Cement Q4 Results Preview: Poised For A Demand-Led Resurgence, Says Systematix; Ambuja Cements Among Top Picks

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Systematix Report

Cement demand in India is expected to witness a robust uptrend, supported by a strong macroeconomic backdrop and sustained government focus on infrastructure.

Sector leader UltraTech Cement projects demand to exceed 640 million tonnes per annum by FY30, implying a CAGR of 7–8% from FY24 levels of ~430 mtpa.

In the near term, FY25 demand growth is estimated at ~7–8% YoY, led by a revival in housing and infrastructure segments. The government has maintained its capex which is expected to catalyze construction activity and drive cement offtake.

Additionally, early signs of revival are visible with April 2025 witnessing renewed demand momentum across East, North, and South India, supported by improved liquidity in the system and resumption of stalled projects. This demand resurgence is likely to provide strong volume tailwinds heading into H1 FY26.

UltraTech and Ambuja Cement remain our top picks within the coverage universe.

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