HDFC Securities' research report on Heidelberg Cement
In the absence of any major planned exapansion for the next few years, we expect HEIM to continue to lose market share. In Q4FY23, volume fell 4% YoY (the sixth consecutive quarter of YoY decline). While unit EBITDA recovers ~INR 245/MT QoQ (from its nine-year low) to INR 583/MT, it remains weak and is down INR 380/MT YoY.
Outlook
We maintain our REDUCE rating on Heidelberg Cement (HEIM), with an unchanged target price of INR 160/share (7x Mar-25E EBITDA).
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