#SALES #GROWTH
In FY25, revenue increased by 6% YoY to โน35,045 cr as. This was due to 10% YoY increase in volume to 65.2 MT and 4% YoY decline in cement realization to โน5,179 per tonne. Cement sales for the year increased by 6% YoY to โน33,768 cr. During the period under review, ready mix concrete (RMC) sales increased by 9% YoY to โน1,401 cr. Furthermore, in FY25 share of blended cement was 78% and premium products as a percentage of trade sales contributed 26%
In FY25, revenue increased by 6% YoY to โน35,045 cr as. This was due to 10% YoY increase in volume to 65.2 MT and 4% YoY decline in cement realization to โน5,179 per tonne. Cement sales for the year increased by 6% YoY to โน33,768 cr. During the period under review, ready mix concrete (RMC) sales increased by 9% YoY to โน1,401 cr. Furthermore, in FY25 share of blended cement was 78% and premium products as a percentage of trade sales contributed 26%
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#EBITDA #GROWTH
In FY25, EBITDA decreased by 7% YoY to โน5,971 cr. During the period gone by, overall cost of producing a ton of cement saw an improvement of 1% YoY. In FY25, other expenses increased on a YoY basis by 18% due to consolidation of Sanghi & Penna operations and increased consumption of spare parts due to overhauling and equipment upgradation work. Logistics cost per tonne for the period was โน1,273, a decline of 6% YoY and power & fuel cost was lower by 6% YoY to โน1,280 per tonne.
In FY25, EBITDA decreased by 7% YoY to โน5,971 cr. During the period gone by, overall cost of producing a ton of cement saw an improvement of 1% YoY. In FY25, other expenses increased on a YoY basis by 18% due to consolidation of Sanghi & Penna operations and increased consumption of spare parts due to overhauling and equipment upgradation work. Logistics cost per tonne for the period was โน1,273, a decline of 6% YoY and power & fuel cost was lower by 6% YoY to โน1,280 per tonne.
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#PAT #GROWTH
In FY25, PAT decreased by 9% YoY to โน5,145 cr. In the period under review, depreciation cost increased by 52% YoY and finance cost decreased by 22% YoY. During the year ended 31st March 2025, the company reassessed their tax positions based on favorable tax assessment orders. As a result, the company reversed various interest received and interest provisions. These amounts totaling to โน2,081 cr have been recorded as other income. For the period under review, other income increased by 128% YoY to โน2,654 cr. During the period, they incurred exceptional expense (net) of โน21 cr on account of various transactions.
In FY25, PAT decreased by 9% YoY to โน5,145 cr. In the period under review, depreciation cost increased by 52% YoY and finance cost decreased by 22% YoY. During the year ended 31st March 2025, the company reassessed their tax positions based on favorable tax assessment orders. As a result, the company reversed various interest received and interest provisions. These amounts totaling to โน2,081 cr have been recorded as other income. For the period under review, other income increased by 128% YoY to โน2,654 cr. During the period, they incurred exceptional expense (net) of โน21 cr on account of various transactions.
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#EBITDA #MARGIN
In FY25, EBITDA margin was 17%, a reduction of 226 bps YoY. The company consumed 28% energy from green and renewable power sources. Currently, WHRS capacity is ~218 MW. As a percentage of revenue raw material cost increased by 196 bps YoY to 18.6% and other expenses increased by 138 bps YoY to 12.8%. Employee cost decreased by 8 bps YoY to 4%, power & fuel cost decreased by 56 bps YoY to 3% and freight cost decreased by 44 bps YoY to 23.7%.
In FY25, EBITDA margin was 17%, a reduction of 226 bps YoY. The company consumed 28% energy from green and renewable power sources. Currently, WHRS capacity is ~218 MW. As a percentage of revenue raw material cost increased by 196 bps YoY to 18.6% and other expenses increased by 138 bps YoY to 12.8%. Employee cost decreased by 8 bps YoY to 4%, power & fuel cost decreased by 56 bps YoY to 3% and freight cost decreased by 44 bps YoY to 23.7%.
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#ROCE
In FY25, EBIT was โน6,138 cr, lower by 0.6% YoY and capital employed was higher by 27% YoY, leading to a reduction in ROCE to 13%.
In FY25, EBIT was โน6,138 cr, lower by 0.6% YoY and capital employed was higher by 27% YoY, leading to a reduction in ROCE to 13%.
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#ROE
In FY25, ROE was reported at 11.2%. During the year, net profit increased 9% YoY and net worth increased by 29% YoY.
In FY25, ROE was reported at 11.2%. During the year, net profit increased 9% YoY and net worth increased by 29% YoY.
