Cement Q1 Results Preview - Volume Likely To Decline, Weaker Realisation/Tonne Expected QoQ: DRChoksey

DRChoksey Research Report

The Q1 FY25E top-line degrowth for the cement stocks under our coverage is expected to range from about 4.9% - 17.1% with Shree Cement Ltd. expecting the least decline and Ramco Cement Ltd. with the largest drop QoQ.

Volumes are expected to remain flat YoY but are expected to decline QoQ due to weak seasonality.

Cement prices have declined in recent quarters and are likely to stay under pressure. This was due to the intense competition among existing market players, general elections, and the unprecedented heat wave across the country.

Despite several attempts made in April and May, cement prices have continued to remain low in Q1 FY25E and no immediate upward trajectory is expected in Q2 FY25E.

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