ICICI Securities says ‘buy’ Ahluwalia Contracts, stock hits record high

Ahluwalia Contracts has a strong order book of Rs 8,162.7 crore as of FY23 end, 2.9 times book to bill, which was at an all-time high.

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Shares of Ahluwalia Contracts climbed 5 percent on July 5 to a record high of Rs 648.05, after ICICI Securities initiated coverage on the stock with a ‘buy’ tag.

“Ahluwalia is a key beneficiary of the tailwinds in the segments such as real estate, hotels, hospitals, station redevelopment as well as corporate/ industrial capex,” the brokerage firm said.

The broker has set a target price of Rs 800 per share based on 16 times its FY25 Price to Earnings.

At 9:56am, shares of the company were trading 5.4 percent higher at Rs 648 on the BSE. The scrip hit a record high today at Rs 648.05 on the BSE.

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The company has a strong order book of Rs 8,162.7 crore as of FY23 end, 2.9 times book to bill, which was at an all-time high. The book-to-bill ratio reveals how quickly a business fulfills demand for its products.

Ahluwalia Contracts (India) carries out EPC construction spanning across residential or commercial complex, hotels, hospitals, institutional or corporate offices, IT parks, railway station redevelopment, metro station or depot, and parking lot among others.

The company enjoys a healthy balance sheet and is a net cash company with a cash balance of Rs 585 crore in FY23.

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