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Dolat Capital Report
Heidelberg Cement India Ltd.s Q2 FY25 results were below estimates; however, realization was in line.
We expect revenue/Ebitda /adjusted profit after tax compound annual growth rate of 2.2%/11.3%/16.0% over FY24-27E led by -2%/+5%/+5% volume growth and -3.2%/2.0%/0.0% realization growth in FY25E/FY26E/FY27E.
We decrease our FY25E/FY26E Ebitda estimates by 16.9%/14.7%, post factoring lower volume growth and higher opex/tonne. We also introduce FY27E.
Anticipating subdued volume growth without any major expansion plans over FY25-27E, we maintain our โSell' rating with revised target price of Rs 168 (7.0 times FY27E EV/Ebitda + 50% FY27E capital work in progress).
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