ACC Limited (ACC) is a leading player in the Indian building materials space, with a pan-India manufacturing and marketing

retailers and a countrywide spread

For over 80 years, ACC has been synonymous with cement, establishing its repu

CURRENT PRODUCTION CAPACITY

PRODUCT CAPACITY ACTUAL SALES ACTUAL PRODUCTION CU
CEMENT 33.O5 MTPA 25.53MTPA 23.77MTPA 72%

MARKET SHARE OF ACC LTD.

COMPETITORS ANALYSIS
(amt. in crores)

Company Capacity Net worth Net debt Sales

Ultratech 116 38296 18,282 40,033

Shree cement 37.9 12936 2,435 12,868
Dalmia bharat 29 7580 2,809 9,674
India cement 15.5 5414.91 734 4,909
The Ramco Cement L 20 4918.56 2,962 5,389
industry average ( simple)
industry average ( weighted)
 COMPARATIVE PERFOMANCE MAPPING

EBITDA MARGIN
70.00
60.00
50.00
40.00
30.00
20.00
EBITDA MARGIN
10.00
0.00
ch t at t .
ate m
en
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en t Ltd
tr ce b ce en
Ul ee ia ia em
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Sh D co
Ram
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Th
 ACC LTD.

nufacturing and marketing presence. With 17 cement manufacturing units, over 90 ready mix concrete plants, over 6,600 talented employ
s and a countrywide spread of sales offices, it contributes tremendously to the landscape of the country.

ement, establishing its reputation as a pioneer organisation that consistently sets new benchmarks in research and innovative product dev

REGIONAL DISTRIBUTION OF ACC REGIONAL CAPACITY

Ebitda Pat Ebitda margin Pat margin Nd/ equity Nd/ebitda

(%) (%) (TIMES) (TIMES)
9,379 5,810 23.07 13.42 0.32 1.81
3,946 1,544 33.14 13.19 0.2 0.85
2,106 238 65.61 89.4 0.03 19.68
810 405 0.98 1.07 0.58 72.65
1,174 601 29.49 11.19 0.54 1.43
30.46 25.654 0.334 19.284
23.82% 13% 0.42 1.96
 COMPARATIVE PERFOMANCE MAPPING
PAT MARGIN

80
60
40
PAT MARGIN
20
0
ch t at t .
ate m
en
har m
en t Ltd
tr ce b e en
Ul ee ia ac em
r lm di C
Sh Da In
co
am
eR
Th
s, over 6,600 talented employees, a vast distribution network of 50,000+ dealers &

h and innovative product development.

NCE MAPPING

PAT MARGIN
 SECTOR OVERVIEW

TOTAL CEMENT PRODUCTION IN INDIA

WORLDS LARGEST PRODUCERS OF CEMENT

WORLD CEMENT CONSUMPTION

SECTOR OVERVIEW

GLOBAL CEMENT PRODUCTION

WORLD CEMENT DEMAND

CEMENT DEMAND DRIVERS IN INDIA

Year India ACC
FY 17 280 27
FY 18 298 6.4% 28 3.7%
FY 19 337 13.1% 28 0.0%
FY 20 247 -26.7% 23 -17.9%
FY21Q1 100 61.9% 8 38.6%
FY 22 13.00% 5.7%
Production Performance

Particulars FY 2018 FY 2019 FY 2020 Q1FY2021

TOTAL CAPACITY 32.90 33.05 33.05 34.45

ACTUAL PRODUCTION 28.36 27.87 23.77 7.97

CAPACITY UTILIZATION 86.20% 84.33% 71.92% 92.54%

SALES(CRORES) 14477.00 15343.00 13487.00 4213.00

SALES IN UNITS 28.37 28.89 25.53 7.97

Income Statement

Particulars FY 18 FY19 FY20 Q1FY21

Revenue from Operations 14801.62 15,657.55 13,785.98 4291.97
Other Income 142.66 318.43 216.74 43.97
Total Income 14944.28 15975.98 14002.72 4335.94

Expenses
a) Cost of materials consumed 2368.17 2256.39 1,673.21 628.06
b) Purchases of stock-in-trade 89.26 361.69 696.89 180.26
c) Changes in inventories of finished g -124.98 100.81 142.41 -62.35
d) Employee benefits expense 883.58 866.11 841.21 206.37
e) Power and Fuel 3000.83 3134.01 2,574.65 804.92
f) freight and forwarding expense 3992.82 4032.09 3,416.09 1,083.74
g)other expense 2546.53 2495.99 2087.43 590.73
h) excise duty
I) captive consumption of cement -2.71 -2.32 -1.02

TOTAL EXPENSES 12,754 13,245 11,431 3,432

EBITDA 2190.78 2731.21 2571.85 904.21

Depriciation and amortization 603.22 606.44 638.84 143.23
EBIT 1587.56 2124.77 1933.01 760.98
Finance cost 87.77 86.27 57.08 17.39
extraordinary items 176.01
PBT BEFORE PROFIT OF JV 1499.79 2038.50 1699.92 743.59
J)profit in associate and joint venture 10.32 14.02 8.93 4.46
PBT 1510.11 2052.52 1708.85 748.05
TAX -10.51 674.98 279 191.62
PAT 1520.62 1377.54 1430.26 556.43
Minority interest 0.15 0.13 0.08
Pat for equity shareholders 1520.47 1377.41 1430.18
DIVIDEND 262.9 319.24 384.23

Balance Sheet

PARTICULARS FY18 FY19 FY 20

B. EQUITY AND LIABILITIES
Equity
a) Equity Share Capital 187.99 187.99 187.99
b) Other Equity 10,343.91 11,355.78 12,511.14
Equity attributable to owners of the 10,531.90 11,543.77 12,699.13
Non-controlling interest 3.03 3.16 3.24
Total Equity 10,534.93 11,546.93 12,702.37
Liabilities
Non-current liabilities
a) Financial Liabilities
Lease Liabilities 0 83.98
b) Provisions 140.29 235.1 214.83
c) Deferred tax liabilities (Net) 674.57 655.72 394.79
Total – Non-current liabilities 814.86 890.82 693.6
Current liabilities
a) Financial Liabilities
(i) Trade payables
Total outstanding dues of micro and 8.02 11.27 6.3
Total outstanding dues of credito 1,918.24 1,463.71 1,415.93
(ii) Other financial liabilities 775.54 937.5 1,028.36
b) Other current liabilities 1,794.63 1,919.39 1,998.07
c) Provisions 27.3 23.39 15.87
d) Current tax liabilities (Net) 182.43 342.97 339.73
Total – Current liabilities 4,706.16 4,698.23 4,804.26
Total – Liabilities 5,521.02 5,589.05 5,497.86
Total – Equity and Liabilities 16,055.95 17,135.98 18,200.23

