Volume growth to slow down; leverage to remain high

Company
30 May 2024
5 Min read 
  • The Ramco Cements has exhibited strong volume growth driven by capacity expansion and market share gain.
  •  The company's volume growth is expected to slow down due to higher base impact and capacity constraints.
  •  TRCL's capex has increased significantly, resulting in a sharp increase in net debt.
  •  The company faced challenges due to excessive rains and flooding in key markets, impacting demand and profitability.
  •  TRCL's return ratios are estimated to be lower than historical averages.
  •  The stock is currently trading at 12x/10x FY25E/FY26E EV/EBITDA and USD113/USD103 EV/t.
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