The competition heated up in the Indian cement industry after Adani s take over of Ambuja Cement and ACC Ltd., which placed Adani in direct competition with UltraTech. Analysts expect the war for market share to continue and may lead to price wars even as new capacities are added.
UltraTech’s sales increased in FY 23 at a faster pace than those of the cement industry as a whole. It also reduced debt and added new capacity to the tune of 12 million tonnes in fiscal 23.