Nomura’s latest dealer checks indicate that cement prices have continued to increase across most regions in March, with overall trade prices rising ₹3/bag month-on-month (m-m) pan-India and up ₹6/bag quarter-on-quarter (q-q) in Q4FY25.
Key regional trends:
- North: ₹7/bag increase m-m in March; up ₹15/bag q-q in Q4FY25.
- South: ₹5/bag rise m-m in March; up ₹3/bag q-q.
- West: ₹4/bag increase m-m in March; up ₹2/bag q-q.
- East: Prices remained flat in March but up ₹11/bag q-q.
- Central: Prices were flat m-m but up ₹3/bag q-q.
Nomura believes the demand momentum in the cement sector remains strong, and UltraTech, Ambuja, and Ramco are top picks. The brokerage remains Neutral on Shree Cement and has a ‘Reduce’ rating on Dalmia, Nuvoco, and ACC, citing weaker pricing trends and regional headwinds.
