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Deven Choksey Research Report
ACC -Target: Rs 2,790 | Upside: 24.9%
Q2 FY25 revenue grew 4.0% YoY to Rs 46,135 million, supported by a 14.8% YoY increase in cement volumes despite seasonal monsoon impact.
Ebitda margin declined to 9.5% (-293 bps YoY) due to weaker cement prices and higher raw material costs, partially offset by lower power, fuel and logistics costs.
Capacity is set to expand from 38.6 mtpa to 40.2 mtpa by FY25E through Sindri and Salai Banwa units, enhancing production capabilities.
Revenue and PAT are projected to grow at CAGRs of 7.8% and 7.9%, respectively, through FY26E, driven by post-monsoon demand recovery and infrastructure projects.
Expanding capacity to 40.2 MTPA by FY25E with new units at Sindri and Salai Banwa.
Reducing costs through optimized logistics, increased WHRS usage and alternative fuels.
Rossari Biotech | Target: Rs 1,034 | Upside: 25.6%
Rossari Biotech Ltd. reported Q2 FY25 revenue of Rs 4,984 million, growing 3.1% YoY, driven by strong export growth despite domestic challenges.
Capacity expansion of 50,000 mtpa across specialty chemicals and ethoxylation aims to boost supply and exports by late 2024.
HPPC led revenue with a 78% contribution, while AHN grew 19% YoY, offsetting weak performance in TSC due to Bangladesh issues.
Revenue and PAT are projected to grow at 17% and 19% CAGRs through FY26E, supported by new products and global market focus.
Expanding Dahej and Unitop facilities with Rs 1,462.5 million investment, boosting specialty chemicals and ethoxylation capacity.
Strengthening global presence through Dubai operations and Southeast Asia expansion.
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