Nomura cuts price targets on Indian cement stocks due pricing pressure

Dalmia Bharat

24/04/2026 06:19

** Nomura cuts PT on  UltraTech Cement ULTC.NS to 13,900 rupees, UltraTech Cement, Ambuja Cement ABUJ.NS to 540 rupees, Shree Cement SHCM.NS to 28,000 rupees, Nuvoco NUVO.NS to 400 rupees

** Maintains Dalmia Bharat DALB.NS as its top pick with "Buy"

** Maintains "Reduce" on ACC ACC.NS; cuts PT at 1,250 rupees

** The industry has seen only a 16 rupees per bag hike in prices instead of the expected 18 rupees-20 rupees per bag to offset rising input costs, brokerage says

** Notes Indian cement industry has faced headwinds from election delays, extended monsoon, and Middle East-driven input cost inflation in the past few quarters

** Cuts FY27 and FY28 EBITDA estimates across cement stocks by an average of 10% to 15%

** Views cement demand as largely deferred rather than lost, believes improved profitability in FY28-29F as demand normalises and pricing discipline potentially returns

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))