VP Cyclicals 2.0: Cement Industry Key Issues & Cyclicality

Hi Ashwini,

Star cement in the annual report has repeatedly mentioned proximity to Limestone quarries as a key component of their margins. Considering the positive outlook for Rural demand in the east, is this enough of a Moat for a small player like Star?

Or can biggies like Shree, Ultra tech simply reduce prices to dilute the margins of Star