Goldman Sachs: Cement Profits to Dip in Q3, Strong Recovery Expected Soon

• Goldman Sachs predicts weak Q3 profits for Indian cement due to pricing pressure, despite strong December volumes.
• Q4 expected to see significant recovery driven by better prices and continued strong volumes.
• Longer-term outlook positive, with structural profitability improvement from steady demand, cost efficiencies, and industry consolidation.
• Goldman Sachs projects ₹200-250 per tonne EBITDA improvement by FY26, despite near-term capacity additions.
• Larger players are driving cost savings through green power, waste heat recovery, and logistics optimization, benefiting from scale.

Why It Matters: Indian cement sector faces Q3 profit dip but anticipates strong Q4 recovery and long-term growth.