Cement – Apr-Jun’26 Earnings Preview – Price hikes to protect profitability in Q1
Published on 07 Jul 2026
We expect our cement coverage universe to report revenue/EBITDA/PAT growth of ~7%/-2%/-7% QoQ and -8%/-9%/-30% YoY in Q1FY27, supported by resilient volumes and realizations. Demand remained relatively healthy aided by infrastructure spending, retail housing and pre-monsoon construction activity, while some moderation was seen due to labor shortages and weak real estate activity in select regions. Overall, industry volume growth is expected at ~8% YoY. Realizations are expected to grow at 2-3% QoQ, supported by price hikes undertaken in Apr-May’26. On the cost front, higher pet coke, freight and packaging costs are expected to be partly offset by stable cement pricing, while the recent correction in pet coke prices should provide some relief in H2FY27.
