Ahluwalia Contracts – A Cash Flow Machine: IDBI Capital Initiates Coverage


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Ahluwalia Contracts India Ltd., a beneficiary of infra and industrial capex in India provides turnkey solution in the construction of vertical structure (building).

With an experience of five decades and seen multiple capex cycle in India, it has consistently delivered positive operating cash flow.

Order inflow is in cyclical uptrend for Ahluwalia Contracts and we expect it to close FY23E with highest ever annual inflow (year-to-date FY23 it is Rs 40 billion).

Order book in H1 FY23 at Rs 76 billion provides revenue visibility with more than 70% of book is for clients in East and North part of India.

Key positives in Ahluwalia Contracts- management with vast experience, its execution ability with steady cash flow and lean balance sheet to support future growth.

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