ICRA expects operating margins of cement companies to decline by 1.5–2.5 per cent in FY27 as higher input costs and volatility in petcoke and diesel prices weigh on profitability. Average cement prices fell to ₹345 per bag in June 2026, while coal, petcoke and diesel remained elevated. CRISIL Ratings separately expects margins to soften by ₹50–75 per tonne to around ₹925–950 per tonne. Despite cost pressures, sector credit profiles are expected to remain stable across the sector. 

Contact: ICRA

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