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Nirmal Bang Report
Following Ambuja Cements Ltd.'s June quarter earnings, domestic brokerage firm Nirmal Bang has maintained its Buy rating on the stock, implying a target price of Rs 556 per share and ~31% upside, underpinned by strong volume growth, resilient pricing, and a gradual ramp-up in cost efficiencies.
At the current market price, Ambuja Cement trades at an attractive 11x FY28E EV/Ebitda, a ~39% discount to its post-acquisition four-year average of 18x. Its FY28E EV/tonne of $90 also stands at a ~28% discount to the historical average of $124/tn.
Key risks include weaker demand, softer realizations, and elevated cost pressures.
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