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Q1-2026 Earnings Call
AI Summary
Earnings Call on Aug 18, 2025
Strong Revenue Growth: Q1 FY '26 turnover was INR 1,004.88 crores, up 9.3% year-on-year.
Profit Surge: PAT rose sharply to INR 51.11 crores, marking a 67% increase over last year.
Margin Expansion: EBITDA margin improved to 8.59% from 6.58% and PAT margin to 5.01% from 3.29%.
Healthy Order Book: Order book stands at INR 16,582.09 crores as of June 30, 2025, and INR 18,671 crores to date.
Positive Outlook: Management maintains guidance of 15%–20% revenue growth and double-digit EBITDA margins for FY '26.
Project Updates: Key projects (CSMT, India Jewellery Park, DLF Dahlias) are progressing; CSMT expected to deliver INR 400 crores+ revenue this year.
Order Intake: Order inflow so far in FY '26 is INR 3,889.06 crores, with additional L1 status on INR 1,796 crores.
Financial Health: Cash and liquid investments at INR 920 crores, borrowings minimal at INR 2 crores.
The company reported significant growth in both revenue and profit for Q1 FY '26. Revenue rose by 9.3% year-on-year, while PAT increased by 67%. Management attributes this performance to improved execution and a strong order book.
EBITDA margin improved to 8.59% from 6.58% a year ago, and PAT margin increased to 5.01% from 3.29%. Management reiterated their expectation of achieving double-digit EBITDA margins for the full year, noting that Q1 is typically slower for construction companies and stronger performance is anticipated in the second half.
The company's order book as of June 30, 2025, stands at INR 16,582.09 crores, with total order intake for FY '26 so far at INR 3,889.06 crores. The order book to date is INR 18,671 crores, to be executed over the next 2 to 2.5 years. Management expects to achieve similar order inflow as last year, around INR 8,000 crores.
Management maintained guidance for revenue growth of 15% to 20% for FY '26 and indicated similar growth is possible next year. They are also confident in achieving double-digit EBITDA margins, with margin improvement expected in the second half as project execution accelerates.
Key projects like CSMT are seeing better progress after initial delays, with clearances improving and a target run rate of INR 60–70 crores per month. India Jewellery Park is expected to break ground in about 2 months, pending final clearances and favorable weather. The DLF Dahlias project is expected to begin in September and could contribute INR 500 crores in annual revenue once underway.
The company's order book is now 63% private sector and 55% item rate contracts, reflecting a strategic shift from public to private sector projects where margin potential is higher. Management confirmed that private sector projects, especially item rate contracts, offer better margins than public sector EPC contracts.
The company maintains a strong balance sheet with INR 920 crores in cash and liquid investments and minimal borrowings of INR 2 crores. CapEx for FY '26 is expected to be around INR 500 crores, with a lower figure of INR 200 crores projected for next year. Increased CapEx will result in higher depreciation from Q3 and Q4.
Management noted that competitive intensity is higher in government/public sector projects, leading to lower margins. In contrast, private sector projects have fewer qualified bidders, enabling higher margins. The company is focusing on marquee private and select government projects to optimize profitability.
Ladies and gentlemen, good day, and welcome to Ahluwalia Contracts India Limited Q1 FY '26 Earnings Conference Call hosted by AMBIT Capital Private Limited. [Operator Instructions] This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Please note that this conference is being recorded. I now hand the conference over to Mr. Sameer Thakur. Thank you, and over to you, sir.
Good afternoon. On behalf of AMBIT Capital, I thank the management of Ahluwalia Contracts India Limited on the opportunity to host your Q1 FY '26 earnings call. We have the following members of management with us today: Mr. Shobhit Uppal, Deputy Managing Director; Mr. Vikas Ahluwalia, Director; and Mr. Satbeer Singh, Chief Financial Officer. I'll now hand over the call to the management, Mr. Shobhit Uppal, Deputy Managing Director, to walk us through the quarter. Thank you all, and over to you, sir.
