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Industry Analysis: Cement Part 1JUNE 22, 2014 | VISHAL KH ANDELWAL| 35 COMMENTS

As part of my initiative to help you enhance your circle of competence, I am starting on a new series on analyzing key industries that can offer you profitable,

long-term investment opportunities. I start this series by analyzing the Cement industry.

1. About CementWikipedia defines cement as

a binder, a substance that sets and hardens as the cement dries and also reacts with carbon dioxide in

the air dependently, and can bind other materials together. The word cement traces to the Romans, who

used the term opus caementicium to describe masonry resembling modern concrete that was made from

crushed rock with burnt lime as binder. The volcanic ash and pulverized brick additives that were added to

the burnt lime to obtain a hydraulic binder were later referred to as cementum, cimentum, cment, and

cement.

At the basic level, cement is a binding substance that is intended for use in building or construction material and can withstand varying environmentalconditions. The four elements necessary for its creation are iron, aluminum, silicon, and calcium.

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These elements are burned together in a kiln and are finely pulverized to create the powder and used as an ingredient of mortar and concrete we then call

cement. This powder hardens once it is mixed with water but water does not break the bond once it is formed.

The manufacturing process of cement consists of mixing, drying, and grinding or limestone, clay, and silica into a composite mass. The mixture is then heated

and burnt in a pre-heater and kiln to be cooled in an air-cooling system to form clinker. This is the semi-finished form of cement. This clinker is cooled by air and

subsequently ground with gypsum to form cement.

You can watch the entire cement manufacturing process in the video below

Cement, how it is made.

There are various varieties of cement manufactured and sold in India. The basic difference lies in the percentage of clinker used. Here are a few common types

Portland Blast Furnace Slag Cement (PBFSC):This consists of 45% clinker, 50% blast furnace slag, and 5% gypsum. PBFSC accounts for around 10%

of the total cement consumed in India. It is generally used in construction of dams and similar massive constructions.

Ordinary Portland Cement (OPC):This is commonly known as grey cement, and is used in ordinary concrete construction. It has 95% clinker and 5%

gypsum and other materials.
https://www.youtube.com/watch?v=n-Pr1KTVSXo


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Portland Pozolona Cement (PPC): PPC has 80% clinker, 15% Pozolona, and 5% gypsum. It accounts for around 18% of total cement consumption. As it

prevents cracks, it is useful in the casting work of huge volumes of concrete. It can be availed at low cost in comparison to OPC.

White Cement:It is a kind of OPC. The ingredients of this cement are inclusive of clinker, fuel oil and iron oxide. The content of iron oxide is maintained

below 0.4% to secure whiteness. White cement is largely used to increase the aesthetic value of a construction. It is preferred for tiles and flooring works.

This cement costs more than grey cement.

2. About Indian Cement IndustryThe cement industry plays a significant role in the economic development of any nation, providing a vital raw material for the basic building blocks of a nations

infrastructure and housing development.

Indias cement industry has historically grown faster than the overall economy in fact, its remarkable progress has made India the worlds second-largest

cement producer (after China) and it has evolved to become one of the most effective industries in the world in terms of process efficiencies.

The evolution of the Indian cement industry has been in three distinct phases, characterized by the extent of government regulation

1. Complete government control (19561982):Prices were regulated by the government. This period saw modest growth of 6.6% in overall demand on a

very low starting base, with the prior decade facing a sharp slowdown in both demand and capacity creation. Entry of new players was limited because of

suboptimal returns on investment.

2. Partial government control Quota system (19821989): To trigger growth in the industry and support emerging Indian infrastructure, the government

introduced a system of partial deregulation in 1982. The new law required at least two-thirds of all sales to be to government and small developers the

companies were free to sell all remaining product on the open market at a ceiling price. The industry responded through moderate growth in capacity. By

1988, both the quota and the ceiling price were increased substantially, resulting in a growth increase of 8.2%.

3. Free cement market (1989present):In 1989, all price and distribution controls on the sale of cement were withdrawn, and the industry was deregulated

by 1991. This resulted in a massive expansion of cement capacity, which has only accelerated as the country has developed.

