30 Sep 2026, 14:22 IST
Sagar Cements Limited
HDFC Securities · ADD · target INR 190
The note maintains ADD with an unchanged TP of INR 190 (70% weight to 6.5x Sep'28E EBITDA, 30% to replacement value at USD 65/MT), stating consolidated clinker/cement capacity has risen to 7/12mn MT after the 0.7mn MT Andhra Cements brownfield commissioning, estimating FY26-29E volume/EBITDA CAGR of 10%/16%, margin compression to ~INR 430/MT in FY27E recovering to INR 552/MT by FY29E, and net debt/EBITDA falling below 3x by FY29E from 5.5x in FY26, while cutting FY27/28E EBITDA by 7%/4.4%.
From Sagar Cements Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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