Cement production volumes increased by 4.0% on a year over year (YoY) basis in March 2026 to 48.4 million metric tonnes (MT), on a high base. In FY2026, the volumes were 8.6% higher than the corresponding period of FY2025. ICRA expects cement volumes to grow by 7-8% in FY2027, supported by sustained demand from the housing and the infrastructure sectors. Average cement prices remained flat in March 2026 at Rs. 340/bag on a month-on-month (MoM) basis. In FY2026, prices increased by 2% to Rs. 345/bag on year-on-year (YoY) basis.

Exhibit : Monthly trend in cement production volumes