External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.</li><li>EBITDA declined ~21% YoY to INR20.2b (7% miss).</li><li>EBITDA/t declined ~24% YoY to INR725 (est.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.EBITDA declined ~21% YoY to INR20.2b (7% miss).EBITDA/t declined ~24% YoY to INR725 (est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Weak Demand and Pricing Hurt Margin

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Capacity expansion on track: The company’s capacity expansion plan is progressing well.</li><li>Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.</li><li>The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 mtpa). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion on track: The company’s capacity expansion plan is progressing well.Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 mtpa). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)</li><li>We interacted with the management recently on business and industry outlook</li><li>Overall demand remains sluggish in Q2FY25 and pricing is weak</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)We interacted with the management recently on business and industry outlookOverall demand remains sluggish in Q2FY25 and pricing is weakContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement: Long-Term Outlook Intact. Maintain ADD

UltraTech Cement - Long-Term Outlook Intact

<ul><li>In FY24, UltraTech Cement recorded a net revenue of Rs 70,908 Cr and expanded its cement production capacity by 13.81 MTPA to 147 MTPA.</li><li>In FY25 up to Jun’24, UltraTech added 8.7 MTPA capacity across several locations. The company reported an EBITDA of Rs 13,586 Cr in FY24, which was 5% higher than the previous year’s EBITDA.</li><li>Higher operating profits were attributed to lower input costs and increased volume during the year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In FY24, UltraTech Cement recorded a net revenue of Rs 70,908 Cr and expanded its cement production capacity by 13.81 MTPA to 147 MTPA.In FY25 up to Jun’24, UltraTech added 8.7 MTPA capacity across several locations. The company reported an EBITDA of Rs 13,586 Cr in FY24, which was 5% higher than the previous year’s EBITDA.Higher operating profits were attributed to lower input costs and increased volume during the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement - Weak Demand and Pricing Hurt Margin

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t. EBITDA declined ~21% YoY to INR20.2b (7% miss).

Motilal Oswal

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

The company’s capacity expansion plan is progressing well. Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned...

Axis Direct

UltraTech Cement: Long-Term Outlook Intact. Maintain ADD

We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)

HDFC Securities

UltraTech Cement - Long-Term Outlook Intact

We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)

HDFC Securities

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

In FY24, UltraTech Cement recorded a net revenue of Rs 70,908 Cr and expanded its cement production capacity by 13.81 MTPA to 147 MTPA.

Axis Direct

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