UltraTech and JK Cement remain our top-picks in the sector. In our view, the recent surge in op margins for north/central/Gujarat (NCG) based cement companies is sustainable on structural tailwinds. Capacity consolidation these regions is further firming up and utilisation is also expected to hold above 80%. These should support strong pricing in the region to sustain, bolstering profitability outlook. Hence, we remain bullish on the companies with large exposure to these markets. The benefits of subdued petcoke and diesel prices should accrue to the whole industry.