Axis Securities projects cement demand to grow 7–8% in FY26, supported by infrastructure push and housing activity. Price recovery and margin improvement are expected in Q4 FY26 as peak season begins.
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Axis Securities Report
Axis Securities remains positive on the dynamics of the cement industry based on the following factors:
Demand Momentum
With demand projected to rise 6–8% CAGR over the next two years, fueled by infrastructure, housing, and commercial real estate, strong government spending through FY26–FY27 will further support volume growth.
Capacity Expansion
With large capex planned by FY27-28 and 100+ mtpa of new grinding capacity, India's cement industry is set for a major expansion, boosting capacity and supply chain efficiency.
Margin support
Industry consolidation, cost efficiencies, and operational improvements are set to boost margins over the medium term, even with seasonal fluctuations.
Policy tailwinds
Lower GST, increased infrastructure spending, and a revival in realty and rural housing create a favourable backdrop for long-term profits.
Top Picks:
Axis Securities remains positive on UltraTech Cement, Dalmia Bharat, and JK Lakshmi Cement as structural plays on India's infrastructure growth (
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