India cement sector Q2 profit to fall on weaker pricing, higher fuel costs, says Investec

Investec

07/10/2026 05:03

** Investec, rated 4 of 5 stars on overall rating accuracy, per LSEG data, expects Indian cement sector Q2 EBITDA/tonne to fall 130-200 rupees in Q2 on weaker pricing and higher fuel costs
** Says FY27 earnings downgrades are not over despite consensus cuts of 43% already
** Warns spot fuel inflation could keep second-half profitability flat from first-half levels
** Prefers Ambuja Cements ABUJ.NS, UltraTech Cement ULTC.NS, JK Cement JKLC.NS and JSW Cement JSWC.NS on stronger balance sheets and expansion options; rates them all at "buy"
** Cautious on HeidelbergCement India HEID.NS, Prism Johnson PRIS.NS, Ramco Cements TRCE.NS, Star Cement STAT.NS and Shree Cement SHCM.NS; rates them all at "sell"
     

(Reporting by Kashish Tandon in Bengaluru)
((Kashish.tandon@thomsonreuters.com))