India is still building, and cement sits at the heart of that build-out. Roads, metros, housing, factories, ports; none of it moves without cement. India produced ~453 million tonnes in FY25, and demand is expected to grow around 6–7.5% over the next few years as infrastructure spending, housing projects, and industrial expansion continue.
Cement isn’t a story stock or a trend-led business. Volumes grow gradually and are tied directly to how much the country is actually constructing. That’s why this sector moves in cycles but those cycles are linked to real activity, not sentiment. Over long periods, consistent building translates into steady volume growth.
Ambuja Cement is a good example of how scale and execution matter here. Its nationwide plant and terminal network helps reduce freight costs, which is critical in cement economics. Investments in modern capacity and waste heat recovery improve per-tonne efficiency, while exposure to infrastructure and rural markets supports volumes even when urban demand slows.
We like cement because it’s boring, physical, and unavoidable. Whenever India builds something real, cement demand shows up quietly in volumes and cash flows. This smallcase reflects our belief that in construction-led growth, patience matters more than timing and disciplined operators tend to win over time.
This smallcase is designed for investors willing to think long term and stay invested in boring businesses.
Closed smallcase