Anand Rathi's research report on Star Cement
As market leader, Star Cement’s Q3 volume growth outstripped northeastern demand growth, but its operational performance was hit by the delayed Meghalaya clinker stabilisation, higher maintenance shutdown cost, higher freight on a highway being constructed, etc. The ongoing expansion would take capacity to 11.7m tonnes with higher incentives.
Outlook
We retain our Buy rating, at a higher 12-mth TP of Rs270 (earlier Rs251), 12x FY27e EV/EBITDA.
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