India’s cement demand is expected to see broad-based growth across FY25–30, led by rural housing supported by higher farm incomes due to healthy monsoon, better affordability and the ongoing push from government through initiatives like PMAY-G. Urban housing growth will be driven by low inventory, improving launches and rising trend of nuclearization in metro cities.
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Systematix Report
We reiterate our positive outlook on the sector in the medium-to-long term with some near-term hiccups. We are witnessing companies focusing on the market share as soft prices are partially offset by lower pland and fuel and freight costs.
We believe larger companies to gain in a big way owing to their size and flexibility.
We keep UltraTech (target price: Rs 14,481) and Ambuja Cement (target price: Rs 722) as our top pick in the large cap and Nuvoco Vistas (target price Rs 540) in the midcap.
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