New Research Reports

We maintain our BUY recommendation on the stock.

UltraTech Cement’s revenue stood at INR 212.8 Mn, up 13.1% YoY (-7.8% QoQ), in-line with our expectations. Revenue Growth was driven by robust volume expansion of 9.7% YoY to 36.8 MT, aided by recent acquisitions and network integration.

We change our rating from BUY to HOLD on the stock.

Demand outlook in the North and Central regions remains relatively weak due to the monsoon, while pricing in the South and East continues to improve. higher pricing. Average grey cement realization improved 2.1% QoQ, led by price hikes mainly in the Southern and Eastern regions. Cons volumes grew 9.7% YoY to 36.8mt (Kesoram volumes included in the base) aided by 2.18mt...

We maintain our BUY recommendation on the stock.

Industry leader UltraTech Cement (UTCEM) has made a convincing start to FY26 with Q1FY26 EBITDA surging 46% YoY (in line with our estimate) riding benefits of improved price environment, M&A benefits driving industry superior volume growth and sustained efficiency enhancement measures.

We recommend a BUY rating on the stock with a target price of Rs 657/share, implying an upside of 10% from the CMP.

India Cements (ICEM) reported EBITDA of INR819m (21% beat) in 1QFY26 vs. operating loss of INR310m in 1QFY25. The improvement in operating performance was led by cost control measures, as opex/t was down ~15% YoY in 1QFY26.

JK Cement (JKCE) reported strong EBITDA growth, up ~41% YoY to INR6.9b (in line) in 1QFY26, led by robust volume growth (~+16%) and improvement in realization (~+3%).

With 25.26m tonnes cement capacity now, JK Cement’s announced expansion would take it to 32m tonnes by FY26. Its long-term target of 50m tonnes by 2030 remains.

JK Cement (JKCE) reported standalone EBITDA of Rs6.75bn (up 41% YoY, albeit down 9% QoQ), beating our estimate (Rs5.9bn).

UltraTech Cement (UTCEM)’s 1QFY26 earnings were in line with our estimates. EBITDA grew ~46% YoY to INR44.1b. EBITDA/t increased ~33% YoY to INR1,197 (estimated INR1,186).

at 1516%, shorter lead distance, and hybrid wind-solar in the North. Nuvoco Vistas (NUVOCO) reported strong operating performance in Q1FY26, led by higher pricing and 6% YoY volume growth. Pure cement realization grew by 5.5% QoQ, driven by price hikes taken in the eastern region since Mar'25. Operating costs declined due to lower RM costs (long-term contract for slag)...

Nuvoco Vistas Corp’s (Nuvoco) current valuation (of 8.5x FY27E EV/EBITDA) appears quite compelling. Further, buoyant cement prices were instrumental in propelling its Q1FY26 EBITDA by an impressive 51% YoY (being 5% ahead of our estimate).

Strong order book: INR 430 Cr.+ providing revenue growth visibility, 12 ongoing projects of INR 201 Cr. to be executed by Aug’25, Upcoming order book (received & confirmed) of INR 230.5 Cr. with project commencement from May’25 to Aug’25

Order Book of INR 1,461 Cr. (representing 2.8x FY25 revenues) as on Mar’25 with strategic priority on slope and tunnel projects which yield higher profitability further supported by recent credit rating upgrade and experienced management track record.

JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution.

Largest and most diversified infrastructure story is on the move

We attended the plant visit event organized by ACEM at its Marwar Mundwa plant in Rajasthan, where we interacted with the senior management team, followed by a tour of the plant.