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Anand Rathi Report
Aided by volume growth across divisions (except Energy), NCL Industries Ltd.'s topline expanded. Low fuel costs aided the cement and ready mix conctete divisions.
However, the Board division's operating performance was hit by high input (wood) costs.
While the Vizag grinding unit expansion would be complete by September 2025, the door division continues to be hurt by lower dispatches. We retain our Buy, at a lower 12-month target price of Rs 267, earlier Rs 291.
Risks: Rise in input costs, dull demand.
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