External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</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.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Equity Bottom-Up

<ul><li>We maintain our BUY rating on Star Cement with an unchanged target price of INR 250/sh (10x Sep-26E consolidated EBITDA)</li><li>Star remains in a sweet spot as its large expansion is about to get stabilised and grinding capacity is ramping up</li><li>Star is looking at volume pressure in Q1FY25E owing to heavy rains in the Northeast region and clinker production disruptions as the new line is being stabilised</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.

We maintain our BUY rating on Star Cement with an unchanged target price of INR 250/sh (10x Sep-26E consolidated EBITDA)Star remains in a sweet spot as its large expansion is about to get stabilised and grinding capacity is ramping upStar is looking at volume pressure in Q1FY25E owing to heavy rains in the Northeast region and clinker production disruptions as the new line is being stabilisedContent 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.

Star Cement: In a sweet spot. Maintain BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Capacity expansion to drive growth: The Guwahati 2 mtpa Grinding unit has been commercialized on 12th March, 2024 and the 3.3 mtpa Clinker unit in Meghalaya on 21st April 2024.</li><li>Silchar Grinding unit is expected to be commissioned by Sep’25.</li><li>This will increase the company's total capacity to 9.7 mtpa from the existing 5.7 mtpa, providing better growth headroom to the company moving ahead We expect the company to grow its volume at a CAGR of 12% over FY23-26E.</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 to drive growth: The Guwahati 2 mtpa Grinding unit has been commercialized on 12th March, 2024 and the 3.3 mtpa Clinker unit in Meghalaya on 21st April 2024.Silchar Grinding unit is expected to be commissioned by Sep’25.This will increase the company's total capacity to 9.7 mtpa from the existing 5.7 mtpa, providing better growth headroom to the company moving ahead We expect the company to grow its volume at a CAGR of 12% over FY23-26E.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.

Star Cement Limited - Inline Operating Performance; New Capacity To Drive Growth

<ul><li>Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales</li><li>We estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)</li><li>However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarter</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.

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades salesWe estimate aggregate volumes will grow 10% YoY in Q4FY24 (as against 8% YoY in Q3)However, owing to aggressive volume push in non-trade segments (channel check suggests major players pushed volumes hard in Q4), cement pricing took a beating during the peak demand quarterContent 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.

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.</li><li>a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).</li><li>A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.</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.

ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.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.

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Star Cement: In a sweet spot. Maintain BUY

We maintain our BUY rating on Star Cement with an unchanged target price of INR 250/sh (10x Sep-26E consolidated EBITDA)

HDFC Securities

Star Cement Limited - Inline Operating Performance; New Capacity To Drive Growth

Capacity expansion to drive growth: The Guwahati 2 mtpa Grinding unit has been commercialized on 12th March, 2024 and the 3.3 mtpa Clinker unit in...

Axis Direct

Cement (Q4FY24 Results Preview): Weak pricing dampens industry margin

Demand firmed up but at the expense of pricing: In our view, cement demand again firmed up in Q4FY24 on a strong pick-up in non-trades sales

HDFC Securities

Star Cement - North-Eastern Delight

A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case

ICICI Securities Limited

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