 6.83 | 9.72 | 4.93 |
| Cash Profit Margin (%) | 8.04 | 8.36 | 7.72 | 8.57 | 8.26 | 5.11 | 5.43 | 7.01 | 8.2 | 11.46 | 6.56 |
| ROA(%) | 6.19 | 7.77 | 7.31 | 9.43 | 8.73 | 4.03 | 4.09 | 7.65 | 8.65 | 13.32 | 5.92 |
| ROE(%) | 22.78 | 22.25 | 18.61 | 20.5 | 17.27 | 8.36 | 9.18 | 16.22 | 17.14 | 26.51 | 11.89 |
| ROCE(%) | 21.61 | 28.75 | 27.28 | 32.09 | 27.41 | 15.96 | 16.74 | 26.11 | 26 | 38.43 | 19.15 |
| Receivable days | 141.4 | 133.84 | 122.12 | 113.14 | 112.71 | 97.9 | 79.9 | 55.38 | 67.44 | 63.99 | 68.15 |
| Inventory Days | 58.28 | 54.22 | 57.9 | 48.43 | 35.08 | 35.72 | 47.69 | 36.54 | 31.25 | 26.5 | 29.17 |
| Payable days | 188.77 | 169.55 | 162.53 | 176.21 | 183.78 | 191.97 | 230.96 | 185.53 | 173.15 | 136.09 | 156.97 |
| PER(x) | 26.05 | 23.46 | 24.21 | 22.05 | 18.56 | 18.73 | 25.97 | 20.31 | 19.96 | 18.23 | 27.07 |
| Price/Book(x) | 4.95 | 4.69 | 4.14 | 4.1 | 2.95 | 1.5 | 2.28 | 3.05 | 3.15 | 4.27 | 3.04 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.08 | 0.09 | 0 | 0 | 0.06 | 0.07 | 0.05 | 0.07 |
| EV/Net Sales(x) | 1.66 | 1.63 | 1.44 | 1.49 | 1.16 | 0.54 | 0.81 | 1.01 | 1.16 | 1.58 | 1.1 |
| EV/Core EBITDA(x) | 13.96 | 11.66 | 11.3 | 10.87 | 8.97 | 6.18 | 9.08 | 9.52 | 9.85 | 14.34 | 11.38 |
| Net Sales Growth(%) | 10.34 | 17.89 | 14.16 | 15.42 | 6.57 | 7.42 | 5.16 | 35.83 | 5.42 | 35.83 | 6.31 |
| EBIT Growth(%) | 74.17 | 46.64 | 2.42 | 26.46 | -0.64 | -33.78 | 11.05 | 72.59 | 16.9 | 87.49 | -40.08 |
| PAT Growth(%) | 194.54 | 31.82 | 2.19 | 33.83 | 1.64 | -45.11 | 19.89 | 101.06 | 24.97 | 93.23 | -46.09 |
| EPS Growth(%) | 175.97 | 31.82 | 2.19 | 33.83 | 1.64 | -45.11 | 19.89 | 101.06 | 24.97 | 93.23 | -46.09 |
| Debt/Equity(x) | 0.51 | 0.34 | 0.18 | 0.05 | 0.08 | 0.06 | 0.02 | 0 | 0 | 0.03 | 0.01 |
| Current Ratio(x) | 1.06 | 1.29 | 1.28 | 1.52 | 1.66 | 1.54 | 1.6 | 1.77 | 1.8 | 2.17 | 2.12 |
| Quick Ratio(x) | 0.8 | 0.98 | 0.9 | 1.2 | 1.45 | 1.27 | 1.3 | 1.49 | 1.58 | 1.91 | 1.88 |
| Interest Cover(x) | 2.73 | 4.38 | 5.84 | 7.97 | 10.33 | 3.76 | 3.43 | 5.77 | 8.91 | 11.48 | 5.7 |
| Total Debt/Mcap(x) | 0.1 | 0.07 | 0.04 | 0.01 | 0.03 | 0.04 | 0.01 | 0 | 0 | 0.01 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 |
| FII | 12.66 | 13.32 | 13.25 | 12.86 | 12.51 | 12.07 | 12.44 | 12.86 | 13.53 | 13.74 |
| DII | 26.4 | 26.04 | 25.31 | 24.96 | 24.7 | 24.33 | 24.26 | 23.81 | 23.37 | 22.32 |
| Public | 5.62 | 5.32 | 6.11 | 6.87 | 7.48 | 8.28 | 7.99 | 8.02 | 7.78 | 8.61 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 |
| FII | 0.85 | 0.89 | 0.89 | 0.86 | 0.84 | 0.81 | 0.83 | 0.86 | 0.91 | 0.92 |
| DII | 1.77 | 1.74 | 1.7 | 1.67 | 1.65 | 1.63 | 1.62 | 1.59 | 1.57 | 1.5 |
| Public | 0.38 | 0.36 | 0.41 | 0.46 | 0.5 | 0.55 | 0.54 | 0.54 | 0.52 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | +15% | +17% | +14% |
| Operating Profit CAGR | -7% | +12% | +19% | +12% |
| PAT CAGR | -46% | +9% | +26% | +12% |
| Share Price CAGR | -13% | +15% | +21% | +11% |
| ROE Average | +12% | +19% | +16% | +17% |
| ROCE Average | +19% | +28% | +25% | +25% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 | 55.32 |
| FII | 12.66 | 13.32 | 13.25 | 12.86 | 12.51 | 12.07 | 12.44 | 12.86 | 13.53 | 13.74 |
| DII | 26.4 | 26.04 | 25.31 | 24.96 | 24.7 | 24.33 | 24.26 | 23.81 | 23.37 | 22.32 |
| Public | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 | 3.71 |
| FII | 0.85 | 0.89 | 0.89 | 0.86 | 0.84 | 0.81 | 0.83 | 0.86 | 0.91 | 0.92 |
| DII | 1.77 | 1.74 | 1.7 | 1.67 | 1.65 | 1.63 | 1.62 | 1.59 | 1.57 | 1.5 |
| Public | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 |
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