External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<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

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 expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.</li><li>This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.</li><li>For the full year FY25, the industry recorded overall growth in the range of 4–5%.</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 expected to grow 10% YoY: After a subdued performance in H1FY25, with year-on-year (YoY) growth of only 2–3%, cement demand witnessed a notable recovery in Q3 and Q4FY25, expanding at a high singledigit pace.This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction activity.For the full year FY25, the industry recorded overall growth in the range of 4–5%.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.

<ul><li>Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other income</li><li>AUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segments</li><li>Disbursement uptick remains a key monitorable as the overall CV and PV cycles remain soft</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.

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other incomeAUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segmentsDisbursement uptick remains a key monitorable as the overall CV and PV cycles remain softContent 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: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

<ul><li>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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.

The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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.

<ul><li>Cement demand is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in high single digits, and the momentum is expected to continue in Q4, driven by enhanced government capital expenditure and a rebound in construction activities post-monsoon.</li><li>The overall performance for the first nine months of FY25 remained subdued, with demand growth around 3-4% YoY.</li><li>Cement demand in India has shown resilience, particularly in Q4FY25, following a strong December 2024. </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 is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in high single digits, and the momentum is expected to continue in Q4, driven by enhanced government capital expenditure and a rebound in construction activities post-monsoon.The overall performance for the first nine months of FY25 remained subdued, with demand growth around 3-4% YoY.Cement demand in India has shown resilience, particularly in Q4FY25, following a strong December 2024. 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.

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE 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

Q1FY26 Earnings Preview - CEMENT

This positive momentum is expected to sustain into Q1FY26, supported by increased government capital expenditure and a revival in construction...

Axis Direct

HSIE Results Daily: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset...

HDFC Securities

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

Q4FY25 Earnings Preview - CEMENT

Cement demand is expected to grow 10% YoY: After a subdued H1FY25 (2- 3% YoY growth), cement demand exhibited improvement in Q3FY25, growing in...

Axis Direct

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