I-Sec downgrades Ahluwalia Contracts (India) to Add, revises target price to Rs 1,020
ICICI Securities
has downgraded
Ahluwalia Contracts
(India) to Add from Buy with a revised target price of Rs 1020 (from Rs 947 earlier). The current market price of
Ahluwalia Contracts
is Rs 924. Ahluwalia Contracts (India), incorporated in 1979, is a Small Cap company with a market cap of Rs 6236.21 crore) operating in the construction sector.
Ahluwalia Contracts (India)'s key products/revenue segments include Contract Revenue, Scrap, Lease Rentals, Project Consultancy Services and Property Development for the year ending 31-Mar-2024.
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Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1233.87 crore, up 27.62% from last quarter Total Income of Rs 966.82 crore and up 4.92% from last year same quarter Total Income of Rs 1176.01 crore. The company has reported net profit after tax of Rs 83.22 crore in the latest quarter.
The company's top management includes Mr.Bikramjit Ahluwalia, Mr.Shobhit Uppal, Mr.Vikas Ahluwalia, Mr.Sanjiv Sharma, Mr.Rajendra Prashad Gupta, Dr.Sheela Bhide, Mr.Ashok Khurana, Mr.Sunil Kumar Sachdeva. Company has Amod Agrawal & Associates as its auditors. As on 31-03-2025, the company has a total of 7 crore shares outstanding.
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Investment Rationale
Ahluwalia has guided for 15% revenue growth despite a strong book-to-bill, on account of continued labour supply issues; it also envisages double-digit EBITDA margins continuing. The company targets OI of Rs 70?80 billion in FY26. Management expects execution of Rs 4-5 billion in the CSMT project in FY26.
Downgrade to ADD; target price revised to Rs 1,020
Given the expensive valuations, ICICI Securities has downgraded the stock to ADD (from Buy) with a revised target price of Rs 1,020 (Rs 947 earlier).
Promoter/FII Holdings
Promoters held 55.32 per cent stake in the company as of 31-Mar-2025, while FIIs owned 12.07 per cent, DIIs 24.33 per cent.
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