ICICI Direct's research report on Ahluwalia Contracts
Ahluwalia Contracts (India) Limited is a leading construction company with five decades of expertise. The company largely carries out EPC construction spanning residential/commercial complex, hotels, hospitals, institutional/corporate offices, IT parks, Railway station redevelopment, metro station/depot, parking lot etc. The order book stood at Rs 8162.7 crore as of FY23 (2.9x book to bill). Ahluwalia enjoys a healthy balance sheet and is a net cash company (net cash of Rs 585 crore in FY23).
Outlook
We initiate coverage with a BUY rating. We value Ahluwalia at Rs 800 per share (based on 16x FY25 P/E).
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