Anand Rathi's research report on Orient Cement
Anaemic demand in Mar’24 and keener competition hurt Orient’s Q4 volume growth, while realisations rose y/y on the higher share of premium cement. Though the demand-price situation is likely to be under pressure in the mid-term, fuel cost is guided to be stable.
Outlook
The EC process for the Chittapur IU expansion is likely to complete by Jun’24. We retain our Buy, with a lower 12-mth TP of Rs319 (Rs350 earlier), 12x FY26e EV/EBITDA.
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