India's Cement Industry Faces Demand Volatility Amid Capacity Expansion

India's cement industry faces challenges despite an infrastructure boom. Demand remains volatile with limited pricing power, causing companies to often reverse price hikes. Utilization rates are around 60-70%, yet firms plan to add approximately 158 million tonnes of capacity between FY25 and FY28, projecting a 7.4% CAGR. While cost efficiencies support earnings, supply-demand mismatches pose ongoing risks to the sector's performance.