JM Financial's channel checks indicate a marginal decrease in pan-India cement prices in December 2025, with sharper declines in East and South India. Despite a projected low double-digit year-on-year demand growth for December 2025, sequential profitability gains are expected to be below historical levels due to increased input costs. A rebound in cement prices is anticipated from April 2026, with UltraTech Cement identified as JM Financial's top pick in the sector.