05 Oct 2026, 14:08 IST
Ambuja Cements Limited
HDFC Securities (HSIE Research) · BUY · target INR 550
The note maintains BUY with an unchanged TP of INR 550/share (15x Sep'28E consolidated EBITDA), estimating a ~2% YoY Q2FY27 volume decline and unit EBITDA falling ~INR 220/MT QoQ to ~INR 700/MT, while projecting consolidated volume/EBITDA CAGR of 8%/17% over FY26-29E, cumulative capex of ~INR 199bn, and the company staying net cash.
From Ambuja Cement Update Oct26 HSIE, written by HDFC Securities (HSIE Research) and hosted by HDFC Securities. Orivam summarised it; the view is HDFC Securities (HSIE Research)'s, not Orivam's.
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