As a country, India has one of the lowest per capita consumption of cement in the world, even when compared to other economies at similar prosperity levels

(GDP per capita). Unlike developed markets and large developing markets such as China, India has some distance to go to create sufficient infrastructure,

overcome a large housing deficit, and jump-start its slow pace of urbanization. The growth potential for the industry, thus, looks promising.

3. Production & Consumption

Indian cement industry is the second largest producer in the world. Production has increased at a compounded annual growth rate (CAGR) of9.7% during FY06 to FY13,and currently stands at around 300 million tonnes (MT). Production is expected to grow to 550 MT by FY20.


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As per a study by Global Construction Perspectives and Oxford Economics, India is expected to become the worlds third largest construction market by

2025, adding 11.5 million homes a year. Given this, the growth potential for the cement industry is huge. Domestic cement consumption is expected to

rise from around 265 MT currently to 400 MT in the next three years. Around 65% of cement is consumed by the housing sector, while 17% goes into

infrastructure.

Per capita consumption of cement in India at 185 kg per person per year is amongst the lowest in the emerging world.Indonesia and Brazil, for

instance, have per capita consumption of 225 kg and 345 kg respectively. Indias low consumption levels are due to three key reasons a). Low

infrastructure intensity, as we are largely a services-oriented economy, b). High level of housing deficit, and c). Low pace of urbanization as compared to

other countries. Per capita consumption is however going to rise due to rising consumption from urban areas, rising nuclear family households, and

upgrades from non-puccato more permanentpuccahouses.

Cement capacity in India has always kept ahead of demandwhich, during times of slowdown, really hurts companies in the form of lower capacity

utilisation and declining margins (as fixed costs remain high).


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Source: CIIs Cement Vision 2025 Report

4. Industry Structure

Over the years, the industry has become more organized and structured, and average size of players has increased. Growing scale, coupled with

improvement in manufacturing technology, has led to significant cost efficiencies as well. Energy use per kg of clinker production has dropped from 880 kcal

per kg in 1991 to 690 kcal per kg now. Apart from this, power consumption has declined from 120 units per tonne to 65 units during the same period. What

is more, average turnover per employee increased by more than 90% between 2006 and 2012.

Supply side bottlenecks have also intensified.For instance, the share of linkage coal in the overall energy mix of the industry has declined from 65% in


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FY06 to around 35% now. Companies are thus more dependent on alternative sources.

Setting up additional capacity has also gotten difficult (serves as an entry barrier)due to declining levels of linkage coal, inadequate logistics

infrastructure (railways), shortage of skilled labour, and delays in getting land and environmental approvals.

Linkages of raw materials like limestone also serve as an entry barrier.Most cement companies have backward integration to limestone by way of

owning captive mines. Most limestone deposits in India are located in Madhya Pradesh, Rajasthan, Andhra Pradesh, Maharashtra, and Gujarat, thus

leading to concentration of cement units in these states. As far as gyspum is concerned, its domestic reserves are limited, which has led some cement

companies to explore the option of acquiring overseas gypsum mines. In addition to gypsum, the domestic coal supply has also become a major bottleneck

(around 160 kg of coal is consumed per tonne of cement production). As a result, cement companies are looking to secure access to coal, either through

joint ventures with overseas players or through the acquisition of overseas coal mines.

Cost of manufacturing cement has risen over the years, thanks to higher costs of fuel and financing, and high taxes. While the companies have

been able to pass on a part of cost hike to consumers, costs are still rising faster than cement prices.

Source: CIIs Cement Vision 2025 Report

Fixed costs in the cement industry are particularly high and significant relative to variable costs. Fixed costs generally account for more than 50% of the

overall production costs. The fixed costs are usually sunk costs. Once built, a cement plant can serve no other purpose. As fixed costs are high with respect

to the variable costs, the break-even point is high. With automation, labour costs have decreased, but energy consumption is a more significant variable

cost. Thus, profits in the industry are sensitive to the level of utilisation of the production capacity. Significant cash flows are generated only when product

increases beyond the break-even point, which depends on the efficiency of the plant.