ASSETS
1. Non-current assets
a) Property, Plant and Equipment 7,035.18 6,976.89 6,508.38
b) Capital work-in-progress 397.78 445.67 548.11
c) Other Intangible assets 15.57 34.27 45.98
d) Right of use assets 129.89
e) Goodwill on consolidation 37.42 15.57 10.19
f) Investments in associates and joi 100.4 112.48 121.07
g) Financial Assets
(i) Investments 3.7 3.7 8.2
(ii) Loans 169.14 143.76 135.91
(iii) Other financial assets 325.33 609.86 645.65
h) Non-current Tax Assets (Net) 674.97 859.76 944.06
i) Other non-current assets 612.02 399.45 654.16
Total Non-current assets 9,371.51 9,601.41 9,751.60
2. Current assets
a) Inventories 1,679.39 1,141.93 901.27
b) Financial assets
(i) Trade receivables 867.37 626.65 451.41
(ii) Cash and Cash Equivalents 2,933.21 4,492.53 5,849.36
(iii) Bank balances other than Cas 163.77 155.2 156.34
(iv) Loans 77.3 29.02 58.99
(v) Other financial assets 226.68 270.38 266.33
c) Current Tax Assets (Net) 0 71.26
d) Other current assets 725.17 808.39 690.76
SUB TOTAL 6,672.89 7,524.10 8,445.72
e) Non-current assets classified as h 11.55 10.47 2.91
Total Current assets 6,684.44 7,534.57 8,448.63
Total – Assets 16,055.95 17,135.98 18,200.23

CHECK

No of Shares (in crs) 19.00 19.00 19.00

Total Debt 77.00 29.00 59.00
Net Debt -3019.98 -4463.53 -5790.36
Net Fixed Assets 7050.75 7,026.73 6,564.55
Net Fixed Assets (incl. cwip) 7,448.53 7,472.40 7,112.66

Ratios

Profitability Ratios
EBITDA Margin 14.66% 17.10% 18.37% 20.85%
PAT Margin 10.18% 8.62% 10.21% 12.83%
Leverage & Coverage Ratios
Debt / Equity 0 0 0
Net Debt / EBITDA (1) (2) (2)
Interest Service Coverage Ratio 25 32 45 52
Liquidity & Turnover Ratio
Current Ratio 0.70 0.62 0.57
Trade Receivable Days 21 15 12
Inventory Days 48.06 31.47 28.78
Trade Payable Days 75.39 54.46 61.05
Fixed Asset Turnover Ratio 2.10 2.23 2.10
Return & Shareholders Ratios
ROE 0.14 0.12 0.11
ROA 0.09 0.08 0.08
EPS 80.02 72.50 75.27
DPS 13.84 16.80 20.22
Dividend Payout Ratio 0.17 0.23 0.27

Unit Analysis

Avg Selling Price (per tonne) 5,217.35 5,419.71 5,399.91 5,385.16

Avg RM Cost (per tonne) 834.74 781.03 655.39 788.03
Avg power and fuel Cost (per tonne) 1057.75 1084.81 1008.48 1009.94
Avg freight Cost (per tonne) 1407.41 1395.67 1338.07 1359.77
EBITDA (per tonne) 772.22 94.54 100.74 113.45
 Common Size Trend
FY 18 FY19 FY20 QIFY21 FY 19 FY 20 FY 17 to FY 20
100% 100% 100% 100% 5.8% -12.0%
1% 2% 2% 1% 123.2% -31.9%
101% 102% 102% 101% 6.9% -12.4%

16% 14% 12% 15% -4.7% -25.8%

1% 2% 5% 4% 305.2% 92.7%
-1% 1% 1% -1% -180.7% 41.3%
6% 6% 6% 5% -2.0% -2.9%
20% 20% 19% 19% 4.4% -17.8%
27% 26% 25% 25% 1.0% -15.3%
17% 16% 15% 14% -2.0% -16.4%
0% 0% 0%
-0.02% -0.01% -0.01% 0.00% -14.4% -56.0%

86% 85% 83% 80% 3.9% -13.7%

0% 0% 0%
15% 17% 19% 21% 24.7% -5.8%
4% 4% 5% 3% 0.5% 5.3%
11% 14% 14% 18% 33.8% -9.0%
1% 1% 0.4% 0.4% -1.7% -33.8%
0% 0% 1% 0%

0.07% 0.09% 0.06% 0.10% 35.9% -36.3%

10% 13% 12% 17% 35.9% -16.7%
0% 4% 2% 4% -6522.3% -58.7%
10% 9% 10% 13% -9.4% 3.8%
 CAGR
FY 17 to FY 20
-3.5%
23.3%
-3.2%

-15.9%
179.4%
114.0%
-2.4%
-7.4%
-7.5%
-9.5%

-38.6%

-5.3%

8.3%
2.9%
10.3%
-19.4%

6.5%
-7.0%
6.4%
 -3.0%
-27.0%
-3.0%
Capacity Addition Plans

THE CAPACITY EXPANSION PLAN OF THE COMPANY WAS ONLY TILL 2024 ,SO FOR 2025 ASSUMPTION WAS MADE.
WE ARE ASSUMING THAT THE SAME LEVEL OF CAPACITY EXPANSION WILL BE DONE FOR THE YEAR 2025 AS WELL , AS IT IS F

