Investec has initiated a ‘Buy’ rating on Afcons, setting a target price of ₹630, implying a 17% upside from the current market price (CMP) of ₹538.00.
The brokerage highlighted Afcons as one of the most diversified mid-sized EPC companies in India, supported by a strong balance sheet and consistent margins. Afcons has witnessed a surge in order inflows over the first eight months of FY25, driven by the easing of bank guarantee constraints.
The healthy order pipeline and sustained momentum are expected to provide robust revenue visibility and drive EBITDA/PAT growth for FY26E-FY27E. Investec also called Afcons an excellent play on the government capex cycle, making it well-positioned for future growth.
Disclaimer: The above is for informational purposes only. Please consult a financial advisor before making any investment decisions.