24/1/2025, 8:28:02 pm

Buy UltraTech Cement; target of Rs 13800: Motilal Oswal

UltraTech Cement's 3QFY25 operating performance was in line with estimates, with EBITDA at INR28.9b and EBITDA/t at INR951, down 11% and 20% YoY, respectively. The company's domestic grey cement capacity is expected to increase to 185mtpa by end-FY25, with double-digit volume growth forecasted in FY26. Stock is valued at 20x FY27E EV/EBITDA, with a target price of INR13,800 and a BUY rating.