India cement price recovery unlikely until Q4 amid mixed demand - Systematix

Ultratech Cement

03/12/2025 07:38

** India cement prices are unlikely to recover until the seasonally strong Q4 (Jan-March qtr) amid a mixed demand situation, say analysts at brokerage Systematix

** "Despite some near-term hiccups", Systematix is positive on the sector from a medium-to-long term perspective

** Brokerage's top picks are UltraTech Cement ULTC.NS, Ambuja Cements ABUJ.NS and Nuvoco Vistas NUVO.NS

** Pan-India cement prices have dropped month-on-month in November with rebound expected only Jan 2026 onwards - Systematix

** Cement prices have ticked up y/y on a low base, but were flattish q/q in the three months ended September

** Channel checks indicate "mixed demand environment"; southern region is weakest, western markets see slight uptick, while halted construction activities amid elevated air pollution levels in north India softened demand in that region -- Systematix

** Analysts have said earlier they expect demand to recover in the back half of FY26, helped by GST cuts and as monsoons recede

** On the day, ULTC down 0.5%; ABUJ and NUVO slip 1.4% and 2.7% respectively amid a weak broader market .BO

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))