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Reports Archive
Date Heading Pages Author Download
Feb-17 Volumes in Jan-17 revive to pre-demonetization levels 8 Motilal Oswal
Jan-17 Demand recovers partly; prices dip MoM 10 Centrum Research
Jan-17 Q3FY17: Yet another quarter — a toss up! 4 IDBI Capital
Jan-17 Demonetization affects demand recovery 12 Motilal Oswal
Jan-17 3QFY17E Results Preview 11 HDFC Securities
Jan-17 Worst appears behind us 16 Edelweiss Securities
Jan-17 De-monetisation follows seasonal overhangs; near-term bruising 35 Anand Rathi
Jan-17 Cement stocks discounting strong price hikes 16 Motilal Oswal
Dec-16 Demand Pangs And Rising Costs To Hurt Margins 27 Nirmal Bang
Dec-16 Earnings to get impacted by demonetization 9 Emkay Research
Dec-16 Recovery delayed, valuations still at risk 14 HDFC Securities
Dec-16 Prices decline across regions 4 Motilal Oswal
Dec-16 "Demon"etisation of Demand and Pricing 10 Centrum Research
Dec-16 Cement - A time to revisit the sector 119 Edelweiss Securities
Dec-16 Cement Investor Conference 12 Prabhudas Lilladher
Dec-16 Demonetization: Key takeaways from conference calls with dealers 2 Motilal Oswal
Nov-16 Acid Test For Cement Prices In Coming Days 4 Nirmal Bang
Nov-16 Prices improve sharply in West region in October 11 ICICI Securities
Nov-16 Our Demand Estimate Slashed Further Post Demonetisation 3 Nirmal Bang
Oct-16 Fuel prices flaring up 6 Motilal Oswal
Oct-16 Volumes improve in North, prices in South and West 11 ICICI Securities
Oct-16 Pricing strength seen in seasonally weak quarter 4 Motilal Oswal
Oct-16 Realisations hold steady 4 IDFC Securities
Oct-16 Volumes to be muted; prices remain firm 15 ICICI Securities
Oct-16 Q2FY17: A toss up! 4 IDBI Capital
Sep-16 Demand Growth Likely To Disappoint Once Again 3 Nirmal Bang
Sep-16 Cost push increasing; realization growth to offset impact 6 Motilal Oswal
Sep-16 Energy cost benefits to reverse in Q3/Q4 5 Emkay Research
Sep-16 CCI reiterates imposition of penalty... 5 ICICI Direct
Sep-16 Q1 Review: Prices up, demand to follow in H2FY17 8 Religare Research
Aug-16 ROE likely to begin long awaited ascent 14 IIFL
Aug-16 Lower costs drive earnings; Q2 impacted by heavy monsoon 7 Prabhudas Lilladher
Aug-16 Testing times, seasonality in play 17 Edelweiss Securities
Aug-16 Seasonal weakness an opportunity to BUY 11 ICICI Securities
Aug-16 Pure plays may offer better risk-rewards 9 Edelweiss Securities
Aug-16 Heavy rains drag demand temporarily; outlook remains strong 7 Prabhudas Lilladher
Jul-16 Q1FY17: Little pitchers have big ears! 4 IDBI
Jul-16 Better Pricing To Drive Margin Expansion 3 Nirmal Bang
Jun-16 Watch out for the costs 9 Nirmal Bang
Jun-16 Cement - Price recovery to aid earnings in 1Q; demand outlook improving 7 Prabhudas Lilladher
Jun-16 Pre-Monsoon Construction Pickup Lifts Prices Up 3 Nirmal Bang
Jun-16 India Cement Sector - Q4 Review: Volumes up, costs down; price hikes next 8 Religare Research
May-16 "Peak cycle RoIC" tough to replicate! 6 Motilal Oswal
May-16 India Cement - Breaking free 168 Anand Rathi
May-16 Price survey, production data analysis and capacity details 10 Emkay Research
May-16 Sagarmala Project: What Lies In Store For Cement Sector? 16 Nirmal Bang
Apr-16 Demand softened sequentially; positive outlook remains intact 8 Prabhudas Lilladher
Apr-16 Price survey, regional demand analysis and capacity details 10 Emkay Research
Apr-16 Prices Sustain Higher Levels In Northern And Western Regions 3 Nirmal Bang
