Fuel pressures have significantly intensified as both international and domestic petroleum coke rates increased by double digits, surpassing their previous record peaks. These surging expenses prompted manufacturers to substantially raise trade-segment prices across key urban centers like Kolkata, Bhubaneswar, and Patna. Even so, overall regional sales volumes fell by 2% month-on-month as water shortages, pollution curbs, and festival-related labor shortages hampered on-site building activity. Cement companies are relying on an anticipated consumption rebound following Diwali and Chhath Puja to absorb these cost adjustments.
Key points
Severe input cost inflation driven by the West Asia conflict is forcing major regional ma…: Severe input cost inflation driven by the West Asia conflict is forcing major regional manufacturers to elevate cement prices.
Weak construction activity and a 2% volume drop pose significant absorption challenges fo…: Weak construction activity and a 2% volume drop pose significant absorption challenges for producers attempting to maintain elevated rates.
Long-term company profitability and stock valuations remain heavily dependent on demand r…: Long-term company profitability and stock valuations remain heavily dependent on demand recovering after mid-November festivals conclude.
Sources checked by our analysis pipeline: 1
Cement makers are raising prices to protect margins from persistent input cost inflation. In October, average cement prices across India rose by ₹14 per bag month-on-month and by ₹21 per bag over the September quarter (Q2FY27) average exit level, according to dealer channel checks by Nirmal Bang Institutional Equities. One cement bag weighs 50 kg.
Regional divergence
The East stood out, recording the sharpest increase. Prices in the region rose by ₹47 per bag over the Q2FY27 average exit level and by ₹89 per bag month-on-month. Among key cities, trade-segment prices in Kolkata, Bhubaneswar and Patna increased by ₹20-70 per bag. In the trade segment, cement is sold through a network of local dealers, hardware stores and retailers.
More price hikes are expected in November, but sustaining them will be crucial as demand remains subdued, weighing on volumes. Month-on-month average cement sales volumes in the East were flat to slightly negative, declining by 2% in October, the Nirmal Bang report said.
Water shortages, labour availability constraints during the festive season and pollution-related construction restrictions could prevent the full absorption of…
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