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Cement Q4 Preview: Underlying Pricing Momentum Will Likely Herald A Margin Boost In Q1 FY26 — ICICI Securities
In the brokerage's view, the underlying pricing momentum will likely herald a margin boost in Q1 FY26 – a catalyst that would bolster Street’s optimism on the sector.
08 Apr 2025, 10:59 AM IST 
Overall, pan-India realisations appear set to resume YoY growth Q1 FY26 onwards.
(Cement bags lying inside a warehouse in Jogeshwari, Mumbai. Photo source: Vijay Sartape/ NDTV Profit)
The underlying improvement in cement prices is in sync with the brokerage's December 2024 sector upgrade hypothesis of an expected material reduction in industry-wide competitive intensity. ICICI Securities stay in the optimistic camp about the sustainability of the price hikes. The low volume base of H1 FY25 too (due to impact of general elections in Q1 and heavy monsoons in Q2 FY25) shall complement the price recovery – driving rob...
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