India’s cement consumption and GDP growth

India’s cement consumption grew by around 9% y-o-y to nearly 490 million tonnes (mnt) in FY’26, compared to 453 mnt in FY’25, significantly outpacing countrys GDP growth of around 7.4% during the same period. The industry operated with capacity utilisation of around 74-76% in FY’26, rising from 70-72% in FY’25, supported by robust demand growth, higher infrastructure spending and better operating leverage across major cement companies.