Indian cement prices rose in October as demand strengthened in most regions, while higher petcoke costs threatened margins, according to LiveMint’s Oct. 22 account of Nuvama Institutional Equities’ channel checks.
LiveMint reported that Nuvama found October demand outpaced September in much of the country. Rain and festival disruptions weighed on some eastern markets, the outlet said. Nuvama kept a neutral view on the cement sector and rated JK Cement Buy, naming it the brokerage’s top pick.
The brokerage estimated October price increases of ₹10 to ₹15 per bag for trade sales and ₹15 to ₹20 for non-trade sales. It put petcoke at about $187 per tonne, up about $39 per tonne quarter over quarter, and said more cement price increases would be needed to cushion costs during H2FY27, from October 2026 through March 2027, LiveMint reported.
Moneycontrol separately reported that a Nomura note estimated imported petcoke at $184 per tonne in October, a 25% quarter-over-quarter increase. The note said cement price rises of ₹12 to ₹15 per bag were needed to offset higher fuel costs. The estimates are close but differ, and the reports do not explain the gap.
Government capital spending figures in LiveMint’s account also differ from official data. The Controller General of Accounts (CGA) reported central-government capital expenditure of ₹509,949 crore from April through August 2026, compared with ₹431,579 crore a year earlier, an 18.2% increase. August spending was ₹59,314 crore, down from ₹84,653 crore in August 2025, a 29.9% decline. Those figures differ from the 64% five-month increase and near tripling in August attributed to Nuvama in LiveMint’s account, which did not explain the gap.
UltraTech Cement reported domestic grey cement sales of 35.94 million tonnes for the quarter ended Sept. 30, 2026, up 13.8% from a year earlier. The result covers July through September and one company; Nuvama’s October industry demand assessment came from channel checks reported by LiveMint. On Oct. 19, UltraTech Cement Chief Financial Officer Atul Daga said, “Prices have risen substantially in the month of October.”
For producers, the test is whether demand and selling prices can keep pace with higher fuel costs. LiveMint reported that Nuvama also flagged housing activity and infrastructure spending as factors to monitor.
