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Nirmal Bang Report
Cement sector's volume growth will be muted in H1 FY25; however, a revival is expected in Q3 and Q4 as government's thrust on infrastructure development bears fruit. Achieving the full-year growth target of 7-8% is challenging and depends on increased demand and favorable market conditions.
Mining leases expiring in 2030 could increase premiums, impacting existing players' costs. New entrants might face challenges due to high premiums and competition for mining leases.
Limited fly ash resources are cause for concern in the long term, which may affect future supply and costs. Potential government action might include increasing capex on power plants or improving the infrastructure for better access to fly ash and slag.
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