Cement – Jan-Mar’26 Earnings Preview – Higher volumes aid Q4, costs inching up
Published on 09 Apr 2026
We expect our cement coverage universe to report Revenue/EBITDA/PAT growth of ~14%/27%/52% QoQ and ~8%/-2%/-16% YoY in Q4FY26, driven by seasonally strong demand and sequential improvement in realizations in non-trade segment, partly offset by rising input costs. Demand momentum improved steadily through the quarter, supported by pick-up in construction activity post winter, improving rural offtake and continued infrastructure execution, though some regions witnessed temporary disruptions due to year-end adjustments and festivities. Channel checks indicate healthy demand across most regions, with South and West remaining relatively stronger, while recovery in East and Central continues to be gradual. Overall, industry volume growth is expected to be ~7% YoY. Our channel checks suggest that companies are expected to take meaningful price hikes from April to mitigate the impact of escalated costs, as volume targets pressure ease and demand remain firm. Top Picks: UTCEM, JKCE, ACEM & JKLC.
