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What Axis Securities expects from Q2 FY27
The figures below are Axis Securities estimates reproduced in NDTV Profit’s October 6, 2026 report summary. The accessible summary does not state the full company coverage set or calculation methodology, so the percentages should be read as aggregate expectations rather than forecasts for every cement maker.
| Measure | Year over year | Quarter over quarter | What the forecast reflects |
|---|---|---|---|
| Volume | Up 10% | Down about 8% | Demand support from infrastructure spending, rural housing and public-capex execution |
| Revenue | Up 8% | Down about 9% | Volume trends and whether recent price hikes hold |
| EBITDA | Down about 4% | Down about 27% | Higher fuel and input costs; logistics costs and negative operating leverage also weigh on the sequential comparison |
| PAT | Down about 35% | Down about 42% | Cost pressure weighing on profitability |
NDTV Profit’s October 6, 2026 summary of Axis Securities’ outlook reports the year-over-year estimates and sequential estimates.
Why demand can grow while earnings weaken
The outlook separates sales activity from profitability. Axis Securities points to sustained government infrastructure spending, resilient rural housing demand and ongoing public-capex execution as supports for cement demand. Those factors underpin its forecast for year-over-year volume growth.
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But higher fuel and other input costs can absorb the benefit of selling more cement. Logistics costs and negative operating leverage help explain why the brokerage expects a sharp sequential fall in EBITDA and PAT even as demand remains supported. Revenue growth, on its own, therefore does not establish that margins are recovering.
The key margin question: can price increases stick?
Axis Securities says the sustainability of recent cement price hikes will matter for margin recovery. If higher prices hold, they may help companies offset elevated costs; if they do not, cost inflation can continue to squeeze earnings. The available summary does not provide company-level pricing assumptions or detailed estimates for fuel and input costs, so it does not establish which producers can pass through costs most effectively.
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Which cement stocks Axis Securities highlights
The summary names UltraTech Cement and JK Cement as its top positive result plays. It links potential relative outperformance in FY27–28 to investment in green energy, domestic coal and waste heat recovery systems—areas that can support cost-efficient operations over time.
Ambuja Cements, ACC and Dalmia Bharat are also named in the story, but the accessible summary does not identify them as top positive result plays. No company-specific forecasts, target prices or valuation assumptions are provided there, so the aggregate sector outlook should not be treated as a forecast for any one of these stocks.
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How to read the outlook as an investor
For investors assessing results, the central test is whether stronger volumes and any pricing gains convert into earnings despite higher costs. Useful points to watch in company results and commentary include:
- Whether reported volume growth is consistent with the demand support described by Axis Securities.
- Whether recent price increases have held and contributed to revenue.
- How fuel, other input and logistics costs affect EBITDA and margins.
- Whether investments in green energy, domestic coal and waste heat recovery are presented as meaningful cost-efficiency levers.
Axis Securities describes the sector’s medium-to-long-term outlook as positive, citing structural demand, industry consolidation and investment in cost-efficient operations. That longer-term view does not remove the near-term earnings pressure implied by its Q2 estimates.
What the available summary does not establish
The NDTV Profit page presents a report summary and refers to an attached full report. Its accessible text does not provide the complete coverage basket, detailed methodology, company-by-company forecasts, target prices, valuation assumptions or precise cost estimates. NDTV Profit also states that the report was authored by an external party, does not vouch for its accuracy and is not investment advice. Treat the numbers as attributed Axis Securities expectations, not guaranteed outcomes or a recommendation to buy or sell a stock.
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