ICICI Direct has given Hold recommendation for Ashoka Buildcon with a target price of Rs. 100 in its research report issued on Feb 15, 2022

ICICI Direct’s research report on Ashoka Buildcon

Ashoka Buildcon (ABL) is primarily engaged in the construction of roads and bridges having an integrated portfolio of EPC, BOT and HAM projects. Besides roads construction, ABL also has established presence across varied infra verticals such as power transmission, railways, city gas distribution. Diversified order book, decent execution capabilities, expected pick-up in execution and focus on debt reduction and working capital are expected to outline ABL’s performance over the next few years


We maintain our HOLD rating. While the company has indicated that it would focus on EPC/HAM, recent bid (unsuccessful) for Ganga expressway BOT implies that it is still bent towards asset heavy segment We value ABL at Rs 100/share.

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