India’s growth plans – from smart cities to industrial corridors – are built on a grey, unassuming material: cement. The country, now the second largest cement producer in the world, is on the cusp of a multi-year infrastructure cycle. Government led initiatives like PM Gati Shakti, Housing for All and Bharatmala Project have set the stage for a cement demand bonanza. Amongst all this, India’s top 10 cement companies are laying the physical and economic foundation of the country.
This article is a deep dive into the financial and environmental performance of these top cement companies in India.
The Cement Industry Landscape
- India’s cement capacity: ~570 MTPA (Million Tonnes Per Annum)
- Consumption drivers: infrastructure, urbanization, housing, industrial growth
- FY25 budget: INR 11 lakh crore capex outlay (15% YoY growth)
- Sector trends: consolidation, ESG compliance, digital integration
Top 10 Cement Companies in India
Below is the list of top cement companies in India:
1. UltraTech Cement (Aditya Birla Group): In Top 5 Globally in Biggest Cement Companies in India
UltraTech Cement, a flagship company of the Aditya Birla Group, remains the undisputed leader in the top cement companies in India. With a consolidated installed capacity of 188.8 MTPA as of FY25 (India: 183.4 MTPA; Overseas: 5.4 MTPA), it not only maintains its position as India’s largest cement producer, but also ranks among the top five globally. Its operations now span 82 locations, including integrated units, grinding units, and 395 RMC (Ready Mix Concrete) plants across 155 cities.
Strategic Highlights
- Sales Volume (FY25): 135.83 MT, up 14% YoY.
- Domestic Grey Cement Capacity Utilisation: 78%.
- Green Power Mix: 35.7% (up from 25.7% YoY), with 1.02 GW renewable energy and 342 MW of WHRS.
- Clinker to Cement Ratio: 1.47, improving operational efficiency.
- Premium product mix: 30.8% in Q4 FY25, a 29% YoY increase.
Financial Performance (FY25)
- Revenue: INR 74,936 Cr (↑7% YoY).
- EBITDA: INR 13,302 Cr (margin ~17.8%).
- PAT: INR 6,039 Cr.
- ROCE: 34% (from RMC division).
- Net Debt to Equity: ~0.24x (Net Debt: INR 17,669 Cr; Equity: INR 73,890 Cr).
Growth & Expansion
- Ongoing and planned expansions aim to raise total capacity to 215.9 MTPA by FY27, including major brownfield and greenfield projects across India.
- Strategic acquisitions such as India Cements (10.75 MTPA capacity) and Kesoram integration are now reflected in consolidated results.
- Total capex of INR 1,500 Cr over the next two years to improve energy and process efficiency.
2. Ambuja Cements (Adani Group)
Ambuja Cements, a part of the Adani Group following its acquisition from Holcim, has emerged as a transformed force in the list of biggest cement companies in India. As of FY25, Ambuja has crossed 100 MTPA capacity, with a strategic roadmap to reach 140 MTPA by FY28. Its pan-India footprint includes 24 integrated units, 22 grinding units, 101 RMC plants, and 10 bulk cement terminals, serving 635+ districts across 31 states and UTs.
Strategic & Operational Highlights
- Annual sales volume (FY25): 65.2 MT, up 10% YoY.
- Cash & Cash Equivalents: INR 10,125 Cr.
- Net Worth: INR 63,811 Cr.
- Debt-Free: Maintains zero net debt with AAA/A1+ credit ratings.
- Premium Cement: 29% of trade sales; trade channel share at 73%.
Integration Synergies
- Backward integration via Adani’s thermal and renewable power, ports, logistics, and mining arms.
- Coordinated supply chain optimization through digital tracking, direct dispatch (56%), and sea transport.
- Synergy with ACC, Sanghi, and Orient Cement adds operational scale and cost efficiency.
Financial Highlights
- FY25 Revenue: INR 35,045 Cr (↑6% YoY).
- FY25 EBITDA: INR 5,158 Cr (↑9% YoY).
- FY25 PAT: INR 5,971 Cr.
3. ACC Ltd. (Adani Group)
ACC, a legacy brand in India’s cement industry since 1936, is now a key component of the Adani Group’s cement business, operating in synergy with Ambuja Cements. As of FY25, ACC boasts a production capacity of 43 MTPA, with a strong operational footprint across 19 cement plants, 85 RMC plants, and 13,000+ channel partners spanning 31 states and UTs.
