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Dolat Capital Report
The cement industry is set for a strong earnings rebound in FY26, with Dolat Capital projecting over 46% YoY growth for its coverage universe. The brokerage attributes this anticipated surge to a low base in volumes and pricing, along with the continuation of cost‑reduction initiatives across companies.
While the earnings outlook turns constructive, Dolat Capital highlights that price discipline remains a key monitorable, especially as the industry gears up for a significant capacity influx. With over 175 million tonnes per annum (mtpa) of new capacity expected between FY25 and FY28, sustaining meaningful price hikes could prove challenging.
Dolat Capital lists its Top Stock Picks after Q3 Results
Ambuja Cement
Ambuja Cement Ltd. is likely to deliver volume growth in line with industry volume CAGR of 9. 7% over FY25-28E, supported by capacity additions. At present, Adani's (Ambuja + ACC + Sanghi + Penna + Orient) current total cement capacity stands at 108.85 mtpa and targets to reach 117 mtpa/130-135 mtpa/155 mtpa in FY26E/FY27E/FY28E.
In Q4 FY26, the capacity is expected to increase by 8 mtpa. Further, in FY27/FY28, expect a 24 mtpa/15 mtpa increase in cement capacity through organic and inorganic routes/ de-bottlenecking.
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