UltraTech Cement - Modest Volume Growth But Inline With Estimate, Maintain 'Buy': Systematix

Systematix Research Report

We remain positive for UltraTech Cement Ltd. due to its fortress balance sheet, robust operational efficiencies as well as industry and price leadership.

The company is well on track to achieve its phase II expansion target of 200 million tonnes per annum through consistent strides via the organic and inorganic routes.

Currently, the stock is trading at an enterprise value/Ebitda of 18.3 times/16 times on FY25E/FY26E.

We keep our estimates unchanged for FY24E/FY25E and introduce financials for FY26E.

We roll over our valuation to FY26E and arrive at a new valuation of 11,937 based on EB/Ebitda multiple of 18 times on FY26E (earlier Rs 9816). We maintain 'Buy' on the stock.

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