“JM Financial views capacity expansion deferments by larger players (excluding UltraTech) as constructive for the cement sector, as companies focus on improving utilisation and returns. While Q2FY27 margins will be pressured by elevated fuel costs and weaker operating leverage, profitability is expected to improve meaningfully in H2FY27 due to likely recovery in cement prices, moderation in input costs, and stronger operating leverage.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%