Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Oct - Ahluwalia Contracts won ₹310 crore Bennett University institutional building order, executable over 22 months.
Source: Bse
Ahluwalia Contracts (India) Limited (AHLUCONT)
Micro CapInfra stocks · Micro cap · NSE
Ahluwalia Contracts (India) Limited is an Indian infrastructure contractor. The company announced its 1QFY27 earnings, highlighting significant margin pressure despite revenue growth.
₹555.25
+0.25 · +0.05%
Market cap ₹3,712 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result14 Aug, 05:55 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -7.3% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
AHLUCONTD candles · FIT view-37.2%Latest close ₹555.25 on 2026-10-19
Bar
+0.0%
RSI
37
MACD hist
4.55
52W pos
3%
2026-10-19O ₹555.00H ₹562.50L ₹554.95C ₹555.25Vol 34,614 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AHLUCONTNifty InfraNifty 500
- AHLUCONT
- -34.3%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -28.7 pp
Chart stats
19 Oct 2026- From 52W high
- -48.5%
- 52W range position
- 3%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹3.4 Cr
- 20D price channel
- ₹540.6 - ₹594.8
₹1,078
₹540.6 - ₹1,078
₹20
Latest completed session
20-session average
26.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +12.0% · PAT -80.4% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -80% YoY · margin compression · Rev +12% YoY
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,126 Cr | +12.0% | -14.8% |
| EBITDA | ₹47 Cr | -45.3% | -62.1% |
| Operating margin | 4.2% | -480 bps | -480 bps |
| PAT | ₹10 Cr | -80.4% | -87.8% |
| PAT margin | 0.9% | -418 bps | -531 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.50
- P/B
- 1.80
- EV/EBITDA
- 7.51
- Market Cap
- 3712.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 20.40%
- ROA
- 5.27%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 7.18×
- Altman Z
- 3.04
- Book Value
- 308.00
Cash Flow
- FCF Yield
- 0.65%
- FCF Positive Y
- 10/5
- OCF
- 281.00 Cr
- EPS TTM
- 33.59
Shareholding
- Promoter Hold
- 55.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 1,126-14.8% vs prev
Net Profit
₹ CrLatest: 10.0-87.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.9% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
8
RS percentile
Stage 4 Downtrend
1M return
-5.0%
3M return
-34.3%
6M return
-37.6%
1Y return
-39.4%
RS 1D
+1
RS 20D
0
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 26.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 58.86+1.08%
RS vs Nifty 50059
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation12/30
Growth18/25
Quality8/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.4%.
- Growth contributes 18/25 to the score.
Main drags
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
16.5
PB
1.8
EV/EBITDA
7.5
ROE
13.8%
ROCE
20.4%
FCF Yield
0.7%
Debt/Equity
0.0
MoS
+28.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+28.4%
Previous: +32.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
57
57
57
56
56
55
55
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹482.47
-15.1% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹775.93
+28.4% MoS
PEG
0.78
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HCC
Micro
Hindustan Construction Company Limited
Construction & Engineering
match 88
34
38.2
11.9%
-22%
WATCHLIST
CAPACITE
Small
Capacit'e Infraprojects Limited
Construction & Engineering
match 81
75
8.2
10.4%
+68%
DEEP VALUE
GARUDA
Small
Garuda Construction and Engineering Limited
Construction & Engineering
match 80
77
11.3
31.2%
+55%
DEEP VALUE
MODIS
Small
Modis Navnirman Limited
Construction & Engineering
match 80
52
23.4
20.5%
-8%
FAIR VALUE
DBEIL
Small
Deepak Builders & Engineers India Limited
Construction & Engineering
match 79
56
11.0
9.2%
+57%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-11T13:41:31.734Z
Management commentary snapshot
1QFY27 turnover grew 12.03% YoY to INR1,125.81 crores, but PAT degrew 77.65% YoY to INR11.42 crores, driven by a sharp decline in EBITDA margin to 4.29% from 8.59%.
Unexpected 1QFY27 margin collapse due to AIIMS Jammu bill reduction, West Bengal/Assam election impact, and significant NCR labor cost hikes. Management has lowered full-year EBITDA margin expectations and reduced order inflow guidance, indicating a challenging operating environment.
Growth engines
Central Vista Project
Targeting INR700 crores billing in FY27 and INR1,000 crores in FY28. Nirman Bhawan demolition complete, foundation casting begun. Udyog Bhawan 90% demolished, excavation started.
Gems and Jewellery Park
Work on ground likely to begin in Q3FY27. Targeting INR100 crores billing in FY27 and INR450 crores in FY28. Project completion in 3.5 years.
