Upgrades

Kolimigundla, debottlenecking of existing plants, and additional grinding capacities. We value TRCL at 15x FY27E EV/EBITDA (vs. 3-year average of ~14x), arriving at a target price of 1,270, and downgrade the rating to Accumulate....

We reiterate our BUY recommendation on JK Lakshmi Cement Ltd., with a TP of Rs 1,050/share, offering an upside of 16% from the CMP.

We interacted with Tushar Bhajanka, Deputy MD of Star Cement, to understand the company’s growth plans and the demand-supply outlook in the Northeast.

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.

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

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%).

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...

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...