Cement manufacturers with active capacity expansion initiatives signal robust long-term growth potential in India’s infrastructure sector. For investors, this represents strategic positioning in anticipation of rising demand, while the industry’s widespread capacity addition indicates strong market confidence and potential consolidation opportunities in this capital-intensive segment.
1. Dalmia Bharat
Established in 1939 and headquartered in New Delhi, it is a prominent cement producer with a strong foothold in India’s eastern and southern regions. The company offers an extensive product line, including ordinary Portland cement (OPC), Portland pozzolana cement (PPC), and speciality cements. In pursuit of growth, Dalmia Bharat plans to increase its capacity to 37 million metric tonnes per annum (MTPA) by 2025 through new facilities and upgrades to existing plants. Emphasising sustainability.
The company focuses on reducing its carbon footprint and increasing the use of alternative fuels. Dalmia Bharat’s commitment to sustainable practices and aggressive expansion strategies position it as a key player in India’s cement industry.
Dalmia Bharat aims to reach 75 million metric tonnes of capacity by 2027 and 110-130 million metric tonnes by 2031. Their expansion includes new units in Assam, Bihar, Andhra Pradesh, Tamil Nadu, and Odisha, plus acquiring Jaiprakash Associates’ 9.4 MTPA capacity.
With a market capitalisation of Rs. 34,637 crores, Dalmia Bharat Limited’s share price closed at Rs. 1,847 per equity share with a P/E of 40.9.
2. JK Cement Ltd
Incorporated in 1994 and headquartered in Kanpur, Uttar Pradesh, is a major force in the cement industry, notably as the second-largest white cement producer globally. The company manufactures a diverse range of products, including grey and white cement, wall putty, and tile adhesives.
Aiming to expand its market share, JK Cement plans a ₹3,000 crore investment to increase its capacity by 25%, reaching 30 MTPA by FY26 with new facilities in Panna, Madhya Pradesh, and Buxar, Bihar. The company exports to over 43 countries and has manufacturing sites in India and the UAE, reinforcing its significant presence in both domestic and international markets.
JK Cement plans to expand from 24 MTPA to 30 MTPA by FY26, investing ₹3,000 crore. Projects include clinker expansion in Panna, a grinding unit in Buxar, and new plants in Jaisalmer, Muddapur, and Odisha.
With a market capitalisation of Rs. 33,156 crores, JK Cement Limited’s share price closed at Rs. 4,291 per equity share with a P/E of 45.7.
3. Shree Cement
Headquartered in Kolkata and founded in 1979, it is one of India’s top cement producers, known for operational efficiency and a strong market position. Shree Cement offers a range of products, including Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC), and generates power through waste heat recovery systems. Focused on expansion.
The company aims to grow its capacity from 44.4 MTPA to over 50 MTPA by 2025 through both brownfield and greenfield projects. Shree Cement prioritises sustainability by utilising alternative fuels and raw materials, demonstrating a commitment to reducing its environmental impact while expanding its market presence.
Shree Cement targets 80 million metric tonnes of capacity by 2030, with ₹7,000 crore capital expenditure. Plans include expansion in Bengal, Rajasthan, Uttar Pradesh, Prayagraj, and Andhra Pradesh, aiming for 62 MT by next fiscal year.
With a market capitalisation of Rs. 91,984 crores, Shree Cement Limited’s share price closed at Rs. 25,494 per equity share with a P/E of 53.2.
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4. Ambuja Cements Limited
Part of the Adani Group since its founding in 1983, it has established itself as one of India’s leading cement manufacturers. Headquartered in Mumbai, Ambuja produces a variety of cement types, including OPC, PPC, and speciality cements for specific applications.
The company is actively expanding its capacity to meet rising demand, focusing on sustainability and environmental impact reduction. Through green building initiatives, Ambuja Cements emphasises sustainable construction practices, making it a leader in environmentally conscious manufacturing within the Indian cement industry.
Ambuja Cements, an Adani Group company, plans to expand from 89 MTPA to 140 MTPA by 2028. Projects include 8 MT clinker capacity, 14 MT green cement production, and ₹6,000 crore investment in renewable power.
With a market capitalisation of Rs. 1,25,632 crores, Ambuja Cements Limited’s share price closed at Rs. 510 per equity share with a P/E of 42.8.
5. UltraTech Cement Limited
Established in 1983 and a key part of the Aditya Birla Group, it holds the title of India’s largest cement producer. With headquarters in Mumbai, UltraTech offers a broad product portfolio, including grey cement, ready-mix concrete (RMC), and white cement. Committed to growth, the company aims to increase its production capacity to 200 million tonnes per annum (MTPA) through ongoing expansions and acquisitions, with a significant focus on key domestic markets. UltraTech also has a substantial export footprint, providing its products internationally and reinforcing its role as a major global player in the cement industry.
UltraTech Cement targets 200 MTPA capacity by 2028 through 35.5 MTPA expansion across 16 locations, new greenfield projects in Chhattisgarh and Tamil Nadu, and acquisition of Kesoram Cement’s 10.75 MTPA capacity.
With a market capitalisation of Rs. 3,35,679 crores, UltraTech Cement Limited’s share price closed at Rs. 11,627 per equity share with a P/E of 51.1.
Written By Fazal Ul Vahab C H
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