Capacity Addition Plans - 5 years

PRODUCT MTPA Current Total in 2025
CEMENT 6 33 40

Particulars FY18 FY 19 FY20 FY21

Capacity Additions (MTPA) 0.15 0.00 1.40
Total Capacity 32.90 33.05 33.05 34.45

Revenue Assumptions

Particulars FY18 FY19 FY20 Q1FY21

Capacity (MTPA) 32.90 33.05 33.05 34.45
Capacity Utilization 86% 84% 72% 93%

PRODUCTION 28.36 27.87 23.77 7.97

PRODUCTION Growth -1.7% -14.7% 34.1%

Avg. Selling Price(PER TONNE) 5,217.35 5,419.71 5,399.91 5,385.16

Growth 4% 0% 0%

captive consumption of cement -0.02% -0.01% -0.01% 0.00%

Other Income 1% 2% 2% 1%

Expense Assumptions

Particulars FY18 FY19 FY20 Q1 FY21

a) Cost of materials consumed 16% 14% 12% 15%
b) Purchases of stock-in-trade 1% 2% 5% 4%
c) Changes in inventories of finished -1% 1% 1% -1%
TOTAL COST 0F RM 16% 17% 18% 17%
d) Employee benefits expense 6% 6% 6% 5%
e) Power and Fuel 20.3% 20.0% 18.7% 18.8%
f) freight and forwarding expense 27% 26% 25% 25%
g)other expense 17% 16% 15% 14%
Depriciation and amortization 9% 9% 9%
Finance cost 5.64% 7.48% 5.89% 7.35%

dividend payout ratio 17% 23% 27% 27%

POWER AND FUEL COST : THE COMPANY HAS TAKEN MANY INITIATIVES AND MEASURES TO REDUCE THE COST WHICH IS EXP
OTHER EXPENSES : SINCE THE HISTORICAL DATA SHOWS AN YEARLY REDUCTION, THUS WE ARE ASSUMING THAT IT WILL CON

Capex

Benchmark Capex / MT (crs) 520.00

Capex Funding @ D/E 0.00

JUSTIFICATION: Benchmark capex was calculated on the basis of recent capital expenditure data given by various cement co

Tax

Corporate Tax 30.0%

Minimum Alternate Tax 18.5%
Dividend Distribution Tax 17.7%
Surcharge 17.7%
Education cess 4.0%

Effective Corporate Tax Rate 36.7%

Effective MAT Rate 22.6%
Effective Dividend Tax Rate 21.6%

Working Capital

Particulars FY18 FY19 FY20 FY21

Trade Receivable Days 21 15 12 12
Inventory Days 48 31 29 29
Trade payable Days 75 54 61 61
STB/ NWC (%) 12% 10% -85% 0%
ASSUMPTION WAS MADE.
THE YEAR 2025 AS WELL , AS IT IS FOR PREVIOUS 4 YEARS

Avg CU %
72%

FY 22 FY23 FY24 FY25

1.14 1.13 1.13 1.13
35.59 36.72 37.85 38.98

Q2-Q4 FY21 FY22 FY23 FY24 FY25

34.45 35.59 36.72 37.85 38.98
83% 87% 87% 87% 87%

21.45 30.96 31.95 32.93 33.91

20.3% 5.3% 3.18% 3.08% 2.99%

5,385.16 5,385.16 5,385.16 5,385.16 5,385.16

0% 0% 0% 0% 0%

-0.01% -0.01% -0.01% -0.01% -0.01%

1% 1% 1% 1% 1%

Q3-Q4 FY21 FY22 FY23 FY24 FY25

18% 18% 18% 18% 18%

5% 5% 5% 5% 5%
18.8% 18.5% 18.2% 17.9% 17.6%
25% 25% 25% 25% 25%
14% 13% 13% 12% 12%
 9% 9% 9% 9% 9%
7.35% 7.35% 7.35% 7.35% 7.35%

27% 27% 27% 27% 27%

TO REDUCE THE COST WHICH IS EXPECTED TO REDUCE THE COST YOY BASIS
WE ARE ASSUMING THAT IT WILL CONTINUE TO REDUCE

ure data given by various cement companies for their capacity expansion.

FY22 FY23 FY24 FY25

12 12 12 12
29 29 29 29
61 61 61 61
0% 0% 0% 0%
 REVENUE AND EXPENSE MODEL
Particulars FY18 FY19 FY20 FY21
Capacity (MTPA) 34
Production (MTPA) 29
Sales 29
Avg Selling Price (PER MT) 5,385
Sales Turnover 15,839
Other Income 162
Total Income 16,002

Expenses
a) Total cost of RM 2,796.72
d) Employee benefits expense 864.38
e) Power and Fuel 2,970.52
f) freight and forwarding expense 3,999.50
g)other expense 2,180.06
Total Expenses 12,811

EBITDA 3,190
EBITDA Margin 19.9%

Depriciation and amortization 651.33

EBIT 2,539.09
FY22 FY23 FY24 FY25
36 37 38 39
31 32 33 34
31 32 33 34
5,385 5,385 5,385 5,385
16,673 17,202 17,732 18,261
171 176 182 187
16,844 17,379 17,913 18,448

2,943.92 3,037.39 3,130.86 3,224.33

909.87 938.76 967.65 996.54
3,076.85 3,122.93 3,165.84 3,205.57
4,210.00 4,343.67 4,477.34 4,611.01
2,167.49 2,236.31 2,127.81 2,191.33
13,308 13,679 13,869 14,229

3,536 3,700 4,044 4,219

21.0% 21.3% 22.6% 22.9%

652.19 646.36 640.84 635.83

2,883.49 3,053.18 3,403.07 3,583.58
Working Capital Schedule
FY18 FY19 FY20 FY21
Trade Receivable 867 627 451 519
Inventory 1,679 1,142 901 1,010
Trade Payable 1,926 1,475 1,422 1,634

Net Working Capital 621 294 (70) (105)

Short Term Borrowings 77 29 59 59
STB / NWC 12% 10% -85%
FY22 FY23 FY24 FY25
546 563 581 598
1,049 1,079 1,094 1,122
1,711 1,757 1,802 1,847

(116) (115) (128) (127)

59 59 59 59
Capex Plans
Planned Capacity Additions (MW) 6
Benchmark Capex / MW (crs) 520.00
Total Planned Capex 3,084
CWIP (FY 20) 548
Pending Capex 2,535

Additional Capacity (FY 9 - FY 10) 2

Capex 1,175
Total Capex (FY 21 - FY 25) 3,711

Capex Plans - Yearly FY18 FY19 FY20 FY21

Capacity Additions 0.15 - 1.40
Capex 524 521 746 742
Funding
- Debt 0
- Equity 742

Depreciation Schedule
Opening FA 6,565
CWIP Moving to FA 728
Total FA 7,293
Depreciation 651
Closing FA 6,565 6,641

Opening CWIP 548

CWIP Moving to FA 728
Additions to CWIP 742
Closing CWIP 548 562

Capex Forecasting based on Sales Method

Capex Schedule FY18 FY19 FY20 FY21
Capex (~CFI) 524 521 746 857
Revenue 14,802 15,658 13,786 15,839
Capex as a % of Revenue 3.5% 3.3% 5.4% 5.4%

FINANCE COST ANALYSIS FY18 FINANCE COST(%) FY19 FINANCE COST(%)

