

Nuvama sees Afcons Infra in a ‘league of its own’, initiates coverage with Rs 535 target price
Nuvama Institutional Equities has initiated coverage on Afcons Infrastructure Ltd (AIL) with a ‘buy’ rating and a target price of Rs 535, as it believes that the company is ‘in a league of its own’.
The target price given by the brokerage firm implies a 23% upside potential from current levels.
The brokerage firm highlights AIL’s combination of growth and stability, strong financial management, and robust order book as key drivers for its positive outlook.
Consistent growth in a cyclical industry
Despite operating in an inherently cyclical sector, Afcons has been among “the handful of contractors that have been able to deliver steady growth over a long period of time.”
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