Tokyo Cement Company (Lanka) PLC (TKYO), Sri Lanka’s leading cement manufacturer, holds a dominant market position with a 31% share and a fully integrated supply chain. Backed by stable input costs, low interest rates, and a strong recovery in private construction, the company is poised for sustained volume-driven growth over the next two years. With expanding capacity of 4.0Mn MT, energy independence, and a growing preference for locally produced cement, Tokyo Cement is well positioned to capitalize on the construction sector’s revival. We maintain a BUY on TKYO(N) and TKYO(X) with target prices of LKR 112.50 and LKR 95.30, offering 29.9% and 33.3% upside respectively, supported by robust fundamentals and improving earnings visibility.