Nomura downgrades Shree Cement, ACC, Nuvoco, Dalmia Bharat; here's why

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Nomura downgrades Shree Cement, ACC, Nuvoco, Dalmia Bharat; here's why - Business Standard

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Consequently, volume growth estimates for FY25F were revised down to 3 per cent from 6 per cent, but the FY26F estimate remains at 6 per cent Y-o-Y.

While demand moderation was anticipated due to a slowdown in new infrastructure projects during the general elections year, limited fund releases by the government further impacted growth.“FY25F should be considered an anomaly as there are no structural issues with cement demand,” analysts said.

Affordable housing and infrastructure, which contribute 9 per cent and 25 per cent of total cement demand respectively, are anticipated to be the primary growth drivers.