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$MLCF Maple Leaf Cement Factory Limited (MLCF): Solid core, value from diversification; Buy – By JS Research

JS Global Capital
$MLCF Maple Leaf Cement Factory Limited
Rs. 94.36 -2.08%
  • We reiterate our Buy rating for Maple Leaf Cement (MLCF), despite a downward revision of 14-15% in FY26E/FY27F EPS estimates to Rs11.08/12.94, reflecting softer North region cement prices. Meanwhile, we maintain our SOTP based TP of Rs140, where a drop-in core value is offset by rise in the portfolio value to Rs32/share (vs Rs26 earlier) and rolling forward of TP to Dec-2026.
  • MLCF management expects a turnaround in Agritech Ltd (AGL) post-restructuring, with Fauji Fertilizer’s (FFC) dealership network and expertise likely to further support AGL’s outlook, as shared in its recently held analyst briefing session.