UltraTech Cement, BPCL, Dr. Reddys, Cyient, Ujjivan Small Finance Bank Q3 Results Review  — HDFC Securities

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HDFC Securities Institutional Equities

UltraTech Cement - Healthy volume and cost performance

We maintain Add on UltraTech Cement Ltd. with a revised target price of Rs 12,100 (valuing it at 17 times Mar-27E consolidated Ebitda). In Q3 FY25, UltraTech Cement delivered industry-leading 12% volume growth and the all-round cost reduction QoQ drove unit Ebitda up by Rs 220/metric tonne to Rs 944/mt.

We estimate the consolidation of India Cements and Kesoram to drive 21/9% YoY volume growth in FY26/27E. However, as these assets’ margins will remain significantly below UltraTech’s core margin, it will offset the volume gain impact on consolidated Ebitda.

BPCL -Subdued refining margins

We maintain our Reduce rating on Bharat Petroleum Corporation Ltd. with a target price of Rs 250, owing to the risk of moderation in marketing margins and sustained weak refining margins. Q3 FY25 Ebitda stood at Rs 75.8 billion (+21.7% YoY, +68% QoQ) and reported PAT came in at Rs 46.4 billion (+36.9% YoY, +93.9% QoQ), below our estimates due to lower-than-expected refining margins, inventory losses, and under-recovery in LPG.

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