Half cold kilns

The cement industry has cycled repeatedly through expansion phases, typically built on expectations of rising domestic demand. Major capacity additions took place in FY96–FY98, FY04–FY07 and FY16–FY20, each followed by periods in which supply ran ahead of consumption. The most recent cycle has been no different. Since FY21, utilization has trended lower as new plants came online while demand remained subdued. In FY26, demand is finally returning. However, consolidation among leading producers is simultaneously reshaping the sector, concentrating capacity at the top even as overall utilization recovers only slowly.