Research Report

Cement production volumes increased by 12.5% Year-on-Year (YoY) in August 2026 to 39.7 million metric tonnes (MT) and by 10.3% in 5M FY2027 to 212.1 million MT. In FY2026, volumes were 8.6% higher than FY2025. ICRA expects cement volume growth to moderate to 6-7% in FY2027 on a higher base (especially in H2 FY2026). While a below-normal monsoon and El Nino conditions could weigh on rural incomes and housing demand, overall growth will remain dependent on infrastructure spending and housing activity.

Exhibit : Monthly trend in cement production volumes