Past performance is no guarantee for future years. The main issue is with no order bidding in the pipeline or no big order wins in recent history. Also they have ventured in to EPC recently to bid orders from railways. Otherwise road construction is not a niche business with so many competition(especially NCC with huge order backlog). I’m just saying there is a perfect explanation why market have rated it low. Especially with no order bidding pipeline with elections looming one can revisit this counter at leisure. Upside is limited and downside seems protected (due to lot of MF holdings) . I’m offloading at my own pace.
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