Domestic brokerage firm JM Financial anticipates a mixed performance for the Indian cement sector in the second quarter of fiscal year 2026 (Q2FY26). While near-term softness is expected sequentially due to a drop in realisation and operating de-leverage, the structural story for the industry remains intact. On a year-over-year (YoY) basis, however, the sector is poised for a significant earnings surge, driven by improved pricing and a low base from the previous year. Advertisement

The brokerage estimates that the average EBITDA per tonne for cement companies under its coverage will decline by approximately Rs 193 sequentially in the September quarter. This is attributed to a fall in realisation of about 1.5 per cent and the impact of operating de-leverage. In stark contrast, a sharp YoY

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