External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<ul><li>Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low base</li><li>This is majorly attributed to early onset of monsoon in India this time</li><li>We estimate our coverage universe to report 7% YoY volume growth in Q1FY26</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4-5% growth YoY, despite a low baseThis is majorly attributed to early onset of monsoon in India this timeWe estimate our coverage universe to report 7% YoY volume growth in Q1FY26Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement: Margin Recovery Continues as Prices Firm Up

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.</li><li>This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

<ul><li>Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)</li><li>During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants</li><li>Weak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plantsWeak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

Cement: Margin Recovery Continues as Prices Firm Up

Subdued demand growth, despite a low base, cement prices continue to recover in east/south regions: Cement demand in Q1FY26 has been muted with ~4...

HDFC Securities

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants. Weak pricing across markets...

HDFC Securities

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