Demand drag

The cement industry was building a momentum between FY16 and FY21, growing year after another, only for that to be rudely interrupted by economic slowdown that led to demand falling 23% over the past four years. The graph shows data for 5M. Domestic dispatches between the peak in FY21 and FY25 fell 24%. Even though exports have been growing this year (up 29% from last year), they slid 18% compared to the FY21.