Motilal Oswal has given Neutral recommendation for India Cements with a target price of Rs. 190 in its research report issued on Aug 11, 2021

Motilal Oswal’s research report on India Cements

India Cements (ICEM)’s 1QFY22 EBITDA was 18% below estimate, weighed by higher costs and lower volumes. Utilization stood at just 50% in 1QFY22. We revise down our FY22E/FY23E EPS by 7%/7%, factoring in weaker volumes and higher costs. ICEM trades at 10.3x FY23E EV/EBITDA, which is fair, in our view, given its strong presence in South. We maintain Neutral.


ICEM trades at 10.3x FY23E EV/EBITDA and USD72/t EV/capacity. We value the stock at 10x Sep’23 EV/EBITDA to arrive at TP of INR190. We maintain Neutral.

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