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Cement is largely a regional product manufactured and sold in a region as transporting it over long distances is not possible (due to the nature of the

product). Transportation is a major cost element for cement companies (around 20-25% of sales), often a bigger line item than net profits.

Source: Ramcos and Ambujas Annual Reports

Thanks to the inability to pass on the entire cost increase to consumers, the IRR or internal rate of return for new cement plants has fallen to just

around 9-10%(Source: CII).

Cement prices have not increased as much as production and capital costs in the past four to five years, which has taken a toll on industry

profitability. The rate of technological improvements in the industry has been slowing down, with a large share of the industry already employing the best

available technology in terms of material and energy efficiency.

While the widening gaps in operating costs and sales realization have been reducing the average EBITDA or operating profit per tonne for the industry,

capital costs have been steadily rising (from an average of Rs 4,200 per tonne in 2009 to Rs 7,200 per tonne in 2013). As a result, the internal rate of

return or IRR on a new green-field cement plant in India has seen a steady decline from 17% in 2008 to 9% in 2013.

5. Competition

Competition in the cement industry initially occurs at the local level due to high transportation costs. Competition cannot be based on price, asprice cuts are easily spotted because of the nature of the product, which is undifferentiated. Competition is hence based on head-to-head market


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confrontation focused on price rebates and sales volume, in order to expand market share. Any substantial price cut by a competitor results in a price war.

Rivalry also occurs when firms want to enhance their respective competitive advantages on the basis of improved product quality or reduced production

costs.

High transportation costs make location an important factor in a cement companys pricing policy. The best location combines three advantages

a) the plant is set up in a quarry with large quantities of high-quality and easily-workable limestone b) the plant is close to large urban areas and c) the

plant is near a railway line or a road network allowing cement to be delivered to faraway places. A cement plant located inland rarely sells outside a 300 km

radius and would normally sell the bulk of its production within 150-300 km.

6. Porters Five Forces AnalysisPorters Five Forces Analysis provides a competitive forces framework that allows us to better understand the different dimensions that govern competition

within an industry. Porters five forces are

1. Competitive rivalry

2. Threat of substitutes

3. Bargaining power of buyers

4. Bargaining power of suppliers and

5. Barriers to entry and exit.

Let us use Porters framework to analyse the Indian cement industry


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The above figure depicts the five competitive forces that shape the Indian cement industry. As you can see

Competitive rivalry in the industry is moderate

Effect of substitutes is weak

Buyer power is minimal

Supplier power is high andEntry/exit barriers are high.

In essence, the horizontal supply chain has pricing power over final consumers, whereas the vertical dimension of competition (threat of new entry and threat of

substitution) is lacking due to lack of the possibility of differentiated advantages in production.

Click here to read Part 2

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About the Author

Vishal Khandelwal is the founder of Safal Niveshak. He works with small investors to help them become smart and independent in their stock market investing
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decisions. He is a SEBI registered Research Analyst. Connect with Vishal on Twitter.

Comments

Mukesh says:

June 22, 2014 at 11:00 pm

There are a few points you can elaborate on-

1. Cement production consists of largely two steps Limestone to Clinker (known as clinkerisation unit or the cement kiln) and Clinkers to Cement (known

as grinding unit). While cement companies produce clinker at single unit to optimise fixed cost, they grinding units at different units to serve various

markets. You can throw some light on this strategy adopted by cement companies.

2. Cement plants usually their own captive power plants to save on energy costs. You can further elaborate on this point.

3. Cement demand and production is to some extent seasonal. For example during monsoons, demand and realisations are low and hence there is less

production during this period.

4. You could also throw some light on the international peers and the returns generated by them during the past decade.

You should elaborate more on regional cement markets in India. For exame the cement industry in Southern India is different from that in Northern India.

Lastly, it would serve the readers well to know that cement is a cyclical industry and its demand is usually dependent on GDP growth (usually 1.2 times of

GDP growth)

Reply

onquest says:

June 23, 2014 at 8:11 pm

Mukesh !

Why cant you throw light on all these points ? Seems you have some understanding about this industry. But your comment reflects arrogance. Just

read your comment not even a word of gratitude to man who has taken pain to write such a wonderful post .

