Cement Sector Channel Checks Across India
Ran solo channel checks across four regions to map pricing power and demand-supply dynamics in cement
Parth Mandavgane
Institutional Equity Research Associate at IDBI Capital Markets & Securities Ltd.
From their time as
Institutional Equity Research Associate
IDBI Capital Markets & Securities Ltd. • 2025
Overview
Parth ran the cement sector channel checks at IDBI Capital largely on his own, building a network of dealer contacts across North, South, West, and East India from scratch.
The Story
Parth ran the cement sector channel checks at IDBI Capital largely on his own, building a network of dealer contacts across North, South, West, and East India from scratch.
The early days required creative problem-solving. For Eastern India, where he had no existing contacts, he enlisted a friend to visit dealers in Kolkata and collect on-the-ground price data for different cement brands, including Ambuja, UltraTech, and ACC. Parth then took that raw data and built the full analysis himself: tracking month-on-month price trends, mapping logistic costs, and assessing demand-supply gaps across regions.
The analysis surfaced a clear pattern: certain players held distinct pricing power in specific geographies. Shree Cement commanded pricing strength in Eastern India; Ambuja held it in Central India. Beyond individual company dynamics, the work also captured the broader consolidation trend underway in the sector, with two dominant players absorbing market share at pace.
These findings fed directly into research reports published for the buy-side investor base, giving them the regional pricing granularity needed to build more accurate projections for cement companies.