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BETTESWORTHConstruction
capacity utilization

How to Compare Cement Manufacturers Using Sales, Margins, and Capacity

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The reliable way to compare cement manufacturers is to build a like-for-like matrix before ranking anyone. Keep financial revenue separate from physical sales, use one margin definition at a time, and treat installed capacity, production, sales volume, and utilization as different measures. For every figure, record the fiscal dates, currency, unit, geography, consolidation scope, product category, and whether the number is statutory, adjusted, or non-GAAP.

Start by defining what the comparison is meant to answer

A manufacturer can look large on revenue but small on tonnes, or show high utilization while carrying recently added capacity that has not yet reached full output. Decide whether your question concerns monetary scale, product demand, operating profitability, physical efficiency, or investment in future output. Those questions require different columns and should not be collapsed into a single score.

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  • Scale: financial revenue indicates the value of business reported in the accounts; physical sales volume indicates how much product moved.
  • Profitability: EBITDA and EBIT margins describe different layers of the income statement and must be labelled separately.
  • Operating footprint: installed capacity is a potential output limit, while production and sales are realized activity.
  • Utilization: a percentage is meaningful only when you know which stage of production and which capacity denominator it uses.

Use each company’s primary annual report or results disclosure as the starting document. A spreadsheet or database is useful only after the definitions have been captured alongside the numbers.

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Lock the reporting basis before entering numbers

Create one metadata block for every observation. This prevents a precise-looking table from mixing incompatible periods or scopes.

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Record the fiscal period, not only the year label

Write the start and end dates or the company’s full fiscal-year label. ACC changed its financial year end to March 31 in FY2022–23, so a label such as 2022 or 2023 can cover a different number of months or seasonality than a calendar-year report. Compare periods only after checking the dates covered.

Keep currency and units visible

Revenue may be reported in euros, rupees, or another currency and in thousands or millions. Physical output may use tonnes, million tonnes per annum (MTPA), or cubic metres. Never place a currency value beside a volume value without a clear unit heading, and do not convert currencies without recording the exchange-rate date and method.

Identify scope and accounting status

Mark whether a figure is consolidated group data, a segment, a country operation, or an individual plant. Also mark statutory, adjusted, or non-GAAP status. Cementir Holding’s 2025 summary explicitly labels both its revenue series and margin figures as non-GAAP; those labels belong in your comparison rather than being silently removed.

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Separate product categories

Cement and clinker, ready-mixed concrete, and aggregates are not interchangeable products. A group that reports all three may have a different mix from a pure cement producer. Preserve the source categories and add a combined total only when the company itself defines and reports one on a comparable basis.

Compare sales with two independent lenses

Financial revenue measures monetary scale

Use the exact line name from the report. Revenue from sales and services is not automatically the same as total operating revenue. Cementir’s 2025 annual report gives both lines, and its total operating revenue series is identified as non-GAAP. A comparison that changes the line name or combines the two can create a false growth rate.

Physical sales measure product movement

Record tonnes for cement and clinker separately from cubic metres for ready-mixed concrete. Physical sales can rise while revenue falls if prices or mix change; revenue can rise while tonnes fall if pricing or product mix improves. Neither measure replaces the other.

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Cementir Holding measure 2025 2024 Basis and unit
Revenue from sales and services EUR 1,643,974 thousand EUR 1,648,839 thousand Non-GAAP reported series
Total operating revenue EUR 1,741,863 thousand EUR 1,664,067 thousand Non-GAAP reported series
Grey and white cement and clinker sales 11.050 million tonnes 10.722 million tonnes Physical sales volume
Ready-mixed concrete sales 4.344 million cubic metres 4.563 million cubic metres Physical sales volume

Using the reported figures, revenue from sales and services decreased by approximately 0.3% from 2024 to 2025, while total operating revenue increased by approximately 4.7%. Cement and clinker sales increased by about 3.1%, and ready-mixed concrete sales decreased by about 4.8%. These are arithmetic changes within Cementir’s own series, not a ranking against another manufacturer; the differing revenue lines should not be merged.

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Check price and mix before interpreting divergence

When tonnes and revenue move in opposite directions, investigate average selling prices, geography, currency effects, product mix, acquisitions, and disposals in the company’s narrative. A volume increase does not prove stronger margins, and a revenue increase does not prove higher physical demand.

