Production, Import, Export of Cement in India

India’s cement sector stands out for capacity-led expansion finally translating into higher utilization, with production rising to 391 MT, about 72% of the installed 600 MT capacity, in FY24. This is a clear improvement from the sub-60% utilization seen in FY21–FY22. This marks a structural shift after years of capacity additions running ahead of demand.
Compared with FY23, production growth has outpaced historical trends, aligning closely with the strong consumption momentum seen up to FY23 (375 MT), implying that the domestic market, is now the primary absorption engine, instead of exports.
A longer-term view shows exports have steadily weakened since FY18, falling from ~7 MT to below 2 MT by FY22, reinforcing the sector’s inward-looking demand profile, while imports have remained marginal (<1% of production), underscoring India’s self-sufficiency.
The sharp capacity jump in FY24 (from 537 MT to 600 MT) suggests cement manufacturers are positioning ahead of infrastructure and housing cycles.
The real insight here is that production growth has begun to catch up, indicating healthier operating leverage and improved economics compared to the underutilized phase following the FY20 demand shock.