15-Oct-2026 09:54:58

CEMENT Q2 RESULT EXPECTATIONS ; Volume growth: UltraTech 12–13% YoY, Shree Cement 12–13%, JSW Cement 22–26%, JK Cement 22–26%, Nuvoco Vistas 8–9%, Dalmia Bharat 5–6%; Ambuja Cements seen flat.

• All-India cement prices expected to remain flat to marginally lower QoQ. • North prices broadly flat; South & East prices expected to decline ~1% QoQ. • Cost pressures intensify — higher fuel, freight, gypsum and packaging costs could add ₹100–150/tonne. • Average cost/tonne estimated to rise 4.4% QoQ and 5.5% YoY. • Jefferies expects absolute EBITDA to decline ~7% YoY. • WINNERS: ULTRATECH CEMENT, JSW CEMENT 🟢 • LAGGARDS: AMBUJA CEMENTS, DALMIA BHARAT 🔴

AMBUJA CEMENTS LTD

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