UltraTech Cement Q3 Results Review — Dolat Capital Maintains 'Accumulate', Hikes Target Price; Here's Why

UltraTech Cement’s capacity is expected to increase from 171.2 million tonnes per annum currently, to 188 mtpa/200 mtpa/215 mtpa by FY25E/FY26E/FY27E capacity (including 14.45 mtpa India Cements/10.75 mtpa Kesoram) which will support future growth..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. .Dolat Capital Report.UltraTech Cement Ltd.'s Q3 FY25 revenue / volume / realisation /tonne /Ebitda/tonne came in line, however Ebitda and adjusted profit after tax were above our estimates.We expect a revenue/Ebitda/APAT CAGR of 12.1%/19.6%/22.4% over FY24-27E led by 9.9%/20.5%/9.3% volume growth and -4.7%/ 1.5%/0.7% realization growth in FY25E/FY26E/FY27E. We have broadly maintained Ebitda estimates for FY25E/FY26E, however increase Ebitda estimate by 5.1% for FY27E as India Cements will turn profitable. Maintain ‘Accumulate’ rating with revised target price of 11,947 on 15.5 times consolidated FY27E EV/Ebitda + 50% of FY27E capitalm work-in-progress plus Star Cement stake at 1x P/BV..Click on the attachment to read the full report:.Pidilite Industries Q3 Results Review — Motilal Oswal Reiterates 'Neutral' Stance On Rich Valuations.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 Q3 Results Review — Dolat Capital Maintains 'Accumulate', Hikes Target Price; Here's Why

UltraTech, being the largest player in the Indian cement industry, is its biggest advantage, says Dolat Capital.

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