Cement's domestic pivot amid rising risks 

While persistent friction at the northern borders continues to hamper export logistics, the domestic market has proven more than capable of picking up the slack. In 9MFY26, total offtake grew 10%, with an 11% surge in local demand that offset a more modest 6% growth in exports. Although the industry’s massive capacity expansion in recent years has kept utilization well below the peaks of FY21, the rebound is clear—climbing from the mid-50s to reach 59%. As the industry navigates a precarious landscape of rising energy costs and Middle East instability, the reliance on home-grown demand remains the vital lifeline for volume recovery. Average monthly domestic demand Average monthly capacity Hover over the bars to see each value in tons.