Even as cement prices stand weak (since Q2FY23 till date), the street found solace in the plunging global fuel costs, hoping it will stay low and drive-up EBITDA margins. However, the recent rebound in global fuel rates (petcoke up 23% and thermal coal up 16% from the bottom of mid-July’23) could challenge the hypothesis (our savings expectations have been reduced from INR 350/te to INR 270/te).