In 5M FY2026, the volumes increased by 9% to 193 million MT on a YoY basis.

• Outlook: ICRA maintains a Stable outlook on the Indian cement sector.
• Cement volumes increased by 6% YoY in August 2025 to 35.6 million metric tonne (MT). In 5M FY2026, the volumes increased by 9% YoY to 193.0 million MT. ICRA expects cement volumes to grow by 6-7% YoY to 480-485 million MT in FY2026, backed by sustained demand from the housing and infrastructure sectors.

EXHIBIT 1: Monthly trend in cement volumes (in million MT)

Source: Office of Economic Advisor, Index of Core Industries