Religare Institutional Research believes that with the pick-up in cement prices and demand, most companies are likely to report sequential improvement in EBITDA/t for Q4FY14.

''Cement dispatches improved in Q4FY14, partly led by an uptick in demand (and a favourable base) in conjunction with a supply shock post-closure of the Binani plant and a brief shutdown of ACC's HP plant amid the busy season. Volumes for our cement universe are likely to grow 5% YoY (taking industry growth in FY14E to 3-4%), with large-caps ACC/Ambuja Cement/Ultatech growing at 2%/2%/7% YoY. Players based in North/West India have seen a sharper rebound in volumes, with SRCM/JKLC expected to clock 17%/8% growth, while south-based players continue to falter (ICEM at -1%).''

The broking firm expects ACC, Shree Cement and JK Lakshmi Cement to report the highest growth of Rs 320-450/t, with the sector average inching up Rs 150/t QoQ (margins +300bps). "Importantly, strong pricing (except in the south) and an uptick in demand are likely to bring an end to the earnings downgrade cycle. Buy Shree Cement & JK Lakshmi Cement,'' it opined.

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