The Indian cement industry is poised for a 6-7% year-on-year growth in volumes for the fiscal year 2025-26 (FY2026), according to a recent report by credit rating agency ICRA. This optimistic projection is underpinned by sustained demand from the housing and infrastructure sectors, bolstered by government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) and increased capital expenditure in infrastructure projects.​

ICRA’s analysis indicates that the industry’s capacity utilization is expected to improve modestly, reaching approximately 71% in FY2025, up from 70% in FY2024. This uptick is attributed to the anticipated increase in cement volumes, despite the industry’s ongoing capacity expansions....readmore