Buy JMC Projects; target of Rs 844: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on JMC Projects

JMCP reported in line 1QFY19 revenue at Rs 6.9bn (+3.3% YoY, -4.7% QoQ). Growth was muted in 1QFY19 on account of labour availability issues due to festive season and West Bengal panchayat elections. EBITDA margins of 10.3% (+20bps higher than expected) and an effective tax rate of 23.4% led to a higher PAT of Rs 266mn (+13.9% than estimate).

Outlook

Execution  will likely pick up from 2HFY19E. We do not think JMCP will face any  major  challenges to meet the 15% growth guidance. If the recent infra wins  start  as  per  timeline, there could be further upside to FY19/FY20E estimates. Maintain BUY with a SOTP of Rs 844/sh.

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