External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Revenue and Volume Trajectory: The company reported sales of Rs 18,037 Cr, down 8% YoY, on account of lower demand and blended realisation in key markets in the North and East India.</li><li>Its blended realisation for the year declined by 9% to Rs 5,031/tonne.</li><li>The cement sales volume increased moderately by 0.9% YoY (35.9 mtpa in FY25 vs. 35.5 mtpa in FY24 ), as demand was impacted owing to the general election, excessive rainfall, and lower government capex.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue and Volume Trajectory: The company reported sales of Rs 18,037 Cr, down 8% YoY, on account of lower demand and blended realisation in key markets in the North and East India.Its blended realisation for the year declined by 9% to Rs 5,031/tonne.The cement sales volume increased moderately by 0.9% YoY (35.9 mtpa in FY25 vs. 35.5 mtpa in FY24 ), as demand was impacted owing to the general election, excessive rainfall, and lower government capex.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement - Growth Through Capacity Expansion, Premiumization, & Market Diversification

<ul><li>Capacity Expansion On Track: Shree Cement’s capacity expansion strategy remains on course, underscoring its intent to bridge the scale gap with larger peers and consolidate its market standing.</li><li>The current installed capacity stands at 62.8 MTPA across India.</li><li>With upcoming projects progressing as scheduled, the total capacity is projected to reach 68.8 MTPA by FY26-end. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity Expansion On Track: Shree Cement’s capacity expansion strategy remains on course, underscoring its intent to bridge the scale gap with larger peers and consolidate its market standing.The current installed capacity stands at 62.8 MTPA across India.With upcoming projects progressing as scheduled, the total capacity is projected to reach 68.8 MTPA by FY26-end. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement Limited - Strong Operating Performance Driven By Higher Prices; Retain BUY

<ul><li>Capacity Expansion Progressing Well: Shree Cement’s capacity expansion program is progressing on schedule.</li><li>These strategic additions aim to narrow the gap with larger competitors and reinforce the company’s market position.</li><li>As of now, the company's installed capacity in India stands at 62.8 MTPA. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity Expansion Progressing Well: Shree Cement’s capacity expansion program is progressing on schedule.These strategic additions aim to narrow the gap with larger competitors and reinforce the company’s market position.As of now, the company's installed capacity in India stands at 62.8 MTPA. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement Limited - EBITDA Beat Led By Lower Costs & Higher Realisation; Retain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.</li><li>EBITDA declined ~32% YoY to INR5.9m (in line), and EBITDA/t declined 27% YoY to INR780 (est. INR815).</li><li>OPM contracted 3pp YoY to 16%. PAT declined 81% YoY to INR931m (vs. est. of INR738m, due to lower tax provisioning).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.EBITDA declined ~32% YoY to INR5.9m (in line), and EBITDA/t declined 27% YoY to INR780 (est. INR815).OPM contracted 3pp YoY to 16%. PAT declined 81% YoY to INR931m (vs. est. of INR738m, due to lower tax provisioning).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement - In-Line EBITDA; Strategic Hurdles Loom in the near Term

<ul><li>Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.</li><li>We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint.</li><li>We estimate Shree Cement to post volume growth of 10% CAGR over FY23-FY26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint.We estimate Shree Cement to post volume growth of 10% CAGR over FY23-FY26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement Limited - Results Below Expectations; Retain HOLD

India

Shree Cement is an Indian cement manufacturer and one of the largest producers in the country. The company manufactures and sells various cement products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and ready-mix concrete. It also operates in power generation. Shree Cement was founded in 1979 and is headquartered in Kolkata, India.

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Shree Cement (SRCM IN)

Shree Cement - Growth Through Capacity Expansion, Premiumization, & Market Diversification

The company reported sales of Rs 18,037 Cr, down 8% YoY, on account of lower demand and blended realisation in key markets in the North and East...

Axis Direct

Shree Cement Limited - Strong Operating Performance Driven By Higher Prices; Retain BUY

This calibrated expansion supports our volume CAGR estimate of 6% over FY25– FY27E, driven by improved regional penetration and incremental gains...

Axis Direct

Shree Cement Limited - EBITDA Beat Led By Lower Costs & Higher Realisation; Retain BUY

These strategic additions aim to narrow the gap with larger competitors and reinforce the company’s market position. As of now, the company's...

Axis Direct

Shree Cement - In-Line EBITDA; Strategic Hurdles Loom in the near Term

Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.

Motilal Oswal

Shree Cement Limited - Results Below Expectations; Retain HOLD

Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.

Axis Direct

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