ICICI Direct has given Buy recommendation for Action Construction Equipment with a target price of Rs. 230 in its research report issued on May 25, 2022

ICICI Direct’s research report on Action Construction Equipment

Action Construction Equipment (ACE) is an Indian construction equipment and material handling company. ACE has eight manufacturing and one R&D site in Faridabad, Haryana • The company has a capacity of 12000 construction equipment and 9000 tractors annually • ACE’s product portfolio is divided into four main categories viz. agricultural equipment, construction equipment, road construction equipment and earth-moving machinery.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value ACE at Rs 230 i.e. 17x PE (FY24E).

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