If you want a recursive tree listing, you can use this XQuery script with Saxon:
(:~
 : XQuery to display the dependencies of an Ant target.
 :
 : There are two modes of operation:
 :   1) Display all targets and immediate dependencies, specified by $project-file
 :   2) Show a tree of a single targets dependencies, this happens when $target-name is set as well.
 :
 : External parameters:
 :  $project-file The initial Ant file to start parsing from (imports will be expanded)
 :  $target-name If specified we examine only a single target and produce a tree of all dependencies (recursively)
 :  $show-file Whether the file path of the dependency should be shown
 : 
 : Example Usage: java -cp Saxon-HE-9.7.0-18.jar net.sf.saxon.Query -q:ant-show-deps.xqy \!indent=yes project-file=file:/Users/are/exist-git/build.xml target-name=installer show-file=true
 :
 : If you don't want to specify the $target-name you can pass ?target-name=\(\) to Saxon on the command line.
 :
 : @author Adam Retter
 :)
xquery version "1.0";
declare variable $project-file external;
declare variable $target-name as xs:string? external;
declare variable $show-file as xs:boolean external;
declare function local:expand-import-targets($file as xs:string) as element(target)* {
    local:expand-import-targets($file, ())
};
declare function local:expand-import-targets($file as xs:string, $visited as xs:string*) as element(target)* {
    let $path := local:resolve($file, $visited[1])
    return
        if(not($visited = $path))then
            let $imported-project := doc($path)/project
            return
            (
                for $target in $imported-project/target
                return
              <target name="{$target/@name}" file="{$path}">
                  {
                  for $dependency in tokenize(replace($target/@depends, '\s+', ''), ',')
                  return
                      <dependency name="{$dependency}"/>
                  }
              </target>
                ,
                for $import in $imported-project/import
                return
                    local:expand-import-targets($import/@file, ($path, $visited))
            )
        else()
};
declare function local:resolve($file as xs:string, $prev-file as xs:string?) {
    if(not($prev-file))then
        $file
    else if(starts-with($file, "/") or starts-with($file, "file:/"))then
        $file
    else
        resolve-uri($file, $prev-file)
};
declare function local:target-tree($target-name as xs:string, $targets as element(target)*) as element(target)? {
    let $target := $targets[@name eq $target-name]
    return
        element target {
            $target/@name,
            if($show-file)then
                $target/@file
            else(),
            for $dependency in $target/dependency
            return
                local:expand-dependency($dependency/@name, $targets)
        }
};
declare function local:expand-dependency($dependency-name as xs:string, $targets as element(target)*) {
    for $expanded in $targets[@name eq $dependency-name]
    return
        element dependency {
            $expanded/@name,
            if($show-file)then
                $expanded/@file
            else(),
            for $sub-dependency in $expanded/dependency
            return
                local:expand-dependency($sub-dependency/@name, $targets)
        }
};
let $targets := local:expand-import-targets($project-file)
return
    if($target-name)then
        local:target-tree($target-name, $targets)
    else
        <targets>
        {
            for $target in $targets
            order by $target/@name
            return $target
        }
        </targets>