Cement – Monthly Update – GST benefits passed on; prices steady
Published on 30 Sep 2025
Cement prices are unlikely to rise in the near term due to government restrictions ensuring GST benefits are passed on to customers. This could weigh on the industry during the seasonally strong quarter, leading to lower-than-expected realizations in Q3 and, consequently, reduced EBITDA per ton. Elevated input costs, such as pet coke (up 8% QoQ to USD120/t) and gypsum, could further pressure near term margins. However, the early conclusion of the festive season, coupled with an expected increase in consumption, may support volume growth and partially offset the margin impact. Accumulate UTCEM & ACEM at lower levels.
