Sector analysis · India

Construction Materials sector earnings growth, Q3 FY24

The 20 largest Construction Materials companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.

The top 20 at Q3 FY24

Q3 FY24 vs Q3 FY23: combined net profit ₹4,789 cr (+15%), median EPS +64% (13 of 19 up), market-cap-weighted price +30%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	UltraTech Cement LimitedULTRACEMCO	36.8%	36.66 → 61.55	+68%	+14.8 pp	+51%
2	Grasim IndsGRASIM	17.1%	36.97 → 22.25	−40%	−20.6 pp	+24%
3	Shree Cement LimitedSHREECEM	12.6%	78.18 → 194.53	+149%	+8.6 pp	+23%
4	Ambuja Cements LimitedAMBUJACEM	11.4%	— → 5.49	sources disagree	—	−1%
5	Dalmia BharatLtdDALBHARAT	5.2%	10.88 → 14.02	+29%	+1.2 pp	+22%
6	J K CementsJKCEMENT	3.6%	5.05 → 36.73	+627%	+5.0 pp	+30%
7	The Ramco Cements LimitedRAMCOCEM	2.9%	2.18 → 3.58	+64%	+0.7 pp	+46%
8	Nuvoco Vistas Corporation LimitedNUVOCO	1.7%	−2.11 → 0.87	turned profitable	+2.2 pp	+5%
9	Birla Corporation LimitedBIRLACORPN	1.3%	−6.48 → 14.17	turned profitable	+3.3 pp	+47%
10	JK Lakshmi Cement LimitedJKLAKSHMI	1.3%	6.49 → 12.21	+88%	+1.4 pp	+10%
11	Prism Johnson LimitedPRSMJOHNSN	1.1%	−1.06 → −0.07	loss, smaller	+1.0 pp	+76%
12	The India Cements LimitedINDIACEM	1.0%	4.30 → 0.02	−100% one-off	−2.7 pp	+19%
13	Star CementSTARCEMENT	0.9%	1.31 → 1.82	+39%	+0.4 pp	+57%
14	Kesoram Industries LimitedKESORAMIND	0.7%	−1.54 → −1.57	loss, bigger	0.0 pp	+194%
15	HeidelbergCement India LimitedHEIDELBERG	0.6%	0.25 → 1.39	+456%	+0.5 pp	+24%
16	Orient Cement LimitedORIENTCEM	0.6%	1.34 → 2.20	+64%	+0.4 pp	+104%
17	Sagar Cements LimitedSAGCEM	0.4%	−1.68 → −0.78	loss, smaller	+0.2 pp	+9%
18	Sanghi IndustrieSANGHIIND	0.4%	−5.57 → −7.80	loss, bigger one-off	−1.2 pp	+81%
19	Everest Industries LimitedEVERESTIND	0.3%	3.16 → 0.51	−84%	−0.1 pp	+75%
20	BirlaNu LtdBIRLANU	0.3%	16.63 → −9.52	to loss	−0.4 pp	+8%
	Sector earnings growth	100%			+14.8 pp

Who joined and who left

0 joined and 0 left the top 20 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 0

Nobody joined.

Left the top 20 since Q2 FY24 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
ULTRACEMCO	+70%	+68%	+35%	0%	−36%	−17%	+8%	+29%	+47%	+15%	+20%	+17%
GRASIM	+15%	−40%	0%	−23%	−66%	−41%	+9%	+17%	+42%	+15%	+31%	+51%
SHREECEM	+144%	+149%	+28%	−51%	−83%	−72%	−15%	+131%	+304%	+38%	−8%	−18%
AMBUJACEM	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	+22%	+286%	−90%	+90%	−28%
DALBHARAT	+157%	+29%	−47%	+9%	−61%	−77%	+38%	+179%	+413%	+100%	−11%	−52%
JKCEMENT	+59%	+627%	+96%	+61%	−29%	−33%	+64%	+76%	+28%	−8%	−8%	−14%
RAMCOCEM	+2,246%	+64%	−14%	−50%	−64%	+116%	−79%	+129%	+200%	+111%	+450%	−63%
NUVOCO	turned profitable	turned profitable	−50%	−80%	to loss	to loss	+65%	+4,563%	turned profitable	turned profitable	−15%	+20%
BIRLACORPN	turned profitable	turned profitable	+128%	−45%	to loss	−71%	+33%	+266%	turned profitable	+69%	+15%	−3%
JKLAKSHMI	+52%	+88%	+43%	−10%	to loss	−59%	+17%	+114%	turned profitable	−9%	−36%	−32%
PRSMJOHNSN	turned profitable	loss, smaller	loss, bigger	to loss	to loss	turned profitable	turned profitable	loss, smaller	turned profitable	+26%	−95%	turned profitable
INDIACEM	loss, smaller	−100%	loss, smaller	turned profitable	loss, bigger	+19,650%	turned profitable	to loss	turned profitable	to loss	+309%	turned profitable
STARCEMENT	+31%	+39%	−9%	−67%	−86%	−88%	+41%	+217%	+1,171%	+741%	+20%	−24%
KESORAMIND	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	outside	outside	outside	outside	outside	outside
HEIDELBERG	+410%	+456%	+38%	−24%	−69%	−83%	+5%	+21%	+124%	+200%	−10%	−37%
ORIENTCEM	turned profitable	+64%	+1%	−1%	−91%	−78%	−38%	+459%	+2,073%	+176%	+32%	−63%
SAGCEM	loss, smaller	loss, smaller	−88%	loss, smaller	loss, bigger	loss, bigger	to loss	turned profitable	loss, smaller	loss, bigger	turned profitable	to loss
SANGHIIND	loss, smaller	loss, bigger	loss, smaller	loss, smaller	outside	outside	loss, bigger	outside	outside	outside	outside	outside
EVERESTIND	to loss	−84%	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside
BIRLANU	loss, bigger	to loss	outside	outside	turned profitable	outside	outside	outside	outside	outside	outside	outside