Cement makers strive to repair realizations; can investor sentiment revive?

Indian cement companies are seeing improved trade-segment mix and premiumization in Q4FY26, with Birla Corporation leading at around 79% trade mix and Ambuja Cements (plus ACC) premium volumes growing 22% year-on-year. However, sharply higher imported fuel and packaging costs following the West Asia war, combined with weak pricing power during the seasonally soft Q1FY27 and Q2FY27, are expected to compress operating margins. Shares of large cement makers are down 7-24% year-to-date in 2026, and consensus FY27 and FY28 earnings estimates have already been cut sharply, with limited near-term triggers visible.