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PL Capital Report
PL Capital expects its cement coverage universe to report revenue/Ebitda/PAT growth of ~14%/27%/52% QoQ and ~8%/-2%/-16% YoY in Q4 FY26, driven by seasonally strong demand and sequential improvement in realisations in non-trade segment, partly offset by rising input costs.
Demand momentum improved steadily through the quarter, supported by pick-up in construction activity post winter, improving rural offtake and continued infrastructure execution, though some regions witnessed temporary disruptions due to year-end adjustments and festivities.
Channel checks indicate healthy demand across most regions, with South and West remaining relatively stronger, while recovery in East and Central continues to be gradual.
Overall, industry volume growth is expected to be ~7% YoY.
The brokerage's channel checks suggests that companies are expected to take meaningful price hikes from April to mitigate the impact of escalated costs, as volume targets pressure ease and demand remain firm.
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