Cement Sector

Weak Q3 pricing persists despite Y-o-Y profit gains, as aggressive capacity expansion overshadows near-term demand

The price-to-moving averages hints at a favourable trend for India Cements; similarly, select technical factors augur well for cement stocks such as Ambuja Cements, Ramco Cements and NCL Industries.

Low base, premium mix and new capacity supported gains

Sagar Cements reported consolidated revenue from operations of ₹601.86 crore, up 27 per cent from ₹475.12 crore in the year-ago period.

Nirma Group-owned cement maker reports record Q2 Ebitda of ₹371 crore and 44% share of premium products, reversing last year's loss of ₹85.17 crore

While monsoons and consumption deferrals following the GST rationalisation impacted demand in Sep'25, prices largely held firm, signalling resilience in the sector, Nuvama analysts said

Icra expects cement companies' FY26 operating profit to reach Rs 900-950 per tonne, with healthy demand, better realisations and GST cuts driving growth despite global crude risks

JK Cement share price today: On the bourses, JK Cement share price rose up to 1.21 per cent to an intraday high of ₹6,660 per share.

GST Council has approved a reduction in rates on cement from 28 per cent to 18 per cent, effective September 22, 2025

JM Financial Institutional Securities has picked UltraTech Cement and JK Cement as its top picks in the cement sector; here's why

Star Cement stock hit a record high of ₹308.10, gaining 4% on the BSE in Tuesday's intra-day trade, surpassing its previous high of ₹299.80 touched on August 13, 2025.

Driven by increased government spending on key infrastructure projects, leading cement manufacturers reported a solid performance in the June quarter with a double-digit volume growth and higher sales realisation. Cement makers expect the trend of an overall improvement to continue in FY26. Moreover, lower input costs, such as a decline in coal and petcoke prices, along with stable diesel costs, also helped in improvement on EBITDA terms, which faced a rough patch in FY25. Leading cement maker UltraTech Cement reported a volume growth of 9.7 per cent to 36.83 million tonnes (MT), helped by acquisitions of India Cements and the cement business of Kesoram Industries. Similarly, Adani Group firm Ambuja Cements also reported its highest-ever cement sales volume of 18.4 MT and its highest-ever quarterly revenue at Rs 10,000 crore. Sales volume of Birla Corporation rose 9.36 per cent to 4.79 MT, and Nirma Group firm Nuvoco Vistas Corp reported a sales volume of 5.1 MMT in Q1. JK Lakshm

At 10:41 AM, the stock was trading 5.38 per cent lower at ₹1,075, underperforming the broader BSE Sensex, which was down 0.54 per cent at 80,188.05.

Brokerages offered a mixed yet constructive view on Shree Cement 's Q1 performance, highlighting improved realisations, expanding margins, and long-term growth plans.

UltraTech Cement's consolidated net sales rose 13 per cent year-on-year (Y-o-Y) to ₹21,040 crore, up from ₹18,626 crore in the corresponding period last year.

Cement stocks rally on hopes of healthy demand. The Indian Government in Budget 2026 had announced a series of measures, which would boost cement demand substantially.

NCL Industries shares fell 3 per cent, driven by a decline across key product segments for the first quarter

Operating profit for cement firms may rise to ₹975-1,000/tonne in FY26, above the decadal average, supported by rural housing demand and realisation gains, says Crisil

Cement prices rose 6% YoY in Q1 FY26 while moderate volume growth and soft fuel costs are expected to aid profitability despite seasonal monsoon impact

Analysts at Elara Capital expect demand growth for the cement sector to rebound in FY26, driven by improved execution of government initiatives, such as the PMAY-G, and increased irrigation spending.