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Monday, December 01, 2025 | 11:41 PM ISTहिंदी में पढें
Near-term margins for cement companies to remain under pressure
Weak Q3 pricing persists despite Y-o-Y profit gains, as aggressive capacity expansion overshadows near-term demand
 "Cement industry")
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Capacity expansions amidst weak pricing and weak demand may be unusual, but obviously cement players are betting on a long-term trend of demand growth. Construction activity may pick up across regions in Q4FY26.
The projections in the cement industry are mixed. Prices and demand remained muted in the third quarter (October & November) and short term uptick doesn’t seem likely.
However, the second quarter of the financial year 2026 (Q2FY26) was good year-on-year (Y-o-Y) for many cement majors aided by base effect, and some analysts expect acceleration in earnings and volume in the next financial year, again aided by base effect.
November was weak, and price recovery is likely to be muted due to aggressive market share strategies by large firms and supply increases as new capacities come online.
Higher petcoke costs and
