21 Sep 2026, 16:19 IST
Star Cement Limited
HDFC Securities · BUY · target INR 250
The report maintains BUY with a reduced target price of INR 250/share (12x Sep'28E consolidated EBITDA), saying management expects flattish Q2FY27 volumes YoY and an industry-best margin of ~INR 1,400/MT, with 12% volume CAGR estimated over FY26-29E, ~INR 100/MT logistics cost savings from FY28E, roughly flat EBITDA over FY26-29E and net debt/EBITDA peaking at ~2.3x in FY29E.
From Star Cement Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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