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HDFC Securities Institutional Equities
Post the management change, Ambuja Cement Ltd. has streamlined its operations, increased focus on low-cost green power consumption and is expanding aggressively.
However, its balance sheet should remain healthy on strong internal accruals and large cash infusion by promoters. This places Ambuja at par with peers in terms of its strong volume growth and healthy margin profile.
Thus, we value Ambuja at 16.5 times its FY26 consolidated Ebitda (in line with our target valuations for the other two pan-India cement majors UltraTech Cement Ltd. and Shree Cement Ltd.), implying target price of Rs 620/share.
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