Ambuja Leads Nirmal Bang’s Top Picks In Cement Stocks Among Others Ahead Of Q3 — Check Full List

Industry consolidation is expected to deepen, with large, well-capitalised cement players expanding organically and through acquisitions, while smaller, leveraged players face intensifying competition.

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Nirmal Bang Report

Nirmal Bang expects the cement sector to remain structurally positive in Q3 FY26 on strong demand trends, supporting sustained volume growth, higher utilization, and cost absorption benefits.

However, elevated capacity additions are capping pricing power and limiting near-term earnings upside.

Over the medium term, consolidation and scale benefits among leading players should improve industry discipline and margin stability.

The brokerage maintains a constructive stance on the sector, highlighting Ambuja Cements as its preferred large-cap pick, followed by Ramco Cements and Nuvoco Vistas.

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