Ahluwalia Contracts (India) Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for AHLUCONT, BSE:532811 Ahluwalia Contracts (India) Ltd.

Ahluwalia Contracts (India) Ltd.

31 May 2019

1002.40

2.25%

Ahluwalia Contracts (4QFY19): A disappointing quarter. Maintain BUY

Buy: Ahluwalia Contracts (India...

Target

HDFC Securities

With an order pipeline of ~Rs 50bn (dominated by hospitals, educational and metro related projects) AHLU expects ~Rs 20bn of inflows in FY20E. Even though it was quite open earlier to add private sector projects in the near term, it admits that the public sector skew will continue and is unlikely to change materially for now. AHLU has survived across cycles and has tuned itself to the vagaries of the building segment. We like AHLU's conservative bidding approach, focus on balance sheet and staying away from unnecessary diversification. We maintain BUY. Key risks include (1) Slow down in government capex; (2) High cost inflation; (3) Stuck projects; (4) Lower than expected leasing in Kota BOT project. We maintain BUY with a reduced TP of Rs 430 (vs Rs 443/sh earlier) despite 11/25/24% 4QFY19 miss on Rev/EBITDA/APAT. We have downgraded our FY20/21E EPS by 6.8/3.1% to factor in ~Rs 8.3bn of non moving projects.

Ahluwalia Contracts (India) Ltd. is trading above all available SMAs

Ahluwalia Contracts (India) Ltd.

30 May 2019

1002.40

2.25%

Ahluwalia Contracts -4QFY19 Result Update

Buy: Ahluwalia Contracts (India...

Target

Reliance Securities

Ahluwalia Contracts (India) Ltd. is trading above all available SMAs

Ahluwalia Contracts (India) Ltd.

17 Feb 2019

1002.40

2.25%

Ahluwalia Contracts (3QFY19): Muted performance. Maintain BUY

Buy: Ahluwalia Contracts (India...

Target

HDFC Securities

Maintain BUY with reduced TP of Rs 449/sh (vs Rs 487 earlier) valuing the EPC segment at 18x Dec-20E EPS, Kota BOT 1x P/BV). AHLU posted weak numbers with Rev/EBITDA/APAT coming in 12/23/23% lower than estimate. This was primarily led by NGT related issues in both Delhi (~Rs 600-700mn revenue impact) and Bihar (~Rs 400mn impact). With fixed cost absorption on lower revenue base, EBIDTA margins slipped 545bps QoQ to 11.8%.

Ahluwalia Contracts .. has an average target of 986.33 from 3 brokers.

Ahluwalia Contracts (India) Ltd.

15 Feb 2019

1002.40

2.25%

ACIL's net sales in Q3FY19 increased 16% yoy to Rs4.2bn, but came in below our estimates...

Buy: Ahluwalia Contracts (India...

Target

Emkay

ACIL's net sales in Q3FY19 increased by about 16% yoy to Rs4.2bn, but came in below our estimates due to issues relating to tree-cutting in the NCR region and delays in getting approvals for a few projects. EBITDA declined 20.5% yoy to Rs496.2mn while EBITDA margin stood at 11.9% (Emkay est: 13%), due to weak execution and higher other expenses which...

Ahluwalia Contracts (India) Ltd. is trading above all available SMAs

Ahluwalia Contracts (India) Ltd.

15 Feb 2019

1002.40

2.25%

Ahluwalia Contracts -3QFY19 Result Update

Ahluwalia Contracts (India...

Reliance Securities

Ahluwalia Contracts .. has an average target of 986.33 from 3 brokers.

Ahluwalia Contracts (India) Ltd.

16 Nov 2018

1002.40

2.25%

Ahluwalia Contracts (2QFY19): Growth visible. Maintain BUY

Buy: Ahluwalia Contracts (India...

Target

HDFC Securities

Maintain BUY with an increased SOTP of Rs 465/sh (EPC segment at 18x Mar-20E EPS, Kota BOT 1x P/BV). AHLU posted strong 2QFY19 numbers with Revenue/ EBITDA/ APAT Rs 4.4/ 0.6/ 0.3bn (19/ 15/ 21% beat vs. estimates). Interest cost shot up to Rs 51mn (+10% YoY, +31% QoQ) as debt increased from Rs 340mn to 520mn QoQ.

