ALL

Industry & Competitive Context India is the world's second-largest cement producer and consumer after China. The Indian cement industry is capital-intensive, commoditized at the product level, and consolidating rapidly around scale and logistics efficiency. As of late 2025, UltraTech Cement led the market with a consolidated capacity above 180 MTPA, while the Adani Group's cement platform Ambuja Cements together with its subsidiary ACC had crossed 100 MTPA and was targeting 1