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Investec retains cautious view on cement sector but highlights these stocks to 'buy'According to Investec, most cement manufacturers reported weaker operating performance during the quarter, with EBITDA per tonne declining across the board.By Meghna Sen  February 27, 2026, 12:08:19 PM IST (Published)1 Min ReadBrokerage firm Investec has retained its cautious stance on the cement sector, even as it reiterated select stock preferences within the space.

The brokerage continues to maintain 'Buy' ratings on UltraTech Cement, Ambuja Cements, JSW Cement, and JK Cement, identifying them as its only 'Buy' calls in the coverage universe.

According to Investec, most cement manufacturers reported weaker operating performance during the quarter, with EBITDA per tonne declining across the board.

The exceptions were UltraTech Cement and JK Cement, where performance was supported by one-off reversals that helped cushion margins.

Looking ahead to the March quarter, the brokerage expects spreads to improve sequentially. This is likely to be driven by a modest uptick in cement prices and the benefits of operating leverage, although rising fuel costs could partly offset these gains.

Despite the anticipated quarter-on-quarter recovery, Investec reiterated its view that sector spreads likely peaked in Q1FY26 and may not see sustained expansion from current levels.

On the capacity front, while additions and new announcements continue across the industry, the brokerage said that leading players appear increasingly focused on balancing incremental return on invested capital as they pursue brownfield expansion opportunities rather than aggressive greenfield builds.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.TagsCement stocksUltratech Cement stocks