UltraTech Cement, BPCL, Dr. Reddys, Cyient, Ujjivan Small Finance Bank Q3 Results Review — HDFC Securities

The brokerage maintains Add on UltraTech Cement Ltd. with a revised target price of Rs 12,100 (valuing it at 17 times Mar-27E consolidated Ebitda). .NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.UltraTech Cement - Healthy volume and cost performance We maintain Add on UltraTech Cement Ltd. with a revised target price of Rs 12,100 (valuing it at 17 times Mar-27E consolidated Ebitda). In Q3 FY25, UltraTech Cement delivered industry-leading 12% volume growth and the all-round cost reduction QoQ drove unit Ebitda up by Rs 220/metric tonne to Rs 944/mt. We estimate the consolidation of India Cements and Kesoram to drive 21/9% YoY volume growth in FY26/27E. However, as these assets’ margins will remain significantly below UltraTech’s core margin, it will offset the volume gain impact on consolidated Ebitda..BPCL -Subdued refining margins We maintain our Reduce rating on Bharat Petroleum Corporation Ltd. with a target price of Rs 250, owing to the risk of moderation in marketing margins and sustained weak refining margins. Q3 FY25 Ebitda stood at Rs 75.8 billion (+21.7% YoY, +68% QoQ) and reported PAT came in at Rs 46.4 billion (+36.9% YoY, +93.9% QoQ), below our estimates due to lower-than-expected refining margins, inventory losses, and under-recovery in LPG..Click on the attachment to read the full report:.UltraTech Cement Share Price Spikes As Q3 Earnings Beats Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

UltraTech Cement, BPCL, Dr. Reddys, Cyient, Ujjivan Small Finance Bank Q3 Results Review — HDFC Securities

The brokerage maintains 'Add' rating on UltraTech Cement and Ujjivan Small Finance Bank, and gives 'Reduce' rating to Dr. Reddy's. BPCL and Cyient; Here's Why

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