Cement Operating Margins To Fall In FY27: Icra

03 Aug 2026 CW Team

Icra said operating margins for cement companies are likely to decline by one and a half to two and a half per cent in FY27 as input costs increase and petcoke and diesel price volatility intensifies amid West Asia uncertainty. It reported that average cement prices fell by around one per cent in June 2026 to Rs 345 per bag month?on?month, while in the first quarter of FY27 prices rose by around four per cent quarter?on?quarter to Rs 350 per bag. Prices remained two per cent lower than in the first quarter of FY26.

The report showed coal prices rose by about five per cent month?on?month to roughly USD 130 per tonne (t) in July 2026 and were up about six per cent year?on?year in the four months of FY27. Petcoke prices declined by about seven per cent month?on?month to Rs 15,000 per t in July, but the average stayed elevated at Rs 15,850 per t and was up thirty nine per cent year?on?year in the four months of FY27. Diesel increased by about nine per cent year?on?year to Rs 95 per litre in July.

A separate analysis by Crisil Ratings estimated that manufacturers could see operating margins soften by Rs 50?75 per t in the fiscal owing to higher input costs linked to the West Asia conflict. Crisil projected margins to moderate to around Rs 925?950 per t in FY27 from nearly Rs 1,000 per t in FY26. Its study covered 18 companies that represent roughly 90 per cent of domestic cement production capacity.

Despite the expected pressure on profitability, Crisil and Icra indicated that the sector's credit profile could remain stable given healthy balance sheets, steady operating cash flows and resilient domestic demand. The agencies cautioned that renewed geopolitical tensions could limit correction in petcoke prices and sustain input cost pressures. They also noted that cement prices could rise by one to three per cent during the fiscal after adjusting for the reduction in Goods and Services Tax rates.

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03 Aug 2026

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