Cement Industry

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 makers upbeat on Q2 sales, expect second half of FY26 to be better

Leading cement companies, buoyed by a high single-digit volume growth in the July-September quarter along with an increased sales realisation, expect a better performance in the second half of the current fiscal, betting big on the housing sector and the government's spending on key infra projects. Top five cement makers such as UltraTech, Ambuja Cement, Shree Cement, Dalmia Bharat and Nuvoco Vistas have reported up to 18 per cent growth in their revenue from operations in the second quarter ended September, backed by healthy sales realisations, benign costs and premiumisation. As prices of coal have declined and that of diesel stable on a year-to-year basis, even though the rate of petcoke increased, cement companies in their latest earnings calls said they expect a better performance in the second half (H2) of FY26, to be led by the individual home builders (IHB) segment in rural and urban areas, helped by factors such as a good monsoon and recent tax incentives and GST reforms by

Top cement companies post strong Q2 on better realisations, volumes

Low base, premium mix and new capacity supported gains

Rlys launches policy for bulk terminals to increase cement freight volumes

Streamlines freight rates for cement

Cement makers to invest ₹1.2 trillion over three years: Crisil Ratings

Capex during FY26-FY28 to be 50% higher than the previous three years; industry to add up to 170 MT of capacity amid strong demand, says Crisil Ratings

UltraTech Cement gears up for expansion plans and market share gains

UltraTech Cement's profit and margin rose sharply in Q2FY26 as demand, cost controls, and GST 2.0 reforms supported growth; firm eyes 235 mtpa capacity by FY29

UltraTech Cement Q2 profit jumps 75%; unveils ₹10,255-cr expansion plan

Revenue from operations rose 20.3 per cent YoY to ₹19,606.93 crore. Grey cement volumes grew 7.1 per cent YoY, while realisations improved 4.5 per cent

Cement maker ACC equity value sees sharp fall after Adani acquisition

ACC and Ambuja Cements were acquired by Adani group in September 2022 from LafargeHolcim Group.

Top Indian cement firms to post strong Q2 FY26 earnings amid higher volumes

Y-o-Y Ebitda per tonne rises sharply on better pricing and volume growth, while seasonal monsoon and GST cut temper quarterly gains across major cement firms

Cement prices to remain weak in coming qtrs despite demand: Elara Capital

Elara Capital cautions that the near-term pricing environment remains weak, with operating leverage and higher costs likely to weigh on profitability in Q2FY26 and potentially spill over into Q3FY26.

Cement sector operating profit to rise 12-18% in FY26, says Icra

Icra expects cement companies' FY26 operating profit to reach Rs 900-950 per tonne, with healthy demand, better realisations and GST cuts driving growth despite global crude risks

New GST rates: Tax relief for India's cement industry comes at a cost

GST rate cut on cement from 28% to 18% is expected to benefit cement companies in the medium term, though margins may face pressure in the near term as benefits are passed on to consumers

GST rate cut on cement to boost infrastructure and improve viability

Experts predict that the GST cut on cement from 28% to 18% will boost infrastructure project viability, encourage PPP participation, and enhance the sector's competitiveness

Cheaper cement, lower costs: GST cuts could revive affordable housing

GST Council has cut cement tax to 18% and reduced rates on key building materials, easing costs for developers and homebuyers. Experts say the move could revive affordable housing, fuel jobs

JSW Cement incurs loss of Rs 1,356 cr in Q1 FY26 due to exceptional item

JSW Cement reported a Q1 FY26 loss of Rs 1,356.17 crore due to a one-time CCPS conversion, even as revenue rose 7.77 per cent and operating Ebitda improved 39 per cent YoY

Cement prices rise sharply as fuel, gypsum costs continue to escalate

Cement prices have seen a sharp escalation in the current fiscal, following upward pressure from input fuel costs, particularly petroleum coke (petcoke), industry sources said. The all-India average cement price reached Rs 360 per 50-kg bag in May 2025, about 8 per cent higher year-on-year after a steep decline the previous year. While regional differences persist - with eastern India seeing the sharpest increases (Rs 20 a bag in West Bengal) and western markets rising by a modest Rs 3 - the trend across the country is clearly upward. May is the latest all-India data available. Sources said demand remains robust, growing 9 per cent in May to 39.6 tonnes, underpinned by housing and government-led infrastructure. Analysts forecast 6-7 per cent growth in FY2026 volumes to 480-485 tonnes. The strongest upward pressure is coming from fuel costs, particularly petroleum coke (petcoke), which constitutes over 50 per cent of the cement industry's fuel mix. In the spot market, international

Cement sector prospects on the mend, but valuations may be hurdle

Cement demand is driven by government projects in infrastructure and housing, a rural rebound, and industrial capex

JK Cement board approves ₹4,805 cr investment to add 7 MTPA capacity

JK Cement Ltd on Monday said its board has approved investments worth Rs 4,805 crore for greenfield expansion of a new cement line of 7 million tonnes per annum (MnTPA). This includes a clinkerisation unit of 4 MnTPA and cement grinding of 3 MnTPA at Jaisalmer, Rajasthan, and two split grinding units, each of 2 MnTPA capacity, in Rajasthan and in Punjab, according to a regulatory filing from the JK Organisation group firm. "The total proposed investment for the expansion is estimated at Rs 4,805 crores," it added. Earlier this year, JK Cement had completed the acquisition of majority stake in Jammu & Kashmir-based Saifco Cements. The company's grey cement capacity is 25.2 MTPA. It is also a leading global manufacturer of white cement, with a total white cement capacity of 1.12 MnTPA in India, and a wall putty capacity of 1.33 MnTPA.

UBS bullish on cement: Top picks Ambuja, UltraTech, Dalmia for FY26

UBS stays positive on cement sector, sees price recovery, margin gains, and consolidation ahead. Top stock picks for FY26 include Ambuja, UltraTech, Dalmia Cement

Ramco Cements eyes Rs 16K cr revenue in 5 years, launches Hard Worker brand

Ramco Cements aims for Rs 16,000 crore revenue in the next five years and launches the "Hard Worker" brand in construction chemicals, with a target to generate Rs 2,000 crore revenue in the segment.