Displaying items by tag: India

India: Leading cement producers have broadly reported ‘strong’ performances in the three months to 30 June 2025, driven by increased government spending on key infrastructure projects. They expect their bottom lines to continue to rise in the rest of the 2026 financial year (FY2026), which ends on 31 March 2026, with coal and petcoke prices expected to remain at a lower level than in FY2025.

UltraTech Cement reported 10% growth in its cement sales volumes in the first quarter of FY2026, to 36.8Mt, helped by acquisitions of India Cements and the cement business of Kesoram Industries. Adani Group subsidiary Ambuja Cements also reported its highest-ever sales volumes, of 18.4Mt. Birla Corporation’s sales volumes rose by 9% per cent to 4.8Mt, while Nirma Group subsidiary Nuvoco Vistas reported sales volumes of 5.1Mt.

However, some companies, including Shree Cement, saw their volumes decline due to geopolitical tensions in the North of India. Dalmia Bharat's sales volumes fell by 6% to 7.4Mt, impacted by the discontinuation of tolling volumes from Jaypee Cement, while Ramco Cements reported a 7% decline due to early monsoon rains in Kerala.

In the near-term future, demand is expected to be flat in the second quarter of FY2026 due to the monsoon season. However, companies anticipate growth in the third and fourth quarters of the year, with volumes growth of around 7% anticipated across the whole of FY2026.

India: JK Cement’s board has approved greenfield expansions totalling 7Mt/yr. The projects include a 4Mt/yr clinker line and 3Mt/yr grinding plant at Jaisalmer, Rajasthan, and two split grinding units of 2Mt/yr each in Rajasthan and Punjab. The investment is estimated at US$549m.

India: JSW Cement plans to triple its production capacity. Managing director Parth Jindal said that the company has a current production capacity of 20Mt/yr and sufficient resources to scale up organically. Internal accruals will fund expansion to 42Mt/yr, with a qualified institutional placement or follow-on offerings considered for further expansion or acquisitions.

Jindal said that the company’s primary route will be organic growth, but that it remains open to acquisitions if strategic opportunities arise. He added that India’s cement industry is expected to grow by 6–7% in the 2026 financial year, driven by increased government infrastructure spending.

India: Star Cement reported a standalone net profit of US$2.76m in the first quarter of the 2026 financial year from April - June 2025, compared to a net loss of US$1.50m in the same period in 2024. Sales rose by 13% to US$62.15m from US$54.81m. Operating profit rose by 401% to US$11.44m from US$2.28m previously.

India: The first freight train has arrived in Kashmir carrying 1400t of cement from Rupnagar, Punjab, according to the Times of India newspaper. The 21-wagon train covered 600km in under 18 hours, hauled by an electric WAG-9 locomotive. Northern Railways said the arrival demonstrates the capability of the Chenab and Anji bridges and will enable faster bulk movement of supplies to the region. Officials said the service will improve supply chains, decrease transport costs and boost industrial activity to support infrastructure projects.

India: The Competition Commission of India (CCI) has approved the 100% acquisition of Jaiprakash Associates by Dalmia Cement (Bharat). The transaction is part of a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016.

Dalmia Cement (Bharat) is a wholly owned subsidiary of Dalmia Bharat, the ultimate parent of the Dalmia Bharat Group.

India: JSW Cement has priced its US$409m initial public offering (IPO) between US$1.58 - US$1.67/share. The company will allocate US$91m to partly fund a new integrated cement facility in Nagaur, Rajasthan and US$59.2m for repayment or prepayment of existing borrowings, according to Mint news. The remaining funds will be used for general corporate expenditures.

India: Ambuja Cements consolidated revenue rose by 23% year-on-year to US$1.17bn in the first quarter of its 2026 financial year (FY2026), from US$0.96bn in the same period in the 2025 year. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 53% to US$223m in the period to 30 June 2025 from US$146m previously. Sales volumes of cement increased by 20% to 18.4Mt from 15.3Mt.

Vinod Bahety, the CEO of Ambuja Cements, said: “Our first quarter results are more than numbers - they reflect a vibrant mood, a transformation narrative rooted in speed, scale and sustainability.” He added, “As we march towards 140Mt/yr ecosystem by FY2028, we remain focused on reimagining cement as a solutions-driven customer-centric business.” The company says it currently has a cement production capacity of 105Mt/yr. It is working towards increasing this to 118Mt/yr by March 2026.

India: Pradeep Mehta has resigned as the chief financial officer (CFO) of Saurashtra Cement due to personal reasons. He previously worked as the CFO for Garware Hi-Tech Films and Arihant Superstructures from 2017 to 2024. Before this, he held managerial financial roles for companies including Essar Steel, Grassim Industry’s Birla White cement plant in Kharia Khangar, Jindal Steel and Power and Mabati Rolling Mills. He holds an undergraduate degree in mathematics from the University of Ajmer and is a registered chartered accountant with the Institute of Chartered Accountants of India.

India: Cement production rose by 8% year-on-year across India in the first quarter of the 2026 Fiscal Year (FY2026), which ran from 1 April 2025 to 30 June 2025, according to ratings agency ICRA. Production rose to 120Mt for the three-month period, with June 2025 volumes 9% higher year-on-year than June 2024 at 41.3Mt. ICRA anticipates that volumes will grow by 6 - 7% year-on-year in FY2026, supported by sustained demand from the housing and infrastructure sectors. If realised, this would mean production of 480 - 485Mt in FY2026.