Pivot to home front

The cement industry is reorienting toward domestic markets as the export "safety valve" loses its pressure, with overseas shipments falling 24% year on year in 2QFY26. Both cumulative revenues and earnings remain flat. Margins compressed to 31% due to lower retention prices and the loss of cheap Afghan coal, saved only by financial deleveraging. A 50% slash in finance costs acted as the stabilizer, offsetting a significant decline in non-core "other income" and protecting the bottom line in a transitioning market.