Ahluwalia Contracts (India) Ltd. is trading above all available SMAs

Ahluwalia Contracts (India) Ltd.

16 Nov 2018

1002.40

2.25%

Ahluwalia Contracts -Result Update

Buy: Ahluwalia Contracts (India...

Target

Reliance Securities

Ahluwalia Contracts (AHLU) has reported a strong performance in 2QFY19 mainly led by rampup in execution in recently bagged projects. While revenue grew by a strong 31% YoY to Rs4.4bn (+9% QoQ) vs. our estimate of Rs3.8bn, EBITDA rose by 15% YoY to Rs574mn (+9% QoQ) and EBITDA margin stood at 13.1% vs. 14.9% and 13% in 2QFY18 and 1QFY19, respectively. Net profit grew by 21% YoY and 11% QoQ to Rs312mn vs. our estimate of Rs256mn. AHLU received order inflow of Rs31bn in FY19 YTD taking its total order backlog to Rs53bn (3.2x of FY18 revenue). Upgrading order inflow guidance to Rs40bn from Rs24bn, the Management has maintained revenue growth guidance of 15-20% with EBITDA margin of >13% for FY19 and >30% revenue growth in FY20E. We continue to maintain our positive stance on AHLU on the back of healthy...

Ahluwalia Contracts .. has an average target of 986.33 from 3 brokers.

Ahluwalia Contracts (India) Ltd.

15 Nov 2018

1002.40

2.25%

Ahluwalia

Buy: Ahluwalia Contracts (India...

Dolat Capital

ACIL posted 31.3% YoY growth in Q2FY19 revenue (after 2 consecutive quarter of de-growth) to `4.4 bn (9.0% above estimates) led by better execution. EBITDA margin down by 181 bps YoY to 13.1% (24 bps below estimates), primarily due to higher construction cost which is up by 258 bps YoY to 75.9% of revenue and other expenses which was partially offset by fall in employee cost. PAT up 20.9% YoY to `312 mn (2.3% above estimates)...

Ahluwalia Contracts (India) Ltd. is trading above all available SMAs

Ahluwalia Contracts (India) Ltd.

23 Aug 2018

1002.40

2.25%

Ahluwalia

Buy: Ahluwalia Contracts (India...

Recommendation Target

Centrum Broking

One-offs impact performance, but order inflow gains traction Ahluwalia Contracts (India) Ltd (ACIL), for Q1FY19, reported muted numbers, mainly on the back of one-offs. Revenue declined by ~20% YoY to 404 crore, on the back of slow execution in few projects (impact of 35 crore Delhi CPWD project tree cutting issue, and NBCC Kolkata design issue). EBITDA declined by 2% to 53 crore. Lower raw material cost (down 1,099bps to 43.5% of Q1FY19 sales) was partly offset by higher employee cost (up 258bps to 8.9%) and other expenses (up 603 bps to 34.6%) leading to EBITDA margin expansion of 238bps to...

Ahluwalia Contracts .. has an average target of 986.33 from 3 brokers.

Ahluwalia Contracts (India) Ltd.

17 Aug 2018

1002.40

2.25%

Ahluwalia Contracts - 1QFY19 Result Update

Buy: Ahluwalia Contracts (India...

Reliance Securities

Growth Path Remains Intact Despite Soft Performance; Maintain BUY Ahluwalia Contracts (ACIL) has reported a soft performance in 1QFY19. Led by slow execution in new projects, ACIL's revenue declined by 20% YoY (-10% YoY GST adjusted) to Rs4bn vs. our estimate of Rs4.2bn. Further, EBITDA declined by 2% YoY and 1.5% QoQ to Rs526mn, while EBITDA margin improved by 238bps YoY and 107bps QoQ to 13%. Net profit stood at Rs282mn (-4.5% YoY and -9% QoQ). ACIL received order inflow of Rs20bn in FY19 YTD taking its total order backlog to Rs47bn (2.9x FY18 revenue). Upgrading order inflow guidance to Rs24bn from Rs20bn, the Management has maintained revenue growth guidance of 20% with EBITDA...

Ahluwalia Contracts .. has an average target of 986.33 from 3 brokers.

Is Ahluwalia Contracts (India) Ltd. worth buying?

55 Votes:

Buy 76.36%

Sell 20.0%

Hold 3.64%

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