Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. </li>
<li>Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. </li>
<li>Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.</li>
</ul>


The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. 
Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. 
Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.


Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>The macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.</li><li>India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.</li><li>However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.</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 macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.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.

Earnings Preview - Q4FY26 - (Consolidated)

<ul><li>Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing demand.</li><li>For our coverage universe, volume growth is expected at ~10–11% YoY in Q4FY26, aided by strong construction activity during the peak season.</li><li>Rural demand is likely to outperform urban markets, supported by above-average monsoon conditions and wage growth, while sustained infrastructure spending continues to underpin overall volumes.</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 momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing demand.For our coverage universe, volume growth is expected at ~10–11% YoY in Q4FY26, aided by strong construction activity during the peak season.Rural demand is likely to outperform urban markets, supported by above-average monsoon conditions and wage growth, while sustained infrastructure spending continues to underpin overall volumes.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>Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.</li><li>This compares with our forecasts of 11% volume, 10% revenue, 10% EBITDA, and 38% PAT growth.</li><li>Performance exceeded our expectations across most metrics, except PAT, which fell short due to the adverse impact of the New Labour Code rule.</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.

Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.This compares with our forecasts of 11% volume, 10% revenue, 10% EBITDA, and 38% PAT growth.Performance exceeded our expectations across most metrics, except PAT, which fell short due to the adverse impact of the New Labour Code rule.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.

Top Conviction Ideas - “Consolidated Q3FY26”

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet</li><li>Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments</li><li>Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances</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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheetHealthy loan growth (16% YoY) was driven by mortgages, business banking, SME segmentsDeposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balancesContent 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: Kotak Mahindra Bank, Axis Bank, UltraTech Cement...

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

Earnings Preview - Q4FY26 - (Consolidated)

India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than...

Axis Direct

Q4FY26 Earnings Preview - Cement

Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing...

Axis Direct

Top Conviction Ideas - “Consolidated Q3FY26”

Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.

Axis Direct

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

​Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

Earnings Preview - Q4FY26 - (Consolidated)

India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than...

Axis Direct

Q4FY26 Earnings Preview - Cement

Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing...

Axis Direct

Top Conviction Ideas - “Consolidated Q3FY26”

Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.

Axis Direct

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex...

HDFC Securities

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.