India Commodities: Broad Upcycle, Still Not One Trade

Revenue, EBITDA and PAT are positive; cement improved but margin still slipped.

Analyst memo

The prior note is marked to the substantially loaded Q1 tape. The upcycle is broad, but dispersion argues for a basket rather than one-factor exposure. The exhibit separates aggregate, median, sub-industry and coverage evidence.

The note this updates

India Commodities Update: The Dispersion Trade Got Stronger · June 30, 2026

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Executive Summary

On one aligned company cohort, Q1 revenue grew +16.9%, EBITDA grew +32.7% and PAT grew +49.2%; operating margin changed +2.33pp. The same-store aggregate compares with median-company revenue of +17.3% and median PAT of +30.6%. The Q1 FY2027 revenue-loaded coverage set contains 432 companies, or 87.1% of the sector's 496 classified names. Those reporters represented 97.0% of all loaded Q1 FY2026 revenue for that fixed universe. This is loaded analytical coverage, not regulatory filing completeness.

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