Sector analysis · India

Construction Materials sector earnings growth, Q2 FY26

The 20 largest Construction Materials companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.

The top 20 at Q2 FY26

Q2 FY26 vs Q2 FY25: combined net profit ₹4,837 cr (+128%), median EPS +200% (19 of 20 up), market-cap-weighted price +3%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	UltraTech Cement LimitedULTRACEMCO	35.6%	28.40 → 41.79	+47%	+15.1 pp	+4%
2	Grasim IndsGRASIM	18.5%	5.73 → 8.13	+42%	+6.0 pp	+2%
3	Ambuja Cements LimitedAMBUJACEM	13.9%	1.85 → 7.14	+286% one-off	+48.0 pp	−10%
4	Shree Cement LimitedSHREECEM	10.4%	21.19 → 85.51	+304%	+8.5 pp	+11%
5	J K CementsJKCEMENT	4.8%	16.28 → 20.78	+28%	+1.3 pp	+36%
6	Dalmia BharatLtdDALBHARAT	4.1%	2.45 → 12.58	+413%	+7.0 pp	+15%
7	The Ramco Cements LimitedRAMCOCEM	2.3%	1.09 → 3.27	+200%	+1.9 pp	+14%
8	JSW Cement LimitedJSWCEMENT	1.9%	−0.63 → 0.63	turned profitable	+6.0 pp	—
9	Nuvoco Vistas Corporation LimitedNUVOCO	1.5%	−2.40 → 1.02	turned profitable	+4.5 pp	+17%
10	The India Cements LimitedINDIACEM	1.2%	−10.94 → 0.28	turned profitable one-off	+12.8 pp	+5%
11	JK Lakshmi Cement LimitedJKLAKSHMI	1.1%	−1.19 → 6.52	turned profitable	+3.5 pp	+11%
12	Star CementSTARCEMENT	1.0%	0.14 → 1.78	+1,171%	+2.4 pp	+27%
13	Birla Corporation LimitedBIRLACORPN	0.9%	−3.27 → 11.75	turned profitable	+4.2 pp	−4%
14	Prism Johnson LimitedPRSMJOHNSN	0.8%	−1.78 → 0.06	turned profitable	+3.4 pp	−23%
15	HeidelbergCement India LimitedHEIDELBERG	0.4%	0.49 → 1.10	+124%	+0.5 pp	−10%
16	Orient Cement LimitedORIENTCEM	0.4%	0.11 → 2.39	+2,073%	+1.7 pp	−24%
17	Sagar Cements LimitedSAGCEM	0.3%	−4.36 → −3.24	loss, smaller	+0.5 pp	+7%
18	Ramco Industries LimitedRAMCOIND	0.3%	1.94 → 4.71	+143%	+0.9 pp	+36%
19	K C PKCP	0.2%	4.76 → 2.56	−46%	−1.0 pp	−22%
20	Mangalam Cement LimitedMANGLMCEM	0.2%	1.19 → 7.31	+514%	+0.6 pp	−16%
	Sector earnings growth	100%			+127.7 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.

Joined the top 20 since Q1 FY26 1

now #8 JSW Cement Limited JSWCEMENT

Left the top 20 since Q1 FY26 1

was #20 Udaipur Cement UDAICEMENT

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
ULTRACEMCO	+70%	+68%	+35%	0%	−36%	−17%	+8%	+29%	+47%	+15%	+20%	+17%
GRASIM	+15%	−40%	0%	−23%	−66%	−41%	+9%	+17%	+42%	+15%	+31%	+51%
AMBUJACEM	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	+22%	+286%	−90%	+90%	−28%
SHREECEM	+144%	+149%	+28%	−51%	−83%	−72%	−15%	+131%	+304%	+38%	−8%	−18%
JKCEMENT	+59%	+627%	+96%	+61%	−29%	−33%	+64%	+76%	+28%	−8%	−8%	−14%
DALBHARAT	+157%	+29%	−47%	+9%	−61%	−77%	+38%	+179%	+413%	+100%	−11%	−52%
RAMCOCEM	+2,246%	+64%	−14%	−50%	−64%	+116%	−79%	+129%	+200%	+111%	+450%	−63%
JSWCEMENT	outside	outside	outside	outside	outside	outside	outside	outside	turned profitable	turned profitable	sources disagree	turned profitable
NUVOCO	turned profitable	turned profitable	−50%	−80%	to loss	to loss	+65%	+4,563%	turned profitable	turned profitable	−15%	+20%
INDIACEM	loss, smaller	−100%	loss, smaller	turned profitable	loss, bigger	+19,650%	turned profitable	to loss	turned profitable	to loss	+309%	turned profitable
JKLAKSHMI	+52%	+88%	+43%	−10%	to loss	−59%	+17%	+114%	turned profitable	−9%	−36%	−32%
STARCEMENT	+31%	+39%	−9%	−67%	−86%	−88%	+41%	+217%	+1,171%	+741%	+20%	−24%
BIRLACORPN	turned profitable	turned profitable	+128%	−45%	to loss	−71%	+33%	+266%	turned profitable	+69%	+15%	−3%
PRSMJOHNSN	turned profitable	loss, smaller	loss, bigger	to loss	to loss	turned profitable	turned profitable	loss, smaller	turned profitable	+26%	−95%	turned profitable
HEIDELBERG	+410%	+456%	+38%	−24%	−69%	−83%	+5%	+21%	+124%	+200%	−10%	−37%
ORIENTCEM	turned profitable	+64%	+1%	−1%	−91%	−78%	−38%	+459%	+2,073%	+176%	+32%	−63%
SAGCEM	loss, smaller	loss, smaller	−88%	loss, smaller	loss, bigger	loss, bigger	to loss	turned profitable	loss, smaller	loss, bigger	turned profitable	to loss
RAMCOIND	outside	outside	outside	outside	outside	+237%	−19%	+67%	+143%	+26%	+145%	+32%
KCP	outside	outside	sources disagree	+6%	+88%	−77%	−32%	+98%	−46%	−3%	+126%	−42%
MANGLMCEM	outside	outside	+11%	outside	−72%	−51%	−2%	+89%	+514%	+45%	+286%	−44%