Thank you. Thank you so much. Good afternoon, everybody. Ahluwalia Contracts India Limited has announced its financial results for Q1 FY '26. During Q1 FY '26, the company has achieved a turnover of INR 1,004.88 crores and a PAT of INR 51.11 crores in comparison to a turnover of INR 919.35 crores and a PAT of INR 30.60 crores during the corresponding quarter Q1 FY '25.
The company has registered a growth of 9.3% in turnover and 67.03% in PAT during Q1 FY '26 in comparison to Q1 FY '25. EPS of the company for Q1 FY '26 is INR 7.63 as compared to EPS of INR 4.57 in Q1 of FY '25. During Q1 FY '26, the company's EBITDA margin is 8.59% as compared to 6.58% in Q1 of FY '25 and a PAT margin of 5.01% as compared to a PAT margin of 3.29% in Q1 of FY '25. The net order book of the company as on 30th June 2025 is INR 16,582.09 crores to be executed over the next 2 to 2.5 years. Total order inflow during FY '26 till date is INR 3889.06 crores. At present, we are L1 into projects amounting to INR 1,796 crores.
Thank you so much. We are ready to take questions now.
[Operator Instructions] The first question is from the line of Mohit from ICICI Securities.
My first question is, sir, can you please help us with the progress on the CST and India Jewellery Park project? And any color on the contribution in the top line in this fiscal, and next fiscal, in your opinion?
Your voice is not very clear. Your first project you asked was CST...
Maybe I'll speak up. My question was on the CST and India Jewellery Park, the two largest projects which are there in our order book. My question is, how has been the progress on those two projects? And how do you see their contribution in this fiscal and next fiscal in your opinion?
Vikas, do you want to take that?
Vikas here. So the CST project, the progress is better now compared to the last two quarters. And better in the sense, we have a lot of clearances now with respect to design and other -- it's a complex project and the railway station itself is a very complex environment, CST especially. So there are a lot of clearances that are now coming in. And we have already done about 400 -- 350-something work. Total work done at site is about 17% to 20%, which has been built. There's a lot of unbuilt work which is happening. It is not yet built. So this year, we are expecting it to do better. I mean, we are now moving towards getting the project in sync to achieve a good run rate of about INR 60 crores to INR 70 crores per month. It still takes some time. Because I'll again repeat that it is a complex environment.
On the India Jewellery Park, any progress?
India Jewellery Park is now the projects -- the client has received the environmental clearance finally in paper. So there are certain compliances that they have to do, which they would do -- or they are doing now. In another 2 months' time, I think we should be breaking ground. We are waiting also now the rains in Mumbai are insane. So it take some time to settle down. But in 2 months' time, we should be breaking ground.
Understood. My second question is on the Gurgaon project, which you won this, DLF. When do you expect the work to commence? And is it fair to expect that this will be a INR 500 crores project -- INR 500 crores kind of revenue from FY '27 on onwards?
It's -- I guess you're referring to the The Dahlias project.
DLF, Dahlias.
DLF, Dahlias project. Yes, that's roughly about INR 2,000 crores. It's to be completed in about 40 months. So yes, about INR 500 crores revenue, but that depends on -- there are 8 towers. The total build-up area is 7.3 million square feet. They have -- they're doing the D-wall -- the client is doing the D-wall as well as the excavation. So we are expecting that we will break ground from our side in September. That is when they start handing over. So yes, that's where we are at as far as that project is concerned.
The next question is from the line of Vaibhav Shah from JM Financial.
Sir, we have seen some softness in terms of margins in the first quarter. We are targeting a double-digit margin for the entire year. So from -- can we expect a better margin in 2Q or the improvement will happen in second half?
