M&A activity in the sector has led to increased consolidation in north, central, and east India over the last few years. While west India saw a de-consolidation due to the entry of new players (such as Dalmia Bharat, Birla Corp, and Shree Cement, with combined capacity addition of 10mtpa), the South remains the most fragmented market with a capacity share of ~43% for the top five players in FY23E.
