Cement firms likely to post strong Q4 volumes

New Delhi: India’s top cement companies are expected to record healthy volume growth in the Q4 FY26, driven by stronger construction activity and government capital spending, analysts said on Monday.

Motilal Oswal Financial Services forecasted about 10 per cent year on year growth in revenue and around 4 per cent growth in EBITDA for their cement coverage universe, according to multiple reports.

Even amidst volume growth, profitability is likely to remain under pressure over rising fuel and packaging costs due to West Asian conflict, as MOFSL estimated profit after tax likely to slip around 1 per cent in Q4 FY26.

The brokerage estimated EBITDA per tonne fell about 6 per cent YoY to around Rs 950, even as it rose about 15 per cent quarter on quarter on operating leverage. Average EBITDA margins (excluding Grasim) are expected to ease about 1.2 percentage points year on year to about 18 per cent. Analyst at Mirae Asset Sharekhan said that pan-Indian prices rose around Rs 7-10 per bag in January, Rs 2-3 per bag in February.