Buy JMC Projects; target of Rs 69: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on JMC Projects

JMC Project Ltd (JMC) 4QFY20 financial performance was impacted by ECL provisioning of Rs 795mn in the Kurukshetra Expressway BOT toll project. Adjusted for the same the APAT beat stood at 26.8%. Whilst FY20 saw weak order intake of Rs 33.6bn, 1QFY21 has started on strong footing with new order wins of Rs 11.3bn and L1 of Rs 18bn. We expect FY21E to be turnaround year for JMC as (1) Likely restructuring of 3 BOT assets will cut loss funding to Rs 500mn (vs. Rs 800mn for FY20) (2) New orders bookings have been strong for 1QFY21 & (3) International geographies have started contributing to order inflows.

Outlook

We maintain BUY with SOTP of Rs 69/sh.

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