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ICICI Direct Report
Action Construction Equipment Ltd. is an Indian construction equipment and material handling company.
ACE has eight manufacturing and one research and development site in Faridabad, Haryana.
ACE's product portfolio is divided into four main categories viz. agricultural equipment, construction equipment, road construction equipment and earth-moving machinery.
Key triggers for future price performance:
Significant traction in tendering activity points to a strong capex cycle.
Tendering activity has seen a robust pace as tenders worth Rs 369031 crore have been issued despite macro concerns. Tendering activity has seen 58% YoY growth. From a pre Covid level, the tendering activity is up 240% YoY.
Fresh projects investments have almost doubled from FY20 levels, with private share coming with a strong rebound. Order inflow in Q1 FY23 was at Rs 52090 crore versus Rs 36138 crore in Q1 FY22. We believe ACE is likely to benefit in terms of strong volumes, operating leverage and strong balance sheet.
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