India's leading cement manufacturers are poised to invest approximately Rs. According to Crisil Ratings, a capital expenditure of 1,20,000 crore (US$ 13.53 billion) is expected between FY26 and FY28, nearly 50% more than the last three years. The investments will mainly concentrate on increasing capacity, with the 17 firms included in the report accounting for 85% of the nation’s overall 668 million tonnes (MT) of installed capacity by March 2025. Crisil observed that capital expenditure intensity will stay consistent at 0.8-0.9 times, maintaining a restricted reliance on external debt, and credit indicators are anticipated to remain stable with the net debt-to-EBITDA ratio at 1.1 times, in line with the previous three fiscal years. The report pointed out that approximately 10-15% of the intended investment will be allocated to sustainability and cost-effectiveness initiatives, including the implementation of renewable energy and waste heat recovery, assisting companies in preserving profitability despite increasing input expenses. The cement sector is expected to increase its grinding capacity by 160-170 MT by FY28, in contrast to 95 MT added over the previous three years, fueled by robust demand and elevated capacity utilisation. Approximately 65% of this increase will stem from brownfield expansions, which demand less capital and encounter fewer regulatory challenges than greenfield initiatives. The majority of expenditures will be financed through internal earnings, guaranteeing consistent leverage and financial stability among leading cement manufacturers