Concrete

India’s Steel Sector Ends 2025 Subdued, Eyes Gradual Revival

Demand pressures ease outlook, recovery expected to build in 2026.

Published

4 months ago

December 23, 2025

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India’s steel sector closed 2025 on a muted note, weighed down by slowing demand, margin pressure and weak export performance through much of the year. Flat steel producers faced the sharpest impact as softer demand from the automobile and consumer appliance segments, coupled with rising imports from Southeast Asia, limited any meaningful price recovery. In contrast, long steel products performed relatively better, supported by sustained government spending on infrastructure, although new capacity additions prevented prices from firming significantly.

Raw material markets remained volatile during the year, though domestic iron ore prices stayed relatively firm on the back of steady consumption. Met coke and scrap markets largely traded within a narrow range despite rising global coking coal prices. Across the value chain, capacity additions continued at both integrated and secondary steel mills, intensifying competition and further pressuring margins. Exports remained subdued for most of 2025 amid global price weakness and continued uncertainty around Carbon Border Adjustment Mechanism (CBAM) compliance.

Looking ahead, industry sentiment points to a gradual recovery in 2026, particularly after the first quarter. Policy clarity, continued infrastructure investment and stabilisation in housing and automobile demand are expected to support consumption, with overall steel demand projected to grow between 7 and 9 per cent. However, margins may remain under pressure in the early part of the year due to heightened competition and fluctuating raw material costs. Export prospects could improve modestly as international spreads strengthen, though CBAM-related compliance will remain a key determinant of long-term competitiveness.

Amid rising overcapacity concerns and an increasing focus on sustainability, steel producers are expected to step up investments in energy efficiency, scrap processing and green steel technologies. While 2025 ends cautiously for the sector, a more constructive outlook is emerging for 2026, driven by policy support, demand recovery and strategic shifts across the steel value chain.

Meanwhile, the coal sector is also preparing for structural change, with the proposed coal exchange likely to be launched in early 2026 following the release of draft regulations and the appointment of the Coal Controller Organisation as the regulator.

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Concrete

UltraTech Cement FY26 PAT Crosses Rs 80 bn

Company reports record sales, profit and 200 MTPA capacity milestone

Published

1 day ago

April 29, 2026

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UltraTech Cement reported record financial performance for Q4 and FY26, supported by strong volumes, higher profitability and improved cost efficiency. Consolidated net sales for Q4 FY26 rose 12 per cent year-on-year to Rs 254.67 billion, while PBIDT increased 20 per cent to Rs 56.88 billion. PAT, excluding exceptional items, grew 21 per cent to Rs 30.11 billion.

For FY26, consolidated net sales stood at Rs 873.84 billion, up 17 per cent from Rs 749.36 billion in FY25. PBIDT rose 32 per cent to Rs 175.98 billion, while PAT increased 36 per cent to Rs 83.05 billion, crossing the Rs 80 billion mark for the first time.

India grey cement volumes reached 42.41 million tonnes in Q4 FY26, up 9.3 per cent year-on-year, with capacity utilisation at 89 per cent. Full-year India grey cement volumes stood at 145 million tonnes. Energy costs declined 3 per cent, aided by a higher green power mix of 43 per cent in Q4.

The company’s domestic grey cement capacity has crossed 200 MTPA, reaching 200.1 MTPA, while global capacity stands at 205.5 MTPA. UltraTech also recommended a special dividend of Rs 2.40 billion per share value basis equivalent to Rs 240.

Concrete

Towards Mega Batching

Optimised batching can drive overall efficiencies in large projects.

Published

2 days ago

April 28, 2026

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India’s pace of infrastructure development is pushing the construction sector to work at a significantly higher scale than previously. Tight deadlines necessitate eliminating concreting delays, especially in large and mega projects, which, in turn, imply installing the right batching plant and ensuring batching is efficient. CW explores these steps as well as the gaps in India’s batching plant market.

Choose well

Large-scale infrastructure and building projects typically involve concrete consumption exceeding 30,000-50,000 cum per annum or demand continuous, high-volume pours within compressed timelines, according to Rahul R Wadhai, DGM – Quality, Tata Projects.

Considering the daily need for concrete, “large-scale concreting involves pouring more than 1,000–2,000 cum per day while mega projects involve more than 3,000 cum per day,” says Satish R Vachhani, Advanced Concrete & Construction Consultant…

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Concrete

Andhra Offers Discom Licences To Private Firms Outside Power Sector

Policy allows firms over 300 MW to seek distribution licences

Published

3 days ago

April 27, 2026

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The Andhra Pradesh government will allow private firms that require more than 300 megawatt (MW) of power to apply for distribution licences, making the state the first to extend such licences beyond the power sector. The policy targets information technology, pharmaceuticals, steel and data centres and aims to reduce reliance on state utilities as demand rises for artificial intelligence infrastructure.

Approved applicants will be able to procure electricity directly from generators through power purchase agreements, a change officials said will create more competitive tariffs and reduce supply risk. Licence holders will use the Andhra Pradesh Transmission Company (APTRANSCO) network on payment of charges and will not need a separate distribution network initially.

Licences will be granted under the Electricity Act, 2003 framework, with the Central and State electricity regulators retaining authority over terms and approvals. The recent Electricity (Amendment) Bill, 2025 sought to lower entry barriers, enable network sharing and encourage competition, while the state commission will set floor and ceiling tariffs where multiple discoms operate.

Industry players and original equipment manufacturers welcomed the policy, saying competitive supply is vital for large data centre investments. Major projects and partnerships such as those involving Adani and Google, Brookfield and Reliance, and Meta and Sify Technologies are expected to benefit as capacity expands in the state.

Analysts noted India’s data centre capacity is forecast to reach 10 gigawatts (GW) by 2030 and cited International Energy Agency estimates that global data centre electricity consumption could approach 945 terawatt hours by the same year. A one GW data centre needs an equivalent power allocation and one point five times the water, which authorities equated to 150 billion litres (150 bn litres).

Advisers warned that distribution licences will require close regulation and monitoring to prevent misuse and to ensure tariffs and supply obligations are met. Officials said the policy aims to balance investor requirements with regulatory oversight and could serve as a model for other states.