Cement volumes increased by 5% YoY in September 2025 to 35.8 million metric tonnes (MT). In H1 FY2026, the volumes increased by 8% YoY to 228.9 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.
- Average cement prices increased by 2% YoY in September 2025 to Rs. 341/bag. In H1 FY2026, the prices were up 6% YoY at Rs. 346/bag, while it declined by 3% on a QoQ basis on account of monsoons and festive disruptions.
- In October 2025, coal prices declined by 17% YoY to $108/MT and petcoke prices increased by 18% YoY at Rs. 12,000/MT. Diesel prices were stable at Rs. 88/litre on a YoY basis.
EXHIBIT : Monthly trend in cement volumes (in million MT)
Source: Office of Economic Advisor, Index of Core Industries
