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    HomeNewsBusinessStocksReduce The Ramco Cements; target of Rs 830 : HDFC Securities

    Reduce The Ramco Cements; target of Rs 830 : HDFC Securities

    HDFC Securities recommended reduce rating on The Ramco Cements with a target price of Rs 830 in its research report dated August 07, 2023.

    Broker Research
    August 10, 2023 / 17:01 IST
    Reduce
       
       
      26 Aug, 2025 12:21
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      HDFC Securities' research report on The Ramco Cements

      We estimate TRCL to deliver 26% EBITDA CAGR during FY23-25E (strong volume offtake, energy cost reduction, and op-lev gains). We estimate gearing to remain elevated (net debt/EBITDA >2.5x) as we model expansion in AP and Karnataka. In Q1FY24, while Ramco reported strong 29% YoY volume growth, NSR fell 5% QoQ. This negated the input/freight cost reduction gains. Thus, unit EBITDA fell ~INR 100 per MT QoQ to INR 783 per MT.

      Outlook

      We maintain REDUCE rating on The Ramco Cements with an unchanged target price of INR 830/share (12x Mar-25E EBITDA).

      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.

      The Ramco Cements - 08 -08 - 2023 - hdfc
      Broker Research
      first published: Aug 10, 2023 05:01 pm

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