Due to the run-up in smallcap stocks, as evidenced by BSE smallcap index returns of more than 45% in the year so far, it may become increasingly difficult for investors to spot value buys in this segment. At such a time, HDFC Securities has a buy rating on the shares of Ahluwalia Contracts (India) Ltd (ACIL), which is one of the India\u2019s leading EPC (Engineering, Procurement and Construction) company primarily focused on North India but having a pan-India presence. Notably, the company has more than 5 decades of experience in offering turnkey solutions. The company is primarily in the business of construction of a wide range of structural buildings such as hospitals, hotels, educational institutions, information technology parks, commercial complexes and malls, group housing projects and corporate office premises. Track live stock price:\u00a0Ahluwalia Contracts (India) Ltd HDFC Securities has a target price of Rs 403 on the shares of Ahluwalia Contracts. The scrip was trading at Rs 320, down by more than 1.8% since yesterday. HDFC Securities\u2019 target price implies an upside nearly 26% from the current market prices. Pointing to the strengths of the company, HDFC Securities says that the company has revenue visibility with strong order book position; excellent track record of order executions and expects to maintain margins going forward and decent financial profile reflected in margins and return ratios and improving debt coverage. \u201cWe feel that the discount in valuation to its peers could soon narrow or disappear as the street recognizes that ACIL can still grow at a decent pace despite its conservative approach. "We think investors could buy the stock at the CMP and add on declines to Rs 287-293 (14.0x FY19E EPS) band for sequential targets of Rs 372 (18.0x FY19E EPS) and Rs 403 (19.5x FY19E EPS) over 3-4 quarters. At the CMP of Rs. 320 the stock trades at 15.5x FY19E EPS,\u201d noted the research and brokerage firm. Ahluwalia Contract shares have returned 25% since January, as compared to BSE small cap returns of 45.6% in the same period.