Synopsis: The New Nifty Cement Index is led by UltraTech Cement (16.21%) and Shree Cement (15.31%), followed by Grasim, Ambuja, and other major players, reflecting a concentration in large, established companies driving India’s cement sector performance.
The Nifty Cement Index tracks the performance of leading companies from the cement and cement products industry that are part of the Nifty Total Market. It is designed to represent the overall movement of the cement sector and helps investors understand how major cement stocks are performing.
The index can include up to 20 stocks selected based on free-float market value. Preference is given to stocks traded in the derivatives segment. Each stock’s weight is capped at 15 percent to maintain balance.
Portfolio Characteristics
The Nifty Cement Index follows a periodic capped free-float methodology and includes 15 companies. It was launched on February 16, 2026, with a base date of April 1, 2005, and a base value of 1000. The index is calculated at the end of each trading day and is rebalanced semi-annually, helping maintain a fair representation of the sector over time.
Coming into Index fundamentals, Nifty Cement Index fundamentals show a P/E ratio of 28.94 and a P/B ratio of 2.53, indicating moderate valuation levels, while a dividend yield of 0.45 percent suggests relatively low income returns for investors. Here are the top stocks and their respective weightages in the Nifty Cement Index
UltraTech Cement Limited
With a market capitalization of Rs. 3,84,504.75 crore, the shares of UltraTech Cement Limited were currently trading at Rs. 12,994.95 per equity share. UltraTech Cement Ltd carries a 16.21 percent weight in the Nifty Cement Index.
UltraTech Cement Limited was established in 2004 as part of the Aditya Birla Group. It is India’s largest cement manufacturer, producing grey cement, white cement, and ready-mix concrete. The company operates across India and exports to several countries, serving construction needs for homes, roads, and large infrastructure projects.
Shree Cement Limited
With a market capitalization of Rs. 97,455.90 crore, the shares of Shree Cement Limited were currently trading at Rs. 27,010.50 per equity share. Shree Cement Limited carries a 15.31 percent weight in the Nifty Cement Index.
Shree Cement Limited was founded in 1979 and is headquartered in Kolkata. It is one of India’s largest and most efficient cement producers. The company manufactures and supplies cement and clinker across northern and eastern India, known for its low energy consumption and strong focus on cost-effective, sustainable production practices.
Grasim Industries Limited
With a market capitalization of Rs. 1,99,515.55 crore, the shares of Grasim Industries Limited were currently trading at Rs. 2931.80 per equity share. Grasim Industries Limited carries a 14.83 percent weight in the Nifty Cement Index.
Grasim Industries was established in 1947 as part of the Aditya Birla Group. Originally a textile company, it diversified into cement, chemicals, and financial services. Today, it is a leading producer of viscose staple fibre and chlor-alkali chemicals, and also holds a major stake in UltraTech Cement.
Ambuja Cements Limited
With a market capitalization of Rs. 1,29,548.27 crore, the shares of Ambuja Cements Limited were currently trading at Rs. 524.10 per equity share. Ambuja Cements Limited carries a 13.86 percent weight in the Nifty Cement Index.
Ambuja Cements Limited was founded in 1983 and is now part of the Adani Group. The company manufactures and sells cement and clinker across India. Known for its strong brand and quality products, Ambuja serves housing, commercial, and infrastructure sectors through a wide network of plants and distribution channels.
J.K. Cement Limited
With a market capitalization of Rs. 45,408.39 crore, the shares of J.K. Cement Limited were currently trading at Rs. 5878 per equity share. J.K. Cement Limited carries a 11.12 percent weight in the Nifty Cement Index.
J.K. Cement Limited was established in 1975 and is part of the J.K. Organisation. The company produces grey cement, white cement, and wall putty. With plants across India and operations in the UAE, J.K. Cement serves residential, commercial, and infrastructure projects, and is one of India’s leading white cement manufacturers.
Dalmia Bharat Limited
With a market capitalization of Rs. 39,915.91 crore, the shares of Dalmia Bharat Limited were currently trading at Rs. 2128.10 per equity share. Dalmia Bharat Limited carries a 7.91 percent weight in the Nifty Cement Index.
Dalmia Bharat Limited was founded in 1935 and is one of India’s oldest cement companies. Headquartered in New Delhi, it manufactures and supplies cement across India with a strong presence in eastern and southern regions. The company is committed to sustainable practices and has a significant focus on green cement production.
The Ramco Cements Limited
With a market capitalization of Rs. 27,009.40 crore, the shares of The Ramco Cements Limited were currently trading at Rs. 1143.05 per equity share. The Ramco Cements Limited carries a 6.81 percent weight in the Nifty Cement Index.
The Ramco Cements Limited was established in 1961 and is part of the Ramco Group based in Chennai. It manufactures and sells cement primarily across southern India. The company operates several modern plants and is known for producing high-quality cement used in housing, commercial buildings, and infrastructure development projects.
ACC Limited
With a market capitalization of Rs. 30,880.68 crore, the shares of ACC Limited were currently trading at Rs. 1644.45 per equity share. ACC Limited carries a 4.80 percent weight in the Nifty Cement Index.
ACC Limited was founded in 1936 and is one of India’s pioneer cement companies. Now part of the Adani Group, ACC manufactures cement and ready-mix concrete across India. The company serves housing, commercial, and infrastructure sectors and has a strong legacy of innovation and sustainable construction material production.
JK Lakshmi Cement Limited
With a market capitalization of Rs. 8,956.40 crore, the shares of JK Lakshmi Cement Limited were currently trading at Rs. 721.45 per equity share. JK Lakshmi Cement Limited carries a 2.50 percent weight in the Nifty Cement Index.
JK Lakshmi Cement Limited was established in 1982 and is part of the J.K. Organisation. The company manufactures and distributes cement across northern, western, and eastern India. Known for its quality and affordable products, it serves the housing and construction sector through a wide dealer network and multiple production facilities.
Nuvoco Vistas Corporation Limited
With a market capitalization of Rs. 12,218.31 crore, the shares of Nuvoco Vistas Corporation Limited were currently trading at Rs. 342.10 per equity share. Nuvoco Vistas Corporation Limited carries a 1.68 percent weight in the Nifty Cement Index.
Nuvoco Vistas Corporation Limited was established in 2014 after the Nirma Group acquired Lafarge India. The company manufactures cement, ready-mix concrete, and modern building materials. The company operates mainly in eastern and northern India, serving residential and infrastructure projects with a focus on innovation and sustainable construction solutions.
Key Constituents of the Nifty Cement Index
The Nifty Cement Index also includes remaining major players such as India Cements Ltd., JK Lakshmi Cement Ltd., Star Cement Ltd., Birla Corporation Ltd., Prism Johnson Ltd., and Orient Cement Ltd. It reflects sector trends, demand cycles, pricing power, regional expansion strategies, raw material costs, government infrastructure spending, and overall construction activity across India’s growing economy.
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