A report by Nuvama Wealth Management said cement prices in India could rise by the end of March or early April 2026 as producers face higher input costs linked to crude oil. The report identified rising petroleum coke and packaging material costs as principal drivers of upward pressure on production expenses. Petroleum coke, a fuel used in cement manufacturing, rose by about 13 per tonne (t) in US dollar terms in February 2026, a change that could be passed on to buyers. Producers may adjust prices later in the quarter to protect margins.

Cement demand remained stable during February and March 2026, supported by ongoing construction and infrastructure activity, and earlier price increases on non-trade sales were largely reversed by the end of February. Retail prices remained broadly steady through March in most regions. The persistence of demand may allow firms to manage price adjustments rather than apply uniform increases. Market responses will vary by region and logistical cost pressures.

Nuvama said that stock performance of cement companies will likely be influenced by the path of cement prices and petroleum coke costs in the coming weeks. Rising input costs including crude linked fuels and packaging may squeeze profit margins and prompt firms to monitor pricing and demand closely. The balance between input inflation and end demand will determine whether companies absorb costs or transfer them to customers. Analysts will watch forthcoming quarterly results for evidence of margin pressure or successful cost pass through.

Government capital expenditure showed moderation, with overall capex declining 24 per cent year-on-year to around Rs 2 trillion (Rs 2 tn) in January 2026 and cumulative capex from April 2025 to January 2026 at about Rs 20 trillion (Rs 20 tn), up eight per cent year-on-year. The report noted that real estate launches fell 44 per cent year-on-year in January 2026, and overall healthy demand could still be offset by rising crude linked input costs that may push cement prices higher by late March or early April 2026.

Operational excellence in cement is no longer about producing more – it is about producing smarter, cleaner and more reliably, where cost per tonne meets carbon per tonne.

Operational excellence in cement has moved far beyond the old pursuit of ‘more tonne’. The new benchmark is smarter, cleaner, more reliable production, delivered with discipline across process, people and data. In an industry where energy can account for nearly 30 per cent of manufacturing cost, even marginal gains translate into meaningful value. As Dr SB Hegde, Professor, Jain College of Engineering & Technology, Hubli, and Visiting Professor, Pennsylvania State University, USA, puts it, “Operational excellence is no longer about producing more. It is about producing smarter, cleaner, more reliably, and more sustainably.”

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JSW Cement, part of the JSW Group, has begun production at a greenfield integrated cement plant in Nagaur, Rajasthan, marking its first such facility in north India. The company said this move raises its total cement grinding capacity to 24.1 million tonnes per annum (MTPA) and its clinker manufacturing capacity, including the joint venture, to nine point seven four MTPA. JSW Cement is described as one of India’s leading green cement producers and is positioned to expand its national presence.

The Nagaur integrated plant is equipped with a three point three zero MTPA clinkerisation unit and a two point five zero MTPA cement grinding unit, with an additional one point zero zero MTPA grinding unit under construction. The facility has been positioned to serve the high-growth markets of Rajasthan, Haryana, Punjab and the National Capital Region. The plant is intended to support construction and infrastructure demand across these nearby states.

The Nagaur unit was funded through a strategic mix of equity and long-term debt, with 8,000 mn from the fresh issue proceeds of the initial public offering (IPO) allocated specifically towards part-financing of the unit. Company executives indicated that the project was completed within 21 months and that the expansion advances the company towards its mid-term capacity target of 41.85 MTPA and its long-term vision of 60 MTPA. The commissioning was cited as an example of the company’s project execution capabilities.

The plant has been designed as a model of sustainable manufacturing and includes provisions for the co-processing of alternative fuels in the kiln to reduce fossil fuel use. The site features a seven km long overland belt conveyor to transport limestone from the mines, reducing road transport, and will soon include a 16 megawatt (MW) Waste Heat Recovery System to capture and reuse process heat, significantly lowering its carbon footprint. These measures are intended to reduce the environmental impact of transport and to lower the carbon intensity of cement production.