Sector Snapshot · Cement & Cement Products

India's Cement Industry Builds for a Bigger Future

A fast-read primer on India's cement sector — the backdrop against which we benchmark every company's cost structure in this category.

World's largest cement producer ranking

443.2 MT

Cement production, FY26 (Apr-Feb), +9.2% YoY

450.78 MT

Projected cement demand by FY27

8-9%

Cement demand CAGR through FY26

98%

Share of capacity held by the private sector

Production Is Climbing With Infrastructure Demand

Output is rising steadily, and the top players are consolidating share as capacity expands.

Cement Production (million tonnes)

FY25 → FY26 estimate

453 MT

FY25

490 MT

FY26E

Top-4 Producer Market Share

FY23 → FY26 estimate

48%

FY23

54%

FY26E

What's Pushing the Sector Forward

Government capex, industry consolidation, and rising investment are the key drivers.

Robust Demand

Operating profit expected to rise 12-18% to Rs900-950/MT in FY26
Cement demand to grow at 7-8% CAGR through FY27

Rising Investment

Cement makers plan ~Rs1.25 lakh crore capex, FY25-27
FDI inflows of Rs52,266.94cr since April 2000

Structural Advantage

98% of capacity is held by the private sector
85% of manufacturing is concentrated across six states

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ India's cement production reached 443.2 million tonnes in FY26 (Apr-Feb), up 9.2% YoY.
→ Union Budget 2026-27 allocated a record Rs 12.2 lakh crore (US$138bn) to infrastructure capex.
→ Indian Railways approved Rs 1.53 lakh crore of projects across 6,000+ km, adding to cement demand.
→ The top four cement producers' combined market share is set to rise from 48% (FY23) to ~54% by FY26.
→ Industry capacity is projected to reach 850 million tonnes/annum by 2030, and 1,350 Mtpa by 2050.
→ The government's infrastructure push, including the Mumbai-Ahmedabad Bullet Train Corridor, is a major demand driver.

Companies We Benchmark in This Sector

Listed Indian Cement & Cement Products companies in tDoBe's cost-benchmarking coverage.

UltraTech Cement

Grasim Industries

Ambuja Cements

Shree Cement

J K Cements

Dalmia Bharat Ltd

ACC

The Ramco Cements

JSW Cement

Nuvoco Vistas

India Cements

Star Cement

JK Lakshmi Cement

Birla Corporation

Prism Johnson

Heidelberg Cement

Orient Cement

Mangalam Cement

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Cement & Cement Products Report