Compare margins only after choosing one definition

EBITDA margin and EBIT margin answer different questions. EBITDA excludes depreciation and amortization; EBIT includes those charges. Use the company’s stated numerator and denominator, and do not compare an adjusted EBITDA margin with another company’s statutory EBIT margin.

Margin measure 2025 2024 Basis
Cementir EBITDA margin 28.0% 24.2% Non-GAAP summary
Cementir EBIT margin 19.9% 16.2% Non-GAAP summary
JSW Cement operating EBITDA margin 14.9% FY2024–25 integrated annual report; company-defined measure

The Cementir figures show why the denominator and accounting basis matter: its 2025 EBITDA margin is 28.0%, while its EBIT margin is 19.9%. They are not competing estimates of one margin. JSW Cement’s 14.9% operating EBITDA margin belongs to FY2024–25 and should be displayed with that period and the company’s own definition, rather than presented as a harmonized league-table result.

Use a common calculation only when inputs are available

If you need a calculated margin, use the same formula for every company: EBITDA divided by the chosen revenue line, or EBIT divided by that same line. Keep the reported company margin in a separate column from your calculation. Explain exclusions such as exceptional items, leases, or joint ventures when the report does so. If a company does not provide the inputs needed for a genuinely comparable calculation, retain its reported margin and label the comparison as definition-limited instead of guessing.

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Read capacity, production, sales, and utilization as four separate facts

Installed capacity describes potential output, usually in MTPA. Production describes what plants made. Sales volume describes what the business sold, which can include inventory changes or purchased material. Utilization expresses output relative to a stated capacity base. Capacity additions can lower utilization even when production is rising, because the denominator has expanded.

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JSW Cement: capacity and grinding utilization

Measure FY2024–25 reported value
Total manufacturing capacity 20.6 MTPA
Grinding capacity utilization 62.89%
Operating EBITDA margin 14.9%

JSW’s utilization figure is specifically for grinding capacity. It should not be treated as clinker utilization or as a group-wide efficiency rate unless the report defines it that way.

Sagar Cements: utilization alongside output and sales

Measure FY2024–25 reported value
Capacity utilization 54%
Production 5,509,572 tonnes
Sales volume 5,509,147 tonnes

Sagar reports production and sales almost at the same level for FY2024–25, but the small difference should not be rounded into a claim that they are identical. Confirm whether the utilization denominator covers cement, clinker, grinding, or a broader manufacturing base before comparing it with JSW’s grinding utilization.

Ambuja Cements: group capacity scope

Ambuja Cements reports cement capacity of 109 MTPA in its FY2025–26 integrated annual report. Treat this as a group-reported figure and preserve that organizational scope. It is not, by itself, a production volume, sales volume, or utilization percentage.

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Ask what changed in the denominator

For every year-over-year utilization movement, check commissioning dates, acquisitions, mothballed lines, maintenance shutdowns, and whether the company changed the capacity definition. A lower percentage can follow a capacity expansion rather than weaker demand; a higher percentage can follow a plant closure that reduced the denominator.

Build a comparison worksheet that preserves definitions

Use one row per company and fiscal period, with definition fields that cannot be overwritten by a later analyst. A practical worksheet includes the following columns:

  • Company and reporting document
  • Fiscal-year start and end dates
  • Currency and scale (units, thousands, or millions)
  • Geography and consolidation scope
  • Revenue line name and reported amount
  • Physical product category, unit, and sales volume
  • EBITDA amount, EBITDA margin, and definition
  • EBIT amount, EBIT margin, and definition
  • Installed capacity, capacity stage, and unit
  • Production volume and sales volume
  • Utilization percentage and its denominator
  • Statutory, adjusted, or non-GAAP designation
  • Notes on acquisitions, disposals, capacity additions, and exceptional items

Keep a source-page reference in your working file even when the published article does not show page numbers. That audit trail lets you verify whether a later restatement changed the original figure.

