DAM Capital Upgrades Cement Sector to 'BUY': Top Picks & Price Targets Revealed

Shares of Ultratech are trading nearly 5% lower today, at their 52-week low of ₹10,330. The stock had made a 52-week high of ₹13,110 on February 10 this year, from which it has corrected 82%. It has declined 12.55% year-to-date and has dropped 5.19% over the last 12 months.

CNBC TV18•02-04-2026, 09:28

DAM Capital Upgrades Cement Sector to 'BUY': Top Picks & Price Targets Revealed

•DAM Capital upgraded the entire cement sector to "buy" due to attractive valuations post recent stock falls.
•Brokerage expects a price hike of ₹30-₹50 per bag, despite cost headwinds from packaging, pet-coke/coal, and diesel prices.
•Total cost inflation of ₹400-₹500 per tonne factored for FY27; volume outlook tempered to 4% for FY27.
•EBITDA estimates cut by 14% for FY27 and 12% for FY28 across coverage universe.
•UltraTech Cement (target ₹12,650) and JSW Cement (target ₹140) are top picks; Ambuja Cements, Dalmia Bharat, Nuvoco upgraded to "buy".

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Key Questions Answered

DAM Capital upgraded the cement sector to 'BUY' due to attractive valuations and an anticipated price hike of ₹30-₹50 per bag.

HSBC has set price targets for UltraTech Cement at ₹13,750, Dalmia Bharat at ₹2,490, and Ambuja Cements at ₹590.

Rising costs for cement companies are expected due to increased input prices, particularly for pet coke derived from crude oil, and potentially higher energy costs.