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Ahluwalia Contracts (India) Limited (AHLUCONT) Fair Value & Analysis

Industrials · IN · Market cap ₹57.0B

AC Ahluwalia Contracts (India) Limited AHLUCONT · NSE
Price₹809.10
Fair Value₹702.06
Upside-13.2%
Quality49/100
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Expensive Growth
Thin margins · 5.8% net margin
Low debt · generates free cash flow
0.08% dividend yield
Mixed vs. peers (8/14)
Narrow moat 44/100
Evidence: High Range ₹404.49 – ₹1,042 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Share price −6.1% over the past month.

Below-average quality, and screening another 13% overvalued on our models.

What matters now

  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹404.49 to ₹1,042) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹1,494 ₹280.61 Fair Value ₹702.06 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹280.61 – ₹1,494 · fair‑value band ₹404.49 – ₹1,042 · the ₹809.10 price screens above the ₹702.06 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Ahluwalia Contracts (India) Limited (AHLUCONT) currently trades at ₹809.10, while our model-based Fair Value estimate is ₹702.06, implying the stock looks roughly 13.2% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Ahluwalia Contracts (India) Limited generated revenue of ₹45.7B at a net margin of 5.8%. Revenue grew 8.8% year over year. It earns a return on equity of 13.8%. The balance sheet holds a net cash position of ₹7.4B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹404.49 (bear case) to ₹1,042 (bull case); at ₹809.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -13%, AHLUCONT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹230.42 ₹310.06 ₹443.92 80
Residual Income ₹290.77 ₹366.55 ₹995.97 76
Rev-Margin DCF ₹462.26 ₹773.16 ₹1,170 74
All 26 models by family
DCF Models
FCF DCF ₹230.99 ₹317.05 ₹465.21 38
Owner Earnings ₹308.21 ₹455.11 ₹708.00 31
5Y Revenue Exit ₹462.26 ₹787.73 ₹1,239 39
5Y EBITDA Exit ₹551.07 ₹969.38 ₹1,501 41
5Y P/E Exit ₹546.30 ₹959.63 ₹1,436 38
10Y Revenue Exit ₹367.39 ₹650.77 ₹1,100 36
10Y EBITDA Exit ₹441.60 ₹783.28 ₹1,318 37
10Y P/E Exit ₹438.45 ₹776.17 ₹1,264 35
Earnings-Based
Graham-Dodd ₹269.88 ₹1,218 ₹1,670 54
Lynch FV ₹317.83 ₹454.04 ₹590.25 50
PEG = 1.0 ₹317.83 ₹454.04 ₹590.25 46
EPV ₹467.99 ₹525.69 ₹576.18 59
Dividend Discount
Gordon GGM ₹5.07 ₹10.55 ₹16.73 70
DDM Multi-Stage ₹5.07 ₹8.89 ₹11.07 61
Multiples
P/E Multiple ₹625.09 ₹833.46 ₹1,042 63
P/S Multiple ₹506.03 ₹674.70 ₹843.38 58
P/B Multiple ₹506.03 ₹674.70 ₹843.38 55
EV/EBIT ₹762.71 ₹976.36 ₹1,190 53
EV/EBITDA ₹754.51 ₹965.43 ₹1,176 54
EV/Revenue ₹579.23 ₹775.28 ₹971.34 43
Asset-Based
NCAV (Graham) ₹153.68 ₹205.93 ₹307.36 50
Growth DCF
Growth DCF ₹230.42 ₹310.06 ₹443.92 80
Rev-Margin DCF ₹462.26 ₹773.16 ₹1,170 74
Economic Profit
Residual Income ₹290.77 ₹366.55 ₹995.97 76
ROIC Compounder ₹513.95 ₹650.01 ₹827.38 72
Growth Earnings
Growth-Adj P/E ₹515.60 ₹736.57 ₹957.54 68

