The lagged impact of demonetisation and a strong base (volume growth of the cement industry in 4QFY16 was ~16%) are likely to impact 4QFY17 volume growth, resulting in one of the weakest peak seasons on record. We expect our coverage universe to deliver 1.7% growth in volumes in 4QFY17. Of the companies, Shree Cement is expected to deliver 11% volume growth, while the rest would deliver flat YoY volumes.