India's cement volume growth slows 5% YoY, but UltraTech and Ambuja expect double‑digit gains this.

• Heavy monsoon, early festive season, and pre‑GST dispatch weakness curb overall industry volume growth significantly.
• UltraTech targets ~10% growth, Ambuja ~15%, driven by M&A consolidation and market positioning in 2024.
• Analysts rate ULTC, ABUJ, and JKCE as Buy, expecting earnings to rise from pricing, low base benefit.