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Ahluwalia Contracts (India)

AHLUCONT NSE
₹531.30 −1.20 (−0.23%)
P/E
15.82
View as Markdown
MCP
Close 4 Nov 2026 ₹531.30 −373.30 −41.3% 1Y
Start ₹904.60

Key Fundamentals

MicrocapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
20.40%
Debt to Equity
0.04
EPS (TTM)
₹33.59
Book Value
₹307.50
Market Cap
—
P/E (TTM)
15.82
P/B
1.73
ROE
13.80%
Dividend Yield
0.13%
EBITDA
₹506 Cr
52W High
₹1,077.95
52W Low
₹515.10
Day Range
₹520.75 – ₹537.40
Volume
72,704

Peer Comparison

Industrials › Construction › Civil Construction

Ahluwalia Contracts peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Ahluwalia Contracts (this company)
₹531.3015.82₹3,550 Cr1.730.13%13.80%20.40%₹4,686 Cr₹225 Cr
Median 8 companies₹416.0824.96₹21,696 Cr4.430.42%14.85%19.35%₹11,481 Cr₹841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
41
Weak
Sales & profit trajectory 9% weight
Financial Health
54
Average
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
31
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

3
  • Company has a low return on equity of 13.8% over last 3 years.
  • Contingent liabilities of Rs.3,161 Cr.
  • Dividend payout has been low at 1.55% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBullish162
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
39.21
Neutral
MACD (12,26,9)
−15.79
Bullish
SMA (50)
576.22
Bearish
SMA (200)
754.36
Bearish

As of

Analyst Rating

Based on 10 analysts
BUY50%

5 of 10 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
5
50%
HOLD
3
30%
SELL
2
20%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.83%
5Y+18.16%
3Y+17.17%
1Y+11.37%
TTM+12.00%

Net profit

Net profit growth by window
10Y+12.22%
5Y+28.14%
3Y+11.09%
1Y+31.68%
TTM+1.35%

Operating cash flow

Operating cash flow growth by window
10Y+13.82%
5Y+1.64%
3Y−2.27%
1Y−21.73%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.35 pp
5Y+1.76 pp
3Y−1.18 pp
1Y+1.19 pp
TTM−0.34 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,427 Cr
Mar 2018₹1,647 Cr
Mar 2019₹1,755 Cr
Mar 2020₹1,885 Cr
Mar 2021₹1,982 Cr
Mar 2022₹2,692 Cr
Mar 2023₹2,838 Cr
Mar 2024₹3,855 Cr
Mar 2025₹4,099 Cr
Mar 2026₹4,565 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹86.00 Cr
Mar 2018₹115 Cr
Mar 2019₹117 Cr
Mar 2020₹64.00 Cr
Mar 2021₹77.00 Cr
Mar 2022₹155 Cr
Mar 2023₹194 Cr
Mar 2024₹375 Cr
Mar 2025₹202 Cr
Mar 2026₹266 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹97.80 Cr +55.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk medium

Ahluwalia Contracts is a nearly debt-free construction company with a market cap of Rs.5,526 Cr trading at a PE of 20.6x. The company has delivered 17% compounded sales growth over 3 years and 32% TTM profit growth, though the stock has declined 20% over the past year and carries significant contingent liabilities of Rs.2,507 Cr.

