India’s cement industry is set for one of its biggest expansion phases yet, with total grinding capacity expected to rise by 160–170mn (million) tonnes (MT) between financial years (FYs)25-26 and 27-28, a sharp 75% jump compared with the 95MT added in the past three years, says CRISIL Ratings. The surge in capacity creation is being fuelled by strong demand prospects and high-capacity utilisation levels across the sector. In a research note, the rating agency says the upcoming expansion would involve significant capital expenditure but added that associated risks would be lower because most projects are brownfield in nature and will rely largely on internal cash flows rather than debt. This, the agency noted, would help cement companies maintain stable credit metrics despite the aggr

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