Apr-16 Q4FY16: Is the trend about to change? 4 IDBI
Apr-16 Q4 Preview: Earnings downgrades nearing an end 5 Religare Research
Apr-16 Earnings Likely To Improve On Better Volume And Lower Costs 3 Nirmal Bang
Apr-16 Cracks filling up – volumes, prices rebound! 59 Religare Research
Mar-16 At the break of a new dawn 102 Motilal Oswal
Mar-16 Price survey, regional demand analysis and capacity details 9 Emkay Research
Mar-16 Price strength coming back in North-Central India 6 Motilal Oswal
Mar-16 Cement prices recover in the north; prices hiked further in March 13 Nomura
Feb-16 Higher volumes & lower costs drove the earnings beat 7 Prabhudas Lilladher
Feb-16 Time ripe for North to deliver 12 Motilal Oswal
Feb-16 Earnings Growth Driven By Cost Rationalisation 7 Nirmal Bang
Feb-16 Q3 Review: Falling costs save the day 8 Religare Research
Jan-16 Binani Cement – Wheels Have Come Off, What's Next? 6 Nirmal Bang
Jan-16 Price survey, regional demand analysis and capacity details 9 Emkay Research
Jan-16 Q3FY16: Lower realisation to offset lower costs 3 IDBI Capital
Jan-16 10% of capacity on offer, but where are the buyers? 6 Motilal Oswal
Jan-16 Yet Another Weak Performance Likely 3 Nirmal Bang
Jan-16 Q3 Preview: Prices, volume growth take a hit 7 Religare Research
Jan-16 2016 Likely To Witness Sizeable Reduction In Incremental Supply 4 Nirmal Bang
Dec-15 Weak demand hurts prices across regions 7 Religare Research
Dec-15 Prices fall sharply; discipline to re-emerge in north & west region 7 Prabhudas Lilladher
Dec-15 Price survey, regional demand analysis and capacity details 9 Emkay Research
Dec-15 Impact Of LafargeHolcim's Results On ACC And Ambuja Cement 5 Nirmal Bang
Dec-15 Cement prices come under pressure 13 Nomura
Nov-15 Seasonal weakness dampens topline 9 Religare Research
Nov-15 Performance Of Northern and Southern Regions Still Shows Divergence 5 Nirmal Bang
Oct-15 Better Pricing Amid Slowing Supply To Support Earnings Growth 71 Nirmal Bang
Oct-15 Marginal growth acceleration amidst better price discipline 12 Motilal Oswal
Oct-15 Prices resilient despite weak demand 16 ICICI Securities
Oct-15 Pricing: Strong rebound in the north 6 Motilal Oswal
Sep-15 India Cement Dealer Check 6 Religare Research
Sep-15 Price survey, operational capacity and ordering activity 7 Emkay Research
Sep-15 Q1 Review: Muted realisations hit profits 9 Religare Research
Sep-15 Play on infra spend revival 98 ICICI Securities
Aug-15 Cement prices in strong recovery mode 7 Prabhudas Lilladher
Aug-15 RoE-valuation divergence widens 10 Motilal Oswal
Aug-15 Regional Divergence In Earnings Expands 4 Nirmal Bang
Aug-15 India - Cement - Dealer Check 9 IIFL
Jul-15 Q1FY16E/Q2CY15E Results Preview 5 IndiaNivesh
Jul-15 Weak Demand As Well As Pricing To Hurt Earnings 3 Nirmal Bang
Jul-15 Q1 Preview: Weak quarter as prices slump 8 Religare
Jul-15 Muted demand to drag down Q1FY16 profitability 12 Centrum Research
Jul-15 Q1FY16: Volume and realization both to remain under pressure during the quarter 3 IDBI Capital
Jul-15 Realisations likely to have bottomed-out in Q1FY16 8 Prabhudas Lilladher
Jun-15 Will another 10-15% correction lead healthy consolidation? 6 Motila Oswal
Jun-15 Prices flat; demand restrained 4 Anand Rathi
Jun-15 India Cement Dealer Check - Prices hit as demand slump continues in Apr-May 12 Religare
Jun-15 Good start, but poor ending in FY15; even 1QFY16F will be a tough quarter 17 Nomura
Jun-15 Q4 Review: Muted demand hits volumes, profits 9 Religare Research