Interest
On Income tax 29.59 5.36% 16.9 2.51%
On Defined benefit obligation 9.31 3.16% 7.91 2.42%
Interest on deposits from dealers 28.89 12.79% 33.45 25.61%
Interest on litigation matters 10.31 17.73
Interest on Lease Liabilities 0 0
Others 7.7 0.99% 8.36 0.89%
Unwinding of discount on site restorat 1.93 5.88% 1.92 5.94%
Total 87.73 86.27
AVERAGE FINANCE COST(%) 5.64% 7.48%
Weighted average finance cost

LIABLITIES
Income tax 551.56 672.56
Defined benefit obligation 294.97 326.26
deposits from dealers 225.9 130.62
litigation matters
Lease Liabilities -
Others 775.54 937.5
Unwinding of discount on site restorat 32.85 32.31
Total 1880.82 2099.25
GROWTH
FY22 FY23 FY24 FY25 FY26 FY27
1.14 1.13 1.13 1.13 1.13 1.13
742 742 742 742

0 0 0 0
742 742 742 742

6,641 6,582 6,523 6,470

593 588 588 588
7,234 7,169 7,111 7,057
652 646 641 636
6,582 6,523 6,470 6,422

562 712 866 1,021

593 588 588 588
742 742 742 742
712 866 1,021 1,175

FY22 FY23 FY24 FY25

902 931 960 988
16,673 17,202 17,732 18,261
5.4% 5.4% 5.4% 5.4%

FY20 FINANCE COST(%)

 4.76 0.69%
13.76 3.64%
17.14 13.78%
0.56
9.8 11.67%
9.56 0.93%
1.5 4.62%
57.08
5.89%
7.352%

689.34
378.41
124.4

83.98
1,028.36
32.47
2336.96
Income Statement

Particulars FY18 FY19 FY20 FY21

Capacity (MTPA) 33 33 33 34
Production (MTPA) 28 28 24 29
Sales 28 29 26 29
Revenue from operations 14802 15658 13786 15839
Other Income 143 318 217 162
Total Income 14944 15976 14003 16002

Expenses
a) Total cost of RM 2332 2719 2513 2797
b) Employee benefits expense 884 866 841 864
c) Power and Fuel 3001 3134 2575 2971
d) freight and forwarding expense 3993 4032 3416 3999
e)other expense 2547 2496 2087 2180
Total Expenses 12756 13247 11432 12811

EBITDA 2188 2729 2571 3190

Depreciation & Amortization 603 606 639 651
EBIT 1585 2122 1932 2539
Finance Expenses 88 86 57 172
Extra ordinary item 176
PBT before profits of JVs 1497 2036 1699 2367
Add: Share of Profits of JVs 10 14 9 9
PBT 1507 2050 1708 2376
Tax -11 675 279 872
PAT 1518 1375 1429 1504
Less: Share of Minority Interest 0.15 0.13 0.08 0
PAT for Equity Shareholders 1518 1375 1429 1504
Dividend 263 319 384 404

Cash Flow Statement

Particulars FY18 FY19 FY20 FY21

Inflow
PAT 1,504
Depreciation 651
Equity Infusion
Inc in Non-Controlling Interest
New Long Term Borrowings
Deferred tax liablities
Other non-current liablities
Other financial liablities
Trade payables 1,634
Other current liablities
TOTAL INFLOW 3,789

Outflow
Dividend 404
Repayments of Long Term Borrowings
Capex (Inc in CWIP) 742
Investment in Joint Ventures
Financial Assets
Other Non-Current Assets
Current Investments
Inventories 1,010
Trade Receivables 519
Other Current Assets
TOTAL OUTFLOW 2,675
NET CASH MOVEMENT 1,114

Balance Sheet

Particulars FY18 FY19 FY20 FY21

EQUITY & LIABILITIES
Total Equity 10,532 11,544 12,699 13,799
Non-Controlling Interest 3 3 3 3
Non-Current Liabilities
Financial liablities 140 235 299 299
Deferred Tax Liabilities 675 656 395 395
Other Non-Current Liabilities 0 0 0 0
Total Non-Current Liabilities 815 891 694 694
Current Liabilities
Trade Payables 1,926 1,475 1,422 3,056
Other Current Liabilities (incl. STB) 2,780 3,223 3,382 3,382
Total Current Liabilities 4,706 4,698 4,804 6,438
TOTAL EQUITIES & LIABILITIES 16,056 17,136 18,200 20,934
ASSETS
Non-Current Assets
Fixed Assets & Intangibles (incl CWIP) 7,486 7,472 7,243 7,333
Investment in Joint Ventures 100 112 121 121
Financial Assets 498 757 790 790
Other Non-Current Assets 1,287 1,259 1,598 1,598
Total Non-Current Assets 9,372 9,601 9,752 9,842
Current Assets
Inventories 1,679 1,142 901 1,911
Trade Receivables 867 627 451 970
Cash, Bank & Cash Equivalents 3,097 4,648 6,006 7,120
Other Current Assets 1,041 1,118 1,090 1,090
Total Current Assets 6,684 7,535 8,449 11,091
TOTAL ASSETS 16,056 17,136 18,200 20,934

Check - - - -

Total Debt 77 29 59 59
Net Debt (3,020) (1,089) (1,031) (1,031)

Ratios

Profitability Ratios
EBITDA Margin 14.6% 17.1% 18.4% 19.9%
PAT Margin 10.2% 8.6% 10.2% 9.4%
Leverage & Coverage Ratios
Debt / Equity 0.01 0.00 0.00 0.00
Net Debt / EBITDA (1.38) (0.40) (0.40) (0.32)
Interest Service Coverage Ratio 24.93 31.63 45.04 18.57
Liquidity & Turnover Ratio
Current Ratio 0.70 0.62 0.57 0.58
Trade Receivable Days 21 15 12 22
Inventory Days 48 31 29 54
Trade Payable Days 75 54 61 114
Return & Shareholders Ratios
ROE 0.14 0.12 0.11 0.11
ROA 0.09 0.08 0.08 0.07
EPS 79.9 72.4 75.2 79.2
DPS 13.8 16.8 20.2 21.3
Dividend Payout Ratio 17% 23% 27% 27%
EPS Growth Rate 5%

