BROKERAGE TAKE: Jefferies on UltraTech



The global brokerage firm suggests that any immediate negative market reaction to this move should be seen as a buying opportunity. While the new segment shares a similar customer base with cement, the sales channels differ.

Jefferies expects potential questions about capital allocation. The new segment is projected to contribute 10-12% to revenue and 6-9% to EBITDA in FY25, with some overlap expected with UltraTech Building Solutions.

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