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Buy Shree Cements; target of Rs 31,200: Emkay Global Financial

Shree Cement’s board has approved expansion plans to increase the company’s clinker capacity by 3.8mt and cement grinding capacity by 6.5mt. The expansion will increase the company’s domestic grinding capacity to 53mt from 43.4mt and is a part of its aim to achieve 80mt capacity by FY30 (7% CAGR). Our current forecasts imply a 9% capacity CAGR over FY21-26E and 6.5% thereafter. We build in consolidated volume and EBITDA CAGRs of 12% and 14%, respectively, over FY21-24E.

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