Where is the softness level. If you see as per my opening remarks, quarter-on-quarter, there is an increase. There is an increase of close to 42.7% as far as EBITDA is concerned, and net profit by 67% when we compare quarter-to-quarter. This is very funny. When quarter -- succeeding quarter to preceding quarter, we show an increase when you compare with corresponding quarter. When corresponding quarter, we show an increase then you compare with the preceding quarter. But having said that, that was said on a lighter vein, but I think we are going ahead on projected lines. I had told you that this year, in the last conference call, we had said that this year there will be double-digit margins. And we are well on our way to that, right? Q1 traditionally is a very slow quarter for all construction companies. And if you were to compare our results, now most of the companies -- almost all of our peers have declared their results. Our performance is much better than all of them. You may have done a comparison. And most of our slow-moving orders are out other than CSMT, which Vikas explained also, now we are taking off on that project, too. So we are projecting a double-digit EBITDA margin as far as this whole financial year is concerned, FY '26 is concerned.
And sir, guidance on revenue for '26?
Same, 15% to 20% growth.
Okay. Okay. Sir, secondly, on the project-specific side, so we had mentioned last time that from CSMT project, we are targeting revenue of INR 400 crores to INR 500 crores, and from Gems and Jewellery around INR 150-odd crores for '26. So we stick to this guidance?
Yes. It will be -- as far as CSMT is concerned, as Vikas just mentioned, we should be doing INR 400 crores plus in this financial year from that project. As far as Gems and Jewellery Park is concerned, we are still not very clear. It all depends on the notice to proceed, which we are awaiting from the client. They are working on some clearances. But we deliberately -- that's why we kept the contribution from that project to the top line low. And we've since we've got other projects, I don't think that's going to -- even if that project is slow to take off from the starting block, I think we have more than enough in our kitty, which will help us achieve the 15% to 20% top line growth.
Sure. Sir, once the Gems and Jewellery Park project starts and what could be our annual run rate once the execution picks up? It should be around INR 400 crores, INR 500 crores per year?
We would not like to comment on that at this point in time. It's a large project, as all of you know, it's INR 2,000 crore plus project. And the time line is about 4 years. So yes, it should be about INR 400 crores to INR 500 crores, but it would not be prudent for us to commit to that as of now until the project really takes off.
Okay. Okay. And sir, lastly, on the Chhapra project, so we had added the order book of INR 160-odd crores due to some change in scope. So has the work begun over there?
Yes, it's continuing. It was -- as I mentioned in my last call, due to funds issues from the government, the project had slowed down. But those funds are coming now and they've actually increased the scope of work. And we will complete that work in this financial year.
Okay. And sir, lastly, on the Bihar Animal University project, we have seen some softness in terms of execution in first quarter. So do we expect to complete the project this year or it should spill over the next year?
In the last -- in the month of July, we've actually done a billing of INR 50 crores plus. So that project is racing along.
So that should complete in this year.
Yes.
The next question is from the line of Parvez Qazi from Nuvama Group.
So a couple of questions on the L1 side. I mean these projects are the same where, let's say, we were L1 at the time of the previous call, one from MIDC and I think one was from university in Bhubaneswar?
Yes, yes.
Yes. So by when do we expect some progress here?
Hopefully, in this quarter, both the projects should come through.
Sure. And our order intake has been very strong in the first 5 months. So year as a whole, do you think we should be more or less same as what we did last year?
Yes. I had projected about the same figure, around INR 8,000 crores last year -- in the last call. We should be achieving that.
Sure. And with regards to the The Dahlias project, I mean we understand the overall project size is quite large. So is there a scope that in future, we might get some more work here in terms of maybe the new phase, et cetera.
We are now DLF's premier contractor. We are doing projects worth nearly INR 5,500 crores with them totally, gross value I'm talking about. And the first one of these projects, which we started about 1.5 years ago, the Arbour, which will be substantially complete in the first 3 -- maybe for February, March of FY -- sorry, the calendar year '26. So we hope to strengthen our relationship with them further by picking up on projects with them.
Lastly, a question for Satbeer Ji. Sir, what was the CapEx which we did in Q1? And also what is the overall borrowings and the cash figure?
We are expecting the CapEx this year is around INR 500 crores.
First quarter how much...
First quarter we have INR 52 crores.
Okay. And what is the borrowings and the cash figure?
Borrowing is hardly there is -- INR 2 crores.
And cash including all the liquid investments, et cetera?