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#COMPANY #POTENTIAL
โข India is the 2nd largest producer of cement, with an installed capacity of ~686 million ton (MT). Driven by sustained demand from the housing and infrastructure sectors, cement volumes reached 440-445 million MT in FY25. This growth is projected to continue, reaching 475-480 million MT in FY26. โข Indiaโs per capita cement consumption is 250 kg, far below Chinaโs 1,600 kg, offering substantial growth potential. Cement demand in India is expected to grow 1.2x to 1.5x of GDP. In FY26, Indiaโs GDP is envisaged to grow at ~6.5%. โข The Indian cement industry is set for significant growth, driven by infrastructure projects and urban development. Installed capacity is expected to reach 850 million tonne per annum (MTPA) by 2030 and 1,350 MTPA by 2050. In FY26, the industry is expected to add ~43-45 MTPA capacity. cement demand. cement demand. โข Indian cement sector is fragmented and regional industry - Adani Cement is a pan India player. Their current market share is ~15%, with a target of reaching 20% by FY28. โข The desire for homeownership, particularly in the post-pandemic era, is driving the growth of Indiaโs housing sector across both urban and rural areas. As the largest consumer of cement, the housing sector currently accounts for around 65% of the countryโs โข The Union Budget FY26 has allocated โน11.2 lakh cr for CAPEX, a 10% increase from the revised estimate of โน10.2 lakh cr FY25. The budget prioritizes infrastructure investment across key sectors. The infrastructure sector constitutes approximately 24% of total โข The company management envisages, industry supply to grow by 6% CAGR and demand to grow by ~7%-7.5% CAGR till FY30.
โข India is the 2nd largest producer of cement, with an installed capacity of ~686 million ton (MT). Driven by sustained demand from the housing and infrastructure sectors, cement volumes reached 440-445 million MT in FY25. This growth is projected to continue, reaching 475-480 million MT in FY26. โข Indiaโs per capita cement consumption is 250 kg, far below Chinaโs 1,600 kg, offering substantial growth potential. Cement demand in India is expected to grow 1.2x to 1.5x of GDP. In FY26, Indiaโs GDP is envisaged to grow at ~6.5%. โข The Indian cement industry is set for significant growth, driven by infrastructure projects and urban development. Installed capacity is expected to reach 850 million tonne per annum (MTPA) by 2030 and 1,350 MTPA by 2050. In FY26, the industry is expected to add ~43-45 MTPA capacity. cement demand. cement demand. โข Indian cement sector is fragmented and regional industry - Adani Cement is a pan India player. Their current market share is ~15%, with a target of reaching 20% by FY28. โข The desire for homeownership, particularly in the post-pandemic era, is driving the growth of Indiaโs housing sector across both urban and rural areas. As the largest consumer of cement, the housing sector currently accounts for around 65% of the countryโs โข The Union Budget FY26 has allocated โน11.2 lakh cr for CAPEX, a 10% increase from the revised estimate of โน10.2 lakh cr FY25. The budget prioritizes infrastructure investment across key sectors. The infrastructure sector constitutes approximately 24% of total โข The company management envisages, industry supply to grow by 6% CAGR and demand to grow by ~7%-7.5% CAGR till FY30.
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#COMPANY #OUTLOOK
โข They have ordered 11 General Purpose Wagon Inward System (GPWIS) rakes, of which 11 have been delivered and running in approved circuit. These rakes will enable cost-efficient clinker movement from mother plants to the clinker grinding units. In addition to these, they have also ordered 26 Bulk Cement Freight Consortium (BCFC) rakes for safe and cost-efficient transportation of fly ash from thermal power plants to their facilities. Of these 26 BCFC rakes, 8 rakes have been delivered in FY25. โข The Company aims to optimize lead distances by ~100 kms going forward, thereby improving overall logistics efficiency. In addition, it is targeting a modal shift in logistics, with 10% of cement transportation to be undertaken via sea routes by FY28. Marine to transport cement and clinker. logistics presents significant cost advantages, with estimated savings of ~30% compared to rail and ~60% compared to road transport on a per tonne per km basis. They currently have a fleet size of 14 dedicated sea vessels which enables them to dispatch 3 MT of cement annually, while operating across 11 strategically located terminals. The Company plans to add 10 more sea vessels โข The management aims 60% of their future cement capacity and 83% of clinker operations to be powered by green energy. Currently, 218 MW of Waste Heat Recovery Systems (WHRS), 200 MW of solar capacity, and 99 MW of wind energy from their Khavda facility is operational. Out of the remaining 707 MW of solar and wind power, 70% projects are slated for completion by June 2025, and the balance by December 2026. These investments are expected to reduce power costs by approximately โน90 per tonne by FY28. โข Consolidated capacity stood at 89 MTPA as on 31st March 2025 and ~100 MPTA as on April 2024 (acquisition of Orient Cement in (8.5 MTPA), the 2.4 MTPA expansion at Farakka, and a 0.5 MTPA through de-bottlenecking). The company is actively pursuing a major capacity expansion initiative of 19 MTPA across various regions, setting a clear roadmap to achieve 118 MTPA by FY26. Growth in the current fiscal would be largely driven by organic expansions.
