Concrete

ICRA Sees Steady Cement Demand Growth Ahead

Volumes seen rising 6–7 per cent in FY27 on infra push

Published

9 months ago

January 2, 2026

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India’s cement industry is expected to record steady growth over the coming years, with cement volumes projected to expand by 6–7 per cent in FY27, supported by sustained demand from the housing and infrastructure sectors, according to a report by rating agency ICRA.

The agency said the sector is likely to maintain healthy momentum after registering growth of 6.5–7.5 per cent in FY26, despite a higher base in the second half of FY25. Cement demand remained strong in the current financial year, with volumes increasing by 8.5 per cent during the first eight months of FY26, driven by robust construction activity across regions.

ICRA expects demand to strengthen further in the second half of FY26 as construction activity accelerates after the monsoon. Continued government focus on infrastructure spending and the possibility of a reduction in goods and services tax on cement are also expected to support demand through FY26 and FY27.

Against this favourable demand backdrop, cement manufacturers are continuing to expand capacity through both organic and inorganic routes to strengthen their market positions. The industry is estimated to add 85–90 million tonnes per annum of capacity during FY26–FY27, including around 43–45 million tonnes per annum in FY26 and a further 42–44 million tonnes per annum in FY27.

Commenting on the outlook, Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings at ICRA, said sector profitability is expected to improve significantly in FY26, supported by better pricing and higher volumes. Operating profit before interest, depreciation, tax and amortisation per tonne is projected to rise to around Rs 900–950 per tonne in FY26, compared with Rs 810 per tonne in FY25.

However, ICRA expects some moderation in earnings in FY27 due to rising input costs. Operating profit per tonne is estimated at Rs 880–930 in FY27, as costs related to pet coke and freight are likely to increase and remain influenced by global crude oil prices and geopolitical developments.

On a regional basis, North and Central India are expected to report capacity utilisation levels above the national average, while the southern region may continue to see relatively moderate utilisation due to existing capacity overhang. ICRA noted that recent merger and acquisition activity in the southern market has helped large players strengthen their regional and pan-India presence.

Overall capacity utilisation for the cement industry is projected to remain stable at around 70–71 per cent in FY27, broadly in line with FY26 levels, albeit on an expanded capacity base.

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Concrete

JSW Cement Commissions 1 MTPA Unit in Rajasthan

Rajasthan grinding capacity rises to 3.50 MTPA after commissioning

Published

4 hours ago

October 9, 2026

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JSW Cement has commissioned an additional 1 MTPA cement grinding unit in Nagaur, Rajasthan, taking the company’s total cement grinding capacity to 25.1 MTPA. The commissioning was announced on Tuesday, October 6.

The company said the new unit had increased the total cement grinding capacity at its Rajasthan plant to 3.50 MTPA. The expansion adds to JSW Cement’s production infrastructure as it continues to build capacity across its operating network.

The company’s total clinker manufacturing capacity, including capacity at its joint venture JSW Cement FZC, stands at 9.74 MTPA. Clinker is an intermediate material used in cement production, and its availability supports the company’s grinding operations.

JSW Cement is also pursuing a proposed merger of its listed subsidiary Shiva Cement with the company. The scheme, approved by the boards of the respective companies, involves issuing five fully paid-up JSW Cement equity shares for every 41 shares held by Shiva Cement shareholders other than JSW Cement.

The arrangement remains subject to shareholder and regulatory approvals. JSW Cement currently holds 66.23 per cent of Shiva Cement’s paid-up equity share capital, and the shares held by JSW Cement in the subsidiary will be cancelled under the proposal without any issue of JSW Cement shares against that holding.

The scheme has an appointed date of April 1, 2026, and the company has indicated that completion could take 12 to 14 months, depending on the receipt of approvals. These include clearances from stock exchanges, the Securities and Exchange Board of India, the National Company Law Tribunal and other applicable authorities, along with approvals from shareholders and creditors where required. JSW Cement shares closed at Rs. 113.15 on the BSE, up Rs. 2.05, or 1.85 per cent.

Concrete

Wonder Cement appoints Mahesh Singh as VP Corporate Brand Communication

Published

11 hours ago

October 9, 2026

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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.

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.

Published

1 day ago

October 8, 2026

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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.