The report notes strong volume growth of 22% YoY but subdued pricing and elevated costs dragged unit EBITDA, maintaining ADD with an unchanged TP of INR190.
Read this note →Sagar Cements Limited
NSE SAGCEM BSE 502090 INE229C01021
0 filings · 0 analysed
139.51
-2.11%
over 1 month
-
HSIE Results Daily 03 Nov 26 HSIE
The report notes strong volume growth of 22% YoY but subdued pricing and elevated costs dragged unit EBITDA, maintaining ADD with an unchanged TP of INR190.
Prices from Yahoo Finance, NSE close, delayed — indicative only, not for dealing. Solid markers sit on the exchange's own timestamp.
Targets, and what happened next
What each house published, and where the price has gone since. Orivam issues no calls of its own and takes no view on these.
| House | Published | Call | Entry | Target | Now | Progress | Standing |
|---|---|---|---|---|---|---|---|
| HDFC Securities (HSIE Research) | 08 Oct 2026, 16:58 | long | 144.37 | 190.00 | 137.46 | -15% | open by 2027-10-08 |
| HDFC Securities | 30 Sep 2026, 14:22 | long | 148.64 | 190.00 | 137.46 | -27% | open by 2027-09-30 |
Deadlines: 0 stated by the house, the rest set by Orivam’s convention — ten trading days for a technical call, twelve months for a price target. A target with no date cannot be judged, so one has to be chosen.
What the desks said
The report expects ~23% YoY volume growth for Sagar but the weakest margin in the universe at INR 244/MT, retaining ADD.
Read this note →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%.
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