This is INR 920 crores.
The next question is from the line of Amit Khetan from Laburnum Capital.
So my question was when we do marquee projects like The Dahlias or CST, do these come at margins which are similar to company level margins? Or do we have to end up bidding a little more aggressively here to secure these projects?
So Amit, on the private sector side, and this I've repeatedly mentioned in all my interactions. On the private sector side, the margins are higher because the competition or competitive intensity is lesser. On the government sector side, the intensity is more. So CSMT, the margins are lower, though it's a large project, prestigious project. On the private sector side, Dahlias is equally prestigious, but margins will be higher.
Understood. Understood. And secondly, you mentioned that we've got exposure of INR 5,500 crores in terms of order book with DLF. How do you think about single client exposure risk in the private sector? Where is the limit where you're more comfortable taking it to?
So this is about it, this level INR 5,500 crores, INR 6,000 crores, that too with a client like DLF because DLF is the premier developer in the country. There is DLF and then there are others. So -- and even in the past, we worked with them, and we feel they are the most organized and cash rich of all developers. So we aim to maintain a similar level of our exposure to them going forward.
Got it. Got it. And lastly, this quarter saw some unseasonal rains because of which execution was slow at some of our peers. Would that be the case with us? And how much would be roughly the impact of that?
You're talking about Q2, is it?
Q1.
Look, Q1, we feel that we factored in all these issues when we had made our projections. And I think Q1, we've done fairly all right. In fact, we've done better than what we had expected. What I had mentioned in our last call was that Q1 and Q2, which traditionally H1 is always lower than H2. H2, we do -- this industry performs much better because the labor shortage season is over, the monsoon is behind us. So we are on track to get that 15% to 20% growth in our top line.
The next question is from the line of Lakshminarayanan from Tunga Investments.
Sir, just want to understand that there is -- we read a lot of slowness in demand for residential projects offtake, especially on -- in NCR and especially on the high end, right? Now I just want to understand how are we derisking ourselves if there is some kind of an issue in the residential because our mix is now tilting more towards residential. I just want to understand what is the derisking thought you have or whether my commentary seems to be right or wrong.
Look, while there is talk of slowdown, but we have not seen this on the ground as far as our interaction with our clients, primarily the developers for whom we are doing residential projects is concerned, right? Having said that, we are at about 40% of our total order book, which is residential at the moment. We are -- we have slowed down in our intake of projects in this sector. As far as slowdown is concerned, we are actually -- there are a lot of clients existing or otherwise who are after us to take up their jobs, and we are virtually refusing a job a week. So if projects are being launched, slowdown, maybe there is a slowdown in the pricing in the sense that pricing is not nosedived or come down. It's plateaued off. But there doesn't seem to be any slowdown on the projects being executed on the ground. That's one. Just to clarify again, we, at the moment, are not looking to add to the residential portfolio. We are now looking at commercial, retail, institutional, which has always been our forte, and also looking at bidding for marquee large government jobs.
Got it. Got it. And if I look at your order book, right, I mean, what is the mix of item rate and what is this -- how much is EPC? And particularly in CSMT, what is the mix we have?
So what's happened is that due to our focus now or we've refocused on the private sector for the last 1, 1.5 years, which is primarily item rate. Today, now 55% of our order book is item rate, right, and 45% is EPC.
Got it. So if I look at last year, whatever you have concluded, what is your revenues, which was a mix of item rate and EPC?
Yes, it was. So you're asking me the percentage?
Yes. Last year -- see, the reason is that I believe that the item rate gives you higher margins. And if so, whether are we -- is that mix changing with respect to the last year full revenues?
It's flipped. If you see now the exposure of our private sector versus public sector -- yes, so if you see -- if you do a comparison with last year, it's flipped both in terms of item rate versus EPC and public sector versus private sector. Today, nearly 63% of our order book comes from the private sector. And this has been a conscious effort. If you've attended some of our previous investor calls, which I think you have, we've had some interaction with you, and we've been maintaining this. This is a conscious direction that we took about 2 years ago to start moving from public sector to private sector because we foresaw that there would be increased competition in the public sector. And so now today, 63% of our order book comes from the private sector. And as I said, 55% is item rate.
