India's cement sector earnings likely to be resilient after tax cuts, Goldman Sachs says

Ultratech Cement

24/09/2025 05:58

** "The cement sector could prove to be resilient in the upcoming earnings season," analysts at Goldman Sachs said in a note

** Costs remained largely stable in the quarter, says brokerage

** Adds, price hikes in April-June have corrected only marginally in the ongoing quarter, which came as "a positive surprise"

** This, combined with the tax cuts, is expected to drive a turnaround in volumes in September end

** The GST cuts will likely benefit cement companies' margins - GS

**  Keeps "buy" rating on UltraTech Cement ULTC.NS, "neutral" on Shree Cement SHCM.NS, Dalmia Bharat DALB.NS, Ambuja Cements ABUJ.NS and JSW Cement JSWC.NS

** Retails "sell" on ACC  ACC.NS

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))