Cement production volumes increased by 9.3% on a year over year (YoY) basis in February 2026 to 45.9 million metric tonnes (MT). In 11M FY2026, the volumes were 9.2% higher than the corresponding period of FY2025. ICRA expects cement volumes to grow by 7-8% in FY2027, followed by an anticipated 8-9% growth in FY2026, supported by sustained demand from the housing and the infrastructure sectors.  Average cement prices grew by 1% in February 2026 to Rs. 340/bag on a month-on-month (MoM) basis. In 11M FY2026, prices increased by 2% to Rs. 345/bag. In FY2025, cement prices declined by 7% (YoY) to Rs. 340/bag.

Exhibit : Monthly trend in cement production volumes