{"id":30290,"date":"2024-08-19T12:05:19","date_gmt":"2024-08-19T06:35:19","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=30290"},"modified":"2024-08-19T13:42:53","modified_gmt":"2024-08-19T08:12:53","slug":"alpha-action-construction-equipment-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-action-construction-equipment-ltd-equity-research-desk\/30290","title":{"rendered":"Alpha | Action Construction Equipment Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30291\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Action-Construction-Equipment-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Action Construction Equipment Ltd &#8211; Lifting India\u2019s Growth<\/span><\/h2>\n\n\n\n<p>Incorporated in 1995 and headquartered in Haryana, Action Construction Equipment Limited (ACE) specializes in manufacturing cranes, material handling equipment, road construction machinery, and agricultural tools like tractors and harvesters. With manufacturing facilities in Haryana, ACE offers over 60 products and has a presence in 100+ locations across India. As the world&#8217;s largest pick-and-carry crane manufacturer, ACE operates in 37 countries, including regions in the Middle East, Africa, Asia, and Latin America, serving sectors like construction, manufacturing, logistics, and agriculture.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-14.png\"><img loading=\"lazy\" width=\"747\" height=\"501\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-14.png\" alt=\"\" class=\"wp-image-30292\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-14.png 747w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-14-300x201.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>The company operates across four main segments:<\/p>\n\n\n\n<ul><li><strong>Cranes:<\/strong> Pick &amp; carry cranes, lorry loaders, rough terrain cranes, crawler cranes, truck cranes, and tower cranes.<\/li><li><strong>Construction Equipment:<\/strong> Backhoe loaders, telehandlers, vibratory rollers, motor graders, and access platforms.<\/li><li><strong>Material Handling:<\/strong> Forklift trucks, warehousing equipment, and piling rigs.<\/li><li><strong>Agri Equipment:<\/strong> Tractors and track harvesters.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-15.png\"><img loading=\"lazy\" width=\"820\" height=\"302\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-15.png\" alt=\"\" class=\"wp-image-30293\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-15.png 820w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-15-300x110.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-15-768x283.png 768w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong> &#8211; As of FY24, the company has 2 subsidiaries and a partnership firm.\u00a0<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li>Forming a joint venture with Japan&#8217;s Kato Works Limited to manufacture medium and large-sized cranes for the Indian market, with subsequent plans to target export markets.<\/li><li>Developed India\u2019s first fully electric mobile crane, pending government approval, with higher pricing reflecting superior efficiency.<\/li><li>New product lineup, including 45-ton and 60-ton cranes, is expected to drive higher profit margins.<\/li><\/ul>\n\n\n\n<p><strong>New Opportunities:<\/strong><\/p>\n\n\n\n<ul><li>Aiming to significantly increase export revenue over the next 2-3 years with innovative products like the Forma Range of Tractors and \u201cPhantom 4&#215;4\u201d Backhoe Loader.<\/li><li>Upgrading products to meet CEV IV emission norms by January 2025.<\/li><li>Recent launches include India\u2019s largest mobile crane, aerial work platforms, and next-gen 35-ton 4&#215;4 cranes.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.2914-crore.png\"><img loading=\"lazy\" width=\"783\" height=\"530\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.2914-crore.png\" alt=\"\" class=\"wp-image-30296\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.2914-crore.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.2914-crore-300x203.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.2914-crore-768x520.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q1FY25\u00a0<\/span><\/h2>\n\n\n\n<ul><li>Revenue reached \u20b9762 crore, marking a 14% growth compared to \u20b9668 crore in Q1FY24.<\/li><li>EBITDA increased by 29% to \u20b9126 crore, up from \u20b998 crore in Q1FY24.<\/li><li>Net profit grew by 24%, rising from \u20b968 crore in Q1FY24 to \u20b984 crore this quarter.<\/li><li>EBITDA margin improved by 212 bps to 17%, while net profit margin expanded by 107 bps to 11%, driven by better price realization, an improved product mix, and efficient cost control measures.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li>Revenue reached \u20b92,914 crore, reflecting a 35% increase compared to FY23.<\/li><li>Operating profit surged by 83% to \u20b9480 crore.<\/li><li>Net profit climbed 90% YoY, reaching \u20b9328 crore.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-16.png\"><img loading=\"lazy\" width=\"751\" height=\"354\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-16.png\" alt=\"\" class=\"wp-image-30297\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-16.png 751w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-16-300x141.png 300w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li>The company&#8217;s revenue and PAT CAGR over the past 3 years (FY21-FY24) are approximately 33% and 63%, respectively.<\/li><li>The 3-year average ROE and ROCE stand at around 23% and 30%, respectively.<\/li><li>The company maintains a debt-free capital structure, showcasing its financial prudence and strong fundraising capabilities.