ICICI Securities: Hold India Cements, Target Rs 422; UltraTech boosts efficiency

• ICICI Securities recommends a "Hold" rating for India Cements (ICEM).
• The target price for India Cements is set at Rs 422.
• UltraTech Cement is implementing measures to boost ICEM's efficiency, including increasing green power share to 80% and upgrading kilns.
• These efficiency improvements are expected to lead to over INR 1,000 EBITDA/t by FY28.
• A merger between India Cements and UltraTech Cement is considered an eventuality, though the timeline and merger ratio are uncertain.

Why It Matters: It provides investment advice for India Cements, recommending 'Hold' with a Rs 422 target.