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Nirmal Bang Report
We interacted with cement dealers across the country to gauge demand and pricing trends. The feedback we received on both demand and pricing outlook was extremely pessimistic. We must say that most dealers seemed exceedingly bearish on both pricing and demand after a long time.
Elevated input costs forced cement companies to undertake price hikes at the start of October 2021 after a dismal Q2 FY22 margin performance.
Expectations were that cement prices will be raised further in November 2021 to cover the increased cost pressures. However, demand has remained subdued and in fact much lower compared to Oct-21 levels, resulting in rollback of price hikes across various regions.
Notably, the pressure on pricing is higher in the trade segment, which means that overall realisations of cement companies will remain lower.
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