CST Project
Targeting INR400-500 crores billing in FY27, ramping up to INR700 crores in FY28. Client approvals in stages and traffic blocks impact platform work.
DLF Downtown Project
INR1,600-1,700 crores project, delayed due to design changes. Client is looking to compress the timeline, leading to increased staff mobilization.
Tailwinds
Central Government Project Payments
Payments for central government projects are generally not an issue, except for one Central University project.
Assam Payments Streamlining
Outstanding dues from the Assam region are now getting streamlined, and major chunks of payments have started to be received.
Headwinds
AIIMS Jammu Bill Reduction
Finalization of the AIIMS Jammu project bill resulted in a reduction of bill value by INR29 crores, impacting 1QFY27 EBITDA by 2.6%.
West Bengal & Assam Elections/SIR Drives
Led to a reduction of turnover in projects in these states and higher IDC costs, thereby impacting EBITDA margins.
NCR Labor Rate Increase
Minimum wage increased by 35-40% in NCR (50% of portfolio), significantly increasing wage costs. Many contracts lack escalation clauses.
Increased Staff Costs
Significantly increased employee base and mobilized staff resources for an enlarged project portfolio, impacting margins.
Risk radar
Arbitration Risk
The dispute over the AIIMS Jammu bill reduction will be raised through an arbitration process.
Client Compensation for Labor Costs
Uncertainty if clients will agree to compensate for significant labor cost increases, especially for contracts without escalation clauses.
NGT Regulations
Potential stringent measures by NGT in Delhi/Haryana could impact project execution and margins in Q3FY27.
Project Delays
Design changes and client approval processes are causing delays in key projects like Gems and Jewellery Park, CST, and DLF Downtown.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly compares 1QFY27 results to 1QFY26, indicating a focus on annual performance trends. Seasonal factors like labor availability and project execution cycles also make YoY comparison more relevant.
Sector KPIs management disclosed
Turnover
INR1,125.81 crores in 1QFY27 vs INR1,004.88 crores in 1QFY26 (12.03% growth).
PAT
INR11.42 crores in 1QFY27 vs INR51.11 crores in 1QFY26 (77.65% degrowth).
EBITDA Margin
4.29% in 1QFY27 as compared to 8.59% in 1QFY26.
PAT Margin
1% in 1QFY27 as compared to 5.01% in 1QFY26.
Management forward view
FY27 Revenue Growth
Expects top-line growth of about 12-15% for FY27, sticking to previous 15% guidance, with NGT impact as a rider.
FY27 EBITDA Margin
Ruling out double-digit EBITDA margin for FY27 due to black swan events (war, labor pricing). Hopes to return to previous year's Q1 margins over next three quarters, excluding NGT impact.
FY28 EBITDA Margin
Aspirations to achieve double-digit margins in FY28 by factoring empirical data on costs into future bids.
FY27 Order Inflow
Revised full-year order inflow guidance down from INR8,000 crores to INR4,000-5,000 crores due to volatility; will be conservative in bidding.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 4.29% in 1QFY27 | Recovery towards historical levels (e.g., 8.59% in 1QFY26) and management's ability to secure client compensation for increased labor costs. |
| Order Inflow | INR512.81 crores till 1QFY27 | Achievement of revised FY27 target of INR4,000-5,000 crores, indicating successful conservative bidding strategy. |
| Working Capital Days | 119 days (current) | Improvement towards previous quarter's level by year-end, driven by receipt of outstanding dues. |
| Project Execution & Billing | Central Vista: INR700 cr (FY27), INR1000 cr (FY28). Gems & Jewellery: INR100 cr (FY27), INR450 cr (FY28). CST: INR400-500 cr (FY27), INR700 cr (FY28). | Timely ramp-up of billing from large projects and resolution of design/approval issues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
77 docs text-extracted · 48 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Infra: 94th pctile, median 64 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
77 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 55.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸10 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ahluwalia Contracts (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Reg. 34 (1) Annual Report. 3 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Aug - Q1FY27 earnings call scheduled for August 17, 2026 at 4:00 pm.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Meeting Updates 10 Jun - Board approved FY2026 audited results and recommended 35% final dividend (Re. 0.70 per share).
Source: Bse
AnnouncementMay 2026
May 2026 · Board Meeting Intimation for We Wish To Inform You That A Meeting Of The Board Of The Company Is Scheduled To Be Held On Saturday, 30Th May, 2026, Inter Alia To: 2d - Board meeting on 30 May 2026 to approve FY26 audited results and consider final dividend.
Source: Bse
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 1d - Board meeting on 30 May 2026 to approve FY26 audited results and consider final dividend.
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.