Unit Analysis

Avg Selling Price / Unit 5,217.35 5,419.71 5,399.91 5,385.16

Avg RM Cost / Unit 822.15 941.12 984.14 950.85
Avg power and fuel Cost (per tonne) 1,057.75 1,084.81 1,008.48 1,009.94
Avg freight Cost (per tonne) 1,407.41 1,395.67 1,338.07 1,359.77
EBITDA / Unit 771.26 944.58 1,006.98 1,084.70
FY22 FY23 FY24 FY25
36 37 38 39
31 32 33 34
31 32 33 34
16673 17202 17732 18261
171 176 182 187
16844 17379 17913 18448

2944 3037 3131 3224

910 939 968 997
3077 3123 3166 3206
4210 4344 4477 4611
2167 2236 2128 2191
13308 13679 13869 14229

3536 3700 4044 4219

652 646 641 636
2883 3053 3403 3584
172 172 172 172

2712 2881 3231 3412

9 9 9 9
2721 2890 3240 3421
999 1061 1189 1256
1722 1829 2051 2165
0 0 0 0
1722 1829 2051 2165
463 491 551 582

FY22 FY23 FY24 FY25

1,722 1,829 2,051 2,165

 652 646 641 636

1,711 1,757 1,802 1,847

4,085 4,233 4,494 4,648

463 491 551 582

742 742 742 742

1,049 1,079 1,094 1,122

546 563 581 598

2,800 2,875 2,967 3,044

1,285 1,357 1,526 1,604

FY22 FY23 FY24 FY25

15,058 16,396 17,896 19,480

3 3 3 3

299 299 299 299

395 395 395 395
0 0 0 0
694 694 694 694
 4,767 6,524 8,326 10,173
3,382 3,382 3,382 3,382
8,149 9,906 11,708 13,555
23,904 26,999 30,301 33,731

7,423 7,519 7,620 7,727

121 121 121 121
790 790 790 790
1,598 1,598 1,598 1,598
9,932 10,028 10,129 10,236

2,961 4,039 5,133 6,255

1,516 2,079 2,660 3,258
8,405 9,762 11,289 12,893
1,090 1,090 1,090 1,090
13,972 16,971 20,171 23,495
23,904 26,999 30,301 33,731

- - - -

59 59 59 59
(1,031) (1,031) (1,031) (1,031)

21.0% 21.3% 22.6% 22.9%

10.2% 10.5% 11.4% 11.7%

0.00 0.00 0.00 0.00

(0.29) (0.28) (0.26) (0.24)
20.58 21.53 23.54 24.56

0.58 0.58 0.58 0.58

33 44 55 65
81 108 135 160
 170 227 282 336

0.11 0.11 0.11 0.11

0.07 0.07 0.07 0.06
90.6 96.3 107.9 114.0
24.3 25.9 29.0 30.6
27% 27% 27% 27%
14% 6% 12% 6%

5,385.16 5,385.16 5,385.16 5,385.16

950.85 950.85 950.85 950.85
993.78 977.63 961.47 945.32
1,359.77 1,359.77 1,359.77 1,359.77
1,141.98 1,158.13 1,228.14 1,244.29
Weighted Average Cost of Capital Market Return
Risk Free Rate (Rf) 5.76% Particulars
Beta 0.83 ###
Expected Market Return (Rm) 20.41% ###
Cost of Equity (Rf+Beta*(Rm-Rf)) 17.87% ###
###
Pre-Tax Cost of Debt 7.35% CAGR
Tax Rate 36.71%
Post-Tax Cost of Debt 4.65%