Bull Case 8
  • Company is almost debt-free, providing financial flexibility and resilience in a capital-intensive construction sector
  • Strong TTM profit growth of 32% indicates improving operational efficiency and margin expansion
  • Consistent compounded sales growth of 17% over 3 years and 18% over 5 years demonstrates sustained revenue momentum
  • PE of 20.6x is reasonable for a construction company delivering double-digit earnings growth, suggesting valuation is not excessively stretched
  • 10-year compounded sales CAGR of 14% reflects a long track record of consistent top-line growth across cycles
  • 5-year compounded profit growth of 28% significantly outpaces sales growth of 18%, indicating operating leverage and margin improvement
  • Stock price CAGR of 16% over 5 years and 11% over 10 years shows long-term wealth creation capability
  • Price-to-book of 2.66x is moderate for a construction company with near-zero debt on the balance sheet
Bear Case 8
  • Stock has declined 20% over the past 1 year, indicating significant negative sentiment or earnings de-rating risk
  • Contingent liabilities of Rs.2,507 Cr represent approximately 45% of the market cap, posing a material risk if crystallized
  • Return on equity of 13.9% over 3 years is modest for a debt-free company and suggests suboptimal capital deployment
  • Dividend payout of just 1.55% of profits over the last 3 years with a yield of 0.07% offers negligible income to shareholders
  • 3-year stock CAGR of only 5% despite 17% sales and 11% profit CAGR suggests the market is assigning a lower valuation multiple
  • ROE has remained flat at 14-15% over the last 3, 5, and 10 years with no visible improvement trajectory
  • Construction sector is inherently cyclical and dependent on government spending and infrastructure policy continuity
  • 10-year compounded profit growth of only 12% versus 5-year growth of 28% suggests recent profit surge may not be structurally sustainable

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: Ahluwalia Contracts delivered strong FY26 results with 32% profit growth and healthy revenue expansion, signaling solid project execution in the construction sector. No visible headwinds emerged in the latest news cycle. The earnings momentum is clearly positive, and continued order inflows will be key to sustaining this trajectory into FY27.

Positives 2
  • FY26 net profit up 32% Jul 9

    Ahluwalia Contracts reported consolidated net profit of ₹265.86 crore for FY26, up from ₹202.08 crore in FY25, a 31.6% year-on-year increase.

  • Revenue crosses ₹4,565 crore Jul 9

    Revenue from operations increased to ₹4,565.20 crore in FY26, reflecting strong execution across its construction order book.

Quarterly Results

₹ Cr
AHLUCONT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
764
902
1,026
1,164
919
1,011
952
1,216
1,005
1,177
1,061
1,322
1,126
Expenses
681
812
915
1,059
859
938
868
1,092
919
1,049
965
1,199
1,079
Operating Profit
83
90
112
104
60
73
84
124
86
128
96
124
47
OPM %
11%
10%
11%
9%
7%
7%
9%
10%
9%
11%
9%
9%
4.2%
Other Income
7
8
9
207
11
12
15
18
16
15
15
25.46
16
Interest
11
11
12
14
15
16
15
13
12
15
11
12
16
Depreciation
12
13
14
29
15
17
18
17
21
22
26
29
32
PBT
67
74
95
269
41
53
67
112
70
106
74
110
14
Tax %
26%
26%
26%
26%
26%
27%
26%
26%
26%
26%
27%
25%
27%
Net Profit
50
55
70.24
200
31
38.67
50
83
51
79
54
82
10
EPS (₹)
7.42
8.22
10.55
29.83
4.56
5.73
7.39
12.44
7.64
11.73
8.07
12.24
1.55

Profit & Loss

₹ Cr
AHLUCONT profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,060
1,250
1,427
1,647
1,755
1,885
1,982
2,692
2,838
3,855
4,099
4,565
4,686
Expenses
945
1,089
1,254
1,427
1,538
1,732
1,828
2,435
2,534
3,467
3,757
4,130
4,291
Operating Profit
115
161
173
219
216
153
154
257
304
388
342
435
395
OPM %
11%
13%
12%
13%
12%
8%
8%
10%
11%
10%
8%
10%
8%
Other Income
11
13
8
6
10
10
22
28
30
232
55.37
71.52
73
Interest
39
35
27
25
19
35
43
44
33
48
58
50
55
Depreciation
21
20
24
26
28
32
30
34
39
67
67
98
109
PBT
67
119
131
175
179
97
103
208
262
504
273
359
304
Tax %
4%
29%
34%
34%
35%
33%
25%
26%
26%
26%
26%
26%
—
Net Profit
64
84
86
115
117
64
77
155
194
375
202
266
225
EPS (₹)
9.56
12.6
12.84
17.23
17.51
9.61
11.52
23.17
28.96
55.96
30.17
39.69
33.59
Div. Payout %
0%
0%
0%
2%
2%
0%
0%
1%
1%
1%
2%
2%
—

