Ahluwalia Contracts Limited (NSE: AHLUCONT) Q1 2026 Earnings Call dated Aug. 18, 2025
Corporate Participants:
Unidentified Speaker
Shobhit Uppal — Deputy Managing Director
Vikas Ahluwalia — Whole-Time Director
Satbeer Singh — Chief Financial Officer
Analysts:
Unidentified Participant
Sameer Thakur — Analyst
Mohit Kumar — Analyst
Vaibhav Shah — Analyst
Parvez Akhtar Qazi — Analyst
Amit Khetan — Analyst
Lakshminarayanan K G — Analyst
Shravan Shah — Analyst
Salil Desai — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Ahluwalia Contracts India Limited Q1FY26 Earnings Conference Call hosted by Ambit Capital Pvt Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Stars and zero on your touchstone phone.
This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Please note that this conference is being recorded.
I now hand the conference over to Mr. Sameer Thakur. Thank you. And over to you, sir.
Sameer Thakur — Analyst
Good afternoon. On behalf of Ambit Capital, I thank the management of Ahluwalia Contracts India Limited for the opportunity to host your Q1 FY26 earnings call. We have the following members of management with us today. Mr. Shobhit Uppal, Deputy Managing Director, Mr. Vikas Ahluwalia, Director and Mr. Sabir Singh, Chief Financial Officer.
I will now hand over the call to the management, Mr. Shobhit Uppal, Deputy Managing Director, to walk us through the quarter. Thank you all. And over to you, sir.
Shobhit Uppal — Deputy Managing Director
Thank you. Thank you so much. Good afternoon, everybody. Ahluwalia Contracts India Limited has announced its financial results for Q1FY26. During Q1FY26, the company has achieved a turnover of 1004.88 crores and a pack of 51.11 crores in comparison to a turnover of 919.35 crores and a PAT of Rupees 30.60 crores. During the corresponding quarter Q1FY25, the company has registered a growth of 9.3% in turnover and 67.03% in PAT during Q1FY26. In comparison to Q1FY25, EPS of the company for Q1, FY26 is Rupees 7.63 as compared to EPS of 4.57 in Q1 of FY25. During Q1FY26, the company’s EBITDA margin is 8.59% as compared to 6.58% in Q1 of FY25 and a PAT margin of 5.01% as compared to a PAT margin of 3.29% in Q1 of FY25.
The net order book of the company as on 30th June 2025 is 16582.09 crores to be executed over the next 2 to 2.5 years. Total order inflow during FY26 till date is 3,889.06 crores. At present we are L1.2 project amounting to INR 1,796.00 crores.
Thank you so much. We are ready to take questions now.
Questions and Answers:
operator
Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.
The first question is from the line of Mohit from ICICI Securities. Please go ahead.
Mohit Kumar
Good afternoon sir and thanks for the opportunity. My first question is can you please. Help us with the progress on the CST and India JLT Power project. And. Any color on the contribution in the top line in this fiscal. Next fiscal in your opinion
Shobhit Uppal
Your voice is not very clear. Your first project you asked was CST…
Mohit Kumar
Maybe I’ll speak. My question was on the CST and India Jewelry park the two largest projects which are then audible. My question is how has been the progress on those two projects, and how do you see their contribution in this fiscal and next fiscal in your opinion?
Shobhit Uppal
Vikas, you want to take that?
Vikas Ahluwalia
Hi Vikas here. So, the CST project the progress is better now compared to the last two quarters. In the better in the sense we have a lot of clearances now with respect to design and other complex project. And the railway station itself is a very complex environment. CCST especially so there are a lot of clearances that are now coming in and we have already done about 400, 350 something work. Total work done at site is about 17 to 20% which has been built. There is a lot of unbilled work which is happening. It is not yet built.
So this year we are expecting it to do better. I mean, we are now moving towards getting the project in sync to achieve a good run rate of about 60 to 70 crores per month. It still takes some time.
Mohit Kumar
Understood.
Vikas Ahluwalia
Because. Because like I again repeat that it is a complex environment.
Mohit Kumar
On the Indian jewelery parks any progress ?
