Cement

Grasim Industries (Grasim) reported standalone Q2FY26 EBITDA at INR3.7bn, up 13% YoY (down 5% QoQ). While the chemical segment performance improved, a weak performance in the CSF division and losses in new segments (B2B,

JK Cement (JKC) reported ~16% YoY grey cement volume growth in Q2FY26. EBITDA beat our estimate by 5%. Grey cement realisation decreased ~2% QoQ; prices have declined further in Q3FY26. Blended EBITDA/t surged ~41% YoY

ACC’s Q2FY26 volumes expanded ~16% YoY while cement realisations improved ~2% QoQ. EBITDA/t came in at INR819. GU expansion at Salai Banwa and Kalamboli are likely to be commissioned in Q3FY26. Furthermore,

Ambuja Cement (ACEM) delivered Q2FY26 consolidated volume growth of ~20% YoY (11% YoY ex-acquisitions) while realisation dipped 1% QoQ, taking EBITDA/t to INR1,061 (up 32% YoY/flat QoQ). Total cement capacity is ~107MnT;

Shree Cement (SRCM) continued to prioritise realisations over volumes in Q2FY26; volumes improved ~4% YoY whereas blended realisation decreased 1.5% QoQ. EBITDA at INR8.51bn beat our estimates by ~5%. Blended EBITDA/t

UltraTech Cement (UTCL) posted ~7% YoY consolidated volume growth in Q2FY26 (domestic grey cement volume up ~7% YoY). Reported domestic operating EBITDA/t (ex-India Cements, Kesoram) was INR966 (blended EBITDA/t at

During Sep-25, prices moderated a bit across regions (except west) due to monsoon. No hikes have taken place across regions in Oct-25. After a soft FY25, traction in capex has improved in FY26. Central/state government

Demand was weak in Sep-25 due to monsoons and deferral of consumption due to GST rationalisation; prices were largely steady. Demand is likely to record an uptick in H2FY26 due to pent up demand and increase in

While cement industry volumes are likely to grow 4–5% YoY in Q2FY26, volumes of our coverage are anticipated to expand ~14% YoY with Ambuja and UltraTech Cement likely to lead volume growth (aided by acquisitions). We

Prices moderated a bit in the southern and western regions in Aug-25 with monsoon setting in. No hikes have taken place across regions in Sep-25. After a good performance in Q1FY26, capex softened in Jul-25;

Demand was subdued in Aug-25; yet prices were largely steady across regions. Price hikes have been attempted in Sep-25 in the southern, eastern and central region; the sustainability of the same needs to be monitored.

Jul-25 witnessed prices moderating across regions (except in north India) with the monsoon setting in. In Aug-25, price hikes have been taken in south India. In East, price hikes taken in first week of Aug-25 have been

Q1FY26 turned out to be better than expected for the cement space with industry volumes (for 15 major companies) rising 7% YoY and prices improving ~5% QoQ. EBITDA/t grew ~10% QoQ to INR1,140 due to improved realisations

Grasim Industries (Grasim) reported standalone Q1FY26 EBITDA at ~INR3.8bn, expanding 18% YoY/74% QoQ. While performance of the chemical segment and CSF division improved, losses in new segments (B2B and paints) hurt the

Cement demand was subdued with prices moderating across regions (except north India) in Jul-25 on account of monsoon. Demand and pricing are expected to remain soft in the near term as the industry passes through a

Shree Cement (SRCM) continued to prioritise realisation over volume in Q1FY26; volume decreased ~7% YoY, whereas blended realisation improved ~4% QoQ/10% YoY. EBITDA at INR12.29bn missed our/consensus estimate by

ACC’s Q1FY26 volumes expanded ~12% YoY while realisations improved ~4% QoQ on the back of an improvement in prices in the southern and eastern region (refer to Pricing sentiments upbeat); consequently, EBITDA beat our

Ambuja Cement (ACEM) delivered ~20% YoY consolidated volume growth in Q1FY26 (13% YoY excluding acquisitions) while realisation improved 2% QoQ, taking EBITDA/t to INR1,066 (up 27% YoY/4% QoQ). Its total cement capacity

JK Cement (JKC) reported grey cement volume growth of ~15% YoY in Q1FY26. EBITDA beat our/consensus estimate by 11%/9%. Grey cement realisation rose ~1% QoQ; current prices are largely flat-to-marginally down vis-a-vis

UltraTech Cement (UTCL) reported ~10% YoY consolidated volume growth in Q1FY26 (grey cement domestic growth: ~9% YoY). Reported domestic operating EBITDA/t (excluding India Cements) of INR1,248 (blended EBITDA/t