Anand Rathi has given Buy recommendation for Ashoka Buildcon with a target price of Rs. 147 in its research report issued on Feb 08, 2021

Anand Rathi’s research report on Ashoka Buildcon

The receipt of binding bids (under evaluation) for the Ashoka Concessions’ operational BOT-toll/annuity portfolio is the key positive in an otherwise ordinary quarter. With some of its recent orders set to start contributing shortly and as it expects to benefit from the year-end spurt in awarding, management guides to a significantly better Q4 FY21. Notwithstanding Q3 higher net debt, the balance sheet is still in shape to take care of the higher scale. Any success with asset monetisation would help strengthen it further.


Taking cognisance of levers in place, we retain our Buy rating with a TP of Rs147 (from Rs127, on rolling forward).