ZENSAR’SAIPLAYBOOKTODRIVEINTELLIGENTOUTCOMES

Ledby technology innovationatheart,Zensaraims torideontheAIplaybook, whichiscurrentlywitnessinggoodclientconversationsacrossITIndustry.44%of Zensar’sdeal pipeline is ledbyAIclientconversations.Enterprisesgloballyare looking for strong vertical led value propositions to invest on, whichwould acceleratetheirgrowthandprofitabilityfor long-term.Hence,Zensar isfocussing onR&DinitiativesthroughZenLabstocomeoutwithlowcost,better technology offeringsthatwouldaddgreatvaluetoclient’sbusinessoutcomes.

Peer Comparison data

Financial performance

Zensar Technologies 500-615
Expected level 780
Support 410

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Colpal company details

Colgate-Palmolive (India) Ltd., incorporated in the year 1937, is engaged in the business of personal care and oral care products. It is India’s leading provider of scientifically proven oral care products at various price points. Colgate-Palmolive USA is the ultimate holding company and has 51% stake in Colgate-Palmolive India. Its oral care range includes toothpaste, toothpowder, mouthwash, mouth spray, toothbrushes, and dental gel under the ‘Colgate’ brand. While its personal care products include a range of shower gels, shampoos, liquid hand washes, and hand sanitizer under the 'Palmolive' brand. It has a strong distribution network in the traditional trade channels, and its e-commerce and modern trade channels are also gaining significant market share. The companyhas four manufacturing plants in Baddi (HimachalPradesh),Goa, Sanand(Gujarat) and Sri City (AndhraPradesh).

Presently, the company spends ~13% of its revenues on advertising. It was an official partner of various IPL teams in IPL 2020 seasonIn FY23, the company's Colgate Strong Teeth campaign was endorsed by two of the
biggest celebrities - Shahid Kapoor
and Rana Daggubati. The MaxFresh Charcoal toothpaste is endorsed by Ranveer Singh.

#EBITDA #MARGIN

In FY24, EBITDA margin was 33.46%, expansion of 386 bps YoY. In Q1 FY25, EBITDA margin was 33.96%, expansion of 237 bps YoY. EBITDA margin was aided by improvement in gross margin (expanded by 222 bps YoY), increase in product prices coupled with deflation in its key raw materials. This was achieved despite an increase in advertising spends (up by 10% YoY) required to support the launches/re-launches of products of its core brands, with an aim to potentially enhance its market share. Other expenses grew by 13% YoY. In FY25, the margins may not see any major improvement from the current levels. As the pricing growth is expected to be lower, rather the company will be focusing on volumes and premiumization led growth.

#SALES #GROWTH 5 YearCAGR: 4.9%

In FY24, net sales was ₹5,680 cr, up by 9% YoY, primarily driven by strategic pricing actions. In Q1 FY25, net sales was ₹1,497 cr, up by 13% YoY. Domestic net sales grew by 12.8% YoY. Growth was driven by revival in rural demand and steady performance in toothpaste category (reported double digit growth). The rural market demand outpaced growth in the urban markets for the second consecutive quarter. This continues to bode well for the company as it derives ~40% of its revenue from the rural markets. Going forward, the topline growth will be driven by a combination of volume, strategic pricing action and product mix(increased emphasis science based premium products). It is also focusing on strengthening its core brands (Colgate Strong Teeth, Colgate MaxFresh & Colgate Active Salt) along with science-led product innovation.

#EBITDA #GROWTH 5 YearCAGR 9.0%

In FY24, EBITDA was ₹1,901 cr, growth of 23% YoY. In Q1 FY25, EBITDA was ₹508 cr, growth of 22% YoY. EBITDA growth was aided by higher revenue growth, pricing actions and benign raw material costs.

#PAT #GROWTH 5 YearCAGR 11.3%

In FY24, PAT was ₹1,324 cr, growth of 26% YoY. Adjusted PAT grew by 27% YoY. In FY24, exceptional loss incurred stood at ₹20 cr ( for FY23: ₹11 cr). Exceptional loss pertains to severance and related expenses with respect to certain organisation structure changes. In Q1 FY25, PAT was ₹364 cr, up by 33% YoY. Adjusted PAT growth for the period was 24% YoY (for Q1 FY24 it incurred exceptional loss of ₹20 cr). Going forward, profitability is likely to be supported by a strong brand recall and sustained leadership in its core portfolio (Colgate Strong Teeth, Colgate MaxFresh and Colgate Active Salt), premuimisation coupled with product innovation and renovation. It is also looking to grow its oral care adjuncts like floss and mouthwash, and and leveraging its Palmolive brand. However, this can be partially impacted by slow category growth coupled with high competitive intensity in oral care segment.

#PAT #MARGIN

In FY24, PAT margin was 23.30%, expansion of 326 bps YoY. Adjusted PAT margin was 23.65%, expansion of 339 bps YoY. In Q1 FY25, PAT margin was 24.32%, expansion of 364 bps YoY. Adjusted PAT margin expanded by 216 bps YoY.

