Industry profitability weakened despite higher cement sales as rising fuel, raw material and imported input costs offset the benefits of stronger demand. EBITDA per tonne declined 3% y-o-y at UltraTech Cement, 13% at Adani Cement, 19% at Shree Cement and 16% at Dalmia Bharat, while Nuvoco Vistas was the only major producer to improve profitability, with EBITDA per tonne increasing 6% y-o-y. Imported pet coke prices increased to US$150/t in Q1FY’27 from US$108/t a year earlier, while imported non-coking coal prices rose to US$126/t from US$99/t and Indonesian coal prices increased to INR 10,320/t from INR 7,720/t. Raw material costs also increased, although lower logistics and power costs partly offset the rise in manufacturing expenses.
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