Anand Rathi has given Buy recommendation for Ashoka Buildcon with a target price of Rs. 145 in its research report issued on Jun 24, 2021

Anand Rathi’s research report on Ashoka Buildcon

Q4 FY21 was enthusing for Ashoka Buildcon. Quarterly revenue scaled a new high, margins were strong and the standalone balance sheet healthy. Strong orders added early in FY22, too, augur well, and bright bid-prospects set the stage for even better times. Asset-monetisation efforts, too, have been progressing gradually. Success here could help assuage the SBI-Macquarie exit overhang and free up capital.


Proven execution capabilities and a well-set balance sheet impel us to retain our Buy rating, with a TP of Rs145 (derived using 9x FY23e core construction EPS and the DCF/invested-basis valuation for asset ownership).