Vikas Ahluwalia
So now the project the — you know the client has received the environmental clearance finally in paper. So there are certain compliances that they have to do which they would do or they are doing now. In other two months time, I think we should be breaking ground. We have written also now the — you know the range in Mumbai are insane. So it takes some time to settle on. But in two months time we should be breaking ground.
Mohit Kumar
Understood. My second question is on the Gurgaon project which you want is for dlf. When do you expect the work to commence and expect that this will be a 500 crore project. 500 crore kind of revenue from FY27 onwards.
Shobhit Uppal
I guess you’re referring to the Dalia.
Mohit Kumar
Dalia. Dalia. Yeah.
Shobhit Uppal
Dalia project. Yes. That’s roughly about 2,000 crores. It’s to be completed in about 40 months. So yes, about 500 crores revenue. But that depends on. You know there are eight towers. The total built up area is 7.3 million square feet. They have. They’re doing the dewalt, the client is doing the dewall as well as the excavation. So we are expecting that we will break ground from our side in September. That is when they start handing over. So yeah that’s. That’s where we are at as far as that project is concerned.
Mohit Kumar
Understood. That’s very helpful. Thank you sir. All the best.
Shobhit Uppal
Thank you.
operator
Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Sir, we have seen some softness in terms of margins in the first quarter. We are targeting a double-digit margin for the entire year. So from can we expect a better margin in 2Q or the improvement will happen in second half.
Shobhit Uppal
Where is the softness? Weber? If you see as per my opening remarks, quarter on quarter there is an increase. There is an increase of close to 42.7%. As far as EBITDA is concerned, net profit by 67%. When we compare quarter to quarter. You know this is very funny. When succeeding quarter to preceding quarter we show an increase then you compare with a corresponding quarter. When corresponding quarter we show an increase then you compare with the preceding quarter. But having said that that was said on a lighter end. But I think we are going ahead on projected lines.
I had told you that this year in the last conference call we had said that this year there will be double digit margins and we are well on our way to that. Right. Q1 traditionally is a very slow quarter for all construction companies. And if you were to compare our results now most of the companies, almost all of our peers have declared their results. Our performance is much better than all of them. You may have done a comparison and most of our slow moving orders are out other than CSMT which Vikas explained also now we are taking off from that project too.
So we are projecting a double digit EBITDA margin as far as this whole financial year is concerned, FY26 is concerned.
Vaibhav Shah
And sir, guidance on revenue for ’26.
Shobhit Uppal
Same 15% to 20% growth.
Vaibhav Shah
Okay. Okay. Sir secondly on the project specific side. So we had mentioned last time that from CSMT project we are targeting revenue of 400 to 500 crore. Then from Jensen J around 150. Around 150 odd crores for ’26. So we stick to those guidance.
Shobhit Uppal
Yes, it will be, as far as CSMT is concerned. As Vikas just mentioned, we should be doing 400 plus in this financial year from that project. As far as gem and jewelry park is concerned we are still not very clear. You know it all depends on the notice to proceed which we are awaiting from the client. They are working on some clearances but we deliberately, that’s why kept the contribution from that project to the top line low. And since we’ve got other projects I don’t think that’s going to. Even if that project is slow to take off from the starting block, I think we have more than enough in our kitty which will help us achieve the 15% to 20% top line growth.
Vaibhav Shah
Sure. Once the gems and jewelry park project starts and what could be your annual run rate once the exhibition picks up it should be around 400, 500 crores per year.
Shobhit Uppal
We would not like to comment on that at this point in time. It’s a large project as you. As all of you know it’s 2000 crore plus project and the timeline is about four years. So yes, it should be about 400 to 500 crore. But it would not be prudent for us to commit to that as of now till the project really takes off.
Vaibhav Shah
Okay. Okay. And so lastly on the Chopra project so we added the order book of 160 odd Karuks due to some change in score. So has the work began over there?
Shobhit Uppal
Yeah, it’s continuing. It was as I mentioned in my last call due to funds issues from the government the project had slowed down. But those funds have come in now and they’ve actually increased the scope of work. And we will complete that work in this financial year.
Vaibhav Shah
Okay. So lastly on the Bihar Animal University project we have seen some softness in terms of execution in first quarter. So do we expect to complete the project this year or it should spill over to next year?
