印度水泥利润率在2025年上升250-300bps, Indian cement margins to rise 250–300 bps in 2025 on demand growth, stable costs, and lower energy prices.

印度水泥制造商预计本财政年度运营利润率将上升250-300个基点,其驱动因素是需求增长6.5%-7.5%、投入成本稳定以及数量增益和溢价收益提高。 Indian cement manufacturers are projected to see operating margins rise 250–300 basis points this fiscal year, driven by 6.5–7.5% demand growth, stable input costs, and higher realisations from volume gains and premiumisation. 预计平均价格将稳定在每50公斤袋354-359卢比的水平,尽管GST的下降可能会在下半年将零售价格降低4-5%。 Average prices are expected to hold steady at Rs 354–359 per 50 kg bag, though a GST reduction may lower retail prices by 4–5% in the second half. 随着电力和运费成本下降,全球能源价格降低,边际可能从16%扩大到18-20%。 Margins could expand to 18–20% from 16% as power and freight costs decline, supported by easing global energy prices.