And typically, between the item rate and the EPC, rate, what is -- if you take 100 of an index of EPC, how much is usually the item rate from a margin point of view?
As compared to EPC, is that what you're asking?
Yes. I mean, with respect to -- if item rate is 100% -- 100 as a margin, how much would EPC be? Like what is the...
So you're saying how much would EPC be lower by?
Yes, lower by, that's right.
I think it would not be, again, prudent for me to put a general number that way. I'll give you an example. On the private sector side, we are doing 2 EPC contracts for a health care company, right, where our margins are at par with item rate margins on some of our private sector clients. So it is only on government contracts that EPC margins are lower. That also because there is intense competition. Government now, the qualification criteria in their wisdom, various government departments have diluted the qualification criteria. So what happens is, say, for a INR 500 crore contract on the private sector side, there would be -- the client would be hard-pressed to find 3 large bidders, qualified bidders to bid, good bidders to bid, whereas on a similar sized contract on the public sector side, there'd be 15 bidders.
[Operator Instructions] The next question is from the line of Abhinav from ICICI Securities.
As there is no response from the current participant, moving to the -- the next question is from the line of Shravan Shah from Dolat Capital.
A couple of things to clarify. Before that, just a request, sir, every time for this con call, I have to ask for the DiamondPass link. So I don't want to waste the time in that. It actually saves the time of all the investors, so it's better if you can upload the same on the BSE exchanges with the DiamondPass would be better. Now moving to the question. So in terms of the EBITDA margin front, do we expect from Q2 itself, can we start seeing a 10% EBITDA margin? Or maybe a third and fourth quarter can see 11% plus, then that's why we are confident to have a 10% at a blended level for full year?
Yes. Third and fourth quarter, as I said earlier, would be the ones where we'd really be taking off. Q2 would be similar to Q1 because rains have been unusually heavy this time, especially in NCR. So that has impacted our performance, especially in the month of July and August.
Got it. And second, then, is it still fair that we will still -- even for next year also, we can be expecting the double digit or it can be 11% kind of a margin EBITDA level is possible in FY '27?
Shravan, you asked me that question every time we talk. So we are -- we feel confident we'll be able to do double digit margins.
Got it. And sir, currently, the bid pipeline is how much and how much value of orders we have bidded where bid is yet to open?
As I told you, on the government sector side, we are -- there is -- our focus is diluted. So there are no really -- from the top of my head, I don't think there are any unopened bids on the government sector side. On the private sector side, there are -- there is negotiation happening on contracts to the tune of about INR 1,000 crores and the bid pipeline is to the tune of about INR 5,000 crores.
Got it. And second, sir, a couple of balance sheet data points, inventory, trade receivables, trade payable, mobilization advance, retention and unbilled revenue.
Retention is INR 390 crores and debtors are INR 623 crores. Mobilization INR 675 crores, trade payables INR 821 crores and inventory INR 380 crores, unbilled revenue INR 557 crores.
Okay. And in mobilization, how much is interest-bearing, sir?
This is 35%.
Okay. And for full year, how much CapEx we are looking at? And is there a similar run rate will be there for next year also? Or will it be lower?
So this year, the CapEx is going to be higher. It's going to be about INR 500 crores. Next year, it will be lower.
Will it be around closer to INR 200 crores or...
Yes, it will be about INR 200 crores next year.
Okay. So in terms of depreciation, can we start seeing the uptick in the depreciation from third and fourth quarter itself for this extra INR 500 crores?
Because this quarter, we have spent around INR 62 crores, and -- but rest quarters we are expecting rest of the amount. So that definitely depletion will go above from that level from third quarter and fourth quarter.
Okay. And sir, this CSMT, though we are saying that INR 400-odd crores plus revenue we will be doing this. So next year also similar INR 400 crores, INR 500 crores or is there a possibility that we can do even INR 650-plus crores kind of revenue?
