Admittedly, cement prices have bottomed-out given the wafer thin margins. We do expect gradual improvement in prices in the current quarter. However, continuous capacity addition in the region, high aspiration of players to increase market share in rising demand environment and poor mix of demand inclined towards highly competitive and low margin Non-trade segment would keep prices under pressure for prolonged period. Led by weaker outlook on prices and rising share of volumes from low margin regions, we cut our earnings estimates by 3%/4% for FY20e/FY21e. Despite steep fall in...