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IPO Note- Capacit’e Infra projects Ltd

Capacit’e Infra Projects Ltd (CIL) is a fast growing construction company in India. Residential constitutes more than 90% of the company’s INR 4,602cr order book. It caters to established realtors such as Kalpataru, Wadhwa group, Oberoi Construction ltd, Lodha, Rustomjee and Godrej properties.
Outlook & Valuation: Considering, CIL’s experienced management, revenue visibility, strong track record of timely delivery of projects and strong relationships, we believe that CIL would continue to gain incremental order inflow going ahead. At the upper end of the price band, the pre-issue P/E works out to be 18.6x FY2017 earnings, which is lower compared to P/E multiple of its peers i.e. Ahluwalia – 22x, PSP 32x. Moreover, post-RERA, a contractor with strong track record of timely project delivery would garner major order. Hence, owing to all the positive factors, healthy return ratios we rate this IPO as “SUBSCRIBE”.

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