We recently met the management of NCL Industries (NCL) to understand their outlook on Andhra Pradesh & Telangana's cement demand and insights on the company's future plans. NCL derives over 80% of its revenues from the cement business operating mainly in south India with an installed capacity of 2 MT. The rest of the sales come from segments like cement board particle, ready mix concrete and hydro power. We believe NCL's strong brand franchise, premium positioning in north coastal AP and low cost capacity expansion (0.7 MT at | 180 crore i.e....