Cement & Cement Products industry
45 companies · ₹9.5 L cr · 17 with AI deep dives · Q1FY27 report
West Asia fuel shock peaks in Q2 while volumes hold, but capacity additions keep utilisation at 62%
- Revenue YoY
- +12.8%
- EBITDA margin
- 16.6%
- -100bps YoY
- Price, 1 year
- -24.3%
- 11% of names up
- P/E vs own 5y
- -9.1%
- 30.8x now
Exhibit 1The quarter in numbers
constant panel of 25 companies above ₹500 cr- Jun 26
- 1.22 L cr
- Mar 26
- 1.29 L cr
- QoQ
- -5.9%
- Jun 25
- 1.08 L cr
- YoY
- +12.8%
- Peak
- 1.29 L cr
- vs peak
- -5.9%
- Jun 26
- 16.6%
- Mar 26
- 16.6%
- QoQ
- 0bps
- Jun 25
- 17.6%
- YoY
- -100bps
- Peak
- 17.6%
- vs peak
- -100bps
Breadth: 81% of 26 companies grew revenue year on year (was 84% a quarter earlier) and 27% expanded margin (was 48%).
Exhibit 2What it costs
17.26x - 40.61x across the panel todayThe median name trades at 30.8x, -9.1% against this industry's own 5-year median of 33.9x, and -43.2% against its own peak of 54.2x.
Exhibit 3Structure
₹9.5 L crUltraTech Cement Ltd is 35.3% of this industry by market cap. The top 5 are 82.4% and the top 10 are 93.6%.
Exhibit 4Screen
P/E below the sub-industry median of 30.8x, 5y ROCE above its median of 8.36%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 45)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹11,825 cr
- P/E
- 30.5x
- EV/EBITDA
- 8.9x
- ROCE
- 6.3%
- Margin
- 16.1%
- Rev YoY
- +8.9%
- Mcap
- ₹1,018 cr
- P/E
- 57.2x
- EV/EBITDA
- 20.5x
- ROCE
- 5.1%
- Margin
- 9.9%
- Rev YoY
- +72.2%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30The Strait of Hormuz disruption was the dominant P&L event of Q1 FY27. Imported petcoke became sporadically unavailable, forcing a sector-wide shift to higher-ash coal. Blended…
- ULTRACEMCO (Q1FY27): “Q1 '27 opened with the most disruptive situation, the Strait of Hormuz effectively…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 20 companies
1-20- Mcap
- ₹167 cr
- P/E
- -
- EV/EBITDA
- 10.3x
- ROCE
- 6.3%
- Margin
- 23.9%
- Rev YoY
- +15.9%
- Mcap
- ₹146 cr
- P/E
- -
- EV/EBITDA
- 12.9x
- ROCE
- 9.8%
- Margin
- 6.4%
- Rev YoY
- +16.3%
- Mcap
- ₹90 cr
- P/E
- -
- EV/EBITDA
- 18.6x
- ROCE
- 3.7%
- Margin
- 18.6%
- Rev YoY
- +9473.8%
- Mcap
- ₹83 cr
- P/E
- -
- EV/EBITDA
- -4.9x
- ROCE
- -12.3%
- Margin
- -24.1%
- Rev YoY
- -29.8%