Jun-15 Regional trends in Q4FY15; Pain to persist in Q1FY16 14 IDFC
Jun-15 Volumes rose in May on a high base 8 Prabhudas Lilladher
Apr-15 Nothing concrete yet 5 IDFC
Apr-15 Unusual demand weakness hurts 4QFY15 volumes 12 Motilal
Apr-15 Prices recovered recently; see demand pickup in H2FY16 3 IDBI
Mar-15 Realisations for the quarter hit by a weak demand 8 Prabhudas Lilladher
Mar-15 Pricing at INR180/bag (ex-tax & freight) for infra procurement by government (up to 10mt pa) 2 Motilal Oswal
Mar-15 Weak cement prices pose threat to Q4 estimates 5 Emkay
Mar-15 Can linkage coal auction in future hurt cost structure? 8 Motilal Oswal
Feb-15 At the last leg of weakness; recovery couple of quarters away 7 Prabhudas Liladhar
Feb-15 Cement at the cusp of new growth phase - Southern region favourably placed 24 SPA Securities
Feb-15 Global Markets Research - Feb 03, 2015 110 Nomura
Jan-15 3QFY15: a mixed bag; volume- and price-led growth 4 Anand Rathi
Dec-14 M&A activity still not over 3 Prabhudas Lilladher
Dec-14 Mid-cap cement sector 126 Emkay Research
Dec-14 Cement - Current quarter a blip; outlook remains strong 7 Prabhudas Lilladher
Dec-14 Weak October/November pricing dents 3Q expectations 4 Motilal Oswal
Nov-14 Prices hit as demand slumps in Oct-Nov 10 Religare Research
Nov-14 Cement - Stress test revisited: Analyzing eight industry trends 12 Motilal Oswal
Nov-14 India Cement Sector 8 Religare Research
Oct-14 Cement - Demand recovery continues (sans south) 13 Motilal Oswal
Oct-14 India Cement Sector Update 3 Religare Research
Sep-14 Production growth highest since Nov '11; reiterate positive stance 6 Goldman Sachs
Aug-14 India - Cement:Volume growth revives; margin lags 8 IIFL
Aug-14 Cement - Prices stand well despite hit by lean monsoon season 7 Prabhudas Lilladher
Aug-14 Cement - June 2014 Quarter Result Review 4 Nirmal Bang
Jul-14 Cement Industry: Stable credit outlook 5 Care Ratings
Jul-14 Cement - Subdued Performance Likely, Expected To Improve 3 Nirmal Bang
Jul-14 Cement - Demand recovery continues with 8% growth 12 Motilal Oswal
Jul-14 India Cement - Volume recovery led growth; sustainability key 5 Anand Rathi
Jun-14 Cement - In the early phase of a strong revival 7 Prabhudas Lilladher
Jun-14 Cement - Freight rate hike: No meaningful impact… 2 ICICIdirect.com
Jun-14 Cement - At the cusp of strong and sustainable recovery 52 Prabhudas Lilladher
Apr-14 Sector Update - Rich valuations in a challenging environment 7 Centrum
Apr-14 India Cement - Price hike, modest volume-growth-led recovery, sustainability key 15 Anand Rathi
Apr-14 Pinning hope on elections to bring some cheer! 7 ICICI direct.com
Mar-14 Supply disruption leads to sharp price hikes 4 Centrum
Mar-14 Cement sector Update 86 ICICI Securities
Jan-14 Weakness persists, near term triggers lacking 11 Centrum
Dec-13 India - Cement : Pricing challenges continue 5 IIFL
Dec-13 Cement Sector Update 4 Nirmal Bang
Dec-13 Winners amidst an elusive recovery - Summary 55 Emkay
Nov-13 Cement - Revisiting stress test: Triple whammy in play 10 Motilal Oswal
Oct-13 Cement - Sept - 13 Results Preview 12 Emkay Research
Oct-13 Cement - Steep Price Hike, But No Sharp Recovery In Demand 3 Nirmal Bang
Oct-13 Cement - Sector to bottom out; accumulate on dips 14 ICICI Securities
Oct-13 Cement - No respite in sight 15 IDFC
Oct-13 Cement Monthly: Prices rise but demand recovery seems uncertain... 7 ICICIdirect.com
Sep-13 Cement Sector - Steep Decline in Prices Last Month, But Recovery Likely 4 Nirmal Bang
Aug-13 India Cement Sector Update 10 Religare Research
