Buy Capacite Infraprojects; target of Rs 147: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Capacite Infraprojects

CIL reported broadly in-line 1QFY21 performance. The good part is that the worst is over as we foresee MoM/QoQ execution ramp-up. CIL is well-placed for cyclical recovery on the back of robust order backlog (7x FY20 revenue). Management allayed liquidity concerns with no plans of equity fund raise and likely reduction in debt as execution and collections improve. The order book is well balanced between Public/Pvt at 55:45. Balance sheet is stable, labour availability has improved to ~45%, and all sites have restarted. CIL has received further Rs 1.1bn of CIDCO project advance, implying project remains on track (43% of order book).

Outlook

We maintain BUY with Rs 147/sh target price.

For all recommendations report, click here

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