“Jyoti Gupta maintains a constructive medium-term outlook on the cement sector, driven by strong underlying demand and a volume-led cycle, despite near-term volatility in realisations and an expected sequential decline in Q3 FY26 EBITDA per tonne (₹75-₹125). She anticipates robust volume growth of 8-9% in Q4 FY26, with early signs of price hikes emerging in non-trade segments (₹25-₹40 across regions). Ambuja Cement (large cap), Ramco Cement (midcap), and Nuvoco (small cap) are her top picks, citing ongoing sector consolidation and improving operating leverage as key drivers.”