Cement M&As to pause as majors focus on integration

MERGER AND ACQUISITION activity in the cement sector is likely to remain muted through at least the first half of 2026, as the country's largest producers prioritise integration of earlier acquisitions over fresh dealmaking, analysts and industry watchers said.

- URVI MALVANIA

After an intense two-year period of consolidation led by the Adani Group's cement arm and market leader UltraTech Cement, calendar 2025 saw a sharp slowdown in transaction activity. The only notable exception was Adani's acquisition of Jaypee Group's cement assets through the insolvency process, underscoring the broader pause in large-ticket deals.