Ahluwalia Contracts (India) Ltd has secured a construction contract on Wednesday, March 18, worth ₹393.04 crore from the Airports Authority of India (AAI) for the development of a new greenfield airport in Rajasthan.
According to the exchange filing, the order has been awarded by the Airports Authority of India (AAI), headquartered at Rajiv Gandhi Bhawan in New Delhi.
The project involves the development of a new greenfield airport at Bundi in Kota, Rajasthan, and is classified as a domestic building construction contract.
The company said the project is to be executed within a period of 18 months. The total contract value stands at ₹393.04 crore, excluding GST.
It also clarified that neither the promoter nor promoter group entities have any interest in the awarding authority, and the contract does not fall under related party transactions, according to the exchange filing.
Meanwhile, a recent research report by ICICI Securities, as reported by Moneycontrol last month, highlighted that Ahluwalia Contracts’ performance in the third quarter of FY26 fell short of expectations due to execution disruptions.
The company reported revenue, EBITDA and adjusted profit after tax of ₹10.6 billion, ₹1 billion and ₹0.55 billion, respectively, marking year-on-year growth of 11%, 15% and 11%. However, revenue missed the brokerage’s estimate of ₹11 billion.
Execution during the quarter, and partly in the fourth quarter, was impacted by construction bans in the National Capital Region amid worsening air quality. As a result, the company revised its FY26 revenue growth guidance downward to 10-15% from an earlier 15-20%.
Despite this, order inflows have remained strong. Year-to-date order inflow stands at ₹96 billion, surpassing the company’s FY26 guidance of ₹80 billion. The order book is estimated at around ₹214 billion, implying a healthy book-to-bill ratio of about 4.8.
ICICI Securities expects Ahluwalia Contracts to deliver a compound annual growth rate (CAGR) of 17% in revenue, 26% in EBITDA and 25% in profit after tax over FY25–FY28. The brokerage has upgraded the stock to “Buy” from “Add,” primarily citing the recent correction in the share price.
Shares of Ahluwalia Contracts (India) Ltd ended higher on Wednesday, March 18, by 3.27% at ₹746.00 on the NSE.
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