Cement – Monthly Update – Demand recovery with selective price uptick
Published on 05 Feb 2026
Demand is expected to strengthen as the sector has entered a seasonally strong quarter, with strong demand recovery visible across markets. Improving construction activity aided by GoI spending and better rural offtake should support volumes, while price restoration in markets that saw sharp corrections is likely to aid realizations and support EBITDA/t in the next two quarters, even as the recovery remains gradual and region-specific. We remain positive on players with Pan-India players having strong market positions and better execution capabilities. Top Picks: UTCEM, JKCE, ACEM & JSWCEMEN.
