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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe reliable way to compare cement producers is to normalize the comparison before looking for a winner. Use the same fiscal period, currency basis, geography, consolidation scope and margin definition, then read fuel costs beside production volume, selling prices, product mix and the other major cost categories. A lower fuel-cost figure or higher reported EBITDA margin is not proof of better plant efficiency until you know exactly what each number includes.
This method lets you separate operating performance from differences in fuel prices, sourcing, alternative-fuel use, accounting presentation and market conditions. The company disclosures below illustrate the process; they are not a normalized industry ranking.
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What this comparison can—and cannot—tell you
A cement company’s margin reflects far more than kiln fuel. Revenue depends on shipment volume, realized prices and product mix. Cost of sales can include thermal energy, electricity, freight, labor, maintenance, raw materials and other items. A producer may report a lower fuel cost because it secured cheaper fuel, changed its fuel mix or benefited from timing, while another may operate efficient plants in a market with higher fuel prices.
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- Profitability: Which company converts sales into operating profit more effectively?
- Energy exposure: How much does thermal energy or electricity contribute to cost of sales?
- Physical efficiency: How much fuel or heat is used per tonne of clinker or cement?
- Resilience: How exposed is the business to fuel-price changes, supply interruptions or weak demand?
These are different questions. A margin percentage answers the first; energy-share and intensity measures help with the others. Keep them separate in your worksheet and in your conclusion.
Step 1: Fix the comparison frame before collecting numbers
Write the comparison frame at the top of your spreadsheet. Do not enter a margin or fuel figure until every company has a matching frame.
Align the reporting period
Record the fiscal year-end and the number of months covered. A calendar year ending December 2025 is not the same period as a fiscal year ending March 2025. Weather, construction activity, fuel prices and shutdown timing can all differ between those windows.
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The examples in this article deliberately span different periods: Loma Negra reports calendar 2025, while JSW Cement and ACC report fiscal 2024–25 results ending in March 2025. Cementos Pacasmayo reports calendar 2025. Put those dates beside every figure instead of presenting them as if they were simultaneous observations.
Keep currency and inflation treatment visible
Preserve the currency used in each filing first. If you convert currencies, record the exchange-rate basis and whether you used an average rate for income-statement figures or a closing rate for balance-sheet figures. A currency conversion can make amounts comparable in scale, but it does not make accounting definitions, inflation conditions or local fuel markets identical.
Match geography and consolidation scope
Note the countries, plants and subsidiaries included. A group that consolidates ready-mix concrete, aggregates or trading activities is not directly comparable with a company reporting cement alone. Identify whether the margin covers the whole group, a cement segment or a particular country. Use segment data only when the segment boundaries are genuinely alike.
Define the denominator
Revenue may be described as net sales, sales of goods or another label. Confirm whether the reported margin uses total revenue or a narrower sales base. Cementos Pacasmayo, for example, defines EBITDA margin as EBITDA divided by sales of goods. That denominator must be recorded before comparing its percentage with another company’s group margin.
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Step 2: Choose one margin definition and document adjustments
Operating margin is the primary operating comparison
Calculate operating margin as:
Operating margin = operating income ÷ revenue × 100
Use the same operating-profit line for every company where possible. It is closer to the reported result of running the business than a company-specific adjusted metric. Check whether the line includes restructuring, impairment, foreign-exchange effects or other items, and keep those treatments consistent.
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Use EBITDA margin as a supplemental measure
EBITDA margin is commonly calculated as EBITDA divided by revenue, but companies can adjust EBITDA differently. Add a definition column that lists depreciation, impairment, restructuring, share-based compensation and any other adjustments disclosed by management.
Cementos Pacasmayo’s calendar-2025 filing reports a company-defined EBITDA margin of 23.9% and explicitly warns that its EBITDA measures may not be comparable with similarly titled measures reported by other cement companies. Treat that 23.9% as a supplemental, company-defined indicator—not as proof that Pacasmayo outperformed a producer reporting an unadjusted operating margin.
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Neither operating margin nor EBITDA margin tells you how much cash was generated after maintenance capital expenditure, working-capital movements, interest and taxes. If the investment decision depends on cash returns, add operating cash flow and capital expenditure as separate measures rather than stretching a margin percentage beyond what it measures.
Step 3: Measure fuel exposure in the right units
Fuel information appears in several forms. Put the unit in the column heading and never merge unlike measures into one ranking.
Fuel cost per unit of heat
A kiln-fuel-cost measure such as currency per thousand kilocalories describes the price paid for thermal energy. ACC’s FY 2025 release reports kiln fuel cost of ₹1.61 per thousand kcal. This is useful for tracking procurement and fuel-price exposure, but it is not the same as fuel cost per tonne of cement.
