External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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)

India Materials / Thematic (Sector/Industry)

<ul><li>Demand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in Q2FY26, impacted by the extended monsoon and GST rate cut announcement, which was implemented with a lag</li><li>Cement demand in Q4FY25/Q1FY26 remained subdued at ~3-5% YoY, Q2 performance too, following the same trajectory, remained similar, in our view</li><li>While the aggregate sales volume for our coverage universe is expected to increase by 9% YoY (impact of Orient Cement and India Cements acquisitions), LTL volumes should grow at ~3.4% YoY (on a low base of ~2% YoY)</li></ul><p><em>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.</em></p>

Demand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in Q2FY26, impacted by the extended monsoon and GST rate cut announcement, which was implemented with a lagCement demand in Q4FY25/Q1FY26 remained subdued at ~3-5% YoY, Q2 performance too, following the same trajectory, remained similar, in our viewWhile the aggregate sales volume for our coverage universe is expected to increase by 9% YoY (impact of Orient Cement and India Cements acquisitions), LTL volumes should grow at ~3.4% YoY (on a low base of ~2% YoY)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 (Q2FY26 Results Preview): Muted demand, stable prices, healthy margins