Cement Q3 Results Preview- Structurally Positive; Motilal Oswal Lists Ambuja, UltraTech, JK Cement As Top Pick

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Motilal Oswal Report

After a subdued demand growth of ~1-2% YoY in H1 FY25, cement demand has improved in Q3 FY25. However, regional headwinds such as pollution-related curbs in Delhi-NCR, scarcity of sand, and other aggregates in Odisha; and unfavorable weather conditions (severe cold and unseasonal rains) in certain regions during the quarter have weighed on overall demand growth.

We estimate our cement coverage universe to report a volume growth of ~8% YoY in Q3 FY25, supported by a low base, pent-up demand, and a pickup in construction activities.

We estimate an average grinding capacity utilization of ~75% versus ~76%/70% in Q3 FY24/Q2 FY25.

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