“While cautious in the near term, Indrajit Agarwal of CLSA India is not bearish on the cement sector over a 12-18 month view, expecting an earnings recovery in H2 FY27 (December and March quarters). He points to multi-year valuation lows, with some midcap names trading below replacement cost, and recent 4-5% price increases providing some offset to input pressures. Recovery is contingent on prices holding through the monsoon and a good rainfall season supporting rural demand.”