Indian Cement Volume to Grow 9% in FY26: Crisil

• Indian cement industry volume is projected to grow 8-9% in H2 FY26, driven by pent-up demand and improved liquidity.
• Crisil Intelligence forecasts a 250-300 bps growth in cement manufacturers' profitability this fiscal, with operating margins reaching 18-20%.
• Higher realization, stable costs, GST reduction, and premiumization are expected to boost industry margins.
• Pan-India cement prices are anticipated to remain stable at Rs 354-359 per 50 kg bag, with GST cut potentially lowering retail prices.
• Power and freight costs are expected to decrease, contributing to overall stable costs despite elevated raw material prices.

Why It Matters: Cement industry's strong growth forecast affects construction and investment outlook.