Aditya Birla Group company is India’s largest cement player, outpacing the industry over the past decade. It has maintained a balanced mix of organic and inorganic capacity expansions. UTCEM’s valuations have re-rated over the past 4-5 years on the back of improved utilisation rates over FY21-24, aggressive capacity expansions and acquisitions. “We expect UTCEM to report 24% EBITDA CAGR over FY25-28, the second highest in its coverage.
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