Cement prices exhibited early signs of stabilization, following a subdued pricing environment through October and November 2024, driven by weak demand dynamics. However, a turnaround materialized in December, supported by rural housing expansion, and infrastructure-driven demand, leading to a moderate recovery in prices.
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DRChoksey Report
We maintain a constructive stance on the cement sector, underpinned by expectations of demand recovery, driven by increased infrastructure spending, government policy support, and ongoing cost optimization measures.
Structural tailwinds from urbanization and infrastructure investments are expected to enhance market dynamics over the medium to long term, creating a supportive pricing environment and improved utilization rates across key regions.
We have identified UltraTech Cement and Shree Cement as our top picks due to the company's ability to grow at a faster rate than the industry in terms of volume and revenue growth driven by new capacity addition and improved margin profile based on cost-cutting initiatives in place.
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