New Delhi, July 22 -- Operating margins of Indian cement manufacturers are expected to decline by Rs 50-75 per tonne this fiscal to Rs 925-950 per tonne due to higher input costs triggered by the ongoing conflict in West Asia, though steady domestic demand and strong balance sheets are likely to keep credit profiles stable, Crisil said on Wednesday.

According to a Crisil analysis of 18 cement companies accounting for nearly 90 per cent of India's domestic cement capacity, operating margins had improved sharply to around Rs 1,000 per tonne in fiscal 2026 on the back of higher realisations.

The momentum in cement prices has continued into the first quarter of the current fiscal, with prices expected to rise 1-3 per cent during the year af...