Operational & Strategic Highlights
- FY25 cement sales volume: 34.9 MT (↑11% YoY), highest ever.
- Cement capacity utilization: 84% in Q4 FY25.
- EBITDA (FY25): INR 2,822 Cr, margin at 16.5% (↑9% YoY).
- PAT (FY25): INR 2,311 Cr (↑165% YoY).
- Net Cash Position: INR 5,707 Cr; company remains debt-free.
Synergies & Transformation Under Adani
- Operational synergies with Ambuja and Sanghi through shared procurement, direct dispatch (51%), and common logistics.
- Backward integration with Adani Group’s energy, ports, and logistics assets has improved turnaround time and reduced freight costs.
- Ongoing digital transformation across manufacturing and supply chain.
4. Shree Cement
Shree Cement, headquartered in Kolkata, continues to exemplify operational excellence, cost leadership, and ESG innovation. With its installed cement capacity now at 62.8 MTPA (post commissioning of Etah and Baloda Bazar), it is at no. 3 among India’s top cement producers by market capitalization. The company’s flagship units at Beawar and Ras remain benchmarks in global cost efficiency. It is also in the list of most expensive stocks in India.
Operational & Financial Performance (Q4 FY25)
- Cement sales volume: 9.84 MT (↑13% QoQ).
- Realization/ton: INR 4,768 (↑5% QoQ), driven by premiumization and improved market mix.
- EBITDA: INR 1,383 Cr (↑47% QoQ); EBITDA/ton: INR 1,406 (adj. INR 1,437 after VRS one-off).
- Trade channel share: 73%.
- Net Cash Position: INR 5,400 Cr as of March 2025.
Strategic Focus Areas
- Profit-first strategy: Prioritizing EBITDA/cash profit over volume, with a stated ambition to be India’s most profitable cement company.
- Premiumization: Premium product share rose to 15.6% in Q4 (vs. 11.9% YoY), supported by launches like ‘Bangur Marble Cement and Powermax‘.
- Pan-India expansion: Now active in North, East, and South India. South remains a developing market with cautious optimism. The company is cementing its position in top 10 cement companies in India.
Capacity & Expansion
- Target capacity: 80+ MTPA by FY28.
- Upcoming units: Jaitaran (Rajasthan) and Kodla (Karnataka) in FY26.
- Capex for FY26: INR 3,000 Cr.
- Clinker capacity: 36.7 MTPA (targeting 44 MTPA by FY26).
- RMC: 15 plants operational, with gradual scale-up planned (50+ units targeted).
5. Dalmia Bharat Cement
Dalmia Bharat Cement, the fourth-largest cement manufacturer in India, is rapidly closing the gap with industry leaders. With a consolidated installed capacity of 49.5 MTPA as of FY25, the company has a strong presence across 23 states, with a sharp focus on high-growth markets in East, North-East, and South India. With a clearly defined expansion roadmap and sustainability leadership, Dalmia is positioning itself as a future-ready, pan-India player.
Strategic Highlights
- Sales Volume (FY25): 29.4 MT (↑2% YoY)
- Capacity Utilisation: Steady at ~59%
- Cement Capacity Expansion: Targeting 75 MTPA by FY28, and 110–130 MTPA by FY31
- Clinker Capacity: 23.5 MTPA
- Power Capacity: 479 MW (includes group captive)
- Blended Cement Mix: ~85%+ (PPC, PSC, PCC)
- Premium Product Mix: 24% in Q4 FY25 (↑14% YoY)
- Digital Transformation: Rollout of AI-driven logistics, invoice automation, real-time production monitoring, and HR digitization
Financial Performance (FY25)
- Revenue: INR 13,980 Cr (↓5% YoY, due to pricing pressure)
- EBITDA: INR 2,407 Cr (Margin: 17.2%)
- PAT: INR 699 Cr (Margin: 5.0%)
- Net Debt to EBITDA: 0.30x (Net Debt: INR 716 Cr)
- Adjusted ROCE: 6.5%
- Cash Conversion Ratio: 88%
Growth & Expansion
Dalmia Bharat’s aggressive yet disciplined growth strategy aims for national scale:
- Capex: Strategic brownfield and greenfield projects in Maharashtra, Karnataka, Bihar, Tamil Nadu, and Odisha
- North-East Leadership: Largest player with capacity in Assam, Meghalaya, and Bihar
- Investments in Logistics: 11 dedicated wagons, 32 LNG vehicles, and EV trials in plants
6. JK Cement
Part of the prestigious JK Group, JK Cement is a diversified and fast-growing player in the Indian cement industry. With an installed grey cement capacity of 24.34 MTPA and white cement and wall putty capacity of 3.05 MTPA, it has cemented its leadership in the white cement segment while aggressively expanding in grey cement across North, Central, and parts of South and West India.
