Cement Sector Outlook Brightens as Demand and Prices Rise

28 Apr 2025 CW Team

Cement demand is projected to grow by around 8% in FY25, improving from the 6–7 per cent rise seen in Q3. After a subdued first half, demand is gaining momentum across regions, supported by rural recovery and government-led capex.

Cement prices have also firmed up. Except for the South, all regions witnessed a 2.5–3.5 per cent hike, with North, West, and Central India leading the trend. The uptick continued into April and is expected to drive better EBITDA per tonne, aided by operating leverage, although YoY EBITDA per tonne may still remain slightly lower.

Ultratech Cement is set to benefit from its acquisitions of Kesoram Industries and India Cements, though margins may be tempered due to weaker earnings from the newly integrated entities.

JK Cement and Shree Cement are expected to see gains from strong pricing trends in their respective markets. Ambuja Cements is also poised for a recovery after a weak Q3.

Mangesh Bhadang of Centrum Broking noted that Dalmia Bharat posted better-than-expected Q4 results, reporting an EBITDA per tonne of Rs 925, despite soft pricing and muted demand in the South. He said companies with lower southern exposure should perform better this quarter.

Shree Cement is likely to be a standout performer, with EBITDA per tonne seen close to Rs 1,400, supported by robust volumes and strong margins.

Meanwhile, Ramco Cement, heavily exposed to the southern market, struggled with weak demand and higher input costs after an increase in limestone royalties in Tamil Nadu. Although recent price hikes may aid realisations, the demand environment remains uncertain.

Based on demand growth, pricing trends, and earnings outlook, Shree Cement and Ambuja Cements are preferred large-cap picks, while JK Lakshmi Cement leads the midcap space, Bhadang said.

Image source:azobuild

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..