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Rajesh Ravi

https://www.hdfcsec.com
  • Analysis & Comment

Rajesh Ravi's Comment & Analysis
A complete archive of Rajesh Ravi's articles, including current analysis & comment.

UltraTech Cement (NS:ULTC): We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India...
Shree Cement (NS:SHCM): We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share. Cement volume growth slowed to 8% YoY as it lost four days of sales due to...
Ambuja Cement (NS:ABUJ): We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA). During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up...
UltraTech Cement (NS:ULTC): We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA). We continue to like UTCEM for its robust growth and...
Shree Cement (NS:SHCM): We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation. Cement volume grew 10% YoY in Q2FY24 and...
Dalmia Bharat:We maintain our BUY rating on Dalmia Bharat Ltd B (NS:DALB) with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA). We continue to like Dalmia for its healthy volume,...
JK Cement (NS:JKCE)We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA). In Q1FY24, JKCE reported strong 29% YoY grey cement volume...
JK Cement (NS:JKCE): We maintain our REDUCE rating on JK Cement (JKCE), with a revised TP of INR 2,755 (11x Mar-25E consolidated EBITDA). In Q4FY23, JKCE reported 16% YoY consolidated volume growth...
Shree Cement (NS:SHCM): We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/share. In Q4FY23, Shree reported 10/10% YoY/QoQ volume growth. Cement NSR...
Astral Limited (NS:ASTL): We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x...