ICICI Securities backs Grasim as preferred cement play
In short
ICICI Securities analyst Navin Sahadeo said Grasim is his preferred cement pick. He pointed to strong dividends from UltraTech Cement and better business in Grasim’s paints and B2B e-commerce units.
He also warned that the cement sector may face pressure soon. The report says Q2FY27 realisations could fall 1% to 1.5%, and EBITDA per tonne may drop ₹200-250. It is not stated how this will affect Grasim right away.
What the reporting says
ICICI Securities analyst Navin Sahadeo said Grasim is his preferred cement play, citing continued high dividends from UltraTech Cement and improving traction in Grasim’s paints and B2B e-commerce businesses. The same market note also flagged near-term pressure for the cement sector, with July-September 2026 Q2FY27 realisations expected to fall 1% to 1.5% sequentially and EBITDA per tonne potentially dropping ₹200-250. The immediate impact on Grasim is unclear.
Why it matters
ICICI Securities’ Navin Sahadeo named Grasim as his preferred cement play in a market note. The note pointed to expected high dividends from UltraTech Cement and improving traction in Grasim’s paints and B2B e-commerce businesses. It also warned that cement-sector realisations in Q2FY27 could fall 1% to 1.5% sequentially, with EBITDA per tonne down ₹200-250. The direct effect on Grasim was not stated.