Ahluwalia Contracts (India) Limited is engaged in engineering and contract construction, delivering state-of-the-art infrastructure and buildings projects for clients in India. The company has extensive experience in working on residential, commercial, institutional, corporate offices, power plants, hospitals, hotels, IT parks, Metro stations and depots, and automated car parking lots for both Government and private clients.
Having commenced operations in 1965 as an EPC company, Ahluwalia Contracts (India) Limited (ACIL) was incorporated on June 2, 1979. It acquired the business of four partnership firms engaged in construction in July 1979 and consequently became a Public Limited Company in September 1990. The Company is engaged in the engineering and construction of large building infrastructure projects. It is one of the oldest Construction companies in India, founded by Late Sh. Karam Chand Ahluwalia, father of Mr. Bikramjit Ahluwalia in 1965.
The company's operating segments include:
- Construction Contract: This is the primary segment from which the company generates maximum revenue.
- Investment Property (Lease Rental)
- Other
The company specializes in engineering and constructing large-scale infrastructure projects, many of which hold national significance. It is one of India's oldest construction firms and handles civil construction and turnkey project execution across various sectors, including residential and commercial buildings, hotels, institutional and hospital facilities, corporate offices, IT parks, and industrial complexes.
The company's diverse project portfolio spans multiple sectors with significant expertise in delivering complex infrastructure solutions. Notable projects include:
- Hotel Projects: Leela Palace Five Star Hotel, Pullman & Novotel Hotel, and ITC Grand Central Five Star Hotel.
- Hospital Projects: BPS Mahila Vishwavidyalaya, Tata Medical Centre, and Fortis Super Specialties Hospital.
- Commercial and Institutional Projects: Samrat Ashok Convention Kendra, IFCI Tower, and Cyber Green.
Market Capitalization:
- ₹4,958 Crore (general)
- ₹6,338.40 Crore (as of July 8, 2025, 03:49 PM)
The company's FY25 financial performance shows mixed results across different quarters:
- Q4 FY25 Results: Net profit declined by 58.29% to ₹83.33 Crore in the quarter ended March 2025, compared to ₹199.80 Crore in the previous quarter ended March 2024. Sales rose by 4.48% to ₹1,215.84 Crore in the quarter ended March 2025, compared to ₹1,163.66 Crore in the previous quarter ended March 2024.
- Full Year FY25: For the full year, net profit declined by 46.09% to ₹202.08 Crore in the year ended March 2025, compared to ₹374.83 Crore in the previous year ended March 2024. Sales rose by 6.31% to ₹4,098.62 Crore in the year ended March 2025, compared to ₹3,855.30 Crore in the previous year ended March 2024.
- Q3 FY25: For the quarter ending December 2024, sales were ₹951.96 Crore, showing a 7% decline compared to ₹1,026.48 Crore in December 2023. Net profit was ₹49.39 Crore, a 30% decline compared to ₹70.66 Crore in the previous year.
- Revenue Growth: Operating Revenue TTM is ₹4,046.4 Crore, which is high in the industry.
- Net Profit TTM: ₹318.5 Crore.
- Net Profit Margin TTM: 7.9%.
- Promoter Holding: Promoter holding in Ahluwalia Contracts (India) Ltd has remained stable at 55.32% as of December 2024 and March 2024.
Ahluwalia Contracts secured housing projects worth ₹1,103.56 Crore in Gurugram and Bengaluru with 32-36 months execution timeframe in June 2025.
- The first contract is valued at ₹821 Crore and is expected to be executed within 36 months.
- The second order pertains to the civil structure and architectural finishing work for a project named 'The Beacon' in Bengaluru. The contract is worth ₹282.56 Crore, with an execution timeline of 32 months.
The company has provided guidance for FY26, expecting revenue growth at 15%.
- Planned Capex: ₹200 Crore.
- Order Book: Stands at ₹15,775 Crore as of FY25, providing strong revenue visibility for the coming years and indicating healthy business prospects.
- 52-Week High: ₹1,540.00
- 52-Week Low: ₹620.65
Recent Performance:
- Last 1 Month: Share price moved up by 16.73% on BSE.
- Last 3 Months: Share price moved down by 32.62% on BSE.
- Last 3 Years: Share price moved up by 85.42% on BSE.
- Analyst Recommendations: 50% of analysts recommend a 'BUY' rating.
- Average Target Price: ₹936.67.
- Analysts recommend buying at ₹943 with a target price of ₹1,090.
Despite facing profitability challenges in recent quarters, the company's strong order book, experienced management, and diversified project portfolio across multiple infrastructure segments position it well for future growth. The recent order wins totaling over ₹1,100 Crore and management's revenue growth guidance of 15% for FY26 indicate improving business momentum. However, investors should monitor the company's ability to improve margins and return to previous profitability levels while executing its substantial order book.