Fuel cost per tonne
Fuel cost per tonne of clinker or cement combines the price of energy with the amount of heat consumed. It is more informative about the cost of producing a physical unit, provided the tonne definition and production boundary match. Do not convert a per-kilocalorie figure into a per-tonne figure unless the filing supplies the required heat-consumption data.
Fuel consumption per tonne
Specific heat consumption or fuel consumption per tonne is a physical-efficiency measure. Compare clinker with clinker and cement with cement; a cement-tonne figure can be affected by the proportion of clinker in the finished product.
Thermal substitution rate
Thermal substitution indicates the share of thermal energy supplied by alternative fuels when the company defines it that way. JSW Cement reports a 16.5% thermal substitution rate for FY 2024–25. Do not treat that percentage as directly comparable with another company’s alternative-fuel percentage unless both use the same numerator, denominator, plant scope and calculation period.
Energy as a share of cost of sales
This ratio shows how material energy is in the reported cost structure:
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Energy share = energy cost ÷ cost of sales × 100
It answers a different question from physical efficiency. A low percentage may result from high non-energy costs or strong selling prices, not necessarily from an efficient kiln.
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A margin change is meaningful only when you inspect the revenue drivers for the same period. Extract cement and clinker volumes, average selling prices if disclosed, geographic mix and premium-product share. Then ask whether the margin moved because of price, volume, mix or cost.
ACC’s FY 2025 release presents volume, margin and kiln-fuel-cost measures together. That combination is more useful than quoting its 14.1% operating EBITDA margin alone because it allows you to test whether a margin movement coincided with shipments or fuel intensity.
Interpret common combinations
- Margin up, volume down: pricing, product mix or cost reductions may have offset weaker utilization.
- Margin down, volume up: additional shipments may have come with lower prices, unfavorable mix or higher variable costs.
- Fuel cost down, margin flat: freight, labor, maintenance, electricity or raw-material costs may have absorbed the benefit.
- Fuel cost up, margin stable: price increases, premium products or stronger utilization may have passed through the increase.
These combinations identify questions to investigate; they do not establish causality on their own.
Step 5: Build a complete cost-of-sales bridge
Fuel-only analysis can miss the largest movements. Loma Negra’s 2025 filing separates thermal energy, electrical power, freight, maintenance, wages and raw materials. For 2025 it reports thermal energy at 11% of cost of sales, electrical power at 8%, freight at 10%, maintenance at 10%, labor at 17% and raw materials at 12%.
The same filing reports thermal energy at 13% in 2024 and 16% in 2023, while electrical power was 8% in both 2024 and 2023. Those figures show why a falling thermal share should not automatically be described as a plant-efficiency gain: the ratio can change because of fuel prices, production levels, selling prices or movements in other cost categories.
Use a bridge rather than a single percentage
- Start with revenue and operating income for each period.
- List thermal energy, electricity, freight, maintenance, labor and raw materials using the company’s own categories.
- Record each category as both a reported amount and a percentage of cost of sales when available.
- Calculate the year-over-year change in each category and in total cost of sales.
- Reconcile the categories to the reported total; flag unallocated or “other” costs.
When a company does not disclose a category, write “not stated” rather than assuming it is included elsewhere.
Published examples: useful anchors, not a league table
| Company | Period | Reported measure | Value | How to use it |
|---|---|---|---|---|
| Loma Negra | Calendar 2025 | Thermal energy share of cost of sales | 11% | Compare with its own 13% in 2024 and 16% in 2023; do not treat the ratio as a pure efficiency metric. |
| Loma Negra | Calendar 2025 | Electrical power share of cost of sales | 8% | The filing also reports 8% for 2024 and 2023. |
| JSW Cement | FY 2024–25 | Operating EBITDA margin | 14.9% | The report also lists revenue of ₹5,813 crore and operating EBITDA of ₹876 crore; verify its definition before cross-company comparison. |
| JSW Cement | FY 2024–25 | Thermal substitution rate | 16.5% | Check scope and calculation before comparing with another alternative-fuel percentage. |
| ACC | FY 2024–25 | Operating EBITDA margin | 14.1% | The same FY 2025 release reports kiln fuel cost of ₹1.61 per thousand kcal. |
| Cementos Pacasmayo | Calendar 2025 | Company-defined EBITDA margin | 23.9% | The filing cautions that its EBITDA measure may not be comparable with similarly titled measures elsewhere. |
Calendar 2025 and fiscal years ending March 2025 are different periods. The table therefore demonstrates what to collect and qualify, not which producer has the best cost control.
A practical worksheet for repeatable comparisons
Create one row per company and period, with separate columns for reported values, units and definitions. The following layout prevents most accidental apples-to-oranges comparisons.
