Pakistan’s cement industry is gearing up for a strong rebound in FY26, driven by surging domestic demand and stabilizing prices, according to a fresh report by Topline Securities.
The brokerage firm has reaffirmed its overweight stance on the sector, citing a sharp uptick in dispatches and a revival in construction and infrastructure activity. Domestic cement sales jumped 18% year-on-year in July, with early August figures showing a 28% YoY surge, signaling a potential 20–25% growth for the first two months of FY26.

Key growth drivers include:
•     📉 Monetary easing
•     🏗️ Revival in construction and infrastructure projects
•     🔥 Lower coal costs
•     📈 Improving price stability
If momentum holds, cement plant utilization could rise to 52–54%, up from 44% last year. This marks a reversal from the sector’s slump since FY22, when domestic sales fell from a peak of 48 million tons in FY21 to just 37 million tons in FY25.
Topline has also revised its earnings forecast upward by 5–7%, anticipating stronger-than-expected demand and cost efficiencies. While most industry players project FY26 growth in the 3–6% range, Topline remains bullish with an 8% base case, and hints that growth could exceed 12% if current trends persist.
With pricing power returning and demand accelerating, FY26 could be a breakout year for Pakistan’s cement sector.