Cement firms have shown robust volume growth in the March 2026 quarter, primarily driven by heightened construction and real estate activities, alongside increased government spending. Despite this growth, rising fuel and input costs have pressured margins, leading to a decline in operating profit before depreciation and amortization (EBITDA) across the sector. Ultratech Cement and Shree Cement reported double-digit growth, while Ambuja Cement and JK Cement achieved high-single digit growth. Dalmia Bharat, however, lagged with low-single digit growth. Looking ahead to FY27, demand growth is anticipated to slow to mid-single digits, with aggressive capacity additions likely to keep utilization rates low, thereby limiting pricing power. Companies are focusing on cost efficiencies and premiumisation strategies to safeguard margins. Ultratech aims to expand its capacity to over 240 million tonnes per annum (MTPA) by FY28, while Ambuja Cement plans to increase its capacity to 119 MTPA. These expansions are supported by significant capital expenditure plans.