Strategic Highlights
- Grey Cement Sales Volume (FY25): 18.0 MT (↑7% YoY)
- White Cement & Putty Sales Volume (FY25): 2.2 MT (↑2% YoY)
- Grey Cement Capacity Utilisation: 90%
- Trade Sales Mix: 71% (↑from 66% QoQ)
- Premium Products Share: 16% of trade sales (↑from 13% YoY)
- Blended Cement Share: 68%
- Major Expansion:
- 3.3 MTPA clinker plant at Panna (commissioning by Dec 2025)
- 3 MTPA split grinding units across Panna, Hamirpur, Prayagraj
- 3 MTPA Bihar grinding unit under construction
- Paint Business: INR 273 Cr revenue in FY25 (↑78% YoY)
Financial Performance (FY25)
- Revenue from Operations: INR 11,879 Cr (↑3% YoY)
- EBITDA: INR 2,027 Cr (↓2% YoY)
- EBITDA Margin: 17.6%
- PAT: INR 872 Cr (↑10% YoY)
- EPS: INR 111.44
- Net Debt to Equity: 0.42x (↓from 0.48x in FY24)
- Net Worth: INR 6,065 Cr
- EBITDA per Ton: INR 1,017
Growth & Expansion
JK Cement has laid out a transformative capex plan aimed at becoming a largest cement manufacturer in India:
- INR 1,217 Cr invested YTD FY25 in major capacity expansion
- Strategic East India push via new Bihar grinding unit
- Capacity ramp-up to over 30 MTPA by FY27
- Operational gains through process optimization at Prayagraj and Panna units
7. Ramco Cements
Headquartered in Chennai, Ramco Cements is a prominent player in South in top cement companies in India, with a growing foothold in the East. With a total installed cement capacity of 21.5 MTPA, the company has built an efficient, cost-conscious network of integrated plants and satellite grinding units. It is actively enhancing sustainability, operational efficiency, and national relevance.
Strategic Highlights
- Cement Sales Volume (FY25): 18.5 MT (↑1% YoY)
- Capacity Utilization: 77% in FY25 (↓from 83% in FY24)
- Blended Cement Mix: 69%
- Premium Products Share (Q4FY25): 23% (↓from 29% YoY)
- Construction Chemicals Volume (FY25): 3.26 lakh tons (↑6% YoY)
- Green Power Mix: 36% in FY25 (↑from 24% in FY24)
- Target Capacity: 30 MTPA by FY26, including Kolimigundla Line-II and debottlenecking projects
- WHRS Expansion: 10 MW in RR Nagar (by Jul ’25), 15 MW in Kolimigundla (with Line-II)
Financial Performance (FY25)
- Revenue: INR 8,560 Cr (↓9% YoY)
- EBITDA: INR 1,274 Cr (↓21% YoY)
- EBITDA Margin: 15% (↓from 17%)
- PAT: INR 268 Cr (↑32% YoY, incl. exceptional gains of ₹199 Cr)
- EPS: INR 17.65 (↑6% YoY)
- Net Debt: INR 4,481 Cr
- Net Debt/EBITDA: 3.51x (↑from 3.02x in FY24)
- ROCE: 7%, ROE: 6%
Growth & Expansion
Ramco is executing a phased expansion and asset-light optimization strategy:
- Kolimigundla Line-II + 15 MW WHRS: Commissioning in FY26
- Debottlenecking + Grinding Capacity Additions: Minimal capex path to 30 MTPA
- Capex FY25: INR 1,024 Cr
- FY26 Capex Guidance: INR 1,200 Cr
- Asset Monetization: INR 460 Cr achieved (target: INR 1,000 Cr by Jul ’25)
8. Birla Corporation (MP Birla Group)
Birla Corporation, the flagship of the MP Birla Group, has steadily grown into a mid-sized cement player with a current cement production capacity of 21.4 MTPA. It maintains a strong presence in Central and Northern India and is actively expanding into Western and Eastern India, supported by a significant pipeline of new grinding and integrated plants.
