New Research Reports

UltraTech Cement (UTCEM) has in the recent past strengthened its market presence in the southern region through organic and inorganic expansions. The company’s grey cement capacity mix in the south region has increased to ~27% of total capacity currently from ~16% in FY23.

We value the stock at 9x FY27E EV/EBITDA, arriving at a Target Price of Rs 1,560/share, implying an upside potential of 20% from the CMP.

Valuations at 9.7x EV/EBITDA & USD 71/ton on FY27E basis look attractive considering the company's strong growth plans with entry into new markets. We recommend BUY on NVCL with a target price of 590 per...

JSW Cement’s (JSWC) 1QFY26 revenue/EBITDA increased ~8%/39% YoY to INR15.6b/INR3.2b. EBITDA/t surged ~29% YoY/45% QoQ to INR975. OPM was up 4.6pp YoY at ~21%.

JK Cement (JKCE) has embarked on an express growth track, offering strong visibility of 16% CAGR capacity creation over FY25-30 (vs. FY15–25’s 9%).

We maintain BUY on UltraTech Cement (UTCEM) with TP of Rs14,700. KTAs from our analysis of UTCEM’s FY25 Annual Report.

ting the drag on margins. Resultantly, gross margins stood at 29.1%, registering a 68 bps expansion. Employee costs fell to 13.2% from 15.1% in the same quarter last year, thereby bolstering an EBITDA margin expansion of 194 bps to stand at 13.2%. Profit After Tax registered 31% YoY growth to stand at Rs.805.50cr. Despite higher depreciation (32% increase), finance costs (35% increase), and a jump...

We have revised our estimates for FY26E/FY27E EBITDA by -2.3%/-6.1%, respectively, as we factor in more gradual normalization of the elevated cost structure.

We recommend BUY on Shree Cement Ltd. with a Target Price of Rs 33,960/share, offering an upside potential of 13% from CMP.

Superior profitability to sustain, led by focus on operating efficiencies: During Q1FY26, company's profitability improved sharply on YoY basis (EBITDA/ton stood at Rs 1761/ton, +75% YoY), led by better volume growth, improvement in realisations and lower RM cost. We believe that company's EBITDA/ton to remain strong going forward, led by continuous focus on operational efficiencies (led by increase in share of renewable power, WHRS and captive coal, freight cost optimisation through addition of grinding units in NE and Rajasthan), incentives from state government & positive operating...

L&T delivered a strong performance in the quarter, with revenue growth across all segments except for the Development Projects segment, accompanied by a robust *over or under performance to benchmark index increase in order inflow and a rise in profit. The company's outlook appears positive, driven by a growing project pipeline for the remaining nine months. Furthermore, L&T expects to achieve revenue growth of 15% and order inflow growth of 10% in FY26, indicating a promising performance in the upcoming quarters. A stable macroeconomic environment, strong government capital expenditure, and digital...

Beating ARe, HG Infra’s Q1 ~Rs17.1bn revenue (up 13.5% y/y) reflects its strong execution abilities. The dip in the 13.8% EBITDA margins (16.2%, Q1 FY25) is attributed to one-time provisions.

Strong focus on scaling up construction chemical business: Company targets to scale this construction chemicals business revenue to Rs 2000 crore in the next 4-5 years (from Rs 210 crore revenue in FY25), with revenue share increasing to 12.5% by FY30E (from 2.5% in FY25), led by healthy demand in...

UltraTech Cement announced on August 20 that its board has approved the sale of up to 20.1 Mn shares of India Cements (6.49% stake) through an offer for sale at a floor price of INR 368 per share, open from August 21–22.

We change our rating on the stock from HOLD to BUY.

ACC reduced its kiln fuel costs by 10% by optimising its fuel mix, using cheaper imported petcoke, and improving the coal supply chain and partnerships with other companies in the group. As a result, fuel cost per unit of energy decreased from...

We change our BUY recommendation on the stock to HOLD

PNC’s ~Rs11.4bn/1.4bn Q1 revenue/EBITDA came below ARe’s ~Rs15.4bn/1.8bn and the consensus’ ~Rs16bn/1.9bn.

HGIEL posted 14%/1% YoY revenue/EBITDA growth in Q1FY26 to Rs17.1/2.5bn, respectively, while RPAT stood at Rs1.3bn.

HG Infra (HGIEL) Q1FY26 performance was mixed, with a softer undertone despite healthy standalone revenue growth. On a standalone basis, revenue came in at Rs17,092.4mn, representing a 13.5% YoY increase but a 13.4% sequential decline. Profit after tax fell 10.1% YoY and 40.9% QoQ to Rs1,254.7 mn, as EBITDA margins contracted to 13.8% from 15.9% a year earlier. The fall in profitability was largely driven by a Rs43 crore one-off margin correction in the Ganga Expressway project due to a change in law provision, alongside higher finance costs and impairment provisions on receivables. Standalone PAT...