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Cement
Cement demand in India tracks construction activity — infrastructure government spending, real estate, and industrial projects. India's per-capita cement consumption (~250 kg/year) is still well below China (~1,700 kg) and the global average (~550 kg), suggesting significant room for growth. The sector is consolidating: UltraTech, Adani (Ambuja + ACC), and Shree now control ~60% of capacity. Input costs — coal and petcoke for energy, limestone — determine margins.
Companies
11
Total Market Cap
₹8.24 L Cr
Median P/E
33.8
Median ROE
8.3%
Median Div Yld
0.44%
Top Company
UltraTech Cement Limited
Key Investment Themes
- ✓Government housing schemes (PM Awas Yojana) driving mass-market demand
- ✓Infrastructure capex — roads, railways, airports — needs massive cement
- ✓Sector consolidation improving pricing discipline
- ✓Green cement (blended, low-carbon) — regulatory push for sustainability
- ✓Capacity expansion to meet India's 400+ MTPA target by 2030
Key Risks to Watch
- ⚠Coal/petcoke price spikes compressing margins
- ⚠Regional overcapacity leading to price wars
- ⚠Real estate slowdown reducing demand
- ⚠High debt levels at some companies after capacity expansion
Industry breakdown
Construction Materials10 cos · ₹5.11 L Cr · 62.0%
Cement1 cos · ₹3.13 L Cr · 38.0%
Top companies in Cement
11 companies| # | Company | 30D | Market cap | P/E | ROE % | Rev YoY | Profit YoY |
|---|---|---|---|---|---|---|---|
| 1 | UltraTech Cement Limited ULTRACEMCO · Cement | ₹3.13 L Cr | 37.6 | 10.6% | +14.3% | +19.6% | |
| 2 | Grasim Industries Limited GRASIM · Construction Materials | ₹1.95 L Cr | 34.8 | 6.3% | +30.0% | +64.2% | |
| 3 | Ambuja Cements Limited AMBUJACEM · Construction Materials | ₹89,913 Cr | 20.4 | 8.3% | +17.9% | +25.5% | |
| 4 | SHREE CEMENT LIMITED SHREECEM · Construction Materials | ₹80,424 Cr | 49.7 | 15.8% | +7.1% | +42.6% | |
| 5 | JK Cement Limited JKCEMENT · Construction Materials | ₹37,695 Cr | 40.2 | 15.0% | — | — | |
| 6 | Dalmia Bharat Limited DALBHARAT · Construction Materials | ₹30,434 Cr | 33.8 | 6.5% | — | — | |
| 7 | ACC Limited ACC · Construction Materials | ₹21,930 Cr | 11.7 | 10.9% | — | — | |
| 8 | The Ramco Cements Limited RAMCOCEM · Construction Materials | ₹18,604 Cr | 29.5 | 9.0% | — | — | |
| 9 | JSW Cement Limited JSWCEMENT · Construction Materials | ₹15,626 Cr | 20.1 | -17.9% | — | — | |
| 10 | Nuvoco Vistas Corporation Limited NUVOCO · Construction Materials | ₹12,195 Cr | 31.6 | 3.7% | — | — | |
| 11 | The India Cements Limited INDIACEM · Construction Materials | ₹9,122 Cr | 101.4 | -0.7% | — | — |
P/E, ROE, YoY growth shown when available. YoY growth requires 2+ years of annual financials (top 200 companies refreshed weekly).