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| Column | Entry to capture | Why it matters |
|---|---|---|
| Period | Fiscal year-end and months covered | Aligns seasonality and fuel-price timing. |
| Scope | Group, cement segment, country or plant | Prevents mixing consolidated and segment results. |
| Currency | Reported currency and any conversion basis | Keeps monetary comparisons reproducible. |
| Revenue denominator | Total revenue, net sales or sales of goods | Ensures margin percentages use the same base. |
| Operating income | Reported amount and definition | Supports a consistent operating-margin calculation. |
| EBITDA | Reported amount, adjustments and company definition | Reveals whether EBITDA margins are actually comparable. |
| Fuel metric | Cost per heat unit, cost per tonne or consumption per tonne | Prevents unlike units from being ranked together. |
| Fuel mix | Natural gas, coal, petcoke, fuel oil, co-processing or other fuels | Explains price and substitution differences. |
| Volume and mix | Clinker, cement, total shipments and product categories | Connects margins with utilization and pricing. |
| Other costs | Electricity, freight, maintenance, labor and raw materials | Shows whether fuel movements were offset elsewhere. |
Calculate only after definitions are complete
For each company, calculate operating margin from the aligned operating-income and revenue fields. Add EBITDA margin in a separate column and label it “company-defined” when adjustments differ. Calculate year-over-year changes within the same company before making any cross-company comparison. This sequencing distinguishes a company’s internal trend from a snapshot distorted by different reporting periods.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret fuel mix and procurement disclosures
Fuel mix can include natural gas, mineral coal, petcoke, fuel oil and co-processing. A change in the mix may reduce the unit price of heat, increase handling costs or alter emissions and permitting requirements. Local sourcing, supply contracts and spot-market exposure also affect the reported number.
ACC describes optimization of its fuel basket and reports its kiln-fuel-cost measure in rupees per thousand kilocalories. Loma Negra describes several fuel types and co-processing in its energy disclosure. Because one disclosure emphasizes a heat-unit price and the other describes a broader mix, the figures should be retained in their original units rather than forced into one synthetic ranking.
Separate observation from explanation
Use language such as “the fuel-cost measure declined while the margin increased” when that is what the data show. Reserve causal wording for evidence that isolates the effect. Loma Negra’s filing states, “Our operating income has been affected by energy price changes.” That establishes that management identifies energy prices as a factor; it does not quantify how much of a particular margin change came from fuel.
Common comparison errors and their fixes
Ranking unlike margin measures
Error: placing a company-defined EBITDA margin beside another company’s operating margin and calling the larger percentage superior.
Fix: compare operating margins first; show EBITDA margins in a separate section with each definition and adjustment.
Confusing fuel price with fuel efficiency
Error: assuming a lower currency-per-heat-unit figure means less fuel was consumed.
Fix: obtain both the price measure and physical consumption per tonne, or state that efficiency cannot be determined from the available disclosure.
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Ignoring period mismatch
Error: comparing calendar 2025 with a March 2025 fiscal year as if they cover identical market conditions.
Fix: label every figure with its period and use same-period comparisons wherever possible.
Overlooking business scope
Error: comparing a consolidated group that includes aggregates or ready-mix operations with a cement-only segment.
Fix: align segment boundaries or disclose that the comparison is not like-for-like.
Explaining margin with fuel alone
Error: attributing a margin change entirely to thermal energy.
Fix: inspect electricity, freight, maintenance, labor, raw materials, volume, pricing and product mix before assigning a driver.
Treating management commentary as an independent test
Error: repeating a company’s explanation as proven causality.
Fix: present the explanation as management’s stated factor and compare it with the disclosed cost and operating data.
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A decision framework for writing the conclusion
A defensible conclusion should answer four questions in order:
- Are the periods and scopes aligned? If not, limit the conclusion to each company’s internal trend.
- Are the margin definitions aligned? If not, lead with operating margin and treat adjusted EBITDA as supplemental.
- Do fuel measures use the same units and boundaries? If not, describe exposure separately rather than ranking it.
- Do volume, price, mix and other costs support the proposed explanation? If they do not, state the relationship without claiming a single cause.
The strongest conclusion often looks like this: one producer reports a higher comparable operating margin for the aligned period; another shows lower thermal-energy intensity or a higher alternative-fuel share; and the available disclosures do not establish whether the difference comes from plant efficiency, fuel procurement, pricing, product mix or geography. That is a useful investment conclusion because it identifies both the observed result and the remaining uncertainty.
Quick Recap
Final checklist
- Same fiscal period or an explicit qualification for different periods.
- Same currency basis, with conversion method documented if used.
- Same geography and consolidation scope.
- Operating margin separated from company-defined EBITDA margin.
- Revenue denominator identified for every margin.
- Fuel metric labeled with its exact unit and boundary.
- Fuel cost separated from consumption, mix and thermal substitution.
- Volume, pricing and product mix reviewed alongside margin.
- Electricity, freight, maintenance, labor and raw materials checked.
- Management explanations presented as factors, not independent causal proof.
- Company examples used to illustrate the method, not to create an unnormalized global ranking.
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