Jefferies on Cement
Cement prices were down ~1% MoM in Aug (lower ~1% QoQ in 2QTD) amid monsoon-led weakness.
However, demand remains healthy, sustaining 7-8% YoY industry growth in 4QFY26/1QFY27
East region saw highest correction after outperforming other regions last quarter
Currently factor in a 1% QoQ Industry px decline in 2Q & recovery in 3Q in ests.
Any deeper correction from current levels could pressure profit ests
Preferred picks: UTCEM, GRASIM
September 3, 2026 495
