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Heidelberg Cement Q2 Review — Dolat Capital Maintains 'Sell', Says Lack Of Immediate Expansion A Concern
Anticipating subdued volume growth without any major expansion plans over FY25-28E, Dolat Capital maintains ‘Sell’ rating on Heidelberg Cement.
29 Oct 2025, 07:05 PM IST 
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Heidelberg Cement’s net cash decreased by Rs 1.79 billion QoQ in Q2 FY26, reaching Rs 3.2 billion in Q2 FY26 vs Rs 5.0 billion/Rs 4.1 billion in Q1 FY26/FY25.
(Photo Source: Company website)
Heidelberg Cement has built a strong retail franchise in the lucrative Central region and is trying to improve its operating efficiencies. As per Q4 FY25 call, the company has acquired a new mine in Madhya Pradesh and is currently undertaking a study for expansion; the site is yet to be identified.