It will increase next year, Shravan because work done and next year, the higher value items will kick in, so the billing will increase.
Okay. Got it. Shobhit sir, is there a possibility that for next year also, we will be on the top line front at a blended level, similar 15% kind of a growth is possible?
Yes, yes, definitely it's possible. The order book is healthy. It's about INR 18,000 crores. So we -- and this is to be executed over the next 2.5 years and the order pipeline is good. Yes, there will be a 15% to 20% growth next year also.
The next question is from the line of Salil Desai from Marcellus Investment Managers.
So first of all, clarification. In the presentation you have uploaded, the unexecuted order book says it's from 31st March '25. So should we read this as 30th June? Or is the number different?
That is correct. That number is [indiscernible]. So there's one table, right, that gives the unexecuted level for annually. So what number you need to be reading actually -- if you go on page -- on the presentation, Slide #3, you will have the unexecuted order book as INR 3,582 crores. And then when you go into the -- the segmental-wise as well as segment for the type, the client profiling-wise, state-wise. So everywhere, the number of INR 16,582 crores will appear. Yes, those are all till June. If you -- what you are referring to actually Slide #13, right? Why there has been an order inflow of INR 2,089 crores. So you can add that to the figure of INR 16,582 crores, you will get the unexecuted order value till end of July. So the one you are referring on the Slide 13, I think that's what you're referring to whether it's March '25?
Slide [indiscernible]...
Sorry to interrupt. Mr. Salil, may we request you use the headset to ask a question. Sir you are not audible.
Referring to the number on Slide 3, you're saying that is not the number to look at. I should add the INR 2,089 crores to this number to get the...
As of the present day that we are talking about. So as of the present day. That is as on 30th of June '25 because this is the quarter presentation for that quarter.
I get it. Because if I try to do some math, what the backlog was at the end of March and the order inflows what you have got for this quarter and then the revenues, then the number comes to a slightly higher number. So I was just figuring out -- trying to figure out if there is an order cancellation or something that's been done.
Absolutely. So what you need to do is that you have to -- what you are doing, you're seeing the Slide #13, right, where -- I mean this is order book of 157,751, right?
Let me just clarify. There has been no order cancellation. And our order book till date stands at INR 18,671 crores. Did you get that?
Yes.
[Operator Instructions] The next question is from the line of Lakshminarayanan from Tunga Investments.
Sir, one question. So we got this Birla Trimaya in Bangalore, which is a INR 325 crore project or something, right? So is the -- are we developing for all the towers? Or how is it? And secondly, how does it work? Because, let's say, there are multiple Birla projects that are going on across the country, whether we are in a better position to actually bid for those things? Just want to understand your point of view there.
Yes, we have, in the past, bid for their projects in different parts of the country. We are doing Phase 1 and Phase 2 here on this particular project, which is Trimaya. At the moment, as I mentioned in response to one of the earlier questions, which were asked is that we have taken a step back from residential construction. So we -- that's why we have not -- we have sort of refused a job in Gurgaon with Birla. So going forward, once this project reaches a substantial completion stage or an advanced stage, then we look at other projects with them.
The next question is from the line of Parvez Qazi from Nuvama Group.
So just wanted to get your views on the competitive intensity. I mean you're saying that maybe we are refocusing towards retail, institutional commercial side. So how is the competitive intensity there? And also the difference between public and private sector projects in terms of competition?
So Parvez, as I said earlier, public sector continues to be extremely competitive. And we are -- our bidding on jobs in the public sector has reduced substantially. Having said that, we are still looking to bid at marquee -- large marquee projects where we feel the competitive intensity would not be as high. As far as the private sector is concerned, there are only a handful of players who large private developers are calling to bid, be it for their residential projects or their commercial projects or their hotel projects, hospitality projects. So that is where our focus continues to be there.
[Operator Instructions] As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Thank you so much, everybody, and AMBIT Capital for joining in and look forward to seeing you 3 months down the line. Thank you so much.
Thank you. On behalf of Ahluwalia Contracts, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.