Best Cement Stocks in India 2025

Cement is the backbone of infrastructure and construction. From homes and offices to highways and metro projects, every sector relies on it. India’s cement industry is one of the largest in the world, with a market size of 3.96 billion tonnes in FY23. It is expected to grow steadily at 4.7% CAGR and reach 5.99 billion tonnes by 2032.

The sector benefits from strong demand in real estate, rapid urbanisation, and government-backed infrastructure projects. Despite pricing pressures, production and sales are expanding, supported by projects like the Mumbai–Ahmedabad Bullet Train and smart city developments. For investors, cement stocks represent an opportunity to participate in India’s long-term growth story.

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List of Best Cement Stocks in India

• UltraTech Cement
• JK Cement
• Ambuja Cements
• Shree Cement
• ACC Ltd

Company Overviews

UltraTech Cement

UltraTech Cement, part of the Aditya Birla Group, is India’s largest cement manufacturer and the third-largest globally (excluding China). It holds a commanding market share of over 20% in grey cement. Its product portfolio also spans white cement, ready-mix concrete (RMC), and various construction solutions.

The company’s strength lies in its scale, vertical integration, and widespread distribution network. UltraTech is aggressively expanding capacity and investing in green energy. It has also built a strong overseas presence, making it one of the most globally connected Indian cement firms. Its leadership position ensures steady demand across infrastructure and housing projects.

JK Cement

JK Cement is a respected name in India’s cement industry, known for both grey and white cement. It operates across 19 Indian states and exports to more than 30 countries. With over four decades of experience, the company ranks among the top 10 cement manufacturers in the country.

Its portfolio includes a mix of grey cement, white cement, and allied products. JK Cement is also expanding into paints and eco-friendly cement solutions such as limestone calcined clay cement (LC3) and Portland limestone cement (PLC). With 15 plants already running, it aims to reach a production capacity of 30 MTPA by FY26.

Ambuja Cements

Ambuja Cements, now part of the Adani Group, operates six integrated cement plants and eight grinding units across India. It has a capacity of 31 MTPA and reported strong utilisation of over 86% in FY23.

The company focuses on sustainable growth and plans to double its production capacity by FY28. It has invested in efficiency upgrades and brownfield projects to strengthen its market position. Ambuja’s robust distribution network makes it one of the most accessible brands for both urban and rural consumers.

Shree Cement

Shree Cement is India’s third-largest cement producer with a capacity of 46.4 MTPA. The company is known for being one of the lowest-cost producers in the industry, thanks to its operational efficiency and captive power plants.

Its product range covers ordinary Portland cement (OPC), Portland pozzolana cement (PPC), and premium products such as Bangur Magna. Shree Cement has also ventured into the ready-mix concrete (RMC) segment. Looking ahead, it aims to expand its capacity to 80 MTPA by 2028.

ACC Ltd

ACC Ltd, also part of the Adani Group, is among India’s oldest cement companies. It runs 20 cement plants and 86 ready-mix concrete plants, giving it a significant presence nationwide. Its current capacity stands at 38.55 MTPA, with a utilisation rate of around 75%.

ACC offers both premium and affordable products under its Gold and Silver lines. It has also focused on sustainability, committing to renewable energy projects worth ₹10,000 crore. By FY26, the company aims to expand its capacity to 42.55 MTPA while building 1,000 MW of green power by FY28.

Demand Drivers: Real Estate and Infrastructure

Housing Sector
India’s housing market is booming, with strong demand for mid-range and luxury homes. Large-scale townships and sustainable housing projects directly fuel cement demand.

Office Space and Commercial Development
New office complexes and IT parks, particularly in Tier-2 cities, require large amounts of cement for construction.

Retail and Hospitality Growth
Shopping malls and hotels are expanding, especially in urban and semi-urban regions, further boosting cement consumption.

New Age Projects
Data centres, co-living spaces, and senior housing projects also add to demand. These projects often need specialised grades of cement to meet modern construction needs.

Opportunities and Challenges

Opportunities

• Government push for infrastructure.
• Growing housing and real estate market.
• Rising exports of cement and clinker.
• Strong industry consolidation by top players.

Challenges

• Pricing pressures in competitive markets.
• Dependence on limestone and coal availability.
• High capital costs for capacity expansion.
• Environmental regulations and emission controls.

Conclusion

Cement companies sit at the heart of India’s growth story. With infrastructure expansion, real estate demand, and government spending, the sector is poised for long-term growth.

Among the leading names, UltraTech Cement dominates with scale and integration. Shree Cement stands out for cost efficiency, while Ambuja and ACC are expanding under the Adani Group’s umbrella. JK Cement balances domestic strength with international exposure and innovation in eco-friendly solutions.

For investors, these stocks provide exposure to India’s construction boom. By weighing growth potential against financial ratios like D/E and P/E, investors can pick the right mix of stability and performance. Cement will continue to be a key driver of economic progress, making cement stocks in India an attractive option for long-term portfolios.