Cement volumes increased by 10.7% year over year (YoY) in January 2026 to 47.3 million metric tonnes (MT). For 10M FY2026, the volumes were 9.3% higher than the corresponding period of FY2025. ICRA expects cement volumes to grow by 7-8% in FY2027, followed by anticipated 8-9% growth in FY2026, supported by sustained demand from the housing and infrastructure sectors.  Average cement prices grew by 4% in January 2026 to Rs. 340/bag month-on-month (MoM). In 10M FY2026, the prices were up by 3% at Rs. 345/bag. In FY2025, cement prices declined by 7% YoY to Rs. 340/bag.

Exhibit: Monthly trend in cement volumes