Equity 12,702
Debt 59
Total Capital 12,761

Weight of Debt 0.46%

Weight of Equity 99.54%

Weighted Average Cost of Capital 17.81%

 BETA 0.83
BSE Sensex Date Sensex % Change AMBUJA % Change
34925 26/May/20 30609.3 1277.45
39435 27/May/20 31605.22 3.25% 1257.35 -1.57%
31,605 28-May-20 32200.59 1.88% 1272.15 1.18%
50,637 29-May-20 32424.1 0.69% 1271.15 -0.08%
20.41% 1-Jun-20 33303.52 2.71% 1283.35 0.96%
2-Jun-20 33825.53 1.57% 1287.95 0.36%
3-Jun-20 34109.54 0.84% 1261.3 -2.07%
4-Jun-20 33980.7 -0.38% 1268.6 0.58%
5-Jun-20 34287.24 0.90% 1296.85 2.23%
8-Jun-20 34370.58 0.24% 1273.85 -1.77%
9-Jun-20 33956.69 -1.20% 1250.75 -1.81%
10-Jun-20 34247.05 0.86% 1274.95 1.93%
11-Jun-20 33538.37 -2.07% 1244.8 -2.36%
12-Jun-20 33780.89 0.72% 1268.3 1.89%
15-Jun-20 33228.8 -1.63% 1250.9 -1.37%
16-Jun-20 33605.22 1.13% 1238.95 -0.96%
17-Jun-20 33507.92 -0.29% 1231.95 -0.56%
18-Jun-20 34208.05 2.09% 1252.75 1.69%
19-Jun-20 34731.73 1.53% 1270.2 1.39%
22-Jun-20 34911.32 0.52% 1264 -0.49%
23-Jun-20 35430.43 1.49% 1301.8 2.99%
24-Jun-20 34868.98 -1.58% 1264.7 -2.85%
25-Jun-20 34842.1 -0.08% 1250.65 -1.11%
26-Jun-20 35171.27 0.94% 1288.25 3.01%
29-Jun-20 34961.52 -0.60% 1290.5 0.17%
30-Jun-20 34915.8 -0.13% 1332 3.22%
1-Jul-20 35414.45 1.43% 1325.6 -0.48%
2-Jul-20 35843.7 1.21% 1328.3 0.20%
3-Jul-20 36021.42 0.50% 1314.65 -1.03%
6-Jul-20 36487.28 1.29% 1328.05 1.02%
7-Jul-20 36674.52 0.51% 1313.45 -1.10%
8-Jul-20 36329.01 -0.94% 1312.95 -0.04%
9-Jul-20 36737.69 1.12% 1323.35 0.79%
10-Jul-20 36594.33 -0.39% 1309.65 -1.04%
13-Jul-20 36693.69 0.27% 1345.65 2.75%
14-Jul-20 36033.06 -1.80% 1293.95 -3.84%
15-Jul-20 36051.81 0.05% 1286.5 -0.58%
16-Jul-20 36471.68 1.16% 1300.1 1.06%
17-Jul-20 37020.14 1.50% 1315.7 1.20%
20-Jul-20 37418.99 1.08% 1330.05 1.09%
21-Jul-20 37930.33 1.37% 1380.7 3.81%
22-Jul-20 37871.52 -0.16% 1372.3 -0.61%
23-Jul-20 38140.47 0.71% 1360.6 -0.85%
24-Jul-20 38128.9 -0.03% 1343.6 -1.25%
27-Jul-20 37934.73 -0.51% 1363.15 1.46%
 28-Jul-20 38492.95 1.47% 1399.7 2.68%
29-Jul-20 38071.13 -1.10% 1410.45 0.77%
30-Jul-20 37736.07 -0.88% 1446.65 2.57%
31-Jul-20 37606.89 -0.34% 1424.75 -1.51%
3-Aug-20 36939.6 -1.77% 1414.85 -0.69%
4-Aug-20 37687.91 2.03% 1401.65 -0.93%
5-Aug-20 37663.33 -0.07% 1413.05 0.81%
6-Aug-20 38025.45 0.96% 1407.25 -0.41%
7-Aug-20 38040.57 0.04% 1396.8 -0.74%
10-Aug-20 38182.08 0.37% 1399.6 0.20%
11-Aug-20 38407.01 0.59% 1411 0.81%
12-Aug-20 38369.63 -0.10% 1406.95 -0.29%
13-Aug-20 38310.49 -0.15% 1393.9 -0.93%
14-Aug-20 37877.34 -1.13% 1384.7 -0.66%
17-Aug-20 38050.78 0.46% 1387.4 0.19%
18-Aug-20 38528.32 1.26% 1432.7 3.27%
19-Aug-20 38614.79 0.22% 1429.5 -0.22%
20-Aug-20 38220.39 -1.02% 1419.65 -0.69%
21-Aug-20 38434.72 0.56% 1421.2 0.11%
24-Aug-20 38799.08 0.95% 1420.35 -0.06%
25-Aug-20 38843.88 0.12% 1401.25 -1.34%
26-Aug-20 39073.92 0.59% 1398.35 -0.21%
27-Aug-20 39113.47 0.10% 1399.45 0.08%
28-Aug-20 39467.31 0.90% 1395.9 -0.25%
31-Aug-20 38628.29 -2.13% 1321.6 -5.32%
1-Sep-20 38900.8 0.71% 1340.55 1.43%
2-Sep-20 39086.03 0.48% 1358.35 1.33%
3-Sep-20 38990.94 -0.24% 1337.85 -1.51%
4-Sep-20 38357.18 -1.63% 1307.9 -2.24%
7-Sep-20 38417.23 0.16% 1341.15 2.54%
8-Sep-20 38365.35 -0.14% 1308.9 -2.40%
9-Sep-20 38193.92 -0.45% 1315.7 0.52%
10-Sep-20 38840.32 1.69% 1343.05 2.08%
11-Sep-20 38854.55 0.04% 1321.45 -1.61%
14-Sep-20 38756.63 -0.25% 1369 3.60%
15-Sep-20 39044.35 0.74% 1386.7 1.29%
16-Sep-20 39302.85 0.66% 1389.75 0.22%
17-Sep-20 38979.85 -0.82% 1410.1 1.46%
18-Sep-20 38845.82 -0.34% 1431.6 1.52%
21-Sep-20 38034.14 -2.09% 1377.65 -3.77%
22-Sep-20 37734.08 -0.79% 1360.2 -1.27%
23-Sep-20 37668.42 -0.17% 1354.6 -0.41%
24-Sep-20 36553.6 -2.96% 1302.9 -3.82%
25-Sep-20 37388.66 2.28% 1333.1 2.32%
28-Sep-20 37981.63 1.59% 1375.4 3.17%
29-Sep-20 37973.22 -0.02% 1378.85 0.25%
30-Sep-20 38067.93 0.25% 1393.85 1.09%
 1-Oct-20 38697.05 1.65% 1415.35 1.54%
5-Oct-20 38973.7 0.71% 1419.75 0.31%
6-Oct-20 39574.57 1.54% 1438.4 1.31%
7-Oct-20 39878.95 0.77% 1480.2 2.91%
8-Oct-20 40182.67 0.76% 1517.15 2.50%
9-Oct-20 40509.49 0.81% 1505.65 -0.76%
12-Oct-20 40593.8 0.21% 1513 0.49%
13-Oct-20 40625.51 0.08% 1518.6 0.37%
14-Oct-20 40794.74 0.42% 1549.2 2.02%
15-Oct-20 39728.41 -2.61% 1522.65 -1.71%
16-Oct-20 39982.98 0.64% 1561.4 2.54%
19-Oct-20 40431.6 1.12% 1562.8 0.09%
20-Oct-20 40544.37 0.28% 1578.85 1.03%
21-Oct-20 40707.31 0.40% 1620.85 2.66%
22-Oct-20 40558.49 -0.37% 1629.7 0.55%
23-Oct-20 40685.5 0.31% 1604.2 -1.56%
26-Oct-20 40145.5 -1.33% 1578.7 -1.59%
27-Oct-20 40522.1 0.94% 1686.8 6.85%
28-Oct-20 39922.46 -1.48% 1640.1 -2.77%
29-Oct-20 39749.85 -0.43% 1653.3 0.80%
30-Oct-20 39614.07 -0.34% 1648.4 -0.30%
2-Nov-20 39757.58 0.36% 1665.45 1.03%
3-Nov-20 40261.13 1.27% 1661.5 -0.24%
4-Nov-20 40616.14 0.88% 1675.95 0.87%
5-Nov-20 41340.16 1.78% 1699.35 1.40%
6-Nov-20 41893.06 1.34% 1651.95 -2.79%
9-Nov-20 42597.43 1.68% 1668.75 1.02%
10-Nov-20 43277.65 1.60% 1659.45 -0.56%
11-Nov-20 43593.67 0.73% 1670.8 0.68%
12-Nov-20 43357.19 -0.54% 1674.05 0.19%
13-Nov-20 43443 0.20% 1675.95 0.11%
14-Nov-20 43637.98 0.45% 1666.75 -0.55%
