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Layers In The Cement Mix: Demand, Capex Vs Pricing And Costs
Demand is strong, capex has been prudent. But is the picture on pricing and costs clear enough to warrant further re-rating?
17 Dec 2020, 02:47 PM IST
The common refrain in the market is that in a cyclical industry, capital expenditure happens at the peak of the cycle. If that were indeed to be true, does the start of India Inc.’s capex announcements mean that we are nearing the peak of the cycle? Talk to any management, and most say that we are mid-cycle. Their optimism about growth prospects seems to build from multiple aspects, one of which is a possible demand recovery.
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