Sector analysis · India

Construction Materials sector earnings growth, Q2 FY25

The 20 largest Construction Materials companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q2 FY24.

The top 20 at Q2 FY25

Q2 FY25 vs Q2 FY24: combined net profit ₹1,358 cr (−69%), median EPS −72% (2 of 19 up), market-cap-weighted price +33%. 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	35.5%	44.39 → 28.40	−36%	−11.8 pp	+43%
2	Grasim IndsGRASIM	19.2%	17.10 → 5.73	−66%	−19.8 pp	+44%
3	Ambuja Cements LimitedAMBUJACEM	16.3%	— → 1.85	sources disagree	—	+65%
4	Shree Cement LimitedSHREECEM	9.9%	123.79 → 21.19	−83%	−9.5 pp	+3%
5	Dalmia BharatLtdDALBHARAT	3.8%	6.29 → 2.45	−61%	−1.8 pp	−20%
6	J K CementsJKCEMENT	3.7%	23.05 → 16.28	−29% one-off	−1.3 pp	+46%
7	The Ramco Cements LimitedRAMCOCEM	2.1%	3.05 → 1.09	−64%	−1.2 pp	−5%
8	Nuvoco Vistas Corporation LimitedNUVOCO	1.3%	0.04 → −2.40	to loss	−2.2 pp	−3%
9	The India Cements LimitedINDIACEM	1.2%	−2.58 → −10.94	loss, bigger one-off	−6.6 pp	+57%
10	Prism Johnson LimitedPRSMJOHNSN	1.1%	3.63 → −1.78	to loss	−7.0 pp	+56%
11	Birla Corporation LimitedBIRLACORPN	1.0%	7.58 → −3.27	to loss	−2.1 pp	+3%
12	JK Lakshmi Cement LimitedJKLAKSHMI	0.9%	7.88 → −1.19	to loss	−2.7 pp	+20%
13	Star CementSTARCEMENT	0.9%	1.01 → 0.14	−86%	−0.9 pp	+31%
14	Kesoram Industries LimitedKESORAMIND	0.7%	−1.88 → −2.25	loss, bigger	−0.3 pp	+157%
15	Orient Cement LimitedORIENTCEM	0.6%	1.20 → 0.11	−91%	−0.6 pp	+63%
16	HeidelbergCement India LimitedHEIDELBERG	0.5%	1.58 → 0.49	−69%	−0.6 pp	+24%
17	K C PKCP	0.3%	2.53 → 4.76	+88%	+0.7 pp	+110%
18	Sagar Cements LimitedSAGCEM	0.3%	−0.64 → −4.36	loss, bigger	−1.2 pp	−1%
19	Mangalam Cement LimitedMANGLMCEM	0.3%	4.29 → 1.19	−72%	−0.2 pp	+141%
20	BirlaNu LtdBIRLANU	0.2%	−20.94 → 19.45	turned profitable one-off	+0.8 pp	+5%
	Sector earnings growth	100%			−68.6 pp

Who joined and who left

2 joined and 2 left the top 20 since Q1 FY25, as market caps moved.

Joined the top 20 since Q1 FY25 2

now #19 Mangalam Cement Limited MANGLMCEM
now #20 BirlaNu Ltd BIRLANU

Left the top 20 since Q1 FY25 2

was #19 Sanghi Industrie SANGHIIND
was #20 Udaipur Cement UDAICEMENT

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%
AMBUJACEM	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	+22%	+286%	−90%	+90%	−28%
SHREECEM	+144%	+149%	+28%	−51%	−83%	−72%	−15%	+131%	+304%	+38%	−8%	−18%
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%
INDIACEM	loss, smaller	−100%	loss, smaller	turned profitable	loss, bigger	+19,650%	turned profitable	to loss	turned profitable	to loss	+309%	turned profitable
PRSMJOHNSN	turned profitable	loss, smaller	loss, bigger	to loss	to loss	turned profitable	turned profitable	loss, smaller	turned profitable	+26%	−95%	turned profitable
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%
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
ORIENTCEM	turned profitable	+64%	+1%	−1%	−91%	−78%	−38%	+459%	+2,073%	+176%	+32%	−63%
HEIDELBERG	+410%	+456%	+38%	−24%	−69%	−83%	+5%	+21%	+124%	+200%	−10%	−37%
KCP	outside	outside	sources disagree	+6%	+88%	−77%	−32%	+98%	−46%	−3%	+126%	−42%
SAGCEM	loss, smaller	loss, smaller	−88%	loss, smaller	loss, bigger	loss, bigger	to loss	turned profitable	loss, smaller	loss, bigger	turned profitable	to loss
MANGLMCEM	outside	outside	+11%	outside	−72%	−51%	−2%	+89%	+514%	+45%	+286%	−44%
BIRLANU	loss, bigger	to loss	outside	outside	turned profitable	outside	outside	outside	outside	outside	outside	outside