Balance Sheet

₹ Cr
AHLUCONT balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
13
13
13
13
13
13
13
13
13
13
13
13
Reserves
324
409
495
608
724
789
865
1,022
1,215
1,587
1,785
2,046
Borrowings
173
142
90
30
61
91
68
54
58
105
76
73
Other Liabilities
532
593
637
601
689
868
1,114
957
1,207
1,490
1,831
2,133
Total Liabilities
1,042
1,157
1,235
1,252
1,488
1,762
2,061
2,046
2,493
3,195
3,706
4,266
Fixed Assets
121
118
198
190
191
226
235
228
293
337
456
634
CWIP
79
85
1
0
0
0
0
0
1
7
12
6
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
841
954
1,036
1,062
1,296
1,535
1,826
1,818
2,199
2,851
3,238
3,626
Total Assets
1,042
1,157
1,235
1,252
1,488
1,762
2,061
2,046
2,493
3,195
3,706
4,266

Cash Flow

₹ Cr
AHLUCONT cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
93
77
126
81
86
110
259
66
301
257
359
281
Investing
21
−25
−9
−20
−43
−46
−48
−101
−166
−310
−323
−257
Financing
−98
−57
−70
−70
19
−36
−51
−44
−16
21
−52
−34
Net Cash Flow
16
−6
48
−8
62
27
160
−79
120
−31
−16
−10
Free Cash Flow
71
55
106
63
56
73
224
39
198
145
171
16
CFO/EBITDA
49
52
80
62
76
102
188
49
115
102
134
87

Ratios

AHLUCONT financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
144
146
132
125
108
96
69
60
78
71
70
59
Inventory Days
112
123
101
91
71
91
119
72
65
63
69
66
Days Payable
182
177
177
182
202
212
257
183
180
139
172
157
Cash Conversion Cycle
74
92
55
34
−23
−26
−69
−52
−37
−6
−33
−32
Working Capital Days
−14
29
31
41
51
40
31
33
39
60
56
55
ROCE %
22%
29%
27%
32%
27%
16%
16%
25%
25%
24%
18%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ahluwalia Contracts insights

68 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.32%
  • DIIs 21.95%
  • FIIs 14.02%
  • Public 7.24%
  • Others 1.47%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ahluwalia Contracts (India)

What does Ahluwalia Contracts (India) Ltd do?
Company is engaged in engineering and contract construction, delivering state of-the-art infrastructure and buildings projects for clients in India. Company has experiences in working on residential, commercial, institutional, corporate offices, power plants, hospitals, hotels, IT parks, Metro…
Where is Ahluwalia Contracts (India) Ltd (AHLUCONT) listed?
Ahluwalia Contracts (India) Ltd trades as AHLUCONT on the NSE and under code 532811 on the BSE.
Which sector does Ahluwalia Contracts (India) Ltd belong to?
Ahluwalia Contracts (India) Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of Ahluwalia Contracts (India) Ltd?
Ahluwalia Contracts (India) Ltd trades at a PE ratio of 15.82 as of 4 Nov 2026, on earnings per share of ₹33.59, against a book value of ₹307.5 per share.
What is the 52-week high and low of Ahluwalia Contracts (India) Ltd?
Over the last 52 weeks Ahluwalia Contracts (India) Ltd has traded between ₹515.1 and ₹1,077.95 as of 4 Nov 2026.
Does Ahluwalia Contracts (India) Ltd pay dividends?
Ahluwalia Contracts (India) Ltd has a dividend yield of 0.13%.
What is the Return on Equity (ROE) of Ahluwalia Contracts (India) Ltd?
Ahluwalia Contracts (India) Ltd reported a return on equity of 13.80%. Its debt-to-equity ratio is 0.04.

Company Information

Company is engaged in engineering and contract construction, delivering state of-the-art infrastructure and buildings projects for clients in India. Company has experiences in working on residential, commercial, institutional, corporate offices, power plants, hospitals, hotels, IT parks, Metro stations and depots, and automated car parking lots for Government as well as private clients.

Website acilnet.com
CEO Mr. Bikramjit Ahluwalia
Employees 3,325
Listed 23 Feb 2007
Face Value ₹2

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