16 Sep 2025 | 5 Mins Read
HSBC upgrades Ambuja to 'Buy' while keeping UltraTech as top pick
Flipitmoney
HSBC expects India's cement sector growth driven by industry consolidation and disciplined pricing, upgrading Ambuja Cements to Buy, reaffirming Buy ratings on UltraTech Cement and Dalmia Bharat, and maintaining a Hold on Shree Cement and ACC. It forecasts EBITDA per tonne to grow at a 13% CAGR over FY25-28, with demand recovery and pricing momentum in H2FY26 supporting profitability.