New Delhi, June 23 -- Many listed cement manufacturers saw sales from the margin-accretive trade segment rise sequentially in the March quarter (Q4FY26).

Trade-segment cement is sold through networks of local dealers, hardware stores and retailers, usually in 50-kg bags. Non-trade cement is sold directly in bulk, mostly to the government or large institutions. The latter is a volume game, where companies tend to offer discounts for large purchases, resulting in lower margins than the trade segment.

Birla Corporation led the pack with a trade mix of around 79%, followed by Nuvoco Vistas Corporation and Ambuja Cements (plus ACC) at over 70% each.

It is also encouraging that the premiumization trend has continued. Premium cement offers su...