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Nomura: Indian steel majors among best-positioned producers worldwide

The report highlights a compound annual growth rate (CAGR) of 4.8%

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India’s steel industry is set to expand significantly over the next few years, with plans to add around 23 million tonnes (MT) of crude steel capacity between FY24 and FY27, according to a report by Nomura.
As per the report, the industry is reflecting a compound annual growth rate (CAGR) of 4.8 per cent. The report noted that this growth target is in consistent with the industry’s long-term average growth from FY15 to FY24.
Despite this substantial increase in capacity, experts believe that the Indian steel sector is poised to enter a favorable phase.
“We estimate India’s steel industry will add approx. 23MT crude steel capacity over FY24-27F, at an implied 4.8 pc CAGR, in line with the FY15-24 long-term average” said the report.
The report noted that the steel majors JSW, JSPL, Tata Steel and ArcelorMittal & Nippon Steel should account for nearly 87 per cent of the ongoing capacity expansion. Although the report noted that significant capacity will come onstream over the next three years.
The JSW steel is set to add 7MT by FY28F at a 5 per cent CAGR over FY24-28F, according to the report. While the JSPL is set to add 6.3MT by FY27F at an 18 per cent CAGR over FY24- 27F.
The report also suggested that even under a conservative assumption of 6 per cent CAGR in steel demand through FY27 (compared to 7 per cent over the last five years), capacity additions are still expected to fall behind demand growth during this period. This could lead to an improvement in the domestic supply-demand balance, reducing the need for steel companies to rely on exports for volume growth.
“Improvement in domestic supply-demand fundamentals through FY27F would suggest reduced dependence on exports for volume growth” added the report.
India’s steel companies are well-positioned within the global metals sector, according to analysts. These companies benefit from operating at the lower end of the global cost curve, mainly due to lower labor costs. Additionally, India’s iron ore costs remain competitive compared to other countries, even for non-integrated steel producers.
The future expansion of India’s steel industry is expected to be driven largely by brownfield projects, where existing facilities are expanded or upgraded. Strong domestic demand is another factor that could help reduce the industry’s reliance on exports.
Over the past few years, India’s steel production has grown at a 6 per cent CAGR between 2019 and 2023, far outpacing China’s 1 per cent growth and the rest of the world’s 1 per cent decline. With these factors in place, Indian steel companies are seen as some of the best-positioned producers globally, offering significant growth potential in the coming years.
“We believe Indian steel majors are among the best-placed producers globally” the report noted.

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JK Lakshmi Cement Breaks Ground on Rs 110 bn Assam Plant

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The company launches Rs 110 bn Project Kamakshi in Assam, marking its Northeast entry with a 2.5 MTPA integrated cement plant.

New Delhi, 30 October 2026

JK Lakshmi Cement Ltd has broken ground on Project Kamakshi, an integrated cement manufacturing facility in Assam, marking its entry into India’s Northeast market. The company is investing Rs 110 billion in the project, including the mining lease, to strengthen its manufacturing footprint and serve growing regional cement demand.

The groundbreaking ceremony was held on 30 October 2026 at Umrangso village in Assam’s Dima Hasao district, in the presence of Assam Chief Minister Himanta Biswa Sarma.

The proposed facility will have an annual cement production capacity of 2.5 million tonnes, supported by a 1 million-tonne clinkerisation unit. Equipped with dedicated railway sidings, the plant is designed to facilitate efficient transportation of raw materials and finished cement across the Northeast.

Scheduled for completion by FY2029, Project Kamakshi is expected to generate employment opportunities for more than 2,000 people while strengthening the region’s industrial and economic development.

Vinita Singhania, Chairperson and Managing Director, JK Lakshmi Cement Ltd, said, “Project Kamakshi is the start of a long-term relationship with Assam and the wider North East. This is a region that is building fast, and it deserves quality cement made close to home. With this plant, we want to bring scale, jobs, and dependable supply to the region. At JK Lakshmi Cement, we believe that building a stronger India goes beyond infrastructure. It is also about growing together with the communities we serve.”

The integrated facility is expected to improve supply reliability, optimise logistics and reduce dependence on cement transported over long distances, positioning JK Lakshmi Cement to capitalise on infrastructure and construction growth across the Northeast.

The investment aligns with the company’s strategy of expanding into high-growth markets through greenfield projects. With its entry into Assam, JK Lakshmi Cement will extend its geographical presence beyond its established Northern, Western and Eastern markets.

The company also aims to align its future expansion with its long-term sustainability commitment to achieve net-zero emissions by 2047.

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Foundation is always product performance

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Pushp Raj Singh, Group President – Sales and Marketing, JK Cement, explains how brand loyalty is cultivated with superior product performance and consistent communication for a sustainable competitive advantage.

At JK Cement, branding is embedded in the business strategy, built into every customer touchpoint, and measured against outcomes that go well beyond awareness and reach. In this exclusive interview, Pushp Raj Singh, Group President – Sales and Marketing, JK Cement, brings clarity to what modern cement branding actually demands, while emphasising that the shift from commodity to brand begins not in advertising but in the consistency of experience that a contractor, dealer or homebuilder encounters every single time they interact with the product, the company and the people behind it.

