The Indian cement industry is set to expand by 70-75 million tonnes (Mn t) over the next two years, with 33-37 mn t from clinker capacity and the rest from grinding capacity, as per ICRA. The eastern and southern regions will lead this growth. Despite this, the utilization rate is expected to remain moderate, improving slightly to 71 per cent in FY2025. ICRA has revised its cement volume growth forecast for FY2025 to 4-5 per cent, lower than the earlier estimate of 7-8 per cent, citing slower construction activities post-elections. While rural and urban housing demand should support volumes, profitability is anticipated to remain under pressure.