Cement – Monthly Update – Healthy demand, Pricing to follow
Published on 03 Mar 2026
We expect demand to remain healthy as the sector moves through its seasonally strong quarter, aided by GoI spending (although Jan’26 was weak). With volumes holding firm and price restoration likely once dispatch-driven pressures ease, realizations and EBITDA/t should see improvement in the coming months. As pet coke inches towards USD130/t, it gives companies an opportunity to take measured price hikes post Mar’26. We remain constructive on cement (amid global uncertainties) and pan-India players who are well positioned to capture both volume growth and the eventual pricing recovery. Top Picks: UTCEM, JKCE, ACEM & JSWCEMEN.
