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 26% over the past four years. The graph shows data for 4M. Domestic dispatches between the peak in FY21 and FY25 fell 27%. Even though exports have been growing this year (up 31% from last year), they slid 19% compared to the FY21.