Cement – Oct-Dec’25 Earnings Preview – Better volumes cushion pricing pressure
Published on 08 Jan 2026
During Q3FY26, lower realizations are expected to weigh on profitability, as pricing remained under pressure across regions. However, sequential improvement in volumes, led by better demand in December and a low base, should partly offset the impact of weaker NSR on margins. Our channel checks indicate early signs of demand recovery and increasing traction around price hikes, though the benefit of any price increase is likely to accrue post the quarter. We believe the cement sector is well positioned heading into the seasonally strong period ahead, with improving demand visibility and pricing momentum. Top Picks: UTCEM, JKCE & ACEM.