#COMPANY #POTENTIAL

The toothpaste category in India is valued at ~₹18,000 cr, and comprises 70% of the total oral care segment. The per capita use of toothpaste remains low in India and this represents opportunity for category growth. • In Q2 CY24, the FMCG industry reported value growth of 4% YoY. Volume growth was 3.8% YoY v/s 6.5% in the March quarter. • The rural volume growth in the quarter stood at 5.2% while urban was at 2.8%. In Q1 CY24, rural volume growth stood at 7.6% and urban was at 5.7%. • Price growth stabilized at 0.2%, indicating stable market environment. • The non-foods, volume growth stood at 7.6% in the quarter ended June compared to 11.1% in the quarter ended March. • During the quarter, the decline in consumer demand for Personal Care & Home Care categories was seen in both urban and rural markets. • In urban markets, Personal Care categories witnessed volume growth of 5.2% in Q2 CY24 (v/s 9.7% in Q1 CY24), while in rural it was 8.3% in Q2 CY24 (v/s 10.6% in Q1 CY24). • Going forward, channel mix will shift dramatically in favour of e-commerce. The growth in e-commerce channel have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitisation for enabling smooth functioning of its supply and distribution channel. • The premium segment continues to perform well than the mass segment. The volume growth of premium products is significantly ahead of mass products in the market. • Government’s PLI (Production-linked incentive) scheme, with an outlay of ₹10,900 cr, is likely to give companies a major opportunity to boost exports.

#MANAGEMENT #OUTLOOK

Thecompany is focusing on four pillars of growth: (i) lead the toothpaste category by growing the volume and the core category; (ii) driving premiumisation & innovation; (iii) drive category growth in toothbrushes & devices (iv) scaling the Palmolive brand to drive the personal care category, however, the near term focus will be its core category which is the bodywash. • The toothpaste and toothbrush categories remains underpenetrated, which provides immense headroom for growth. • Itsstrategy remains to drive premiumizationin both the toothpaste and toothbrush category with focus on innovation, strengthening leading position in the toothbrush segment, and diversification in personal care through the Palmolive brand. • Going forward, it intends to double its oral beauty category by establishing beauty relevance and continuous focus on device led innovation. • Thecompanybenefits from its large ‘essential’ product portfolio and presence across the price-benefit pyramid. Thus, helping it to capture anyimpactof downtrading. • It is looking to introduce products from its global portfolio, mainly in the skin cleansing segment, to the Indian market. • The increased competitive intensity and slow category growth are the key challenges that management needs to tackle for a meaningfulrecovery.

Colpal 1900-2150
Expected level 2700
Support 1750

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Ambuja Cements Limited Company Details Report

Ambuja Cements Limited, part of the Adani Group, is among India's leading cement companies. Ambuja, with its subsidiary ACC Ltd has a cement capacity of 89 million tonne per annum (MTPA) and operate 102 ready mix concrete plants as on 31st March 2025. In FY25, they secured 6 new limestone mines with a total resource estimate of 976 MT, increasing total limestone reserve to 9 billion tonne (including Orient Cement). In April 2025, the company successfully completed the acquisition of Orient Cement Limited (8.5 MTPA), 2.4 MTPA expansion at Farakka and a 0.5 MTPA increase through de-bottlenecking increasing it's the total capacity to 100.3 MTPA. In a strategic move to expand its presence in the cement sector, Adani Group (through Endeavour Trade and Investment Ltd.) acquired 63.11% stake in Ambuja Cements Ltd (at a price of ₹385 per share) and a 4.48% stake in ACC Ltd (at a price of ₹2,300 per share), for a total consideration of approximately ₹50,181 cr. Further, Ambuja Cements Ltd holds 50.05% stake in ACC Ltd. The acquisition was formally completed on 16th September 2022, marking Adani Group’s significant entry into the Indian cement industry. Collectively known as Adani Cement, Ambuja & ACC along with its acquisitions operate 24 integrated plant and 22 grinding units in India. At the time of its acquisition in September 2022, Ambuja Cement’s consolidated cement manufacturing capacity was ~68 MTPA. Since then, the company has undertaken an aggressive expansion strategy, resulting in a ~50% increase in capacity over a span of ~30 months, as of April 2025. This substantial growth has been largely driven by inorganic expansions. These moves have significantly enhanced the company’s scale, market reach, and operational footprint. Some of the significant acquisition have been as follows - Sanghi industries Limited (~6 MTPA cement capacity, ~6.6 MTPA clinker capacity and 1 billion tonne limestone reserve) in December 2023 at an enterprise value (EV) of ₹5,000 cr, Asian Cement and Concrete (~2 MTPA) in January 2024 and Penna Cement in August 2024.

They acquired 100% shares of Penna Cement Industries for an EV of ₹10,422 cr (fully funded through internal accruals). It includes 14 MTPA cement capacity, of which 4 MTPA cement capacity at Jodhpur IU and Krishnapatnam GU is under construction and is to be completed by the seller. Cost to complete the under-construction project is part of EV. In October 2024, Ambuja Cements announced the acquisition of a 46.8% stake in Orient Cement Limited (OCL) at an equity value of ₹8,100 crore (₹395.4 per share), fully funded through internal accruals. The transaction triggered an open offer for an additional 26.0% stake from public shareholders, in accordance with regulatory requirements. Through this acquisition, Ambuja added 8.5 MTPA of operational cement capacity and 8.1 MTPA of ready-to-execute projects. OCL also owns a high-quality limestone mine in Chittorgarh, Rajasthan, capable of supporting an additional 6 MTPA of cement capacity in North India. OCL operates with 95 MW of captive power plant (CPP) capacity, 10 MW of waste heat recovery system (WHRS), and 13.5 MW of renewable power, with an additional 19.7 MW of renewable power currently under commissioning. Additionally, all of OCL’s plants are equipped with railway sidings, providing strong logistical advantages. Ambuja Cement Limited offers wide range of products, comprising Ordinary Portland Cement (OPC), Pozzolana Portland Cement (PPC), and Pozzolana Slag Cement (PSC), along with other sustainable and innovative building materials. To further add value to their customers, the company has launched innovative products like Ambuja Plus, Ambuja Cool Walls, Ambuja Kawach and Ambuja Compocem.

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