The past year had been turbulent for India’s cement industry. High commodity inflation had put the margins of manufacturers under pressure as adequate price hikes could not be effected.

However, the winds of change seem to be blowing. Here are 4 charts that tell you the story.

The above chart shows that prices of raw materials have been cooling off recently, providing respite to the manufacturers.

On the back of reducing raw material prices, the variable costs, too, have started coming down since the second half of FY23.

The above chart indicates that cement industry’s spread and the EBITDA grew in Q4 FY23