HSBC says India's UltraTech can grow market share without sacrificing margins
BUZZ-HSBC says India's UltraTech can grow market share without sacrificing margins ** Shares of India's UltraTech Cement ULTC.NS up 0.54% at 11,073 rupees
** HSBC ("buy", PT: 14,200 rupees) dismisses concerns that co is prioritising market share over profitability, citing above-industry volume growth and strong margins
** Brokerage expects co's volume growth and EBITDA per tonne to remain above industry levels, helped by its brand, distribution network and scale
** Says September cement price hikes of about 4%-5% should offset higher variable costs, including a recent spike in petroleum coke prices
** HSBC expects co to achieve its March 2028 EBITDA-per-tonne target of 1,400 rupees as higher costs are passed through and operating efficiencies improve
** ULTC rated "buy" on average by 37 analysts, median PT at 13,980 rupees--LSEG compiled data
** YTD stock down 6.5%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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