Dalmia Bharat, one of India's top cement manufacturers, released its Q2 results, which were slightly below market expectations.

Despite a challenging environment for infrastructure and housing activities, the company saw an 8% year-on-year increase in volumes.

However, margins were negatively affected by a weak pricing landscape, with cement prices declining by 5-7% during the monsoon season.

The quarterly performance was mainly driven by improved realizations, but the near-term growth prospects remain subdued.

Power and fuel prices have stabilized, and the company aims to achieve a capacity of 75 million tonnes by FY28.

Medium-term triggers include potential benefits from China plus initiatives and protectionist measures impacting the tire industry.

Although valuations are not considered cheap, the outlook for the medium term seems to be improving.