Indian Construction Equipment Manufacturers Association (ICEMA) Vice President Shalabh Chaturvedi said India’s construction equipment industry likely to see moderated growth in the current financial year (FY27) amid rising steel and bitumen prices, heightened geopolitical uncertainty and continued execution challenges in infrastructure projects. He said the industry began FY27 on expectations of double-digit growth, but subsequent developments have necessitated a more measured outlook.
Chaturvedi said escalation in input costs had emerged as key challenge as the financial year progressed. The conflict in West Asia had disrupted supply chains and pushed up the prices of several key commodities and construction inputs. Steel prices witnessed a significant rise, while bitumen prices also increased considerably. Bitumen is a petroleum-derived material used extensively in road surfacing. Its price climbed from Rs 40,000-45,000 per tonne to nearly Rs 80,000 per tonne. While prices have subsequently eased to around Rs 75,000 per tonne this month, they remain well above their earlier levels.
According to ICEMA Vice President, the sharp rise in construction input costs has put pressure on project economics, particularly for contractors that had bid for projects before the escalation in commodity prices. As a result, this has affected the pace of project execution in parts of the road construction sector, which remains one of the most important demand drivers for construction equipment in India. Despite these challenges, he noted that sales across several major equipment categories recorded modest growth during the January-July period of 2026.
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