Buy Birla Corp, Add ACC Shares Lists Yes Securities Among Others In Cement Space; Q2 Results Preview

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Yes Securities Report

Our coverage universe is expected to report an Ebitda/tonne of Rs 1,087 (+70% YoY, +4% QoQ), supported by healthy realizations (+7% YoY, flat QoQ) and a favorable cost structure (-2.4% YoY, -1.3% QoQ). The strong YoY performance is driven by stable pricing and improved cost efficiency despite seasonal impacts and low-base impact.

Sequential gains remain modest amid flat realizations and only marginal cost savings. Typically, Q1 is realization-driven, whereas Q2 tends to be the weakest quarter of the year due to monsoon-led demand slowdown and scheduled plant shutdowns/maintenance activities. However, the industry has witnessed a gradual increase in pricing from Q4 FY25.

Additionally, the current monsoon quarter looks stronger compared to the same quarter last year. We expect the Ebitda margin to remain stable at 20% in Q2 FY26 (a monsoon quarter), compared to 20% in Q1 FY26 (a price-driven quarter) and 13% in Q2 FY25 (also a monsoon quarter) for our coverage universe.

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