Cement makers upbeat on Q2 sales growth, expect second half of FY26 to be better

UltraTech, Ambuja Cements, Shree Cement, Dalmia Bharat and Nuvoco Vistas posted revenue growth of up to 18 per cent the second quarter of FY26

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India’s leading cement manufacturers expect a stronger performance in the H2 of FY26, supported by high single-digit volume growth in the Q2 FY26, firm sales realisation, and improving demand from the housing and infrastructure sectors.

UltraTech, Ambuja Cements, Shree Cement, Dalmia Bharat and Nuvoco Vistas posted revenue growth of up to 18 per cent in Q2, driven by premiumisation, benign input costs and steady pricing.

Coal prices declined and diesel rates remained broadly stable year-on-year, even though petcoke costs rose. In their earnings calls, companies said they are optimistic about H2 demand, particularly from the Individual Home Builders (IHB) segment across rural and urban markets. A good monsoon, tax incentives and GST reforms are expected to support rural construction activity.