Shobhit Uppal
In the last, in the month of July we’ve actually done a billing of 50 crore plus. So that project is racing along.
Vaibhav Shah
That should complete in this year.
Shobhit Uppal
Yes.
Vaibhav Shah
Yeah. Okay. Thank you sir. Those are my questions.
Shobhit Uppal
Yeah. Thanks.
operator
Thank you. The next question is from the line of Parvez Qazi from Nuvama Group, please go ahead.
Parvez Akhtar Qazi
Hi, good afternoon. Thanks for taking my question. So, a couple of questions on the L1 side. I mean these projects are the same where let’s say we were L1 at the time of the previous call, one from MIDC and I think one was from Universal Network.
Shobhit Uppal
Yes, yes.
Parvez Akhtar Qazi
So by when do we expect some progress here?
Shobhit Uppal
Hopefully in this quarter both the projects would come through.
Parvez Akhtar Qazi
Sure. And our order intake has been very strong in the first five months. So year as a whole we think we should be more or less same as what we did last year.
Shobhit Uppal
I had projected about the same figure, around 8,000 crores in the last call. We should be achieving that.
Parvez Akhtar Qazi
Sure. And with regards to the Dalias project, I mean we understand the overall project size is quite large. So is there a scope that in future we might get some more work there in terms of maybe the new phase etc.
Shobhit Uppal
We are now DLF’s premier contractor. We are doing projects worth nearly 5500 crores. With them totally gross value, I’m talking about. And the first one of these projects which we started about a year and a half ago, the Arbor which will be substantially complete in the first three, maybe for February, March of FY20. Oh sorry, the calendar year 26. So we hope to, you know, strengthen our relationship with them further are picking up more projects.
Parvez Akhtar Qazi
Lastly, a question for Satbeer ji. Sir, what was the capex which we did in Q1? And also what is the overall borrowings and the cash for them? Thank you.
Satbeer Singh
We are expecting the capex this year is around…
Shobhit Uppal
First quarter, how many?
Satbeer Singh
For first quarter INR52 crores.
Parvez Akhtar Qazi
Okay. And what is the borrowings and the cash figure.
Satbeer Singh
Borrowing is hardly is INR2 crore.
Parvez Akhtar Qazi
And cash including all the liquid investments, etc.
Satbeer Singh
This is a 920 crores.
Parvez Akhtar Qazi
Wow. Sure. Thanks and all the best for future .
Shobhit Uppal
Thank you so much.
operator
Thank you. The next question is from the line of Amit Khetan from Laburnum Capital. Please go ahead. Mr. Amit, your line has been unmuted. Please go ahead with your question.
Amit Khetan
Hi sir. Thank you for the opportunity. So my question was when we do marquee projects like the Dalias or cst, do these come at margins which are similar to company level margins or do we have to end up bidding a little more aggressively to secure these projects?
Shobhit Uppal
So, Amit, on the private sector side and this I repeatedly mentioned in all my interactions, on the private sector side, the margins are higher because the competition or competitive intensity is Lesser. On the government sector side, the intensity is more so csmt. The margins are lower though. It’s a large project, prestigious project. On the private sector side, Dalia is equally prestigious. But margins will be higher.
Amit Khetan
Understood, Understood. And secondly, you mentioned that we’ve got exposure of five and a half thousand crore in terms of order book with DLF. How do you think about single client exposure risk in the private sector? Where is the limit? Where you know you’re more comfortable taking it to?
Shobhit Uppal
So this is about it. This level 5,500 , 6,000 crores. That too with a client like DLF. Because you know, DLF is the premier developer in the country. There is DLF and then there are others. So. And you know, even in the past we worked with them and we feel they are the most organized and caprice of all developers. So we aim to maintain a similar level of our exposure to them going forward.
Amit Khetan
Got it. Got it. And lastly, this quarter saw some unseasonal rains because of which execution was low at some of our peers. Would that be the case with us, and how much would be roughly the impact of that?
Shobhit Uppal
You’re talking about Q2, is it? Or Q1?
Amit Khetan
Q1?