โข They have ordered 11 General Purpose Wagon Inward System (GPWIS) rakes, of which 11 have been delivered and running in approved circuit. These rakes will enable cost-efficient clinker movement from mother plants to the clinker grinding units. In addition to these, they have also ordered 26 Bulk Cement Freight Consortium (BCFC) rakes for safe and cost-efficient transportation of fly ash from thermal power plants to their facilities. Of these 26 BCFC rakes, 8 rakes have been delivered in FY25. โข The Company aims to optimize lead distances by ~100 kms going forward, thereby improving overall logistics efficiency. In addition, it is targeting a modal shift in logistics, with 10% of cement transportation to be undertaken via sea routes by FY28. Marine to transport cement and clinker. logistics presents significant cost advantages, with estimated savings of ~30% compared to rail and ~60% compared to road transport on a per tonne per km basis. They currently have a fleet size of 14 dedicated sea vessels which enables them to dispatch 3 MT of cement annually, while operating across 11 strategically located terminals. The Company plans to add 10 more sea vessels โข The management aims 60% of their future cement capacity and 83% of clinker operations to be powered by green energy. Currently, 218 MW of Waste Heat Recovery Systems (WHRS), 200 MW of solar capacity, and 99 MW of wind energy from their Khavda facility is operational. Out of the remaining 707 MW of solar and wind power, 70% projects are slated for completion by June 2025, and the balance by December 2026. These investments are expected to reduce power costs by approximately โน90 per tonne by FY28. โข Consolidated capacity stood at 89 MTPA as on 31st March 2025 and ~100 MPTA as on April 2024 (acquisition of Orient Cement in (8.5 MTPA), the 2.4 MTPA expansion at Farakka, and a 0.5 MTPA through de-bottlenecking). The company is actively pursuing a major capacity expansion initiative of 19 MTPA across various regions, setting a clear roadmap to achieve 118 MTPA by FY26. Growth in the current fiscal would be largely driven by organic expansions.
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Ambuja Cements 450-525
Expected level 670
Support 404
Expected level 670
Support 404
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SRF company details report
Incorporated in 1970, SRF Limited started operations with a nylon tyre cord plant in Manali, Tamilnadu. It is a chemical based multibusiness entity engaged in the manufacturing of industrial and specialty intermediates. SRF manufactures intermediate products which are largely supplied to other industries for manufacturing of the final product. The company has classified its main businesses as Technical Textiles Business (TTB), Chemicals Business (CB), Packaging Films Business (PFB) and other business. Under the Technical Textiles Business, the company manufactures tyre cord fabrics, belting fabrics, and polyester industrial yarn. Its plants are in Manali, Gummidipoondi and Viralimalai in Tamil Nadu and Malanpur in Madhya Pradesh. Under the Chemicals Business, the company has two business division, i.e., Specialty chemicals business and Fluorochemicals business. In specialty Chemicals business, it develop and produce advanced intermediates for Agrochemical and Pharmaceutical applications. Its plants are in Dahej and Bhiwadi located in Gujarat and Rajasthan, respectively. Fluorochemicals business encompasses the manufacture and sale of refrigerants, pharma propellants, and industrial chemicals. Under the Packaging Films Business segment, it manufactures biaxally oriented polypropylene (BOPP) and biaxally oriented polypropylene terephthalate (BOPET) used in flexible package covers and labels. The company has two plants in Indore, Madhya Pradesh and one plant in Kashipur, Uttarakhand. In addition, there are three overseas plants in Thailand, South Africa and Hungary. Other business includes coated fabrics and laminated fabrics.
