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 (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
ACC Ltd Cement Nishant BAGRECHA ADD 5.7 2,186 2,760 26.3% 76.1 99.1 47.1 30.3% (52.5%) 22.05 46.42 2.87 2.91 11.20 2.79% 14.2%
Ambuja Cements Ltd Cement Nishant BAGRECHA ADD 18.6 550 700 27.4% 9.0 10.5 12.9 16.2% 22.7% 52.45 42.73 4.91 3.83 32.74 1.15% 10.1%
APL Apollo Tubes Building Materials Rahul AGARWAL ADD 5.6 1,467 1,814 23.7% 14.4 22.2 23.1 54.4% 4.0% 65.94 63.38 16.22 13.53 39.27 0.24% 38.9%
Ashoka Buildcon Ltd Construction and Materials Rajarshi MAITRA ADD 0.9 234 97 (58.6)% (0.9) 2.8 5.0 (400.6%) 82.4% 84.95 46.57 20.06 14.02 4.62 0.22% 26.8%
Asian Paints Limited Building Materials Rohan KALLE REDUCE 32.8 2,484 2,340 (5.8)% 33.5 31.6 42.8 (5.8%) 35.5% 78.61 58.02 16.78 14.90 49.37 0.74% 23.3%
Astral Ltd. Building Materials Rajarshi MAITRA HOLD 6.4 1,729 1,736 0.4% 20.1 24.1 17.6 19.6% (27.0%) 71.80 98.29 14.87 17.13 45.29 0.17% 30.3%
Berger Paints India Limited Building Materials Rohan KALLE HOLD 7.6 476 540 13.4% 6.2 7.1 7.4 15.6% 3.3% 66.71 64.60 14.07 12.30 42.18 0.63% 22.7%
Birla Corporation Ltd Cement Nishant BAGRECHA ADD 1.2 1,115 1,490 33.6% 89.3 55.8 4.4 (37.5%) (92.1%) 19.97 253.65 1.42 1.44 10.86 1.09% 7.5%
Century Plyboards Building Materials Rahul AGARWAL REDUCE 2.2 735 595 (19.0)% 8.6 14.6 16.5 69.3% 12.8% 50.22 44.53 10.44 8.61 30.46 0.20% 33.9%
Cera Sanitaryware Building Materials Rahul AGARWAL HOLD 1.3 7,133 7,903 10.8% 72.4 116.2 161.0 60.6% 38.6% 61.40 44.29 9.14 7.91 38.22 0.49% 22.6%
Dalmia Bharat Ltd Cement Nishant BAGRECHA ADD 4.5 1,745 2,060 18.0% 63.6 43.3 70.9 (31.9%) 63.8% 40.32 24.61 2.03 2.09 12.90 0.29% 5.6%
Dilip Buildcon Ltd Construction and Materials Rajarshi MAITRA HOLD 0.9 435 400 (8.1)% 30.6 (38.8) (0.1) (226.9%) (99.8%) (11.22) (4,620.17) 1.79 1.59 20.98 0.03% (18.6%)
Finolex Industries Building Materials Rajarshi MAITRA REDUCE 2.2 263 182 (30.5)% 11.9 16.9 4.0 42.5% (76.2%) 15.50 64.99 4.15 3.32 14.59 1.52% 28.5%
Heidelberg Cement India Ltd Cement Nishant BAGRECHA HOLD 0.7 212 181 (14.8)% 13.9 11.1 4.4 (19.9%) (60.7%) 19.05 48.45 3.07 3.29 10.62 4.24% 16.5%
IRB Infrastructure Developers Ltd Construction and Materials Rajarshi MAITRA REDUCE 3.9 47 40 (15.6)% 0.3 0.8 1.2 127.0% 57.6% 62.68 39.77 2.28 2.14 11.89 0.00% 6.7%
IRB InvIT Fund Construction and Materials Rajarshi MAITRA HOLD 0.5 58 73 25.6% 3.1 5.2 6.4 67.4% 22.2% 11.14 9.11 0.81 0.84 4.37 15.49% 7.1%
J K Cement Ltd Cement Nishant BAGRECHA HOLD 4.2 3,952 4,500 13.9% 91.9 88.9 54.8 (3.2%) (38.4%) 44.45 72.10 7.06 6.52 22.82 0.38% 17.0%
JK Lakshmi Cement Cement Nishant BAGRECHA ADD 1.2 750 955 27.4% 37.7 41.7 30.5 10.7% (26.9%) 17.98 24.60 3.52 3.15 9.99 0.67% 21.3%
Kajaria Ceramics Building Materials Rahul AGARWAL ADD 2.6 1,166 1,379 18.3% 19.4 23.7 21.6 22.3% (8.6%) 49.21 53.86 8.74 7.98 30.00 0.94% 25.3%
Kansai Nerolac Paints Limited Building Materials Rohan KALLE REDUCE 2.9 261 255 (2.3)% 9.8 6.4 8.7 (34.7%) 36.5% 41.00 30.04 3.41 3.10 21.70 2.30% 8.4%
KNR Constructions Ltd Construction and Materials Rajarshi MAITRA REDUCE 1.2 312 222 (28.8)% 13.6 13.0 16.3 (4.3%) 25.0% 23.94 19.15 3.77 3.16 12.93 0.09% 25.2%
NCC Ltd Construction and Materials Rajarshi MAITRA REDUCE 2.4 279 150 (46.3)% 4.4 7.9 9.8 79.8% 24.4% 35.31 28.38 3.04 2.84 19.41 0.86% 7.8%
Orient Cement Cement Nishant BAGRECHA REDUCE 1.0 338 320 (5.4)% 10.5 12.8 6.0 22.9% (53.3%) 26.30 56.38 4.54 4.32 12.15 0.74% 18.6%
Pidilite Industries Limited Building Materials Rohan KALLE ADD 21.0 3,002 3,470 15.6% 22.3 23.7 25.0 6.4% 5.7% 126.68 119.84 23.83 21.16 82.64 0.28% 20.1%
PNC Infratech Ltd Construction and Materials Rajarshi MAITRA HOLD 1.1 300 309 3.0% 19.4 22.6 25.7 16.8% 13.4% 13.25 11.68 2.12 1.79 7.48 0.21% 24.2%
Prism Johnson Ltd Cement Nishant BAGRECHA ADD 1.3 182 142 (22.2)% 3.4 1.5 2.5 (56.9%) 70.0% 124.45 73.19 6.94 6.50 20.27 0.00% 6.5%
Ramco Cements Ltd Cement Nishant BAGRECHA HOLD 2.9 904 870 (3.8)% 32.3 37.8 14.5 17.1% (61.6%) 23.88 62.15 3.27 3.14 19.53 0.33% 14.7%
Shree Cement Ltd Cement Nishant BAGRECHA HOLD 12.0 24,101 26,500 10.0% 633.6 646.3 352.2 2.0% (45.5%) 37.29 68.43 4.98 4.67 22.98 0.37% 14.2%
Supreme Industries Building Materials Rajarshi MAITRA REDUCE 8.1 4,650 3,771 (18.9)% 76.9 76.2 68.1 (0.9%) (10.6%) 61.00 68.26 15.37 13.42 47.13 0.52% 35.1%
UltraTech Cement Ltd Cement Nishant BAGRECHA ADD 42.8 10,770 12,190 13.2% 184.3 248.9 175.4 35.0% (29.5%) 43.27 61.39 6.16 5.72 27.42 0.43% 15.2%
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