India’s Cement Industry in FY26
India’s cement industry plays a vital role in infrastructure and housing growth, contributing significantly to the nation’s GDP. As one of the world’s largest cement producers, the industry reflects the pace of construction demand, government infrastructure projects, and housing expansion.
The Q1 FY26 (April–June 2025) financial performance of leading cement players—UltraTech Cement, ACC, Ambuja, Shree Cement, JK Cement, and India Cements—shows a diverse mix of growth, profitability, and challenges.
Cement Companies Q1 FY26 Financial Highlights
S. No. | Brands | Revenue from operations | Net Profit (PBT) | ||||
Q1 2025-26 | Q1 2024-25 | YOY% Change | Q1 2025-26 | Q1 2024-25 | YOY% Change | ||
1 | ULTRATECH CEMENT LTD. | 19,635.26 | 18,281.43 | 7.41% | 3,011.16 | 1,872.18 | 60.84% |
2 | ACC LTD. | 6,014.71 | 5,113.72 | 17.62% | 573.96 | 492.51 | 16.54% |
3 | AMBUJA CEMENTS LTD. | 5,520.86 | 4,538.26 | 21.65% | 1,065.60 | 763.18 | 39.63% |
4 | SHREE CEMENT LTD. | 4,947.98 | 4,834.69 | 2.34% | 833.14 | 350.84 | 137.47% |
5 | J.K.CEMENT LTD. | 3,149.82 | 2,643.09 | 19.17% | 501.17 | 291.77 | 71.77% |
6 | INDIA CEMENTS LTD | 1,024.63 | 971.53 | 5.47% | -16.24 | 78.29 | -120.74% |
UltraTech Cement Ltd. – Strong Growth in Profits
Revenue Performance
UltraTech Cement, India’s largest cement maker, reported Revenue from Operations of ₹19,635.26 Crores, up 7.41% YoY from ₹18,281.43 Crores. This indicates steady demand in both urban and rural housing, as well as government-led infrastructure projects.
Net Profit (PBT) Growth
UltraTech recorded a Net Profit of ₹3,011.16 Crores, a 60.84% YoY surge compared to ₹1,872.18 Crores last year. This robust profitability reflects operational efficiency, strong demand, and cost management.
ACC Ltd. – Consistent Revenue & Profit Growth
Revenue Performance
ACC posted Revenue of ₹6,014.71 Crores, a 17.62% increase from ₹5,113.72 Crores. The growth demonstrates ACC’s strong presence in premium cement and increasing distribution reach.
Net Profit Performance
The company’s Net Profit rose to ₹573.96 Crores, marking a 16.54% YoY increase from ₹492.51 Crores. Despite competitive pressures, ACC maintained healthy margins.
Ambuja Cements Ltd. – Solid Revenue Expansion
Revenue Performance
Ambuja Cements reported Revenue of ₹5,520.86 Crores, up 21.65% YoY from ₹4,538.26 Crores. This strong growth reflects demand recovery and expansion in retail markets.
Net Profit Performance
Ambuja’s Net Profit jumped to ₹1,065.60 Crores, a 39.63% increase from ₹763.18 Crores last year. The company’s focus on operational efficiency helped improve profitability.
Shree Cement Ltd. – Record-Breaking Profit Surge
Revenue Performance
Shree Cement’s Revenue stood at ₹4,947.98 Crores, showing a modest 2.34% growth compared to ₹4,834.69 Crores last year.
Net Profit Performance
However, its Net Profit soared to ₹833.14 Crores, a staggering 137.47% YoY growth from ₹350.84 Crores. This massive jump highlights strong margin improvements and better cost control.
J.K. Cement Ltd. – Strong Double-Digit Growth
Revenue Performance
J.K. Cement reported Revenue of ₹3,149.82 Crores, a 19.17% YoY increase from ₹2,643.09 Crores. Expansion in northern and western India supported revenue growth.
Net Profit Performance
Its Net Profit rose sharply to ₹501.17 Crores, up 71.77% from ₹291.77 Crores last year, reflecting enhanced efficiency and sales performance.
India Cements Ltd. – Struggling with Losses
Revenue Performance
India Cements reported Revenue of ₹1,024.63 Crores, a 5.47% YoY growth from ₹971.53 Crores.
Net Profit Performance
However, the company posted a loss of ₹16.24 Crores, compared to a profit of ₹78.29 Crores in Q1 FY25. This -120.74% drop in profitability highlights operational challenges and rising input costs.
Comparative Performance Analysis (Revenue vs. Profit)
Revenue Growth Comparison
UltraTech Cement: +7.41%
ACC Ltd.: +17.62%
Ambuja Cements: +21.65%
Shree Cement: +2.34%
J.K. Cement: +19.17%
India Cements: +5.47%
Net Profit Growth Comparison
UltraTech Cement: +60.84%
ACC Ltd.: +16.54%
Ambuja Cements: +39.63%
Shree Cement: +137.47%
J.K. Cement: +71.77%
India Cements: -120.74% (loss)
The standout performer is Shree Cement in terms of profit growth, while Ambuja and ACC delivered strong revenue growth. On the other hand, India Cements struggled with profitability despite modest revenue gains.
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Key Trends Shaping India’s Cement Sector
Rising Construction Demand
Government spending on infrastructure and affordable housing schemes continues to fuel cement demand.
Profitability Challenges from Input Costs
Energy and raw material costs remain a pressure point, affecting margins across companies.
Strategic Expansions & Operational Efficiency
Leaders like UltraTech and Shree Cement are leveraging scale, efficiency, and technology-driven operations to maintain profitability.
Investment Takeaways for Stakeholders
Strong Bets: Shree Cement, UltraTech Cement, and J.K. Cement due to high profit growth.
Stable Performers: ACC and Ambuja for consistent revenue expansion.
Risk Zone: India Cements, given its losses despite revenue growth.
Future Outlook – India’s Cement Industry FY26
The outlook for FY26 remains positive, supported by:
Expanding real estate demand
Infrastructure projects (roads, metro, airports)
Government push for housing development
If companies manage input costs effectively, the sector will continue to deliver healthy growth.
Conclusion – Mixed but Promising Growth Path
The Top Cement Companies Q1 FY26 Performance Report showcases a mixed trend:
Shree Cement, UltraTech, and J.K. Cement delivered exceptional profit growth.
ACC and Ambuja maintained consistent revenue expansion with stable profitability.
India Cements faced losses, signaling operational and cost challenges.
Overall, the cement industry remains resilient, supported by infrastructure growth, housing demand, and government projects. The future outlook is promising, making the sector a key pillar of India’s economic growth.
