Spot cement spreads, a key leading indicator of industry unitary Ebitda, averaged ₹2,589 per tonne in Q4FY26, down ₹137 sequentially, as higher cement trade prices helped offset elevated costs, according to Nomura. However, with cost pressures mounting, in Q1FY27 so far, Ebitda slid to ₹2,495 per tonne, making price hikes in June crucial to protect margins.
