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.

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.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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.

Read Business Not Stock Prices

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

<ul>
<li>The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.</li>
<li>Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.</li>
<li>Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.</li>
</ul>


The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.
Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.
Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.


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)

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

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Cement Wars: Ultratech Vs Adani Cements

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Cement Wars: Ultratech Vs Adani Cements

​Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...

Nimish Maheshwari

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Indian cement industry sees strong demand in Q4 FY25, but faces challenges in April 2025 due to heatwaves. In this insight, we are covering Q4...