FY21E is expected to be a soft year and we expect cement demand to decline by 5% Costs favor cement industry: Variable (Fuel and freight) cost of cement is YoY. Cement stock prices are partially reflecting this as they are down ~20% in the expected to remain soft as crude has witnessed sharp correction. In cement last 3 months. Valuation wise (EV/EBITDA), stocks are trading at average to -1 manufacturing, these two costs contribute 40-45% of the total opex. Other standard deviation of last 10 years valuation band. Though demand outlook is variable costs are raw material. Fixed cost (Employee, Admin, overheads) of...