External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>Maple Leaf Cement (MLCF) conducted FY26 analyst briefing today to discuss business performance and future outlook.</li><li>Management expects local cement industry sales to grow by 7.5% in FY27, in line with recent trends, with the government’s Apna Ghar housing programme potentially providing further upside.</li><li>We maintain buy stance on MLCF. The company is currently trading at FY27E PE of 6.1x.</li></ul>

Maple Leaf Cement (MLCF) conducted FY26 analyst briefing today to discuss business performance and future outlook.Management expects local cement industry sales to grow by 7.5% in FY27, in line with recent trends, with the government’s Apna Ghar housing programme potentially providing further upside.We maintain buy stance on MLCF. The company is currently trading at FY27E PE of 6.1x.

Topline Flash Note: Maple Leaf Cement (MLCF) - Corporate Briefing Key Takeaways