In December 2025, cement volumes increased by 13.5% YoY to 44.7 MMT, while 9M FY2026 volumes increased by 9.1% to 350.4 MMT. The growth is underpinned by continued traction in housing and pick-up in infrastructure demand, supported by Government capital expenditure (capex) in FY2026, following a slowdown in FY2025 due to the general elections.

Exhibit : Monthly trend in cement production volumes

Source: Office of Economic Advisor, Index of Core Industries