UBS Securities bets on 3 cement stocks with up to 25% upside potential

UBS Securities picked Ambuja Cement, UltraTech, and Dalmia Bharat as top buys, citing demand recovery, lower costs, and reforms. Despite Q1 volumes missing estimates with just 3% growth, UBS expects strong EBITDA in Q2 and maintains a 78% FY26 growth outlook.