Cement Stocks Outlook
Seen tepid until uncertainty over West Asia war eases
This story was originally published at 17:12 IST on 21 August 2026
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MUMBAI – Analysts expect cement stocks to remain subdued as developments in the war in West Asia remain unfavourable. The pace of demand recovery, trajectory of infrastructure capital expenditure, and moderation in input costs are likely to be the key factors determining the performance of cement stocks, according to a sectoral report by Nuvama Institutional Equities.
The Apr-Jun quarter turned out to be better than expected for the cement sector, with volumes across 16 major companies rising by about 8% on year, Nuvama Institutional said. The brokerage expects input costs to peak in the September quarter and ease from the December quarter onwards, providing some relief on the margin front.
Amid geopolitical developments, petcoke prices have risen by $12 per tonne on a month-on-month basis. "Cost pressures affected profitability in Q1FY27 (Apr-Jun) and may do so in Q2FY27 (Jul-Sept) as well," Nuvama said.
Systematix Institutional Equities sees cement demand growing 7-8% in FY27, on the back of infrastructure, housing and urban demand. UltraTech expects to outperform the industry with double-digit volume growth, while Ambuja and Shree Cement have retained their about 8% and 10% volume growth expectations, respectively, the brokerage said in its report.
According to Systematix, cost inflation will remain the key concern for the near term, with most companies expecting an INR 80-INR 150 per tonne increase in costs in the September quarter due to elevated fuel, diesel, and maintenance costs.
TOP HEADLINES
* Crisil Ratings assigns AAA rtg to Ultratech Cement's NCDs worth INR 2.5 bln
Following are the resistance and support levels for key cement 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 | 1,307.40 | (-)1.10 | 1,333.40 | 1,286.00 |
| AMBUJA CEMENTS LTD | 414.50 | (-)0.70 | 426.60 | 401.90 |
| ANDHRA CEMENTS LTD | 45.20 | (-)2.00 | 46.90 | 44.10 |
| GRASIM INDUSTRIES LTD | 3,308.00 | 1.80 | 3,388.10 | 3,217.90 |
| JK CEMENT LTD | 5,250.00 | (-)1.10 | 5,320.70 | 5,194.70 |
| JK LAKSHMI CEMENT LTD | 559.45 | 1.90 | 567.80 | 551.60 |
| SAGAR CEMENTS LTD | 162.95 | (-)6.00 | 166.00 | 160.50 |
| SHREE CEMENT LTD | 24,280.00 | (-)2.10 | 24,520.00 | 23,950.00 |
| ULTRATECH CEMENT LTD | 11,570.00 | (-)0.40 | 11,666.00 | 11,478.00 |
| INDIA CEMENTS LTD | 370.90 | (-)1.20 | 374.20 | 368.30 |
| Index | Levels | |||
| NIFTY 50 | 24252.00 | (-)0.50 | 24324.90 | 24170.40 |
| BSE SENSEX | 77540.83 | (-)0.60 | 77850.60 | 77291.00 |
End
Reported by Arundathi A R
Edited by Saji George Titus
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