Construction and Materials

Valuation
Company Industry Analyst Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
ACC Ltd Cement Nishant BAGRECHA ADD 4.2 1,904 2,210 16.1% 124.2 127.8 94.1 2.9% (26.4%) 14.90 20.24 1.93 1.78 13.49 0.54% 6.5%
Ambuja Cements Ltd Cement Nishant BAGRECHA ADD 16.0 555 620 11.7% 18.0 18.7 14.4 4.1% (22.9%) 29.63 38.44 2.14 2.04 22.81 0.36% 5.8%
APL Apollo Tubes Building Materials Rahul AGARWAL ADD 6.2 1,921 1,814 (5.6)% 27.6 39.3 56.0 42.3% 42.6% 48.92 34.30 11.84 9.18 31.24 0.36% 35.9%
Ashoka Buildcon Ltd Construction and Materials Rajarshi MAITRA ADD 0.7 223 97 (56.5)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Asian Paints Limited Building Materials Rohan KALLE REDUCE 25.1 2,245 2,160 (3.8)% 56.9 38.2 44.6 (32.8%) 16.7% 58.73 50.31 11.10 10.15 35.68 1.06% 21.1%
Astral Ltd. Building Materials Rajarshi MAITRA REDUCE 4.8 1,526 1,200 (21.4)% 20.3 19.5 20.4 (4.1%) 4.7% 78.38 74.83 11.35 10.11 42.99 0.00% 15.4%
Berger Paints India Limited Building Materials Rohan KALLE HOLD 7.9 582 600 3.2% 10.0 10.1 10.7 1.1% 5.3% 57.43 54.52 11.02 9.86 36.44 0.75% 20.5%
Birla Corporation Ltd Cement Nishant BAGRECHA ADD 1.2 1,378 1,530 11.0% 53.7 43.3 60.4 (19.4%) 39.3% 31.82 22.84 1.51 1.44 10.81 0.88% 4.9%
Century Plyboards Building Materials Rahul AGARWAL REDUCE 2.0 789 595 (24.6)% 14.1 17.0 22.4 21.0% 31.6% 46.39 35.24 6.89 5.81 28.51 0.13% 21.3%
Cera Sanitaryware Building Materials Rahul AGARWAL HOLD 1.0 6,610 7,903 19.6% 177.3 202.6 236.8 14.3% 16.9% 32.62 27.91 5.69 4.99 22.76 0.98% 24.7%
Dalmia Bharat Ltd Cement Nishant BAGRECHA ADD 4.6 2,116 2,180 3.0% 43.9 35.9 53.9 (18.0%) 49.8% 58.87 39.30 2.31 2.20 17.03 0.24% 4.7%
Dilip Buildcon Ltd Construction and Materials Rajarshi MAITRA HOLD 0.8 490 496 1.4% 13.7 15.0 22.7 9.3% 50.9% 32.56 21.58 1.57 1.47 9.92 0.25% 8.5%
Finolex Industries Building Materials Rajarshi MAITRA HOLD 1.6 218 252 15.3% 7.7 13.5 10.1 76.2% (25.1%) 16.17 21.59 1.94 1.82 21.17 0.93% 11.0%
Heidelberg Cement India Ltd Cement Nishant BAGRECHA HOLD 0.5 195 181 (7.3)% 8.9 11.8 13.2 32.5% 11.7% 16.51 14.78 2.79 2.65 8.27 4.45% 17.3%
IRB Infrastructure Developers Ltd Construction and Materials Rajarshi MAITRA HOLD 3.6 52 49 (5.1)% 1.0 2.5 2.8 147.3% 13.4% 20.82 18.35 2.07 1.89 10.47 0.65% 9.9%
IRB InvIT Fund Construction and Materials Rajarshi MAITRA ADD 0.4 60 65 8.3% 6.8 5.6 5.5 (17.5%) (1.2%) 10.71 10.84 0.86 0.88 6.29 5.98% 8.2%
J K Cement Ltd Cement Nishant BAGRECHA HOLD 5.3 5,877 5,500 (6.4)% 102.3 111.4 139.4 8.9% 25.1% 52.73 42.14 7.46 6.55 24.39 0.26% 13.2%
JK Lakshmi Cement Cement Nishant BAGRECHA ADD 1.1 815 935 14.7% 40.1 25.4 39.3 (36.6%) 54.6% 32.07 20.75 2.76 2.47 13.32 0.80% 9.0%
Kajaria Ceramics Building Materials Rahul AGARWAL ADD 1.9 1,012 1,379 36.2% 29.4 36.3 45.2 23.5% 24.7% 27.89 22.37 5.48 4.82 17.03 1.48% 27.7%
Kansai Nerolac Paints Limited Building Materials Rohan KALLE REDUCE 2.4 249 235 (5.7)% 14.5 8.1 9.1 (44.1%) 11.5% 30.66 27.50 3.70 3.63 18.55 3.96% 11.9%
KNR Constructions Ltd Construction and Materials Rajarshi MAITRA HOLD 0.7 211 246 16.5% 27.6 20.3 18.7 (26.6%) (8.0%) 10.41 11.31 1.45 1.29 10.94 0.30% 18.3%
NCC Ltd Construction and Materials Rajarshi MAITRA HOLD 1.7 238 223 (6.3)% 11.3 13.6 15.9 20.0% 16.7% 17.51 15.00 2.01 1.78 9.03 0.34% 16.3%
Orient Cement Cement Nishant BAGRECHA REDUCE 0.8 354 320 (9.6)% 8.5 10.6 12.9 24.8% 21.4% 33.23 27.37 3.85 3.53 14.07 1.08% 12.0%
Pidilite Industries Limited Building Materials Rohan KALLE ADD 18.1 3,050 3,325 9.0% 34.0 40.8 46.7 20.0% 14.4% 74.71 65.28 15.90 14.00 50.55 0.52% 23.1%
PNC Infratech Ltd Construction and Materials Rajarshi MAITRA ADD 0.9 305 350 14.7% 35.4 9.1 13.0 (74.4%) 43.9% 33.67 23.40 1.45 1.37 12.46 0.23% 9.7%
Prism Johnson Ltd Cement Nishant BAGRECHA ADD 0.8 138 142 2.8% 5.7 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Ramco Cements Ltd Cement Nishant BAGRECHA REDUCE 2.8 1,005 900 (10.4)% 16.7 17.7 16.7 5.7% (5.5%) 56.90 60.24 3.17 3.03 22.89 0.20% 1.1%
Shree Cement Ltd Cement Nishant BAGRECHA HOLD 12.5 29,600 31,100 5.1% 664.0 311.2 417.7 (53.1%) 34.2% 95.12 70.86 4.96 4.77 25.65 0.37% 5.3%
Supreme Industries Building Materials Rajarshi MAITRA HOLD 6.4 4,346 3,527 (18.8)% 84.2 75.6 85.9 (10.2%) 13.5% 57.46 50.60 9.75 8.86 37.88 0.78% 23.0%
UltraTech Cement Ltd Cement Nishant BAGRECHA ADD 38.7 11,253 13,550 20.4% 242.6 209.2 292.0 (13.8%) 39.6% 53.79 38.54 4.59 4.24 27.60 0.83% 9.4%
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