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Axis Securities Report
Overall, cement demand remains positive as we conclude FY24, driven by pre-election spending, ongoing government emphasis on infrastructure development, and sustained real estate activity.
Moreover, the higher budgetary allocation to infrastructure and construction in the interim budget 2024-25 is expected to sustain demand momentum into FY25.
For companies under our coverage, we anticipate volume, revenue, Ebitda, and profit after tax growth of 9%, 8%, 24%, and 20% respectively YoY, propelled by robust demand and alleviation of cost pressures, particularly in power and fuel expenses.
We estimate the overall cement industry demand to grow between 9%-10% in FY24.
From a medium to long-term perspective, our preferred picks in the sector are:
Large Cap – UltraTech Cement; Ambuja Cement
Mid Cap – JK Cement; JK Lakshmi; Birla Corporation
Small Cap – Star Cement
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