Widest divergence: DCF Models (₹776.17) versus Dividend Discount (₹8.89). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹45.7B
Revenue growth (YoY) +8.8%
Net margin 5.8%
Return on equity 13.8%
Free cash flow ₹573M FY2026
P/E ratio 21.4
More key figures
Operating margin 7.2%
EPS (TTM) ₹39.69
Dividend yield 0.1%
EPS growth (YoY) -1.6%
Net cash ₹7.4B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 50 · Market factors (momentum, volatility) 43

Profitability 46
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 26
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 29
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ahluwalia Contracts (India) Limited, together with its subsidiaries, operates as an engineering, procurement, and construction company in India and internationally. The company operates through Construction Contract, Lease Rental, and Others segments.

Full company description

Ahluwalia Contracts (India) Limited, together with its subsidiaries, operates as an engineering, procurement, and construction company in India and internationally. The company operates through Construction Contract, Lease Rental, and Others segments. Its portfolio includes residential and commercial buildings/complexes, hotels, institutional and hospital buildings, corporate offices, information technology (IT) parks, industrial complexes, automated car parking lot, townships, BOT projects, metro station and depot, redevelopment/upgradation of railway stations, urban infrastructure, and data centres. The company is also involved in the developing and operating commercial complex; real estate trading business, as well as rentals activities. It serves central and state governments, including PSUs business house and real estate developers. The company was founded in 1965 and is based in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Ahluwalia Contracts (India) Limited reported revenue of ₹45.7B in FY2026 versus ₹26.7B in FY2022, a compound +14.3%/yr. Reported net income was ₹2.7B in FY2026, compounding +14.4%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹45.7B
Latest YoY
+11.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.3%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.8%
Revenue +14.3%/yr
FY22 ₹26.7B
FY23 ₹28.1B
FY24 ₹38.4B
FY25 ₹41.0B
FY26 ₹45.7B
Net income +14.4%/yr
FY22 ₹1.6B
FY23 ₹1.9B
FY24 ₹3.7B
FY25 ₹2.0B
FY26 ₹2.7B
Character of growth · EPS growth decomposed (2015-2026) +15.1 % p.a.
Revenue per share +14.2 pp

of which total revenue +14.4 pp · buybacks/dilution −0.2 pp

EBIT margin −3.5 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +4.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

AHLUCONT screens 13% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Ahluwalia Contracts (India) Limited Fair Value". https://www.fairvalue-calculator.com/stock/AHLUCONT

Peer Group

Engineering & Construction · 840 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 49 · Below median
Fair Value upside −13% · Above median
Return on equity (TTM) 14% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 21.4× · Pricier than median
P/B 2.77× · Pricier than 75% of peers
P/S (TTM) 1.25× · Pricier than median
P/FCF 1.0× · Cheaper than median
EV/EBITDA 11.2× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 16 · sector 13
FUTURE 44 · sector 17
PAST 55 · sector 26
HEALTH 100 · sector 94
DIVIDEND 2 · sector 33

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%
GS Engineering & Construction Corporation 006360 34,400 KRW 23,135 KRW -33%

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Frequently asked questions

Is Ahluwalia Contracts (India) Limited (AHLUCONT) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹702.06 versus a price of ₹809.10, about −13% (overvalued).
What is the fair value of AHLUCONT?
Our model-based fair value for Ahluwalia Contracts (India) Limited is ₹702.06 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹809.10.
What is the quality score of AHLUCONT?
Ahluwalia Contracts (India) Limited has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ahluwalia Contracts (India) Limited (AHLUCONT)?
Ahluwalia Contracts (India) Limited reported trailing-twelve-month revenue of about ₹45.7B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of AHLUCONT?
The net profit margin of Ahluwalia Contracts (India) Limited is about 5.8%, meaning it keeps roughly 5.8% of revenue as net income. Based on the latest reported figures.
Does Ahluwalia Contracts (India) Limited pay a dividend?
Ahluwalia Contracts (India) Limited currently shows a dividend yield of about 0.08% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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