Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Sector - Cement and Construction.
Broker Research reports: latest Upgrades
for Sector - Cement and Construction
Author: Antu Eapan Thomas - Sr. Research Analyst to support margins and profitability. While DBLs focus on HAM asset monetization is expected to support cash flow and strengthen balance sheet. We therefore revise our rating from SELL to Accumulate with a TP of Rs 478, based on a P/E of 15x on FY28E EPS and the HAM/MDO business at 1x P/B of invested equity....
UltraTech Cement (UTCEM) has consistently outpaced industry growth led by organic expansion and strategic acquisitions, increasing its market share from ~16% in FY14-15 to ~28% in FY25 (~29% in 9MFY26).
Revenue grew 6% YoY, and sales volumes increased by 4% YoY in Q3FY26, EBITDA remained flat on a YoY basis, while EBITDA per ton declined ~2.9%, largely due to a 4% increase in raw material costs, including the impact of higher...
JK Cement’s (JKCE) stock has underperformed broader indices and other top cement companies in the past few months (over Sep-Feb’26 MTD) on account of margin contraction and higher expected capacity additions in its core markets (North and Central) over the next two years.
In January, CPI inflation rose 2.8%. Wholesale WPI inflation increased for the second straight month to 1.8%, from 0.8% last month.
The Ministry of Statistics released the Consumer Price Index (CPI) with the base year updated from 2012 to 2024 to better reflect current household consumption and price patterns, and the evolving Indian economy.
GMR reported its first quarter of profit, after several quarters of losses. EBITDA grew by >70% YoY to INR 17bn (+INR 7bn). Adjusted profit came in at INR 3.1bn (vs. loss of INR 1.4bn).
GRASIM’s 3QFY26 EBITDA was above our estimate, led by better performance in VSF and higher growth in the B2B segment. EBITDA grew ~77% YoY to INR4.8b (~23% beat).
Renewable energy (RE) usage improved meaningfully, with RE share at 48% and total The 3.6MTPA Umrangso clinker line commenced commercial operations in January 2026, while the Belgaum, Pune and Kadapa projects continue to progress as scheduled....
Capex run-rate remains weak; guidance is ~Rs7bn/Rs17 for FY26/27E. sharp 10% QoQ cut in average realizations impacted by higher volumes in nonwhen prices were on correction mode amid GST rationalization. Volumes grew by 8% YoY, on higher institutional sales in Gujarat and Mumbai. P&F costs declined on lower power costs, while freight costs fell due to reduced lead...
Ashoka Buildcon (ASBL) delivered weak performance in Q3FY26/9MFY26, with standalone revenue declining 18% YoY / 21% YoY. However, a healthy order book of Rs159bn (2.7x TTM revenue) provides medium-term revenue visibility, with the management guiding for a return to revenue growth in FY27E. The order book is well diversified, led by roads and railways, which account for ~65%, while power T&D contributes a meaningful ~32%. Order inflows during 9MFY26 stood at Rs50bn, and the management expects further Rs3035bn of inflows in Q4FY26. Crucially, the balance sheet has turned materially leaner...
L&T's financial performance reflects steady execution momentum, driven by its diversified business portfolio and enhanced operational efficiency. The management noted consistent progress in Infrastructure, Energy, and IT & Technology Services fuelled growth, while a focus on execution efficiency and project mix enabled sustained profitability. The management also stated it expects double-digit revenue growth, supported by a robust order book, a promising prospects pipeline, and an expected increase in execution as project activity returns to normal. Furthermore, the completion of legacy projects and a rising contribution from higher-quality and...
The company delivered steady performance on account of a strong demand, better product pricing across markets and disciplined execution of capacity additions at key locations, supported by increase in RMC production and improved operational efficiency. Integration of recent acquisitions was also a key operational lever, with brand conversion progressing well and targeted for completion by June 2026. Going forward, incremental benefits are expected from newly commissioned clinker lines,...
LT’s consolidated 3QFY26 earnings were slightly below our estimates due to weakerthan-expected execution for core E&C. Revenue growth for core E&C, which has remained weak for the last two quarters, is expected to ramp up from 4QFY26.
Q3FY26 Performance: L&T reported consolidated revenues of 71,450 crore in Q3FY26, up 10% YoY, driven by steady execution across Infrastructure and Energy Projects. Order inflows stood at 135,581 crore, growing 17% YoY, with international orders contributing 49%. The consolidated order book rose 30% YoY to 7.33 lakh crore. Recurring PAT for the quarter increased 31% YoY to 4,406 crore, while EBITDA grew 19% YoY to 7,417 crore with margins improving to 10.4%. Reported PAT stood at 3,215 crore (down by 4% YoY), impacted by a onetime exceptional provision of 1,191 crore related to new labour codes. Segmentally, Infrastructure Projects saw order inflows of 61,876 crore (+26% YoY) with EBITDA margins improving to 6.1% from 5.5% on better operational efficiency. Energy Projects reported order...
India Cements (ICEM) reported EBITDA of INR795m (~35% beat) in 3QFY26 vs. an operating loss of INR1.9b in 3QFY25. EBITDA beat was led by higher volume and lower opex/t vs. our estimates.
