Cement Q3 Results Preview - Axis Securities Projects Positive Outlook; Ambuja, JK Cement Among Top Stock Picks

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Axis Securities Report

After a subdued H1 FY25, cement demand exhibited improvement in Q3 FY25. The demand during H1 FY25 was impacted by seasonality, prolonged rainfall, delays in budgetary allocations for infrastructure projects, and labour shortages.

Historically, election years have been marked by a moderation in cement demand. In October 2024, cement demand began to pick up and remained strong through November and December 2024.

Despite this improvement, delays in infrastructure fund allocation, extended monsoons, and region-specific challenges continued to weigh on both trade and non-trade segments. This was observed even as cement prices hit multi-quarter lows. Channel checks indicate that demand conditions have strengthened and are likely to remain robust, as Q4 is typically a strong period for cement consumption.

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