Buy Ahluwalia Contracts; target of Rs 333: Dolat Capital

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Dolat Capital's research report on Ahluwalia Contracts

Though the global economic growth declined from 3.8% in 2017 to 3.6% in 2018, the Indian economy remained relatively steadfast. Growth in activity and capital inflows was witnessed in the Indian Construction Sector driven mainly by Government Capex. The EPC segment regained its growth momentum in 2018 due to positive developments in the economy, investments in transport infrastructure, energy and housing projects as stated in ‘Construction in India’ by Global Data. Private corporate Capex has been declining due to debt overhang and reduced funding from financial institution.

Outlook

Accordingly, we downgrade ACIL to Accumulate with a same TP of `333 (13x FY21E EPS). We maintain our FY20E/ FY21E estimates.

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