External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.</li><li>On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.</li><li>We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.</li></ul>

Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.

Lucky Cement (LUCK): 1QFY26 EPS At Rs15.0, Up By 23% YoY & 12% QoQ (Earnings In Line With Expectations)