Cement demand in Q2 FY26 remained relatively subdued due to the early onset of monsoons, the festive season and flooding in several states.

(Photo Source: freepik) On Sep 22, 2025, the implementation of the GST rate cut (28% → 18%) on cement marked a remarkable move by the Indian Government, with the benefits successfully passed on to consumers in cooperation with companies. The rate cut is least likely to impact realizations or the industry’s top line. After a continuous correction from Q4 FY24 to Q2 FY25, prices have gradually improved each quarter.

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