New Delhi, Aug. 15 -- India's cement sector is expected to witness subdued volume growth in the second quarter of Financial Year 2026 (Q2FY26) due to seasonal weakness, but improving realisations are offering a silver lining, said a report by Nuvama.

The report added that while operating deleverage and higher expenses may pressure margins, softening fuel prices and ongoing cost-efficiency measures by industry players are likely to cushion the impact.

"We believe Q2FY26 will witness subdued volume growth on account of a seasonally weak quarter; however, improving realisations have brought cheer to the industry. The sequential dip in realisation and other expenses being higher on account of operating deleverage shall be somewhat negated b...