How has branding evolved from being a support function to a strategic growth driver in the cement industry?
In a largely standardised category like cement, branding today is a strategic growth lever. It builds trust, drives preference and strengthens long-term loyalty.
For consumers, our brand provides confidence and assurance in building their homes. For our customers — including dealers, retailers, contractors and institutional partners — it creates market pull, credibility and stronger business relationships.
At JK Super Cement, branding is closely aligned with business strategy, ensuring that every touchpoint reinforces our promise of quality, reliability and BUILDing STRONG.

What are the key pillars that define a strong and differentiated cement brand today?
A strong cement brand today is built on five key pillars: consistent product quality, trust earned through performance, innovation, sustainability and customer engagement. While product performance remains fundamental, consumers increasingly value brands that provide technical support, both offline and online, and demonstrate responsible manufacturing. The ability to deliver a superior customer experience across every interaction is what truly differentiates a brand.

How do you balance product performance, trust, and emotional appeal in your
branding strategy?
The foundation is always product performance because trust is earned on the construction site. For us, product performance remains the starting point because trust in this category is earned on the construction site, project after project. A brand can only create lasting preference when its promise is consistently proven through quality, durability, and reliability.
At the same time, we recognise that people are not just buying cement; they are building homes, businesses, aspirations, and legacies. Our communication, therefore, goes beyond functional superiority to connect with the deeper emotional significance of building something that must stand strong for generations. This is where our positioning of “Build Strong” comes alive, not only as a product promise, but as a belief that reflects strength, confidence, and long-term value for every stakeholder in the construction ecosystem.
By combining performance-led credibility with emotionally resonant storytelling, we are able to build stronger relationships with our consumers & customers alike. Our communication reflects both functional excellence and the significance of creating structures that last for generations. This combination helps build deeper brand relationships with all stakeholders in the ecosystem.

What role does digital marketing play in influencing dealers, contractors and end consumers?
Digital marketing has become an essential engagement platform across the construction ecosystem. It enables us to educate customers, showcase product innovations, share technical knowledge and maintain continuous engagement with dealers, contractors, architects, engineers and homeowners. Digital channels also provide valuable insights into customer preferences helping us to deliver more relevant communication and improve the overall marketing effectiveness.

How do you measure the effectiveness and ROI of your branding initiatives?
We evaluate effectiveness through both business and brand metrics. We track indicators such as brand awareness & recall, recommendation, consideration engagement, channel participation and lead generation. More importantly, we assess how branding contributes to business outcomes including market penetration, dealer engagement, premium product adoption and customer loyalty.

How has consumer awareness changed the way cement brands communicate their value proposition?
Consumers are highly informed and research driven. They seek information about product performance, certifications, and application suitability before making purchase decisions. As a result, communication has become more transparent and educational. We simplify technical information to aide our customers in making an informed decision during their home building journey.

What challenges do cement manufacturers face in building brand loyalty in a largely commoditised market?
The biggest barrier to building loyalty is the conversation centred around price. While cement may often be viewed as a commodity, users continue to value consistency, reliability, technical support, and trusted relationships. Building loyalty requires delivering consistently superior product quality, technical services, and a consistent supply. Strong brands create confidence among their users that extends beyond the product itself.

What branding trends do you believe will shape the future of the cement industry over the next five years?
The future will be shaped by a digital-first engagement, sustainability-led storytelling, with a high focus on customer experience on ground. Along with strength, customers also expect brands to demonstrate transparency and environmental responsibility. We also see greater integration of technology across the construction ecosystem making digital engagement an important differentiator. Brands that combine product excellence with purpose and innovation will lead the industry.

-Kanika Mathur

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SAIL Posts Highest-Ever December Sales, FY26 Growth Strong

December volumes jump 37 per cent, momentum continues through April–December.

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Steel Authority of India (SAIL), a Maharatna central public sector enterprise and one of India’s largest steel producers, has recorded its highest-ever sales for the month of December, reflecting strong demand and improved operational performance.
According to provisional data, SAIL clocked sales of 2.1 million tonnes (MT) in December 2025, registering a robust growth of around 37 per cent compared with 1.5 MT sold in December 2024. This marks the company’s best performance for the month of December to date, with strong growth reported across product categories and sales channels, alongside a significant reduction in inventory levels.
The strong monthly performance was driven by a sharp focus on timely customer deliveries and enhanced market engagement. SAIL has also stepped up its branding and outreach initiatives in recent months, contributing to improved visibility and stronger customer connect in both retail and institutional segments.
The December showing helped SAIL sustain its growth momentum during the current financial year. Cumulative sales for the April–December 2025 period stood at 14.7 MT (provisional), reflecting a growth of about 17 per cent compared with 12.6 MT recorded during the corresponding period of the previous year.
In addition to solid performance in the domestic market, SAIL’s export volumes have also witnessed a significant increase, highlighting the company’s expanding global footprint and competitiveness in international markets. The improved export performance comes amid volatile global steel market conditions, underscoring SAIL’s ability to adapt and capitalise on emerging opportunities.
The sustained improvement in sales volumes reflects SAIL’s strengthened market presence, customer-centric approach and operational efficiencies. The record-breaking achievements across domestic and overseas markets reinforce the company’s position among India’s leading steel producers and are expected to further enhance its standing among major global steel players in the coming years.

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