India Cement Consolidation Fuels Prices

  Published 6 months ago

HSBC reports Indian cement consolidation, the top four hold 57% share, expecting price rise soon.

  • UltraTech remains HSBC's top pick, upgraded to Buy, due to cost savings and new capacity.
  • Ambuja upgraded to Buy, leveraging acquired plants' efficiency and demand boost from FY26 government spending.
  • Dalmia and Shree Cement expected to benefit regionally; Dalmia Buy, Shree Hold, modest price moves.

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