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Motilal Oswal Report
Ambuja Cements Ltd. has set an ambitious target of increasing grinding capacity to 140 million tonnes per annuma by FY28 (+100 mtpa by FY25). We believe acquisition of Sanghi Industries Ltd. will accelerate the company's growth plans.
Ambuja Cements has also delivered very strong performance in Q1 FY24, driven by better volumes and efficient cost-reduction measures.
We will monitor the company's execution plan, sustainability of cost-saving measures and progress in improving profitability.
Its valuations at 18 times/16.6 times FY24E/FY25E enterprise value/Ebitda appear rich.
We maintain our 'Neutral' rating on the stock with a target price of Rs 450, valued at 15 times FY25E EV/Ebitda.
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