Cement Stocks: How Did the Top Companies Perform in FY26?

Synopsis: India’s leading cement companies delivered steady FY26 performance supported by infrastructure demand, capacity expansion, and operational efficiency, while profitability improved across several players despite sector-wide cost and pricing pressures.

India’s cement sector witnessed a healthy performance in FY26 as major companies benefited from improving infrastructure activity, housing demand, and capacity additions across key regions. While revenue growth remained steady for most players, profitability improved at a faster pace due to better operational efficiency, lower input cost pressures, and stronger product mix. The Indian cement industry, with installed capacity of over 650 million tonnes per annum (MTPA), continued to expand through brownfield and greenfield projects across multiple states. 

Companies also focused on renewable energy usage, waste heat recovery systems, and logistics optimisation to strengthen margins and market position. The sector’s performance reflects sustained construction activity and long-term demand visibility across urban and rural markets. Going ahead, industry demand is expected to grow by around 7–8 percent annually, supported by rising government infrastructure spending, housing projects, urbanisation, and increasing private capex, while capacity additions and sustainability initiatives could further improve long-term growth prospects. 

Ambuja Cements:

Ambuja Cements is one of India’s leading cement manufacturers and a part of the Adani Group. The company operates integrated cement plants and grinding units across the country, supplying cement for infrastructure, housing, and industrial projects. It has a strong distribution network, growing capacity expansion plans, and an increasing focus on sustainable and green manufacturing practices. 

With the market capitalization of Rs. 114,314 Crores, the shares of Ambuja Cements Ltd were trading at around Rs. 460 per share which is 26 percent discount from its 52-week high of Rs. 625 per share and is trading at a P/E of 23 where as industry P/E stands at 28.9

Revenue from operations has increased from Rs. 35,045 Crores in FY25 to Rs. 40,656 Crores in FY26, up 16 percent. Operating profit has increased from Rs. 5971 Crores to Rs. 6539 Crores up 9.5 percent with an OPM of 16 percent in FY26. Net profit has increased from Rs. 5158 Crores to Rs. 5637 Crores, up 9.2 percent. 

UltraTech Cement Ltd:

UltraTech Cement, a flagship company of the Aditya Birla Group, is India’s largest cement manufacturer with a strong presence across domestic and international markets. The company produces grey cement, white cement, and ready-mix concrete, catering to infrastructure and real estate sectors. It continues to expand capacity while focusing on operational efficiency, sustainability initiatives, and low-carbon manufacturing practices.

With the market capitalization of Rs. 3,44,711 Crores, the shares of UltraTech Cement Ltd were trading at around Rs. 11,698 Crores which is 10 percent discount from its 52 weeks high of Rs. 13,110 per share and is trading at a P/E of 41.7 whereas industry P/E stands at 28.9

Revenue from operations has increased from Rs.75,955 Crores in FY25 to Rs. 88,512 Crores in FY26, up 16 percent. Operating profit has increased from Rs.12,797 Crores to Rs. 17,004 Crores up 32.8 percent with an OPM of 19 percent in FY26. Net profit has increased from Rs. 6040 Crores to Rs. 8188 Crores, up 35.5 percent.

Grasim Industries Ltd: 

Grasim Industries, a flagship company of the Aditya Birla Group, operates across multiple sectors including cement, chemicals, financial services, paints, and textiles. Through its subsidiary UltraTech Cement, the company has a major presence in the cement industry. Grasim is also one of the world’s leading producers of viscose staple fibre and continues expanding into new business segments.

With the market capitalization of Rs. 2,15,542 Crores, the shares of Grasim Industries Ltd were trading at around Rs. 3167 per share which is 1 percent discount from its 52 weeks high of Rs. 3198 Crores and is trading at a P/E of 42.4 where as industry P/E stands at 28.9

Revenue from operations has increased from Rs.148,478 Crores in FY25 to Rs. 175,431Crores in FY26, up 18 percent. Operating profit has increased from Rs.28,262 Crores to Rs. 36,296 Crores up 28 percent with an OPM of 21 percent in FY26. Net profit has increased from Rs. 7,756 Crores to Rs. 10,300 Crores, up 32 percent.

Shree Cement Ltd: 

Shree Cement is one of India’s leading cement producers, known for its strong operational efficiency and cost-effective manufacturing practices. The company operates cement plants and grinding units across multiple states, catering to infrastructure and housing demand. Along with cement production, it has a growing presence in power generation and sustainable operations, focusing on energy efficiency and lower carbon emissions 

With the market capitalization of Rs. 91,501 Crores, the shares of Shree Cement Ltd were trading at around Rs. 25,360 Crores which is 22 percent discount from its 32,508 per share and is trading at a P/E of 52.4 where as industry P/E stands at 28.9

Revenue from operations has increased from Rs.19,283 Crores in FY25 to Rs. 20,943 Crores in FY26, up 8.6 percent. Operating profit has increased from Rs. 3934 Crores to Rs. 4638 Crores up 18 percent with an OPM of 22 percent in FY26. Net profit has increased from Rs. 1124 Crores to Rs. 1749 Crores, up 55 percent

Dalmia Bharat Ltd: 

Dalmia Bharat is a leading Indian cement manufacturer with a strong presence across eastern, southern, and northeastern markets. The company produces a wide range of cement products for infrastructure and real estate projects. It is also focused on renewable energy usage, carbon reduction, and sustainable manufacturing practices while steadily expanding its production capacity and distribution network across India.

With the market capitalization of Rs. 33,706 Crores, the shares of Dalmia Bharat Ltd were trading around Rs. 1797 per share which is 28 percent discount from its 52 weeks high 2,496 per share and is trading at a P/E of 29.1  whereas industry P/E stands at 28.9

Revenue from operations has increased from Rs. 13,980 Crores in FY25 to Rs. 14,804 Crores in FY26, up 5.8 percent. Operating profit has increased from Rs. 2,407 Crores to Rs. 3083 Crores up 28 percent with an OPM of 21 percent in FY26. Net profit has increased from Rs. 699 Crores to Rs. 1157 Crores, up 65 percent. 

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