17-Nov-20 43952.71 0.72% 1691.5 1.48%
18-Nov-20 44180.05 0.52% 1684.65 -0.40%
19-Nov-20 43599.96 -1.31% 1679.25 -0.32%
20-Nov-20 43882.25 0.65% 1687.45 0.49%
23-Nov-20 44077.15 0.44% 1724.15 2.17%
24-Nov-20 44523.02 1.01% 1696.7 -1.59%
25-Nov-20 43828.1 -1.56% 1663.55 -1.95%
26-Nov-20 44259.74 0.98% 1693.15 1.78%
27-Nov-20 44149.72 -0.25% 1703.25 0.60%
1-Dec-20 44655.44 1.15% 1747.45 2.60%
2-Dec-20 44618.04 -0.08% 1728.85 -1.06%
3-Dec-20 44632.65 0.03% 1717.35 -0.67%
4-Dec-20 45079.55 1.00% 1664 -3.11%
7-Dec-20 45426.97 0.77% 1660.05 -0.24%
8-Dec-20 45608.51 0.40% 1685.6 1.54%
 9-Dec-20 46103.5 1.09% 1656.2 -1.74%
10-Dec-20 45959.88 -0.31% 1631.95 -1.46%
11-Dec-20 46099.01 0.30% 1607.45 -1.50%
14-Dec-20 46253.46 0.34% 1615.15 0.48%
15-Dec-20 46263.17 0.02% 1634.35 1.19%
16-Dec-20 46666.46 0.87% 1632.6 -0.11%
17-Dec-20 46890.34 0.48% 1639 0.39%
18-Dec-20 46960.69 0.15% 1649.35 0.63%
21-Dec-20 45553.96 -3.00% 1569.65 -4.83%
22-Dec-20 46006.69 0.99% 1564.35 -0.34%
23-Dec-20 46444.18 0.95% 1579.65 0.98%
24-Dec-20 46973.54 1.14% 1613.25 2.13%
28-Dec-20 47353.75 0.81% 1621.25 0.50%
29-Dec-20 47613.08 0.55% 1615.8 -0.34%
30-Dec-20 47746.22 0.28% 1648 1.99%
31-Dec-20 47751.33 0.01% 1618.4 -1.80%
1-Jan-21 47868.98 0.25% 1625.4 0.43%
4-Jan-21 48176.8 0.64% 1639.35 0.86%
5-Jan-21 48437.78 0.54% 1644.75 0.33%
6-Jan-21 48174.06 -0.54% 1674.3 1.80%
7-Jan-21 48093.32 -0.17% 1704.95 1.83%
8-Jan-21 48782.51 1.43% 1760.9 3.28%
11-Jan-21 49269.32 1.00% 1787.15 1.49%
12-Jan-21 49517.11 0.50% 1794.6 0.42%
13-Jan-21 49492.32 -0.05% 1793.4 -0.07%
14-Jan-21 49584.16 0.19% 1785.65 -0.43%
15-Jan-21 49034.67 -1.11% 1739.75 -2.57%
18-Jan-21 48564.27 -0.96% 1701.05 -2.22%
19-Jan-21 49398.29 1.72% 1712.2 0.66%
20-Jan-21 49792.12 0.80% 1709.1 -0.18%
21-Jan-21 49624.76 -0.34% 1665.9 -2.53%
22-Jan-21 48878.54 -1.50% 1694.45 1.71%
25-Jan-21 48347.59 -1.09% 1662.35 -1.89%
27-Jan-21 47409.93 -1.94% 1639.7 -1.36%
28-Jan-21 46874.36 -1.13% 1633.85 -0.36%
29-Jan-21 46285.77 -1.26% 1604.8 -1.78%
1-Feb-21 48600.61 5.00% 1685.05 5.00%
2-Feb-21 49797.72 2.46% 1763.6 4.66%
3-Feb-21 50255.75 0.92% 1727.35 -2.06%
4-Feb-21 50614.29 0.71% 1749.5 1.28%
5-Feb-21 50731.63 0.23% 1723.45 -1.49%
8-Feb-21 51348.77 1.22% 1763.5 2.32%
9-Feb-21 51329.08 -0.04% 1761.25 -0.13%
10-Feb-21 51309.39 -0.04% 1764.75 0.20%
11-Feb-21 51531.52 0.43% 1776.25 0.65%
12-Feb-21 51544.3 0.02% 1766.45 -0.55%
15-Feb-21 52154.13 1.18% 1788.25 1.23%
16-Feb-21 52104.17 -0.10% 1819.55 1.75%
17-Feb-21 51703.83 -0.77% 1819.65 0.01%
18-Feb-21 51324.69 -0.73% 1788.6 -1.71%
19-Feb-21 50889.76 -0.85% 1747.6 -2.29%
22-Feb-21 49744.32 -2.25% 1698.65 -2.80%
23-Feb-21 49751.41 0.01% 1696.75 -0.11%
24-Feb-21 50781.69 2.07% 1726.25 1.74%
25-Feb-21 51039.31 0.51% 1801.6 4.36%
26-Feb-21 49099.99 -3.80% 1732.95 -3.81%
1-Mar-21 49849.84 1.53% 1775.25 2.44%
2-Mar-21 50296.89 0.90% 1771.75 -0.20%
3-Mar-21 51444.65 2.28% 1796.35 1.39%
4-Mar-21 50846.08 -1.16% 1854.8 3.25%
5-Mar-21 50405.32 -0.87% 1822.95 -1.72%
8-Mar-21 50441.07 0.07% 1825.05 0.12%
9-Mar-21 51025.48 1.16% 1826.35 0.07%
10-Mar-21 51279.51 0.50% 1835.05 0.48%
12-Mar-21 50792.08 -0.95% 1787.05 -2.62%
15-Mar-21 50395.08 -0.78% 1767.8 -1.08%
16-Mar-21 50363.96 -0.06% 1765.65 -0.12%
17-Mar-21 49801.62 -1.12% 1729 -2.08%
18-Mar-21 49216.52 -1.17% 1732 0.17%
19-Mar-21 49858.24 1.30% 1751.4 1.12%
22-Mar-21 49771.29 -0.17% 1859.35 6.16%
23-Mar-21 50051.44 0.56% 1910.55 2.75%
24-Mar-21 49180.31 -1.74% 1891.3 -1.01%
25-Mar-21 48440.12 -1.51% 1850.3 -2.17%
26-Mar-21 49008.5 1.17% 1862.55 0.66%
30-Mar-21 50136.58 2.30% 1874.2 0.63%
31-Mar-21 49509.15 -1.25% 1902.55 1.51%
1-Apr-21 50029.83 1.05% 1913.9 0.60%
5-Apr-21 49159.32 -1.74% 1894.6 -1.01%
6-Apr-21 49201.39 0.09% 1907.95 0.70%
7-Apr-21 49661.76 0.94% 1917.3 0.49%
8-Apr-21 49746.21 0.17% 1979.2 3.23%
9-Apr-21 49591.32 -0.31% 1960.75 -0.93%
12-Apr-21 47883.38 -3.44% 1888.2 -3.70%
13-Apr-21 48544.06 1.38% 1880.4 -0.41%
15-Apr-21 48803.68 0.53% 1835.5 -2.39%
16-Apr-21 48832.03 0.06% 1881.75 2.52%
19-Apr-21 47949.42 -1.81% 1876.85 -0.26%
20-Apr-21 47705.8 -0.51% 1824.45 -2.79%
22-Apr-21 48080.67 0.79% 1831.55 0.39%
23-Apr-21 47878.45 -0.42% 1813.05 -1.01%
26-Apr-21 48386.51 1.06% 1843.1 1.66%
27-Apr-21 48944.14 1.15% 1859.65 0.90%
28-Apr-21 49733.84 1.61% 1872.55 0.69%
 29-Apr-21 49765.94 0.06% 1875.8 0.17%
30-Apr-21 48782.36 -1.98% 1882.3 0.35%
3-May-21 48718.52 -0.13% 1898.9 0.88%
4-May-21 48253.51 -0.95% 1869.85 -1.53%
5-May-21 48677.55 0.88% 1887.9 0.97%
6-May-21 48949.76 0.56% 1895.15 0.38%
7-May-21 49206.47 0.52% 1903.35 0.43%
10-May-21 49502.41 0.60% 1884.8 -0.97%
11-May-21 49161.81 -0.69% 1909.8 1.33%
12-May-21 48690.8 -0.96% 1883.3 -1.39%
14-May-21 48732.55 0.09% 1877.1 -0.33%
17-May-21 49580.73 1.74% 1904.2 1.44%
18-May-21 50193.33 1.24% 1938.9 1.82%
19-May-21 49902.64 -0.58% 1928.5 -0.54%
20-May-21 49564.86 -0.68% 1958.2 1.54%
21-May-21 50540.48 1.97% 1965.1 0.35%
24-May-21 50651.9 0.22% 1986.55 1.09%
25-May-21 50637.53 -0.03% 1962.45 -1.21%
1977.6
Enterprise Value - Current

