BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Barring some Covid-19-led weakness, cement demand has remained strong over the last three years.
We remain sanguine about the long-term cement demand outlook given the government's thrust on infrastructure development and affordable housing, rapid urbanisation and a rising working-age population.
While capacity additions in the industry are likely to continue, incremental supply will be lower than incremental demand.
We expect a clinker capacity compound annual growth rate of 4.7% against a demand CAGR of 8.6% between FY21-24E.
The Ebitda/tonne of our coverage universe is expected to grow at a CAGR of 2.2% over FY21-24E, leading to improvement in the average return on equity/ return on capital employed.
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