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CareEdge Research report highlights interesting findings about cement

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India’s cement production and consumption both grew by 11 per cent in FY23 (April-November) on a YoY basis, driven by the government’s push for infrastructure development and increased real estate activity, states the latest report by CareEdge Research. The EBITDA margins of cement players declined by almost 10 per cent YoY in H1FY23 due to an increase in power and fuel cost on the back of a sharp surge in coal prices. Limestone prices also escalated during H1FY23. There has been a 7 per cent YoY increase on an average in wholesale cement prices in H1FY23. While the prices have remained flattish in Q3, CareEdge expects an increase of about Rs. 15-20/50kg bag in Q4FY23, seasonally strongest quarter, to partially offset the inflationary pressure.
As per a quote by Tanvi Shah, Director, CareEdge Advisory and Research, the cement industry is expected to see a continued uptrend in volume growth in the near term. In FY23, the volume growth is expected to be around 8-9 per cent owing to renewed demand in the housing and infrastructure segment coupled with the government’s continued focus on infrastructure development in light of Centre elections in 2024. Despite the uptrend in consumption, the profitability of the cement players is expected to decline by 400-500bps in FY23 due to elevated power and fuel cost.

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Concrete

Wonder Cement appoints Mahesh Singh as VP Corporate Brand Communication 

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Singh brings 20+ years of brand and marketing experience, and will lead integrated corporate brand communication initiatives at Wonder Cement 

New Delhi

Wonder Cement, a leading cement manufacturer, has appointed Mahesh Singh as Vice President – Corporate Brand Communication. In his new role, he will oversee corporate brand strategy and communication, including digital and performance marketing, public relations, trade, events, exhibitions, sports and experiential marketing. 

Singh brings over two decades of experience across marketing and communications, with roles spanning the automotive industry, agencies and entrepreneurship. He spent more than a decade with Honda Motorcycle & Scooter India, working across integrated communication, media, digital, retail and consumer engagement. His stint also included helping build the company’s digital marketing capabilities. 

He moved to dentsu X India as Vice President – Strategy & Planning, working across categories such as automotive, auto components, electric vehicles, FMCG, consumer electronics, BFSI, apparel and brand consulting. His responsibilities included media and marketing strategy, product launches, content, performance marketing and consumer activations. 

Singh subsequently took an entrepreneurial route with Radiant Brands before joining Shriram Ltd (SPR Autotech) as Head – Marketing & Communications. There, his remit included brand and corporate strategy, communications, PR and ORM, retail identity, loyalty programmes and events. 

At Wonder Cement, Singh will be responsible for bringing together the company’s corporate brand communication initiatives across digital, performance marketing, PR, trade, sports and experiential platforms. The role will focus on creating an integrated approach to communication across consumers, trade partners and other key stakeholders. 

The appointment brings to Wonder Cement a marketer whose career has spanned the brand, agency and entrepreneurial sides of the communications ecosystem. 

Wonder Cement, part of the RK Group, is a cement manufacturer with roots in Rajasthan and a focus on quality, trust and transparency. The company has grown to six manufacturing plants, and a cement capacity of 21.5 MTPA. With more than 2,000 employees and a network of over 5,000 dealers, its operations span manufacturing, distribution and customer engagement, with a focus on consistent product quality and efficient execution. 

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Concrete

JSW Cement commissions additional 1 MTPA grinding unit in Rajasthan

The Nagaur expansion takes JSW Cement’s total grinding capacity to 25.10 MTPA.

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JSW Cement has commissioned an additional 1 million tonne per annum (MTPA) cement grinding unit at its Nagaur Integrated Plant in Rajasthan. The commissioning takes the company’s total cement grinding capacity to 25.10 MTPA. 
JSW Cement’s total clinker manufacturing capacity, including its joint venture JSW Cement FZC, now stands at 9.74 MTPA.
The company began operations in North India in March 2026 with the Nagaur Integrated Plant, comprising a 3.30 MTPA clinkerisation unit and a 2.50 MTPA cement grinding unit. With the latest expansion, the plant’s total grinding capacity has increased to 3.50 MTPA.
The additional capacity will cater to cement demand across Rajasthan, Haryana, Punjab and the National Capital Region (NCR). The expansion has been funded through a combination of equity and long-term debt.
During the quarter ended September 30, 2026, JSW Cement also commissioned an Alternate Fuel Handling System and a Waste Heat Recovery System (WHRS) at the Nagaur plant.
Nilesh Narwekar, CEO, JSW Cement, said the additional grinding capacity was a strategic priority for the company’s expansion in North India. He added that the Alternate Fuel Handling System and WHRS were expected to reduce production costs.

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JSW Cement Boards Approve Proposed Shiva Cement Merger

JSW Cement will issue five shares for every 41 Shiva Cement shares

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The Boards of Directors of JSW Cement and its listed subsidiary Shiva Cement have approved a scheme of arrangement for the amalgamation of Shiva Cement with and into JSW Cement. The proposed merger is intended to create a unified cement platform and generate operational, financial and management synergies.

The consolidation will pool the companies’ financial, managerial, technical, distribution and marketing resources. It will also support backward integration through Shiva Cement’s clinker facility, which is expected to reduce reliance on external procurement and improve supply chain efficiency.

The companies said the transaction would provide greater funding flexibility, reduce financing costs and eliminate inter-company guarantees. It is also expected to simplify the corporate structure by reducing administrative duplication, compliance requirements and consolidation efforts, while aligning the financial statements of both entities.

Under the approved share-exchange ratio, JSW Cement will issue five equity shares with a face value of Rs. 10 each for every 41 equity shares with a face value of Rs. 2 each held in Shiva Cement. The issuance will apply to Shiva Cement shareholders other than JSW Cement and will give the subsidiary’s public shareholders direct ownership in a larger listed company.

The scheme remains subject to approvals from the stock exchanges, the Securities and Exchange Board of India, the National Company Law Tribunal, the Odisha Industrial Infrastructure Development Corporation and other applicable statutory and regulatory authorities. Approval from the companies’ shareholders and creditors may also be required under applicable laws or directions from the tribunal. The transaction is expected to be completed within 12 to 14 months, subject to the timely receipt of these approvals.

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