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Systematix Report
Ambuja Cements Ltd.'s Q4 FY26 performance was mixed, with steady revenue and volume growth offset by margin pressure due to elevated costs and weak pricing. While management's cost-saving initiatives provide medium-term margin recovery visibility, near-term headwinds persist.
The brokerage has lowered its Ebitda estimates for FY27E/FY28E to reflect the higher cost base and reduced our valuation multiple to 12x (from 13x), revising target price to Rs 605 (earlier Rs 650).
Systematix maintains a Buy rating, supported by strong expansion plans and long-term growth visibility.
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