Shobhit Uppal
Look, Q1, we feel that we factored in all these issues when we had made our projections. And I think Q1 we’ve done fairly all right. In fact, we’ve done better than what we had expected. What I had mentioned in our last call was that Q1 and Q2, which traditionally H1 is always lower than H2, H2 we do. This industry performs much better because the labor shortage season is over, the monsoon is behind us. So we are on track to get that 15 to 20% growth in our top line.
Amit Khetan
Okay. Okay. All right. Thank you.
Shobhit Uppal
Thank you.
operator
Thank you. The next question is from the line of Lakshmi narayan from Tunga Investments. Please go ahead.
Lakshminarayanan K G
Thank you. Just want to understand that we read a lot of slowness in demand for, you know, residential projects offtake, especially on in NCR and especially on the high end right now. Just want to understand how are we de risking ourselves if there is some kind of an issue in the. In the residential because our mix is now tilting more towards residential. I just want to understand what is the de risking thought to have or whether my commentary seems to be right or wrong.
Shobhit Uppal
Look, while there is talk of slowdown, but we have not seen this on the ground as far as our interaction with our clients, primarily the developers for whom we are doing residential projects is concerned. Right. Having said that, we are at about 40% of our total order book, which is residential at the moment, we have slowed down in our intake of projects in this sector. As far as slowdown is concerned. We are actually. There are a lot of clients, existing or otherwise, who are after us to take up their jobs and we are virtually refusing a job a week.
So if projects are being launched, slowdown, maybe there is a slowdown in the pricing, in the sense that pricing is not nosedive or come down. It’s platoon off. But there doesn’t seem to be any slowdown on the projects being executed on the ground. That’s one. Just to clarify, again, we at the moment are not looking to add to the residential portfolio. We are now looking at commercial, retail, institutional, which has always been our forte, and you know, and also looking at bidding for marquee large government jobs.
Lakshminarayanan K G
And if I look at your order book, right, I mean, what is the mix of item rate and what is this? How much is EPC? And particularly in CSMT? Csmt, what is the mix we have?
Shobhit Uppal
So what’s happened is that, you know, due to our focus now, or we refocused in the private sector for the last one, one and a half years, which is primarily item rate today, now 55% of our order book is item rate. Right. And 45% is EPC.
Lakshminarayanan K G
Got it. So if I look at last year, whatever you have included, you know, what is your revenues, which was a mix of item rate and EPC.
Shobhit Uppal
Yes, it was. So you’re asking me the percentage?
Lakshminarayanan K G
Yeah, last year. The reason is that I believe that the item rate gives you higher margins. And if so, whether is that mix changing with respect to the last year full revenues?
Shobhit Uppal
It is, it’s flipped. If you see, if you see now the exposure of our private sector versus public sector, you know…
Lakshminarayanan K G
37% public.
Shobhit Uppal
Yeah. So if you see, if you do a comparison with last year, it’s flipped both in terms of item rate versus EPC and public sector versus private sector. Today, nearly 63% of our order book comes from the private sector. And this has been a conscious effort. If you’ve attended some of our previous investor calls, which I think you have, we’ve had some interaction with you and we’ve been maintaining this, this is a conscious direction that we took about two years ago to start moving from public sector to private sector because we foresaw that there would be increased competition in the public sector. And so now today, 63% of our order book comes from the private sector. And As I said, 55% is item rate.
Lakshminarayanan K G
And typically between the Item rate and the EPC. Right. What is if you take a 100 of an index of EPC, how much is usually the item rate from a margin point of view.
Shobhit Uppal
As compared to EPC? Is that what you’re asking?
Lakshminarayanan K G
Yeah. I mean with respect to, you know, if Item rate is 100 as a margin, how much would EPC be like what is…
Shobhit Uppal
So you’re saying how much would EPC be lower by.
Lakshminarayanan K G
Yeah, lower by that’s right.
Shobhit Uppal
I think it would not be again prudent for me to put a general number that way. I’ll give you an example. On the private sector side we are doing two EPC contracts for a healthcare company, right. Where our margins are at par with item rate margin on some of our private sector. So it is only on government contracts that EPC margins are lower. That also because there is intense competition government now the qualification criteria. In their wisdom, various government departments have diluted the qualification criteria. So what happens is say for a 500 crore contract on the private sector side there would be.
