CLSA sees profit boost for India's cement makers on tax, key rate cuts

Ultratech Cement

17/09/2025 08:27

** CLSA says India's cement makers, who are at inflection point, likely to see uptick in profitability, helped by pricing discipline, coal cess elimination

** Says government, RBI measures throughout year on income tax, repo rate, GST cuts augur well for discretionary spending

** Finds Ultratech Cement ULTC.NS best placed cement maker to benefit from cost-saving initiatives, organic capacity expansion

** Upgrades ULTC to "high-conviction outperform" from "outperform"

** Also upgrades Shree Cement SHCM.NS to "outperform" from "hold", Ramco Cements TRCE.NS to "hold" from "underperform"

** Maintains "outperform" on Ambuja Cements ABUJ.NS, Dalmia Bharat DALB.NS

** Raises PT on all cement stocks it covers

** ULTC rises 0.7%, SHCM up 0.2%; TRCE, DALB gain ~2.4% each; ABUJ adds 0.5%

CLSA sees gains for India's cement makers from tax, rate cuts https://reut.rs/41S11QE

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))