26480.0000 -30.00 (-0.11%)
NSE Nov 20, 2025 15:31 PM
Volume: 15,461
 

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Shree Cements Ltd.
24 May 2021
26480.00
-0.11%
IDBI Capital
Shree Cement (SRCM) Q4FY21 EBITDA was in-line with our and consensus estimate. SRCM volume increase at +19% YoY was strong. Post the result we have increased EBITDA estimate for FY22E and FY23E by 6% and 11%. This factors higher ASP (as Q4FY21 realization is up 4% QoQ), lower opex/t versus earlier estimate for FY22E/23E. We continue to value SCRM at 18x FY23E EV/EBITDA and revised TP is Rs25,610 (earlier Rs22,517). But given there is a down downside of 7% to our fair value, we lower stock rating to reduce. SRCM valuation premium to UTCEM has narrowed to 35% (from the highs of 80%) vs. historical average of 45%. But expectation of weak 1HFY22 is weighing...
Shree Cements Ltd. is trading below all available SMAs
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