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>UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)</li><li>In Q2FY25, UTCEM’s consolidated volume rose 4% YoY</li><li>However, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)</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.

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)In Q2FY25, UTCEM’s consolidated volume rose 4% YoYHowever, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)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.

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat, Multi Commodity Exchange

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.

Equity Bottom-Up

<ul><li>Capacity expansion on track: The company’s capacity expansion plan is progressing well.</li><li>Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.</li><li>The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 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 on track: The company’s capacity expansion plan is progressing well.Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 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.

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% 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 fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent 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 (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some 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.

The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some 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.

<ul><li>Cement demand to moderate: Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra-related projects.</li><li>Q1FY25 was affected by factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>Historically, moderation in cement demand has been observed during election years. </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.

Cement demand to moderate: Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra-related projects.Q1FY25 was affected by factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.Historically, moderation in cement demand has been observed during election years. 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

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat, Multi Commodity Exchange

We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA...

HDFC Securities

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

The company’s capacity expansion plan is progressing well. Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned...

Axis Direct

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

Q2FY25 Earnings Preview - CEMENT

Cement demand moderation continues in Q2FY25, impacted by seasonality, heavy rainfall, and delays in budgetary allocation of funds for infra...

Axis Direct

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