A recent report by Emkay Global Financial Services shows that the cement industry might witness moderate growth in volume at a Compound Annual Growth Rate (CAGR) of 7 per cent over FY20 to FY26. The growth in capacity is also estimated at a CAGR of 5 per cent. According to the report, the low estimated growth is due to the low utilisation of cement wherein only the top six players in the country have a 54 per cent market share. Another report by Anand Rathi states that the positive aspect of quarter four was higher rural demand in order to boost employment and complete last stage projects. Experts attribute the lockdown and slowed down construction rates for the low demand of cement.