The client would be hard pressed to find three large bidders, qualified bidders to bid, good bidders to build. Whereas on a similar size contract on a public sector side there’d be 15 bidders.
Lakshminarayanan K G
Got it. Thank you. I’ll come back in queue.
Shobhit Uppal
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Abhinav from ICICI Securities. Please go ahead. Mr. Abhinav, your line has been unmuted. Please go ahead with the question.
As there is no response from the current participant, moving to the next. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Shravan Shah
Hi sir, couple of things to clarify before that just a request every time for this con call I have to ask for the diamond pass link. So don’t want to waste the time in that it actually saves the time of all the investors. So it’s better if you can upload the same on the BSE exchanges with a diamond link would be a better. Now moving to the question. So in terms of the EBITDA margin front, do we expect from Q2 itself? Can we start seeing a 10% EBITDA margin or maybe a third and fourth quarter can see a 11% plus then that’s why we are confident to have a 10% as a blended level for full year.
Shobhit Uppal
Yes, third and fourth quarter as I said earlier, would be the ones where we’d really be taking off. Q2 would be similar to Q1 because rains have been unusually heavy this time, especially in NCR. So that has impacted our performance especially in the month of July and August.
Shravan Shah
Got it. And second then is it still fair that we will still even for next year also we can be expecting the double digit or it can be of 11% kind of a margin EBITDA level is possible in FY27.
Shobhit Uppal
Shravan, you ask me that question every time we talk. So we, we are. We. We feel confident we’ll be able to do double digit margin.
Shravan Shah
Got it. And for currently the bid pipeline is how much and how much value of orders we have bidded where bid is yet to open.
Shobhit Uppal
As I told you on the government sector side we are — there is — our focus is diluted. So there are no. Really no. From the top of my head I don’t think there are any unopened bids on the government sector side. On the private sector side there are. There is negotiation happening on contracts to the tune of about thousand crores. And the bid pipeline is to the tune of about INR5,000 crores.
Shravan Shah
Got it. And second sir, couple of balance sheet data points are inventory, trade receivable, trade payable, mobilization, advanced retention and unbuildment revenue.
Satbeer Singh
Yes, just retention is 397 crores and debtors are 623 crores. Mobilization 675 crores. State was 821 crore and inventory 380 crores. Unbilled revenue 557 crore.
Shravan Shah
Okay. And in mobilization how much is the interest bearing sir?
Satbeer Singh
This is 35%.
Shravan Shah
Okay. And for full year how much capex we are looking at and is there a similar run rate will be there from next year also or will it be a lower?
Shobhit Uppal
So this year the capex is going to be higher. It’s going to be about 500 crores. Next year it will be lower.
Shravan Shah
Will it be around closer to 200 or.
Shobhit Uppal
Yes, it will be about 200 next year.
Shravan Shah
Okay so in terms of depreciation can we start seeing the uptake in the depreciation from third and fourth quarter itself or.
Satbeer Singh
Yes, yes because this quarter we have suspended around 62 crore and but rest quarters we are expecting rest of the amount. So that’s definitely the vision will going above from the just label from third quarter and fourth quarter.
Shravan Shah
Okay. And sir with this CSTM though we are saying that 400 odd crore plus 7 we will be doing this so next year also similar 400, 500 crore, or is there a possibility that we can do even 650 plus crore kind of. Or even.
Vikas Ahluwalia
It will increase next year because work done and next year the higher value items will kick in. So the billing will increase.
Shravan Shah
Okay. Okay. Got it. Got it. Shobhit sir, is there a possibility that for next year also we will be one on a top line front at a blended level similar 15% kind of a growth is possible.
Shobhit Uppal
Yeah, definitely it’s possible.
Shravan Shah
Okay. Okay. Got it. Thank you.
Shobhit Uppal
It’s about 18,000 crore. So we. And this is to be executed over the next two and a half years. And the order pipeline is good. Yeah. There will be a 15 to 20% growth next year also.
Shravan Shah
Got it. Thank you sir. All the best.
Shobhit Uppal
Thank you.
operator
Thank you. Participants who wish to ask questions may press chart in one at this time. The next question is from the line of Salil Desai from Marcellus Investment Managers. Please go ahead.
