Jefferies expects muted sales volume growth for cement makers in Q2

Ultratech Cement

07/10/2025 07:30

** Cement industry volume growth in 2Q to remain slow at 5% YoY, notes Jefferies

** Says, volume growth impacted by heavy monsoon, early festive season and weak dispatches two weeks ahead of new GST rates

** Forecasts volume growth for UltraTech ULTC.NS and Ambuja Cements ABUJ.NS to be highest among peers at ~10% and 15%, respectively, on the back of M&A consolidation

** ULTC, ABUJ and JK Lakshmi Cement JKCE.NS are its top picks

** Adds, earnings to rise on better pricing and low base from last year, even as volumes remain soft

** ULTC, ABUJ, JKCE rated "Buy" on avg, per data compiled by LSEG

 (Reporting by Komal Salecha)

 ((Komal@thomsonreuters.com;))