TARC-Ambit Target Rs 325

[Rajiv Handa]

TARC #TARC Ambit initiates on TARC with TP of 325rs Expects big pre sales growth in FY25 vs FY24 Expects 4740cr pre sales in FY25 vs 1574cr in FY24 Which is 3x on FY24 base Expects big revenue recognition to happen in FY26 once all big projects get recognized in books Expects 2000cr sales and 1004cr EBITDA for FY27 Believes TARC at present is where DLF was in early 2000 Net debt free by FY26 + Deleveraging to lead to rerating.