The India Cements Limited (INDIACEM)
₹315.80 -4.81% last close, 23 Oct
Snapshot
The India Cements Limited closed at ₹315.80 on 23 Oct 2026, 18.6% below its 200-day average, with an RSI(14) of 48.7 and a P/E of 119.35. On the daily chart it is in a weak downtrend, with a technical score of 42/100 (neutral). In the quarter ended September 2026, revenue grew 2.2% and net profit grew 340.6% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹315.80
- Day change
- -4.81%
- Market Cap
- ₹14,680 Cr
- 52-week range
- ₹286.50 – ₹485.80
- From 52-week high
- -34.99%
Financials23 Oct 2026
- P/E
- 119.35
- P/B
- 1.44
- ROE
- 1.2%
- ROCE
- 2.0%
- Debt to Equity
- 0.16
- OPM
- 11.8%
- YoY qtr sales growth
- 2.2%
- YoY qtr profit growth
- 340.6%
- Dividend Yield
- 0.00%
Latest quarter Sep 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Weak Downtrend
- Technical score
- 42/100 · Neutral
- MACD
- Bullish
- RSI (14)
- 48.73
- ADX (14)
- 37.24
- SuperTrend
- Bullish
- vs 20-day SMA
- +3.20%
- vs 50-day SMA
- -6.71%
- vs 200-day SMA
- -18.56%
- RS rating
- 21.00
- Nearest support
- ₹289.20
- Nearest resistance
- ₹331.65
Exchange activity23 Oct 2026
- Delivery
- 5.02% vs 39.91% average
- Volume vs its average
- 2.8×
- Bulk & block deals
- 6 in 60 days
Events
- Latest results
- Q2 FY27, filed 17 Oct 2026
- Board meeting filing
- 17 Oct 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
The India Cements Limited reported Q2 FY27 results on 17 Oct 2026: revenue ₹1,142 Cr (+2.2% year on year, +12.0% on the previous quarter), and net profit ₹38.8 Cr (+340.6% year on year); the operating margin was 12.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,142 | +2.2% | +12.0% |
| Operating profit | ₹144 | +77.9% | -7.3% |
| Net profit | ₹38.8 | +340.6% | +44.6% |
| EPS (₹) | 1.25 | +346.4% | +43.7% |
| Operating margin | 12.6% | — | — |
- Operating margin expanded 537 bps YoY
Quality of profit: of pre-tax profit of ₹52.3 Cr, ₹48.6 Cr (93%) came from the core business and the rest from other income and one-off items.
Share price since the results: +4.5% (close before the filing to the latest close).
INDIACEM delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 23 Oct 2026, 5.02% of the INDIACEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.91%. The price fell 4.81% on unusually low delivery. It traded 2.8 times its average daily volume. 6 bulk or block deals were reported in INDIACEM in the last 60 days: ₹223 Cr bought and ₹222 Cr sold.
Delivery in the last 5 sessions: 40.2% · 26.3% · 3.7% · 2.9% · 5.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 22 Oct | Sell | Microcurves Trading Private Limited | ₹82.44 Cr | ₹341.01 | 2,417,444 | Bulk |
| 22 Oct | Buy | Microcurves Trading Private Limited | ₹82.40 Cr | ₹340.85 | 2,417,444 | Bulk |
| 22 Oct | Buy | Qe Securities Llp | ₹73.33 Cr | ₹342.44 | 2,141,447 | Bulk |
| 22 Oct | Sell | Qe Securities Llp | ₹71.98 Cr | ₹343.49 | 2,095,589 | Bulk |
| 22 Oct | Sell | Alphagrep Securities Private Limited | ₹67.11 Cr | ₹341.70 | 1,964,092 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The India Cements Limited released its Q2FY27 investor presentation, reporting a 34.3% YoY rise in EBITDA to ₹148 Cr and PAT surging to ₹39 Cr (up 160% YoY before exceptional items). Domestic cement sales volumes increased by 16.2% YoY to 2.83 MTPA, with operating EBITDA reaching ₹510/t. The company outlined a ₹2,000 Cr board-approved investment (~44.6% of TTM revenue), with ~₹1,728 Cr committed till September 2026. This plan targets expanding cement capacity from 14.45 MTPA to 17.55 MTPA by FY28 alongside 24 MW WHRS and 263 MW renewable power additions.
