Industry research
India is one of the world's largest cement producers, and demand follows housing, roads and infrastructure. This page measures the whole industry, listed and private producers together, from statutory filings and exchange prices, and sets it against related industries, buyer searches, news, geography and the wider cement ecosystem.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | UltraTech Cement | Listed · ULTRACEMCO | 75,955 | 17.5 | Maharashtra |
| 2 | Ambuja Cements | Listed · AMBUJACEM | 35,045 | 24.6 | Gujarat |
| 3 | Shree Cement | Listed · SHREECEM | 19,283 | 23.5 | Rajasthan |
| 4 | Dalmia Bharat | Listed · DALBHARAT | 13,980 | 19.0 | Tamil Nadu |
| 5 | JK Cement | Listed · JKCEMENT | 11,879 | 18.5 | Uttar Pradesh |
| 6 | Nuvoco Vistas | Listed · NUVOCO | 10,357 | 13.4 | Maharashtra |
| 7 | Birla Corporation | Listed · BIRLACORPN | 9,214 | 14.3 | West Bengal |
| 8 | The Ramco Cements | Listed · RAMCOCEM | 8,518 | 15.0 | Tamil Nadu |
| 9 | Wonder Cement | Private | 7,482 | 20.6 | Rajasthan |
| 10 | Prism Johnson | Listed · PRSMJOHNSN | 7,310 | 7.5 | Telangana |
| 11 | JK Lakshmi Cement | Listed · JKLAKSHMI | 6,193 | 14.7 | Rajasthan |
| 12 | JSW Cement | Listed · JSWCEMENT | 5,813 | 14.0 | Maharashtra |
| 13 | The India Cements | Listed · INDIACEM | 4,149 | −4.2 | Tamil Nadu |
| 14 | Star Cement | Listed · STARCEMENT | 3,163 | 18.6 | Meghalaya |
| 15 | Maha Cement (My Home Industries) | Private | 2,934 | 17.0 | Telangana |
| 16 | Orient Cement | Listed · ORIENTCEM | 2,709 | 11.9 | Odisha |
| 17 | Sagar Cements | Listed · SAGCEM | 2,258 | 7.2 | Telangana |
| 18 | HeidelbergCement India | Listed · HEIDELBERG | 2,149 | 13.2 | Haryana |
| 19 | Zuari Cement | Private | 1,971 | 0.4 | Andhra Pradesh |
| 20 | Bharathi Cement Corporation | Private | 1,778 | 27.6 | Telangana |
| 21 | Mangalam Cement | Listed · MANGLMCEM | 1,681 | 13.0 | Rajasthan |
| 22 | NCL Industries | Listed · NCLIND | 1,411 | 9.2 | Telangana |
| 23 | Udaipur Cement Works | Listed | 1,164 | 16.9 | Rajasthan |
| 24 | Shree Digvijay Cement Co.Ltd | Listed · SHREDIGCEM | 725 | 9.2 | Gujarat |
| 25 | Meghalaya Cements (Topcem) | Private | 579 | 9.7 | Meghalaya |
| 26 | Hi-Bond Cement (India) | Private | 543 | 7.6 | Gujarat |
| 27 | Amrit Cement | Private | 540 | 10.0 | Meghalaya |
| 28 | Anjani Portland Cement | Listed · APCL | 430 | −4.2 | Telangana |
| 29 | Shiva Cement | Listed · SHIVACEM | 311 | −1.5 | Odisha |
| 30 | Parasakti Cement Industries | Private | 303 | −1.0 | Telangana |
49 cement companies with statutory filings (27 listed, 22 private) reported combined revenue of ₹2.38 lakh crore in FY2025, +0.0% on the same companies, and aggregate EBITDA of ₹41,290 crore. As filed each year, combined revenue was ₹1.20 lakh crore in FY2018, peaked at ₹2.42 lakh crore in FY2024 and was ₹2.38 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 22 listed companies with an exchange price are worth ₹6.63 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in tonnes of output.
Mixed. The aggregate EBITDA margin of cement companies was 17.3% in FY2025, 1.0 pts below FY2024, against a peak of 28.2% in FY2021. The low since the peak was 14.7% in FY2023. Profit after tax margin was 6.2% (−1.2 pts on FY2024). Aggregate EBITDA of listed and private cement companies moved +5% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹41,290 crore (−5.6% on FY2024).
By FY2025 revenue the largest cement companies are UltraTech Cement (₹75,955 crore, 17.5% EBITDA margin); Ambuja Cements (₹35,045 crore, 24.6% EBITDA margin); Shree Cement (₹19,283 crore, 23.5% EBITDA margin); Dalmia Bharat (₹13,980 crore, 19.0% EBITDA margin); JK Cement (₹11,879 crore, 18.5% EBITDA margin). Among the ten largest, Ambuja Cements (24.6%) and Shree Cement (23.5%) earn the widest EBITDA margins and Prism Johnson (7.5%) the thinnest. 5 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Net tone of competition law & cartel probes stories fell from +45 to -35 (-80 pts) over 80 stories, the largest drop of any theme. In buyer searches: Search interest in grades & types queries (best cement in india, ordinary portland cement, ppc cement) was +17% in the 12 months to 2026-09 vs the prior 12, led by “best cement in india” (+40%), followed by white cement, putty & finishes (+15%); concrete, roads & infrastructure moved -27%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of competition law & cartel probes turned more negative (Cement in the news). Cement EBITDA grew 5% since FY2022 (Industry financials). Most tracked cement companies added people last quarter (Top cement companies in India). Grades & types searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 11.6× and median P/E 34.5× across 22 priced cement companies. (Market capitalisation & valuation).
The median trailing P/E is 34.5× and the median EV/EBITDA 11.6× across 22 priced companies.
The cement industry burns limestone into clinker and grinds it into grey cement (ordinary portland, portland pozzolana and portland slag grades) and white cement, then sells it in bags and in bulk to home builders, contractors, ready-mix concrete plants and infrastructure projects through dealers and directly.
Listed and private companies whose registered industry code is cement, lime and plaster, plus companies confirmed as cement producers by name and product, reviewed by hand. Producers that report inside a listed parent's consolidated accounts (for example ACC and Sanghi inside Ambuja), tile, sanitaryware, ready-mix, block and paver makers, and cement marketers are left out of the company totals; the ecosystem section covers cement-based product makers by sub-sector.
Research information, not investment advice.
Industry research