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-17.png\"><img loading=\"lazy\" width=\"747\" height=\"216\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-17.png\" alt=\"\" class=\"wp-image-30298\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-17.png 747w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-17-300x87.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook\u00a0<\/span><\/h2>\n\n\n\n<ul><li>India has tripled its capital expenditure over the past 4 years, significantly boosting economic growth and job creation.<\/li><li>Demand for construction machinery and equipment surged, leading to a 26% increase in manufacturing sales, reaching 135,650 units in FY24.<\/li><li>Ongoing infrastructure projects, including airports, railways, ports, and metro systems, continue to strengthen the construction market, indicating a promising future for the industry.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li>Capital investment outlay of \u20b911.11 lakh crore (US$ 133.86 billion) for infrastructure in the Interim Budget 2024-25, marking an 11.1% increase.<\/li><li>100% Foreign Direct Investment (FDI) permitted in key sectors like roads and highways, railways, ports &amp; harbours, and urban development projects.<\/li><li>Government initiatives such as Atmanirbhar Bharat Abhiyaan, Metro Rail expansion, and Pradhan Mantri Awas Yojana (PMAY) are expected to boost demand for construction equipment in India.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Sanghvi Movers is the only listed competitor of ACE operating in similar business and comparable market cap. Compared to its competitor, the company has better return ratios and stable revenue growth, indicating the company\u2019s financial stability and its efficiency in generating income and returns from the invested capital.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18.png\"><img loading=\"lazy\" width=\"1024\" height=\"118\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18-1024x118.png\" alt=\"\" class=\"wp-image-30299\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18-1024x118.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18-300x35.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18-768x89.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-18.png 1437w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>The company is well-positioned to expand further across diverse industries.<\/li><li>FY25 guidance includes 15-20% top-line growth with additional margin expansion.<\/li><li>Expected growth rates: 20% in cranes, material handling, and agri portfolios; 30-40% in the construction segment.<\/li><li>The joint venture with Kato is anticipated to create new business opportunities.<\/li><li>Ongoing focus on research and development for innovative products is a key strength.<\/li><li>Evolving product mix, capacity expansion, and export market opportunities support continued growth momentum.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19-1024x712.png\" alt=\"\" class=\"wp-image-30300\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-19.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Government\u2019s ongoing focus on infrastructure spending and ACE\u2019s strong brand reputation provide clear revenue visibility for the medium to long term. We recommend a BUY rating for the stock with a target price (TP) of \u20b91,518, representing 33x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Slowdown in Economy:<\/strong> An economic downturn could lead to reduced capital expenditure on infrastructure projects, potentially impacting the company&#8217;s turnover.<\/li><li><strong>Raw Material Price Volatility:<\/strong> Fluctuations in raw material prices and demand may affect earnings and cash flow.<\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/INE731H01025-2024-08-19.pdf.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 16 August 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21.png\"><img loading=\"lazy\" width=\"1024\" height=\"227\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21-1024x227.png\" alt=\"\" class=\"wp-image-30302\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21-1024x227.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21-768x171.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-21.png 1162w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-energy-exchange-ltd-equity-research-desk\/30255\">Indian Energy Exchange Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-hindalco-industries-ltd-equity-research-desk\/30202\">Hindalco Industries Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-hcl-technologies-ltd-equity-research-desk\/30181\">HCL Technologies Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-adani-ports-special-economic-zone-ltd-equity-research-desk\/30113\">Adani Ports &amp; Special Economic Zone Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Action Construction Equipment Ltd &#8211; Lifting India\u2019s Growth Incorporated in 1995 and headquartered in Haryana, Action Construction Equipment Limited (ACE) specializes in manufacturing cranes, material handling equipment, road construction machinery, and agricultural tools like tractors and harvesters. With manufacturing facilities in Haryana, ACE offers over 60 products and has a presence in 100+ locations across [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[1082,1083,744,1033,745,1063,897,892,648,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Action Construction Equipment Ltd Stock Analysis August - 2024<\/title>\n<meta name=\"description\" content=\"Action Construction Equipment Ltd: Driving India&#039;s growth with innovative construction machinery. 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