Moody’s Sees Cement Sector Growth Fuelled by M&As

28 May 2025 CW Team

India’s cement sector is expected to see greater consolidation as demand grows steadily, according to Moody’s Ratings. Larger companies are acquiring smaller regional players to increase capacity and maintain competitiveness.

In the past five years, the top ten cement firms have acquired about 140 million metric tonnes per annum (MMTPA) of capacity, worth Rs 890 billion. This trend is likely to continue, with UltraTech and Ambuja leading further mergers and acquisitions, especially targeting lower-profitability regional producers.

South India remains the most exposed to consolidation, with over 200 MMTPA capacity and a high number of smaller firms, ahead of the North and East, which have about 150 MMTPA each.

Moody’s projects a compound annual growth rate of six to seven per cent in cement consumption until 2030, driven by housing and infrastructure needs. The industry is expected to boost capacity by one-third over five years. UltraTech and Ambuja will contribute 30 per cent of the 200 MMTPA planned increase by financial year 2028, followed by Shree Cement and Dalmia Bharat at 25 per cent.

Despite risks such as fuel import dependency and mining taxes, the sector is expected to remain strong, supported by consolidation and robust demand.

Source: KNN Bureau

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