India's cement sector earnings likely to be resilient after tax cuts, Goldman Sachs says

ReutersSep 24, 2025 4:58 AM

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"The cement sector could prove to be resilient in the upcoming earnings season," analysts at Goldman Sachs said in a note

Costs remained largely stable in the quarter, says brokerage

Adds, price hikes in April-June have corrected only marginally in the ongoing quarter, which came as "a positive surprise"

This, combined with the tax cuts, is expected to drive a turnaround in volumes in September end

The GST cuts will likely benefit cement companies' margins - GS

Keeps "buy" rating on UltraTech Cement ULTC.NS, "neutral" on Shree Cement SHCM.NS, Dalmia Bharat DALB.NS, Ambuja Cements ABUJ.NS and JSW Cement JSWC.NS

Retails "sell" on ACC ACC.NS

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