AHLUCONT
Micro CapAhluwalia Contracts (India) Limited
Infra
Ahluwalia Contracts (India) Limited (ACIL) is an integrated construction company with five decades of expertise in infrastructure development. It offers turnkey solutions in Engineering, Design, and Construction for Public and Private Sector clients, with a pan-India presence across 53+ ongoing projects and one overseas project.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -1% YoY · margin compression · Rev +9% YoY · +25% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,322 Cr | +8.7% | +24.6% |
| EBITDA | ₹124 Cr | +0.0% | +29.2% |
| Operating margin | 9.0% | -100 bps | +0 bps |
| PAT | ₹82 Cr | -1.2% | +51.9% |
| PAT margin | 6.2% | -63 bps | +111 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Ahluwalia Contracts reported strong FY26 performance with Total Income up 11% YoY to ₹45,652 Mn and PAT up 31% YoY to ₹2,643 Mn. Q4 FY26 saw Total Income rise 9% YoY to ₹13,223 Mn, though EBITDA margin slightly compressed to 9.3% from 10.2% YoY.
The company demonstrated robust order book growth and revenue expansion in FY26, supported by significant project wins. While Q4 FY26 EBITDA margin saw a slight YoY dip, the overall financial performance and substantial unexecuted order book suggest continued execution momentum.
Unexecuted Order Book by Segment (as on March 2026)
Latest issuer-disclosed distribution across 6 reported categories.
Strong Order Inflows
YTD order inflows for FY26 reached ₹102,574 Mn, indicating robust new project acquisition.
Large Project Wins
Bagged Central Vista Project (Div – 12) valuing ₹30,697 Mn and RLDA contract for CST Station redevelopment valuing ₹24,500 Mn.
Diversified Order Book
Unexecuted order book is diversified across Residential (39.7%), Infrastructure (29.9%), and Commercial/Industrial (17.6%) segments.
Pan-India Presence
53+ ongoing projects across 16 states and 1 project overseas, with significant presence in North (53.6%) and West (22.2%) regions.
Government Infrastructure Push
Significant government contracts like Central Vista and CST Station redevelopment suggest strong public sector spending on infrastructure.
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.
YoY comparison is crucial for assessing annual growth and long-term trends in a project-based business. QoQ comparison is important for tracking sequential execution momentum, margin performance, and project ramp-ups.
YTD Order Inflows (FY26)
₹102,574 Mn (excl. GST)
Gross Order Book (31 Mar 26)
₹296,757 Mn (excl. GST), up 33% YoY from ₹223,160 Mn in FY25.
Unexecuted Order Book (31 Mar 26)
₹210,963 Mn (excl. GST), up 40% YoY from ₹150,598 Mn in FY25.
Total Income (FYE26)
₹45,652 Mn, up 11% YoY.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | Unexecuted order book grew 40% YoY to ₹210,963 Mn. | Sustained growth in order inflows and conversion into unexecuted order book to maintain revenue visibility. |
| Execution Pace | Total Income grew 11% YoY in FY26 and 25% QoQ in Q4 FY26. | Consistent revenue growth and timely project completion to ensure efficient utilization of the large order book. |
| EBITDA Margin | FY26 EBITDA margin improved to 9.5% from 8.3% in FY25, but Q4 FY26 margin was 9.3% vs 10.2% YoY. | Stability or improvement in project margins, especially given potential input cost pressures or competitive bidding. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -7.4% / mo
Technical chart
AHLUCONTweekly · 3Y-24.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 28% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 48.4%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 83rd percentile within Infra. Main check: financial discipline is weak at 50/100.
High Trust Lite: Promoter holding is 55.3%. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 83rd pctile, median 65 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 55.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸10 years of positive FCF.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.80
- P/B
- 2.55
- EV/EBITDA
- 9.99
- Market Cap
- 5253.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 20.40%
- ROA
- 6.24%
- Dividend Y
- 0.08%
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
- 8.70×
- Altman Z
- 3.42
- Book Value
- 307.00
Cash Flow
- FCF Yield
- 0.46%
- FCF Positive Y
- 10/5
- OCF
- 281.00 Cr
- EPS TTM
- 39.69
Shareholding
- Promoter Hold
- 55.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.