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Axis Securities Report
We will evaluate Ambuja Cements Ltd. on a consolidated basis from Q1 FY25 onwards to reflect the overall growth trajectory. The stock is currently trading at 19.5 times FY26E enterprise value/Ebitda.
We are upgrading our rating from 'Hold' to 'Buy' on the stock, with a target price of Rs 750 per share, implying an upside of 10% from the current market price.
Key risks to our estimates and target price
Lower realization and demand in its key market and delay in capacity expansion.
Higher input costs may impact margins.
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