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* Outlook: The outlook for the cement sector appears extremely promising in the coming year, supported by the government's emphasis on infrastructure development and increased budgetary allocations for the sector. The company's management remains committed to its ambitious capex plans, aiming to reach a capacity of 30 million tons by FY30E. Furthermore, Additionally, management is optimistic about securing a position among the top five companies in terms of EBITDA/t. We expect Revenue/EBITDA to grow at a CAGR of 5.6%/14.0% respectively over FY24-FY26E. Our target EV/EBITDA multiple is 9.0x (unchanged) on FY26E EBITDA, hence we ascribe a target price of INR913, with BUY rating.

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