Motilal Oswal: Cement Prices Surprise Positively On Strong Demand  
A man sits atop bags of cement on a truck. (Photographer Prashanth Vishwanathan/Bloomberg)

Motilal Oswal: Cement Prices Surprise Positively On Strong Demand  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

The Indian cement industry continues to surprise positively. Our channel checks suggest that demand has remained strong and prices this year have bucked the trend of weakness seen in the pre-festive season (Diwali) every year.

We raise our coverage profit after tax estimates by 7%/4% for FY21E/FY22E.

As per our channel checks, volumes are growing over 10% YoY in North, East and Central India. While demand has remained weak in the South and Maharashtra, it has recovered strongly from the 15-20% YoY decline seen in Q2 FY21

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Motilal Oswal Cement Sector Update.pdf


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