Overview

• Shares hovered around Rs 150 on Tuesday, placing the market value near Rs 20,286 crore after a debut at roughly a 4% premium on August 14.
• Motilal Oswal set a Rs 163 target and called valuation fair at 15x Sep’27E EV/EBITDA versus a current multiple near 16x.
• The brokerage projects about Rs 5,600 crore of capex in FY26–28 led by the Rajasthan integrated unit and new grinding capacity, with net debt/EBITDA around 3x by FY28.
• It models revenue and EBITDA CAGRs of 19% and 31% through FY28 with a return to profit in FY26 after a FY25 loss, supported by growth in cement and GGBS volumes.
• The Rs 3,600 crore IPO drew strong demand across QIB, NII and retail tranches, and fresh proceeds are earmarked for the Nagaur plant and debt reduction.