diff --git a/plat/renesas/rzg/platform.mk b/plat/renesas/rzg/platform.mk
index 89ca22780..354eada67 100644
--- a/plat/renesas/rzg/platform.mk
+++ b/plat/renesas/rzg/platform.mk
@@ -266,9 +266,13 @@ clean_srecord:
 	@echo "clean bl2 and bl31 srecs"
 	rm -f ${SREC_PATH}/bl2.srec ${SREC_PATH}/bl31.srec
 
+$(SREC_PATH)/bl2.srec: $(BL2_ELF_SRC)
+	@echo "generating srec: $(SREC_PATH)/bl2.srec"
+	$(Q)$($(ARCH)-oc) -O srec --srec-forceS3 $(BL2_ELF_SRC)  $(SREC_PATH)/bl2.srec
+
+$(SREC_PATH)/bl31.srec: $(BL31_ELF_SRC)
+	@echo "generating srec: $(SREC_PATH)/bl31.srec"
+	$(Q)$($(ARCH)-oc) -O srec --srec-forceS3 $(BL31_ELF_SRC) $(SREC_PATH)/bl31.srec
+
 .PHONY: rzg_srecord
-rzg_srecord: $(BL2_ELF_SRC) $(BL31_ELF_SRC)
-	@echo "generating srec: ${SREC_PATH}/bl2.srec"
-	$(Q)$($(ARCH)-oc) -O srec --srec-forceS3 ${BL2_ELF_SRC}  ${SREC_PATH}/bl2.srec
-	@echo "generating srec: ${SREC_PATH}/bl31.srec"
-	$(Q)$($(ARCH)-oc) -O srec --srec-forceS3 ${BL31_ELF_SRC} ${SREC_PATH}/bl31.srec
+rzg_srecord: $(SREC_PATH)/bl2.srec $(SREC_PATH)/bl31.srec