Get well soon !
http://www.safalniveshak.com/industry-analysis-cement-part1/?replytocom=81948#respondhttps://twitter.com/safalniveshak


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P.S Thank you Vishal . It is an eye opener, always read and heard understand the business but was not able to figure out how. The post provides a

sort of template which can be used for other industries . Thanks a lot once again.

Reply

Mukesh says:

June 24, 2014 at 10:35 am

Thanks for pointing out Onquest. I am really sorry for not thanking Vishal for his efforts on this wonderful post. Believe me, there was no element of

arrogance in my intent in writing the comment. I was just trying to make the post even better by trying to point out a few things which Vishal could

have added to make the analysis more informative.I had a few more points in mind but I am waiting for the 2nd part of the post.

As for me, I am still a learner and trying to share whatever little inputs I have. Please dont take it otherwise. I would rather like you consider it my

ignorance rather than my arrogance.

Fantastic post Vishal. I have learnt a lot from your blog. Please carry on the good work.

Reply

Vishal Khandelwal says:

July 1, 2014 at 2:43 pm

Not an issue at all, Mukesh!

Thanks for your suggestions/feedback.

Reply

Vishal Khandelwalsays:

July 1, 2014 at 2:42 pm

Thanks for your kind words, Onquest!

Reply
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Akshay says:

June 23, 2014 at 12:30 am

Absolutely amazing..One of the most helpful articles and a great initiative..Covering every little detail from scratch

Thank you Vishal for this effort

One other advantage I can think of one cannot import cement, so a threat that exists in the case of commodities does not exist here

Regards

Reply


July 1, 2014 at 2:43 pm

Indeed Akshay. Thanks for your comment!

Reply

kiran Telangi says:

June 23, 2014 at 4:02 am

The nature of Cement product have changed overtime. The import/export seems possible. India is net exporter because of superior quality. Though, I am

not industry insider.

See here.

Reply

Ganesh says:

June 23, 2014 at 7:10 am

Very good article Vishal. looking fwd to 2nd part. Thank you.

Reply
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July 1, 2014 at 2:44 pm

Thanks Ganesh!

Reply

Srinivasagopalan says:

June 23, 2014 at 8:26 am

Hi Vishal,

Thank you for the great write up. Could you also point to resources one can refer to while looking for information about a chosen industry ?

Thanks

Srini.

Reply


July 1, 2014 at 2:45 pm

Thanks Srini! You can search Google or any industry reports. Plus, look at company annual reports for sometimes they are a great source of info on

the industry.

Reply

Dipakkumar says:

June 23, 2014 at 8:43 am

Thanks Vishal, you have given elaborate information and facts on the product and cement industry. However, I would like to know the names of

manufacturers who are listed on the Nifty.

Reply
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onquest says:

June 23, 2014 at 8:15 pm

You can find the list of major cement companies here.

Reply

Vidhyashankar says:

June 23, 2014 at 10:18 am

Dear Vishal

Good Day.

Very informative.

Would suggest to consider facts regarding

How cement is consumed? Cement is consumed mainly through concrete. Concrete is

produced either at Site or through Ready Mix Concrete at Mechanized plants. This is very

Important. In developed countries, 75% of Concrete produced is through RMC while in india

only 10 to 12% of concrete produced is through RMC route. This fact is critical for cement

companies as these companies are setting up their own RMC plants.

How cement is transported? Bulkers, Jumpo Bags (up to 1 ton) and Bags of 50 Kgs. This is

also very critical for the Cement Industry.

Reply


July 1, 2014 at 2:46 pm

Thanks Vidhyashankar! That was valuable info.

Reply
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Sree says:

June 23, 2014 at 10:30 am

Thanks Vishal for the article. A note on consolidation in the industry can be added as 1/3rd of capacity in India is held by 3-4 companies.

Reply


July 1, 2014 at 2:47 pm

Thanks Sree! Would add that in part 2.

Reply

Naveen Gupta says:June 23, 2014 at 11:44 am

Hi Vishal

Great article. Can you let us know the valuation of a cement plant per million tonne capacity, other factors assumed to be constant and the justification for

it.

Regards

Naveen

Reply


July 1, 2014 at 2:47 pm

Thanks Naveen! Will talk about valuation etc. in part 2.

