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ICICI Securities Report
Heidelberg Cement India Ltd., part of global major Heidelberg Cement Group, is a play on fast growing, better priced and highly consolidated Central India.
The company’s recent debottlenecking by more than 15% to 6.26 million tonne provides volume growth visibility in near term; while it intends to scale up its size in the medium term along with parent company’s support.
The company enjoys industry-leading plus 20% return ratios, as its Ebitda/tonne more than doubled over the past four years to Rs 1,122/tonne in FY20 led by up 6% realisation compound annual growth rate.
Given no major organic expansion plans over FY2122E, net cash is likely to increase to Rs 6.8 billion by FY22E from the current Rs 1.6 billion.
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