Jul-13 Cement demand to grow at a CAGR of 7.9 per cent in the period FY13-16 5 CARE Research
Jun-13 CEMENT - Dampening sentiment 13 Edelweiss Research
Jun-13 Fortnightly cement price update 4 Centrum
Jun-13 Cement prices bounce back before monsoons 8 Emkay Research
May-13 Cement - Seems short-term election demand, the only driver for sector 7 Prabhudas Lilladher
May-13 Cement prices slide even in seasonally strong period 9 Emkay Research
Apr-13 Earnings Preview: March 2013 Ended Quarter 5 BRICS
Apr-13 India Cement Sector Update 32 Credit Suisse
Apr-13 India Cement - Subdued quarter; FY14 to be better 25 Anand Rathi
Apr-13 Cement - March-13 pricing continues to remain weak 11 Emkay Research
Mar-13 India Cement Dealer Check 12 Religare Research
Mar-13 Cement : Supply-side pressures to ebb 3 ICICI Securities
Mar-13 Cement : Dealer interaction - Key takeaways 5 Centrum
Mar-13 Cement - Logistical bottlenecks drive price hikes despite sluggish demand 8 Emkay Research
Mar-13 CEMENT Sector Update 2 CARE Ratings
Jan-13 India Cement - Papering over the cracks 31 HSBC
Jan-13 Cement - And so it begins… 7 Emkay Research
Jan-13 India Cement Sector - Alert: Prices on the Rise 10 Citi
Jan-13 India Cement Update 126 Motilal Oswal
Jan-13 Cement : Dealer interaction - Key takeaways 5 Centrum
Jan-13 Cement : Dec’12 Preview- Unusual price trends to impact margins 10 Emkay Research
Jan-13 India Cement - Dull quarter; brighter times ahead 22 Anand Rathi
Jan-13 Q3FY2013 Cement earnings preview 5 Sharekhan
Dec-12 Prices decline further across most regions 2 BRICS
Dec-12 Unusual December- Price decline continues 7 Emkay Research
Dec-12 CEMENT - Subdued demand weighs down on prices 11 Edelweiss Research
Dec-12 India Cement Sector - Alert: Holcim Imposes Royalty on ACC/Ambuja 9 Citi
Dec-12 CEMENT - Marginal impact of technology fee 2 Edelweiss Research
Nov-12 India Cement Sector - Reinforcing a Concrete Buy Thesis 41 Citi
Nov-12 Cement - Dealer interaction - Key takeaways 5 Centrum
Nov-12 Prices Decline Across Regions 2 BRICS
Nov-12 Cement - Weak demand weighs on cement prices 9 Emkay Research
Nov-12 CEMENT - Near term downward pressure 11 Edelweiss Research
Nov-12 Q2FY13 Earnings Review 5 Emkay
Oct-12 No Clear Trend 2 BRICS
Oct-12 Cement - Prices on a firm footing 42 Edelweiss Research
Oct-12 North & Central continue uptrend, AP bounces back 7 Emkay Research
Oct-12 CEMENT - Price recovery on course 11 Edelweiss Research
Oct-12 Cement - Sep'12 preview-Benign pricing to boost earnings 9 Emkay Research
Oct-12 Cement - Q2FY13 Results Preview / Target Price Revision 12 Centrum
Oct-12 Q2FY2013 Cement earnings preview 5 Sharekhan
Oct-12 Cement - Structural upcycle begins; earnings to surprise 124 ICICI Securities
Sep-12 North & Central see first seasonal uptick 7 Emkay Research
Sep-12 Cement - Prices back in an uptrend mode 7 Prabhudas Lilladher
Sep-12 TECHNICAL RESEARCH DESK : CEMENT SECTOR 5 Nirmal Bang
Sep-12 Prices Weaken Further 2 BRICS
Sep-12 Monsoon impacts dispatches; down ~10% MoM… 8 ICICIdirect.com
Sep-12 Higher profitability to sustain, given increasing capex cost 14 Motilal Oswal
Sep-12 Balance Sheet Strength to Cushion Macro Headwinds 108 IDBI Capital
Aug-12 CEMENT : Subdued demand impacts prices 9 Edelweiss Research
Jul-12 Cement : Supply shortage & delayed monsoon drive price hikes 6 Emkay Research
Jul-12 Cement : Lower imported coal prices to enhance profitability 12 Motilal Oswal
Jul-12 Onset of monsoon may impact prices 9 Edelweiss Securities