Price pressure in Eastern India
New capacity additions in Eastern India may keep prices under pressure, as management acknowledged the region will remain a tight market.
ULTRACEMCO / Q1-FY24 / risks
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Material risks this quarter
medium
Volatile fuel costs
Petcoke prices are volatile; management noted a $15/ton spike in 10 days and uncertainty due to potential Chinese imports.
Post-election demand slowdown
Analyst raised concern about potential demand softening after general elections, similar to FY20 pattern. Management acknowledged it's possible but too early to assess.
Clinker capacity constraints
With cement utilization at 90%, clinker utilization is also above 90%, which could limit ability to meet demand if grinding capacity expands faster than clinker.