Motilal Oswal's research report on India Cements
India Cements (ICEM) reported EBITDA of INR795m (~35% beat) in 3QFY26 vs. an operating loss of INR1.9b in 3QFY25. EBITDA beat was led by higher volume and lower opex/t vs. our estimates. EBITDA/t stood at INR307 (vs. estimate of INR251). Adjusted PAT stood at INR1.0m (vs. estimated loss of INR277m) vs. a loss of INR2.6b in 3QFY25.
Outlook
We believe the current valuation at 16x EV/EBITDA on FY28E has priced in most of the operational improvements that are expected from this transition and, hence, limits the further scope of re-rating. We value ICEM at 14x FY28E EV/EBITDA to arrive at our TP of INR370. Reiterate Sell.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
