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 3.9 1,850 2,100 13.5% 124.2 127.8 89.6 2.9% (29.9%) 14.48 20.65 1.87 1.73 13.07 0.56% 6.5%
Ambuja Cements Ltd Cement Nishant BAGRECHA ADD 15.6 561 660 17.7% 17.1 17.9 14.7 4.7% (17.6%) 31.35 38.02 2.16 2.06 24.20 0.36% 5.8%
APL Apollo Tubes Building Materials Rahul AGARWAL ADD 5.4 1,703 1,814 6.5% 27.6 39.3 56.0 42.3% 42.6% 43.38 30.41 10.50 8.14 27.68 0.41% 35.9%
Ashoka Buildcon Ltd Construction and Materials Rajarshi MAITRA ADD 0.6 186 97 (47.9)% 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 27.7 2,546 2,220 (12.8)% 56.9 38.2 44.7 (32.8%) 16.8% 66.60 57.01 12.59 11.51 40.49 0.94% 21.1%
Astral Ltd. Building Materials Rajarshi MAITRA REDUCE 4.4 1,461 1,200 (17.9)% 20.3 19.5 20.4 (4.1%) 4.7% 75.04 71.64 10.87 9.68 41.14 0.00% 15.4%
Berger Paints India Limited Building Materials Rohan KALLE HOLD 7.1 539 620 15.0% 10.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 9.17 (0.08) 0.00% 20.5%
Birla Corporation Ltd Cement Nishant BAGRECHA ADD 1.1 1,270 1,530 20.5% 53.7 43.3 61.9 (19.4%) 42.9% 29.32 20.51 1.39 1.32 10.12 0.95% 4.9%
Century Plyboards Building Materials Rahul AGARWAL REDUCE 2.1 815 595 (27.0)% 14.1 17.0 22.4 21.0% 31.6% 47.93 36.41 7.12 6.00 29.44 0.12% 21.3%
Cera Sanitaryware Building Materials Rahul AGARWAL HOLD 0.9 6,315 7,903 25.1% 177.3 202.6 236.8 14.3% 16.9% 31.16 26.66 5.44 4.77 21.64 1.03% 24.7%
Dalmia Bharat Ltd Cement Nishant BAGRECHA ADD 5.1 2,411 2,530 4.9% 43.9 35.9 58.9 (18.0%) 63.8% 67.08 40.95 2.64 2.49 19.36 0.21% 4.7%
Dilip Buildcon Ltd Construction and Materials Rajarshi MAITRA HOLD 1.0 548 496 (9.5)% 13.7 15.0 22.7 9.3% 50.9% 36.45 24.15 1.75 1.65 10.42 0.22% 8.5%
Finolex Industries Building Materials Rajarshi MAITRA HOLD 1.5 216 252 16.6% 7.7 13.5 10.1 76.2% (25.1%) 15.99 21.35 1.91 1.80 20.88 0.94% 11.0%
Heidelberg Cement India Ltd Cement Nishant BAGRECHA HOLD 0.5 212 181 (14.9)% 8.9 11.8 13.2 32.5% 11.7% 17.98 16.10 3.03 2.89 9.12 4.09% 17.3%
IRB Infrastructure Developers Ltd Construction and Materials Rajarshi MAITRA HOLD 2.9 43 49 14.8% 1.0 2.5 2.8 147.3% 13.4% 17.20 15.17 1.71 1.56 9.01 0.79% 9.9%
IRB InvIT Fund Construction and Materials Rajarshi MAITRA ADD 0.4 63 65 3.2% 6.8 5.6 5.5 (17.5%) (1.2%) 11.24 11.38 0.91 0.93 6.47 5.70% 8.2%
J K Cement Ltd Cement Nishant BAGRECHA HOLD 5.7 6,555 6,550 (0.1)% 102.3 111.4 145.9 8.9% 30.9% 58.82 44.93 8.32 7.25 26.98 0.23% 13.2%
JK Lakshmi Cement Cement Nishant BAGRECHA ADD 1.2 902 935 3.7% 40.1 25.4 39.3 (36.6%) 54.6% 35.49 22.96 3.06 2.73 14.50 0.72% 9.0%
Kajaria Ceramics Building Materials Rahul AGARWAL ADD 2.2 1,226 1,379 12.5% 29.4 36.3 45.2 23.5% 24.7% 33.77 27.09 6.63 5.83 20.65 1.22% 27.7%
Kansai Nerolac Paints Limited Building Materials Rohan KALLE REDUCE 2.3 248 235 (5.1)% 14.5 5.9 8.2 (59.2%) 38.4% 41.70 30.14 3.11 3.07 19.26 3.98% 8.0%
KNR Constructions Ltd Construction and Materials Rajarshi MAITRA HOLD 0.6 196 203 3.6% 27.6 19.4 10.1 (29.6%) (48.3%) 10.08 19.49 1.35 1.27 11.32 0.32% 18.4%
NCC Ltd Construction and Materials Rajarshi MAITRA HOLD 1.5 209 223 6.8% 11.3 13.6 15.9 20.0% 16.7% 15.37 13.16 1.76 1.56 8.08 0.38% 16.3%
Orient Cement Cement Nishant BAGRECHA REDUCE 0.5 221 320 45.0% 8.5 10.6 12.9 24.8% 21.4% 20.71 17.06 2.40 2.20 8.68 1.74% 12.0%
Pidilite Industries Limited Building Materials Rohan KALLE ADD 17.7 3,079 3,515 14.2% 34.0 40.8 46.7 20.0% 14.4% 75.42 65.90 16.05 14.14 51.04 0.52% 23.1%
PNC Infratech Ltd Construction and Materials Rajarshi MAITRA ADD 0.9 303 350 15.5% 35.4 9.1 13.0 (74.4%) 43.9% 33.43 23.23 1.44 1.36 12.42 0.23% 9.7%
Prism Johnson Ltd Cement Nishant BAGRECHA ADD 0.9 149 142 (5.0)% 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 1,031 993 (3.7)% 16.7 17.7 16.4 5.7% (6.9%) 58.36 62.72 3.25 3.11 23.38 0.19% 1.1%
Shree Cement Ltd Cement Nishant BAGRECHA HOLD 12.1 29,580 31,100 5.1% 664.0 311.2 417.7 (53.1%) 34.2% 95.05 70.82 4.96 4.76 25.63 0.37% 5.3%
Supreme Industries Building Materials Rajarshi MAITRA HOLD 6.5 4,533 3,527 (22.2)% 84.2 75.6 85.9 (10.2%) 13.5% 59.93 52.78 10.17 9.24 39.54 0.75% 23.0%
UltraTech Cement Ltd Cement Nishant BAGRECHA ADD 41.3 12,370 14,100 14.0% 242.6 207.0 298.0 (14.7%) 43.9% 59.75 41.52 5.16 4.74 30.46 0.75% 9.4%
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