Salil Desai
Thank you. So first of all, clarification in the presentation you have uploaded the unexecuted order book says it’s on the 31st of March 25th. So should we read this at the 30th of June or is the number different?
Shobhit Uppal
That is correct. That number is one table. Right. That gives the unexecuted level for annually. So what number you need to be reading, actually if you go on page on the presentation, slide number three.
Salil Desai
Right.
Shobhit Uppal
You will have the unexecuted order book. And then when you go into the. You know where even the segmental wise as well as your segment for the type the client profiling wise, state wise. So everywhere this number of 16,582 will appear. This is till June. Yeah, those are all till June. If you. What you are referring to actually slide number 13. Right. There has been an order inflow of 2,089 crores. So you can add that to the figure of 165 82. You will get the unexecuted order value till end of July. That’s what you’re referring to whether it’s March 25th.
operator
Sorry to interrupt. Mr. Salil, may we request you use the headset to ask a question? Sir, you’re not audible. Hello. mr. Salil, sir we cannot hear you w ell.
Salil Desai
Am I audible now?
operator
Yeah. Please go ahead.
Salil Desai
Referring to number on Slide 3, you’re saying that is not the number to look at. I should add the 2,089 crores to this number to get the…
Shobhit Uppal
As of the present day that we are talking about. As of the present day. That is as on 30th of June 25th. Because this is a quarter presentation for that quarter.
Salil Desai
I get it. Because if I try to do some math, you know what the backlog was at the end of March and the order inflows what you have got for this quarter and then the revenues, then the number comes to a slightly higher number. So I was just figuring out, trying to figure out if there is an order cancellation or something that’s been done.
Shobhit Uppal
Absolutely. So what you need to do is that you have to, what you are doing. You’re seeing the slide number 13, right? Where the book up to 157,751, right?
Satbeer Singh
Okay, let me, let me just clarify. There has been no order cancellation and our order book till date stands at 18,671 crore.
Salil Desai
That’s all.
Shobhit Uppal
Did you get that?
Salil Desai
Yes, yes, that’s fine. Thank you.
Shobhit Uppal
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press Star in one to ask a question. The next question is from the line of Lakshmi narayanan from Tunga Investments. Please go ahead.
Lakshminarayanan K G
Thanks again. So one question. So we got this Birla Miya in Bangalore which is a 325 crore project or something. Right. So is the, are we developing for all the towers or how is it. And secondly, you know, how does it work? Because let’s say there are multiple Birla projects that are going on across the country. Whether we are in a better position to actually bid for those things. Just want to understand your point of view there.
Shobhit Uppal
Yeah. We have in the past bid for their projects in different parts of the country. We are doing phase one and phase two here on this particular project, which is Tramaya at the moment, as I mentioned, in response to one of the earlier questions which were asked is that we have taken a step back from residential construction. So that’s why we have sort of refused a job in Gurgaon with Birla. So going forward, once this project reaches a substantial completion stage or an advanced state, then we look at other projects with them.
Lakshminarayanan K G
Got it. Got it. Thank you so much.
Shobhit Uppal
Thank you.
operator
Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.
Parvez Akhtar Qazi
Hi, thanks for taking my follow up question. Just wanted to get your views on the competitive intensity. I mean they’re saying that maybe we are refocusing towards retail, institutional, commercial side. So how is the competitive intensity there? And also the difference between public and private sector projects in terms of competition. Thank you.
Shobhit Uppal
So Parvez, as I said earlier, public sector continues to be extremely competitive, and we are bidding on jobs with the public sector is reduced substantially. Having said that, we are still looking to bid at large marquee projects where we feel the competitive intensity would not be as high. As far as the private sector is concerned, there are only a handful of players who large private developers are calling to bid, be it for their residential projects or their commercial projects or their hotel projects, hospitality projects. So that is where our focus continues to be there.
Parvez Akhtar Qazi
Sure. Thanks. And all the best.
Shobhit Uppal
Thank you.
operator
Thank you. Participants who wish to ask Questions may press star and 1 at this time to ask a question. Please press Charan 1 now. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Shobhit Uppal
Thank you so much, everybody, and Ambit Capital for joining in and look forward to seeing you three months down the line. Thank you so much.
operator
Thank you. On behalf of Ahluwalia Contracts, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.