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Calculate growth without creating false precision

For a series with aligned periods, calculate growth as (current value − prior value) ÷ prior value × 100. Apply the formula only to the same line, unit, scope, and product category. Round the result sensibly and retain the underlying reported numbers. For margins, compare percentage-point movement as well as relative growth: a change from 24.2% to 28.0% is an increase of 3.8 percentage points, while the relative increase is a different calculation.

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Do not calculate revenue per tonne by dividing a group’s total revenue by a single product category’s volume. The denominator must cover the same products and geography as the numerator. Likewise, do not divide total manufacturing capacity by grinding output unless both measures refer to the same stage.

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Interpret geography, mix, and consolidation before ranking

Geography changes the economics

Energy prices, freight distances, import exposure, construction cycles, and currency movements differ by market. A group operating across several countries can offset weakness in one region with strength in another. Read regional notes before attributing a group-level margin or volume change to operating efficiency.

Product mix changes both price and margin

Cementir reports cement and clinker, ready-mixed concrete, and aggregates as separate sales categories. Ready-mixed concrete is measured in cubic metres, while cement and clinker are measured in tonnes. A group with more downstream concrete can have a different revenue profile from a company focused on cement, even if their cement tonnage is similar.

Consolidation changes the apparent size

Check whether joint ventures, associates, minority-owned plants, and newly acquired operations are consolidated. A reported capacity figure may include assets whose earnings are not fully consolidated, while a segment volume may exclude traded products. Record the scope rather than trying to force every figure into a group total.

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Use a decision framework instead of a single winner

  1. Define the question. Choose scale, demand, profitability, operating efficiency, or expansion potential.
  2. Filter for aligned periods. Reject or separately flag fiscal-year mismatches, including changes in year-end dates.
  3. Choose one revenue line and one margin definition. Keep statutory and non-GAAP series visibly separate.
  4. Compare physical categories independently. Do not add cement tonnes to ready-mixed concrete cubic metres.
  5. Read capacity with output. Pair installed capacity with production and the utilization stage and denominator.
  6. Investigate outliers. Check capacity additions, shutdowns, acquisitions, divestitures, currency, pricing, and mix.
  7. State the limitation. If definitions remain different, report the difference and avoid a false league table.

A useful conclusion may therefore be multidimensional: one manufacturer has the largest reported capacity, another the strongest reported margin, and another the clearest volume growth. That is more informative than declaring a winner from one unmatched percentage.

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Common comparison errors and how to correct them

Calling revenue volume

Error: describing a euro or rupee revenue line as tonnes sold.
Correction: label financial revenue and physical sales in separate sections and units.

Combining unlike revenue lines

Error: adding revenue from sales and services to total operating revenue when both are already reported alternatives.
Correction: preserve each line name and identify non-GAAP summaries.

Mixing EBITDA and EBIT

Error: ranking a company’s EBITDA margin against another company’s EBIT margin.
Correction: select one margin family, then align numerator, denominator, and accounting basis.

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Treating capacity as output

Error: interpreting 20.6 MTPA of manufacturing capacity as 20.6 million tonnes produced.
Correction: report capacity, production, sales, and utilization in separate fields.

Comparing utilization percentages without stage definitions

Error: placing JSW’s grinding utilization beside Sagar’s capacity utilization as if they measure the same plant stage.
Correction: name the stage and denominator in the table heading or note.

Ignoring fiscal-year changes

Error: comparing labels alone after a company changes its year end.
Correction: show the actual period covered and explain any transition year.

Overstating a company-specific example

Error: turning one company’s reported figure into a cross-industry benchmark.
Correction: identify the company, fiscal period, scope, unit, and definition every time the figure appears in a comparison.

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A publication-ready checklist

  • Every row has fiscal dates, currency, units, geography, and consolidation scope.
  • Revenue line names are copied exactly from the report.
  • Cement, clinker, ready-mixed concrete, and aggregates remain separate where reported separately.
  • EBITDA and EBIT margins are not mixed, and adjusted or non-GAAP labels remain visible.
  • Installed capacity, production, sales, and utilization each have their own fields.
  • Utilization identifies the production stage and denominator.
  • Growth calculations use aligned periods and identical definitions.
  • Capacity additions, acquisitions, disposals, and year-end changes are noted.
  • Any remaining definition mismatch is disclosed instead of hidden in a ranking.

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