Reply
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Vasim says:

June 23, 2014 at 12:50 pm

WOW!!

Reply

Vishal Khandelwalsays:July 1, 2014 at 2:48 pm

Thanks Vasim!

Reply

Jalaj says:

June 23, 2014 at 1:02 pm

Interesting and informative article, if you can also cover impact of weather conditions on the industry.

Reply

abhishek says:

June 23, 2014 at 1:53 pm

every minute detail is covered except cost related data thanx sir.. (y) waiting for next part..

Reply

abhishek says:

June 23, 2014 at 1:54 pm

its just awsum..

Reply
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Mayank says:

June 23, 2014 at 3:32 pm

Thanks Vishal. This is an amazing initiative. Looking forward to part 2 and analysis of other industries.

BTW, Would you also cover the business of RMC (Ready Mix Concrete)?

Mayank

Reply

Kalyanakrishnan says:

June 23, 2014 at 5:38 pm

This industry seems to have a direct correlation with the real estate sector as indicated in your article that 65% of the cement is used for housing

construction.

Is there any cyclical trend observed in this industry? When is the right time to invest?

Reply

Mukund says:

June 23, 2014 at 6:17 pm

Great article!Very Informative!Where do you get all this information from?Really it is very helpful for any person for understanding an entity.I have invested

some money into 2 cement stocks- Ambuja Cement & Mangalam Cement but never really thought I would know so much about their businesses.Looking

forward to more such Industry Analysis as well.Also it would be helpful if we would know how do you make such a research article & where to get such

information from.

Reply

Nelson Christian says:

June 24, 2014 at 1:00 am

I am late in congratulating youa million thanks for starting this initiative. The level of detail in the research is amazing. I got to learn so much about

Cement Industry by just reading this article of yours along with few of the comments. One small suggestionplease let people share their knowledge after
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both the partsso that people can read both the parts..and then chip in..or elselot of what people have commented may already be covered by you in

the second part..

Reply

mk says:

June 24, 2014 at 9:24 am

Thanks a lot vishal, Very interesting learnt a lot about the industry, I thought of it as commodity so dint think much about but I guess i learnt a lot about it

from you Thanks

Reply

sridharan says:

June 24, 2014 at 7:48 pm

Sir,

The analysis was interesting. One thing I would like to be added is the possibility of import

of cement to counter manipulated price rise. Till now, it has always been told in Tamilnadu area

that the cement cartel have been raising prices at their will and preventing transport of cement

from neighbouring states where the prices are cheaper at the time. With investments likely to

pickup in a few quarters time and in case the demand exceeding supply in some point of time

the possibility of import of cement and its impact on cement industry shall be discussed.

Thank you

Sridharan

Reply

Anonymous says:

June 25, 2014 at 8:13 pm

gr8 article sir.

would just like to add a linkfor further overview of this industry
http://www.ibef.org/industry/cement-india.aspxhttp://www.safalniveshak.com/industry-analysis-cement-part1/?replytocom=82374#respondhttp://www.safalniveshak.com/industry-analysis-cement-part1/?replytocom=82255#respondhttp://www.safalniveshak.com/industry-analysis-cement-part1/?replytocom=82185#respond


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thnx sir

Reply

Sivakumar Thilag says:

June 25, 2014 at 9:27 pm

Vishal

This is a wonderful work. Making me to learn.

Please help to clarify my doubt below:

After all, investment is all about a long term commitment. At an initial glance itself, we know that the IRR of the companies in this sector is low and the

sector itself is cyclical. Looking at a top down approach, what is the driving force to choose this sector (as a value investor)?

Where is the value trap in this sector in a long term?

Thanks

Reply

Hatim Vohra says:

January 20, 2015 at 1:52 pm

Sir,

I am doing a project on cement industry of india, so can you tell me what type of competition is there at present in the cement industry.

Reply

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Industry Analysis: Cement Part 2 | Safal Niveshaksays:

July 2, 2014 at 12:53 pm

[] Click here to read Part 1. []

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Date post:	28-Feb-2018
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Industry Analysis_ Cement _ Safal Niveshak

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