Capacity Expansion & Strategic Projects
- Target capacity: 27.6 MTPA by FY29.
- Major projects include:
- Kundanganj Line-III (1.4 MTPA) – commissioning in FY26.
- Grinding units in Prayagraj (1.4 MTPA) and Gaya (2.8 MTPA).
- Maihar Line-II: 3.7 MTPA clinker capacity.
- FY26 CAPEX guidance: INR 1,100 Cr (part of INR 4,759 Cr total pipeline).
- Capacity utilization: ~80% at Mukutban plant; expected to rise to 85% in FY26.
Operational & Financial Highlights (Q4 FY25)
- EBITDA/ton: Over INR 1,000 (purely operational).
- Realizations: ↑7% QoQ—driven by strong pricing in the North and East.
- FY25 CAPEX: INR 437 Cr.
- Net debt: Expected to rise to INR 3,000 Cr in FY26 due to expansion.
- Leverage guidance: Management expects to stay well below 2x debt/EBITDA.
9. India Cements
Headquartered in Chennai, India Cements is undergoing a major turnaround backed by internal consolidation, asset monetization, and a focus on financial discipline. With ~15 MTPA cement capacity, the company remains a recognized player in South India, leveraging its brand equity and extensive dealer network.
Strategic Highlights
- Cement Capacity: ~15 MTPA
- Subsidiary Amalgamation: 4 WOS approved for merger (ICL Securities, ICL Financial Services, ICL International, ICI)
- Asset Monetization: INR 500+ Cr from property sales in FY25
- Legal Overhangs: INR 187 Cr CCI penalty under appeal; INR 120 Cr asset attachment under dispute
- Dealer Network: Wide and loyal, especially in Tamil Nadu and Andhra Pradesh
- Operations: Focused on cost rationalization, capacity utilization, and debt reduction
Financial Performance (FY25)
- Revenue: INR 4,148.8 Cr (↓17% YoY)
- EBITDA: INR 198 Cr approx. (margin ~4.8%)
- Loss: INR (143.88) Cr (↓ from INR (226.95) Cr in FY24)
- EPS: INR (4.64)
- Net Debt: INR 1,700+ Cr (substantial reduction in current borrowings)
- Debt/Equity: ~1.0x
- ROCE / ROE: Negative, but improving
10. HeidelbergCement India: International Player in Biggest Cement Companies in India
HeidelbergCement India, a subsidiary of Germany’s Heidelberg Group, operates mainly in Central India with a cement capacity of 13.1 MTPA. With a strategy focused on operational excellence, regional leadership, and environmental responsibility, the company emphasizes steady returns and sustainability over aggressive expansion.
Strategic Highlights
- Cement Sales Volume (FY25): 4.52 MT (↓6.1% YoY)
- Capacity Utilization: ~77% (approx., flat YoY)
- Blended Cement Share: 98%
Financial Performance (FY25, Standalone)
- Revenue: INR 21,489 Cr (↓9.2% YoY)
- EBITDA: INR 2,394 Cr (↓24.4% YoY)
- EBITDA Margin: 11.1% (↓225 bps YoY)
- PAT: INR 1,068 Cr (↓36.4% YoY)
- EBITDA per tonne: INR 530 (↓20% YoY)
- Net Debt: Negative — cash & bank balance INR 4,536 Cr > total borrowings INR 687 Cr
Strategic Themes to Watch
- Consolidation: Adani’s dual acquisition of ACC and Ambuja reshaping market dynamics.
- Green Cement Push: UltraTech, Dalmia, and Shree leading in sustainability.
- Eastward Expansion: Dalmia, Ramco, and JK Cement targeting underpenetrated markets.
- Tech & Digital: IoT, predictive maintenance, and logistics automation gaining traction.
Conclusion
The top 10 cement companies in India are more than just industrial entities—they are nation-builders. With strategic foresight, green ambitions, and balance sheet strength, these firms are poised to benefit from India’s infrastructure supercycle. For investors, India’s top cement producers offers a rare combination of defensive stability and long-term growth potential.
As India paves its way to a USD 5 trillion economy, these top 10 cement companies in India are quite literally laying the groundwork.