Incorporated in 1970, SRF Limited started operations with a nylon tyre cord plant in Manali, Tamilnadu. It is a chemical based multibusiness entity engaged in the manufacturing of industrial and specialty intermediates. SRF manufactures intermediate products which are largely supplied to other industries for manufacturing of the final product. The company has classified its main businesses as Technical Textiles Business (TTB), Chemicals Business (CB), Packaging Films Business (PFB) and other business. Under the Technical Textiles Business, the company manufactures tyre cord fabrics, belting fabrics, and polyester industrial yarn. Its plants are in Manali, Gummidipoondi and Viralimalai in Tamil Nadu and Malanpur in Madhya Pradesh. Under the Chemicals Business, the company has two business division, i.e., Specialty chemicals business and Fluorochemicals business. In specialty Chemicals business, it develop and produce advanced intermediates for Agrochemical and Pharmaceutical applications. Its plants are in Dahej and Bhiwadi located in Gujarat and Rajasthan, respectively. Fluorochemicals business encompasses the manufacture and sale of refrigerants, pharma propellants, and industrial chemicals. Under the Packaging Films Business segment, it manufactures biaxally oriented polypropylene (BOPP) and biaxally oriented polypropylene terephthalate (BOPET) used in flexible package covers and labels. The company has two plants in Indore, Madhya Pradesh and one plant in Kashipur, Uttarakhand. In addition, there are three overseas plants in Thailand, South Africa and Hungary. Other business includes coated fabrics and laminated fabrics.
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The company is a market leader in most of its business segments in India and also commands a significant global presence in some of its businesses. It has 11 manufacturing plants in India and one each in Thailand, South Africa and Hungary. The company exports to 90+ countries. The companyโs in-house research and development (R&D) helps development of cost-effective routes for both new and existing products. The Chemicals Technology Group (CTG) at SRF is actively engaged in the development of new products and process technologies for its fluorochemicals and specialty chemicals businesses. The groupโs key focus is the development of intermediates for new Active Ingredients (AI) in pharmaceuticals and agrochemical industries as well as new generation refrigerants. As on 31st March 2024, SRF has filed 443 patents for R&D and technology so far, of which 149 patents have been granted globally. The company is a business to business player and, as such, the customers are largely manufacturing companies. The product is manufactured as per the agreed parameters and specifications. The company has 8 subsidiaries, i.e., SRF Global BV, SRF Flexipak (South Africa) (Pty) Limited, SRF Industries (Thailand) Limited, SRF Industex Belting (Pty) Limited, SRF Europe Kft, SRF Holiday Home Limited, SRF Employees Welfare Trust (controlled trust), and SRF Altech Limited.
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#SALES #GROWTH
In FY25, the sales increased by 12% YoY to โน14,693 cr led by ~24% growth in performance films & foil business, ~6% growth in chemical business and ~7% growth in technical textile business. In chemical business, the company reported growth mainly led by increased revenue in the second half, with a particularly strong performance in Q4 FY25. During H1 FY25, SRF witnessed a decline YoY mainly led by speciality chemicals. It faced headwinds due to agrochemicals segment which was impacted due to inventory rationalization by certain key customers. In Q4 FY25, the specialty chemicals reported a strong performance, driven by positive momentum in the recently launched products and a pick-up in demand for certain key agrochemical intermediates. The fluorochemicals reported a robust performance on account of the strong domestic demand for refrigerants, particularly for room air conditioners, which resulted in a high domestic sales of refrigerant gases
In FY25, the sales increased by 12% YoY to โน14,693 cr led by ~24% growth in performance films & foil business, ~6% growth in chemical business and ~7% growth in technical textile business. In chemical business, the company reported growth mainly led by increased revenue in the second half, with a particularly strong performance in Q4 FY25. During H1 FY25, SRF witnessed a decline YoY mainly led by speciality chemicals. It faced headwinds due to agrochemicals segment which was impacted due to inventory rationalization by certain key customers. In Q4 FY25, the specialty chemicals reported a strong performance, driven by positive momentum in the recently launched products and a pick-up in demand for certain key agrochemical intermediates. The fluorochemicals reported a robust performance on account of the strong domestic demand for refrigerants, particularly for room air conditioners, which resulted in a high domestic sales of refrigerant gases
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#EBITDA #GROWTH
In FY25, the EBITDA grew by 5.2% YoY to โน2,718 cr. Segment wise, the performance films & foil business and chemicals business EBIT reported growth while the technical textile EBIT witnessed a decline YoY due to belting fabrics (BF) as it was affected by the influx of low-cost imports from China. In performance films & foil business, the company witnessed growth in both BOPET (biaxially oriented polyethylene terephthalate) and BOPP (Biaxially oriented polypropylene) led by increased capacity utilization driven by rising demand.
In FY25, the EBITDA grew by 5.2% YoY to โน2,718 cr. Segment wise, the performance films & foil business and chemicals business EBIT reported growth while the technical textile EBIT witnessed a decline YoY due to belting fabrics (BF) as it was affected by the influx of low-cost imports from China. In performance films & foil business, the company witnessed growth in both BOPET (biaxially oriented polyethylene terephthalate) and BOPP (Biaxially oriented polypropylene) led by increased capacity utilization driven by rising demand.
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