Cement Stocks Outlook
Bias remains bullish; Q2 earnings largely in line
This story was originally published at 19:50 IST on 14 November 2025
Register to read our real-time news.Informist, Friday, Nov 14, 2025
MUMBAI - Analysts remain optimistic about cement stocks in the near-to-medium term, on rise in capital expenditure by the government, improved pricing, cost efficiency measures, and higher volumes. With withdrawal of the monsoon, demand is expected to pick and so will cement sales volumes. A low base in 2024-25 (Apr-Mar) due to extended monsoon and the General Elections are also likely to give a better growth figure for FY26.
In the September quarter, the sales volume of 15 major cement companies rose 5% on year and realisations were largely steady despite a seasonally weak quarter, Nuvama Institutional Equities said in its report. Earnings before interest, tax, depreciation, and amortisation per tonne grew 54% on year to INR 940 due to a better pricing environment, the broking firm said. Benefits of the cut in goods and services tax rates are expected to have been completely passed on to customers and dealers do not expect any price hikes till the end of the December quarter, it added.
Nuvama expects the industry's volume growth in FY26 to be in mid-single digit. Improved pricing and various cost efficiency measures undertaken by players should aid in improving profitability. "Our channel checks show demand has started improving in Nov-25 (November) after a weak Oct-25 (October), and this momentum should sustain ahead," the broking firm said.
With respect to the government's capital expenditure, the first half of FY26 has been strong, with the Centre spending 52% of the budgeted amount for the financial year. During Apr-Sept, the government spent INR 5.8 trillion as capital expenditure out of the envisaged amount of INR 11.21 trillion for FY26.
TOP HEADLINES
* Maharashtra GST dept starts search at Nuvoco Vistas' registered office Wed
* Grasim's resin block at Birla Opus plant commences commercial production
* Shree Cement commissions 3-mtpa cement mill at Beawar plant in Rajasthan
* Grasim invests INR 205 mln in SPV to avail green energy from Andhra plant
* JSW Cement to buy 26% stake in JSW Green Energy Fifteen for INR 217.80 mln
* JSW Cement gives corporate guarantee of INR 2.20 bln for JV working capital
* JSW Cement posts INR 864.3 million consol PAT in Jul-Sept vs loss year ago
Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| ACC LTD | 1840.30 | (-)0.00 | 1858.20 | 1827.20 |
| AMBUJA CEMENTS LTD | 563.20 | 0.80 | 568.30 | 556.10 |
| ANDHRA CEMENTS LTD | 77.06 | 6.40 | 81.90 | 71.20 |
| GRASIM INDUSTRIES LTD | 2783.40 | 2.20 | 2807.10 | 2749.10 |
| J.K. CEMENT LTD | 5556.00 | (-)1.40 | 5721.30 | 5422.30 |
| JK LAKSHMI CEMENT LTD | 820.50 | (-)2.90 | 837.10 | 807.90 |
| SAGAR CEMENTS LTD | 221.51 | (-)0.80 | 225.50 | 216.20 |
| SHREE CEMENT LTD | 26700.00 | (-)2.50 | 27280.00 | 26320.00 |
| ULTRATECH CEMENT LTD | 11874.00 | 0.20 | 12022.00 | 11712.00 |
| INDIA CEMENTS LTD | 392.85 | 3.80 | 397.10 | 387.00 |
| NIFTY 50 | 25910.05 | 1.60 | 26063.10 | 25664.30 |
| BSE SENSEX | 84562.78 | 1.60 | 85098.50 | 83761.40 |
End
Reported by Anjana Therese Antony
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
