Ahluwalia Contracts (India) Ltd. share price target

Despite multiple headwinds, Ahluwalia Contracts (India) delivered a robust performance in FY26 with an all-time high revenue of ~Rs46bn (~11.4% y/y) and ~118bps expansion in EBITDA margin led by robust OB and accelerated execution of marquee projects.

About the stock: Ahluwalia Contracts (India) Limited is a leading construction company operating across residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. The order book stood at 21,096 crore as of Q4FY26 (4.6x book to bill). Ahluwalia enjoys a healthy balance sheet and is a net cash company. Q4FY26 Performance: Ahluwalia Contracts reported consolidated revenue of 1332 crore in Q4FY26, up 8.8% YoY, tad lower than expected owing to state...

We maintain our BUY rating on the stock and rollover our estimates to FY28.

About the stock: Ahluwalia Contracts (India) Limited is a leading construction company operating across residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. Q3FY26 Performance: Ahluwalia Contracts reported consolidated revenue of 1,061 crore in Q3FY26, up 11.4% YoY, driven by steady execution. EBITDA came in at 96.1 crore, up 13.9% YoY, with an EBITDA margin of 9.1%, up 20 bps YoY, supported by a healthy executable order book. Reported PAT stood at 54 crore,...

We maintain our BUY rating on the stock

Ahluwalia Contracts’ (Ahluwalia) Q3FY26 result lagged our estimates and trajectory of the company’s FY26 revenue guidance. It reported revenue/EBITDA/adj. PAT of INR 10.6bn/1bn/0.55bn (YoY growth of 11%/15%/11%), falling short of our revenue estimate of INR 11bn.

We recommend a BUY with a TP of Rs 1,073, implying an upside of ~10% from the CMP.

We maintain our BUY rating on the stock

Q2FY26 Performance: Ahluwalia Contracts reported consolidated revenue from operations of 1,177 crore in Q1FY26, up 16.4% YoY, driven by healthy execution. EBITDA came in at 128.6 crore, up 75.2% YoY, with an EBITDA margin of 10.9%, up 367 bps YoY, on a benign base. Reported PAT stood at 79 crore, up 106.1%...

We change our rating on the stock from HOLD to BUY.

We downgrade our rating on the stock from BUY to HOLD and roll over our estimate to FY27.

We maintain our BUY rating on the stock.

We maintain our BUY rating on the stock.

We value ACIL at 22xFY26E EPS to arrive at a target price of Rs 1,340/share, implying an upside of 13% from the CMP. We, therefore, change our rating from HOLD to BUY.

We remain positive on the growth prospects of the company however recent appreciation in the stock price limits upside. We therefore await for better entry point.