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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹5408 Cr.
Stock P/E
26.8
P/B
2.7
Current Price
₹807.3
Book Value
₹ 295.3
Face Value
2
52W High
₹1129.2
52W Low
₹ 645
Dividend Yield
0.07%

Ahluwalia Contract(I Overview

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.

Ahluwalia Contract(I Share Price

Live · BSE / NSE · Inception: 1979
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Ahluwalia Contract(I Quarterly Results

#(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

Ahluwalia Contract(I Profit & Loss

#(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

Ahluwalia Contract(I Balance Sheet

#(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

Ahluwalia Contract(I Cash Flow

#(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

Ahluwalia Contract(I Ratios

# 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

Growth Rates

Compounded annual
# 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%

Ahluwalia Contract(I Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 55.32 %
FII 13.74 %
DII (MF + Insurance) 22.32 %
Public (retail) 44.68 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 55.3255.3255.3255.3255.3255.3255.3255.3255.3255.32
FII 12.6613.3213.2512.8612.5112.0712.4412.8613.5313.74
DII 26.426.0425.3124.9624.724.3324.2623.8123.3722.32
Public 44.6844.6844.6844.6844.6844.6844.6844.6844.6844.68
Others 0000000000
Total 100100100100100100100100100100

Ahluwalia Contract(I Peer Comparison

Construction - Real Estate Edit Columns

Ahluwalia Contract(I Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Ahluwalia Contract(I Pros & Cons

Pros

  • Company has delivered good profit growth of 25% CAGR over last 5 years
  • Company is almost debt free.

Cons

  • Debtor days have increased from 136.09 to 156.97days.
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