Mumbai, March 15 -- The fierce expansion race between India's two largest cement makers, which led to industry-wide overcapacity and margin erosion, may finally be cooling, with the Adani Group hinting it will prioritize profitability once its existing plans are completed.

Ambuja Cements Ltd, which was acquired by the Ahmedabad-based conglomerate in September 2022, told analysts at a plant visit last week that it will not rush into expansions at the expense of margins. The company was open to pushing back its FY28-end target of achieving 155 million tonnes per annum (mtpa) capacity by a couple of years as it looks to increase the utilization of its existing capacity. Currently, it is the second-largest cement maker in India with 109 mtpa...