Concrete Insights July: Lackluster momentum - as expected

Research evidence excerpt

Concrete Insights July: Lackluster momentum - as expected

Sanjay Mookim AC Asia Pacific Equity Research

(91-22) 6157-3600 15 July 2026 J P M O R G A N

sanjay.mookim@jpmorgan.com

Key industry metrics

Industry trends: Cement

Figure 1: Dealer channel checks across India: Limited price action amidst lacklustre demand in July

Region Name Location Prices Volumes

Prices haven't moved much. Demand is flat to down. New

Demand is weak and pricing gov't is auditing approved

East Dealer 1 Kolkata

discipline in my area is not the projects which is also slowing

strongest. down cement movement

Weak demand mostly. Some

Prices have been flat over the

nearby cement plants are

East Dealer 2 Bihar past couple of months. Just

undergoing maintenance so

some hikes here and there.

some supply issues as well.

Some price hikes from a few Demand is neither good nor bad.

brands of c.Rs10-15/bag. Those Lately rains have caused

East Dealer 3 Kolkata

who didn't hike prices are intermittent transporation

moving better volumes issues.

Was feeling slightly positive last

There were attempts to hike

month following some

South Dealer 4 Hyderabad prices by Rs20-25/bag but it

disruptions but demand has

couldn't be sustained

remained weak.

Prices are largely unchanged.

Overall demand is weak but non-

South Dealer 5 Bangalore Not expecting much this

trade is doing slightly better.

quarter.

Demand softness mostly in line

Prices are flat. Not expecting

with monsoon. Seems to be a

West Dealer 6 Gujarat much price action in the coming

temporary pause in rains so will

few months

try to push volumes

No change in prices for a while Demand remains weak. Past

West Dealer 7 Mumbai despite companies pushing for week saw some disruption in

hikes. supply due to heavy rains.