The brokerage maintains ADD, with a TP of Rs 256, factoring in a consistently healthy order book and robust project pipeline ahead.

The company capitalised assets worth Rs 207bn in FY22 and the brokerage expect it to capitalise assets worth Rs 120bn in FY23.

Promoters held 51.34 per cent stake in the company as of 30-Sep-2022, while FIIs owned 36.84 per cent, DIIs 13.79 per cent.

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