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Anand Rathi Report
Given the cost advantages and consequent high returns, the stock has traded at a premium to peers. We expect 13%/17%/12% revenue/Ebitda/volumes growth over FY24-26.
At present valuations, the stock quotes at an enterprise value/ Ebitda of15.5 times and an EV/tonne of $160 on FY26e.
We initiate coverage on it with a Buy rating and a target price of Rs 30,100, valuing the domestic business at 18 times FY26E EV/Ebitda and the UAE subsidiary at one time FY23 price/book value.
Key risks
Rising petcoke and dieselprices, demand slowdown, the pending outcome of the income-tax survey
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