Particulars Amount (Rs Cr)

Current Market Price per share 1,988.00
No of Shares 19
Common Equity 37,772
Preference Shares -
Non Controlling Interest 3
Net Debt -5,790
EV 31,985

Discounted Cash Flow

Particulars FY21 FY22 FY23 FY24

PAT 1,504 1,722 1,829 2,051
Add: Depreciation & Amortization 651 652 646 641
Add: Interest * (1 - Tax Rate) 56 86 57 172
Less: Increase in Working Capital -35 -11 1 -13
Less: Capital Expenditure 742 742 742 742
FCFF 1,504 1,729 1,790 2,134
Aggregate FCFF 5,708

FCFF 1,504 1,729 1,790 2,134

Less: Interest * ( 1 - Tax Rate) 56 86 57 172
(+/-) Net Borrowings 0 0 0 0
FCFE 1,448 1,643 1,733 1,962
Terminal Value
Total Cashflows 1,448 1,643 1,733 1,962
Total Equity Value 10,622
Net Debt (5,790)
Total Enterprise Value 4,832

Perpetual Growth Rate 3.0%

EV/EBITDA Multiple
Particulars Amount
EV/EBITDA Multiple 18.50
EBITDA (1yr Fwd) 3,190
Enterprise Value 59,033

P/E Multiple PEG

Particulars Amount P/E Multiple 33.81
P/E Multiple 33.81 EPS Growth Rate 5%
PAT (1yr Fwd) 1,504 PEG 6.46
EPS (1yr Fwd) 79.16
Price per share 2,676.63
Equity Value 50,856
Add: Net Debt -1,031

Enterprise Value 49,825

Valuation - Summary

EV Net Debt Equity Value Minority Interest

Valuation Methods
A B C=A-B D
DISCOUNTED CASH FLOW 4,832 (5,790) 10,622 3
EV/ EBITDA 59,033 (5,790) 64,823 3
P/E 49,825 (5,790) 55,615 3
Equity Value

RECOMMENDATION
As we can see in this case the P/E ratio of the company is 33.81 . Generally a company having more than 50 P/E ratio is said t
The company stock price is trading at 30 times the company's EPS. Here we can also see that the EV/EBITDA of the compan
valued. The lower the EV/EBITDA value is , more attractive the shares are. However according to the DCF method the enter

Concluding the results of all the three valuation we can see that thevalue of shares are going to increase in the future approx
Therefore the recommendation will be to BUY these shares.
FY25
2,165
636
172
1
742
2,230

2,230
172
0
2,058
11,902
13,960
 Adj. Equity Value Share Value Weight
E = C - D F = E/No. of shares B
10,619 559 33%
64,820 3,412 33%
55,612 2,927 33%
43,247 2,276

an 50 P/E ratio is said to be overvalued.

EBITDA of the company is not very high which means the shares are under
DCF method the enterprise value seems to be low .

ase in the future approximately giving a return of about 15%.

Trading Comparables
Pref Shares +
No of Shares MarketCap
Consolidated Financials Price Minority Net Debt
(cr) (Rs Cr)
Interest

Ultratech 6,690.0 29 192,672 8 18,282

Shree cement 28,024.0 4 100,886 69 2,435
Dalmia bharat 1,812.0 19 34,428 25 2,809
The Ramco Cement Ltd. 964 24 22,984 6 2,962
ACC Cement Ltd. 1,980.0 19 37,619 3.24 (5,790)
Ambuja Cement 325.9 198 64,528 6,341 (8,528)
JK CEMENT 2,803.0 8 21,639 - 0.19
India cement 184.2 310 57,087 20 734
Birla Cement 1,209.9 77 93,195 - 3,500
 EV/EBITDA P/E

EV Sales EBITDA PAT

TTM 12m fwd. TTM
(Rs Cr) (Rs Cr) (Rs Cr) (Rs Cr)

210,962 34,186 9,379 5,680 22.49 33.92

103,390 12,537 4,212 2,173 24.55 46.43
37,262 9,674 2,106 623 17.69 55.26
25,952 6,346 1,234 601 21.03 38.24
31,832 13,786 2,572 1,430 12.38 26.30
62,341 25,321 5,312 3,107 11.74 20.77
21,639 5,321 860 532 25.16 40.68
57,841 4,909 1,286 405 44.98 140.95
96,695 4,746 1,732 570 55.83 163.50
116,826

Mean 19.29 37.37

W.Avg 18.50 33.81
Median 21.03 38.24
P/E

12m fwd.