Accumulate Ahluwalia Contracts (India); target of Rs 1490: Asit C Mehta

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26 Aug, 2025 12:21

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Asit C Mehta report on Ahluwalia Contracts (India)

Ahluwalia Contracts (India) Limited (ACIL) incorporated on June 2, 1979 is a well-established integrated construction company with five decades of expertise in the construction Industry in India and abroad. The company undertakes diverse projects in infrastructure development, providing turnkey solutions in Engineering and design for both Public and Private Sector clients. It is an India-based engineering, procurement and construction (EPC) company. It has also diversified into developing and operating commercial complex under license arrangement and is also engaged in the real estate trading business. The Company’s projects include hotel projects, such as Leela Palace Five Star Hotel, Pullman & Novotel Hotel, and ITC Grand Central Five Star Hotel; hospital projects, such as BPS Mahila Vishwavidyalaya, Tata Medical Centre and Fortis Super Specialties Hospital; commercial and institutional projects, such as Samrat Ashok Convention Kendra, IFCI Tower, and Cyber Green. The Company has successfully completed numerous landmark projects, making it one of the largest Civil Contractors in India. They have successfully completed some of the most challenging projects in the Country.

Outlook

We estimate the company’s top line to grow at a CAGR of ~21.33% during FY23- FY26E, supporting with strong order book & management guidance. Currently it is trading at very attractive valuation of 12.89x PE multiple on basis of FY26E EPS. By applying a PE multiple of 24x to FY26E EPS of Rs 62.08, we arrive at a target price of Rs 1,490 indicating an upside potential of 86% from the current levels. Hence, we recommend an ACCUMULATE rating for a medium to long-term perspective.

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Ahluwalia Contracts (India) - 14022024 - ac