Buy HCC; target of Rs 55: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Hindustan Construction Company

Hindustan Construction Company’s (HCC) Q4FY17 adjusted profit came in at INR 421mn (our estimate INR 172mn loss), helped by INR 2.5bn claims recognition. Order book remained robust at INR 204bn, 4.8x TTM revenues. The company has started the process to realise arbitration claims won by it.

Outlook

It is entitled to receive INR 29.5bn claims out of which it has already realised INR3.8bn cash while a further INR 15bn is expected to be realised over the next couple of quarters. Trajectory of receipt of claims money and pick up in execution remain key monitorables. Maintain ‘BUY’ with SoTP-based target price of INR 55.

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