- Domestic cement volume grew 16.2% YoY to 2.83 MTPA in Q2FY27
- EBITDA grew 34.3% YoY to ₹148 Cr, with Operating EBITDA at ₹510/t (up ₹177/t YoY)
- ₹2,000 Cr modernization & expansion investment approved (~44.6% of TTM revenue), with ~₹1,728 Cr committed by Sep 2026
- Capacity expansion roadmap targets increase from 14.45 MTPA to 17.55 MTPA by FY28
- Net debt stood at ₹1,591 Cr as of September 2026 compared to ₹1,271 Cr in March 2026
The Board of Directors of The India Cements Limited approved shifting the company's registered office from the state of Tamil Nadu to Maharashtra on October 17, 2026. This move also entails a consequent alteration to the Memorandum of Association of the company. The shift aligns with the firm's broader integration under parent UltraTech Cement (Aditya Birla Group), which holds a 75.0% promoter stake. The proposal remains subject to requisite approvals from shareholders and regulatory authorities.
- Board approved shifting registered office from Tamil Nadu to Maharashtra on October 17, 2026
- Consequent alteration of the company's Memorandum of Association proposed
- Subject to approval from shareholders and regulatory authorities
- Board meeting commenced at 3:15 P.M. and concluded at 3:40 P.M.
The India Cements reported a standalone net profit of ₹38.85 Cr for Q2 FY27 (ended September 30, 2026), marking a 160.2% YoY increase compared to ₹14.93 Cr in the corresponding quarter last fiscal. Revenue from operations rose slightly by 2.2% YoY to ₹1,142.03 Cr compared to ₹1,117.05 Cr in Q2 FY26. For H1 FY27, net profit expanded sharply to ₹65.47 Cr compared to ₹7.40 Cr in H1 FY26. Standalone cash flow from operating activities turned positive at ₹307.55 Cr for H1 FY27 compared to an outflow of ₹33.80 Cr in H1 FY26.
- Q2 FY27 standalone net profit stood at ₹38.85 Cr, up 160% YoY from ₹14.93 Cr in Q2 FY26
- Standalone revenue from operations reached ₹1,142.03 Cr, up 12% QoQ (from ₹1,019.42 Cr) and 2.2% YoY
- H1 FY27 net profit reached ₹65.47 Cr versus ₹7.40 Cr in H1 FY26, showing sustained margin turnaround
- Net cash generated from operating activities rebounded to ₹307.55 Cr for H1 FY27 versus negative ₹33.80 Cr in H1 FY26
- Capital work-in-progress increased significantly to ₹951.59 Cr as of Sep 30, 2026, from ₹344.24 Cr as of March 31, 2026
The India Cements Limited has signed agreements to acquire a 3.62% equity stake in Zenataris Renewable Energy Private Limited for a cash consideration of up to ₹20.90 crore. The investment is intended to secure 11 MW of renewable energy for its cement plants under a group captive model, complying with regulatory requirements. The deal value is modest, representing less than 0.5% of India Cements' TTM revenue of ₹4,480 crore. The transaction is targeted to close within 120 days from agreement execution.
- Acquiring 3.62% equity stake in Zenataris Renewable Energy Private Limited
- Total cash consideration of up to ₹20,90,00,000 (₹20.90 crore)
- Enables sourcing of 11 MW hybrid renewable power on a group captive basis
- Target completion within 120 days of agreement execution
- Target company reported FY26 turnover of ₹7,782.08 lakh
The India Cements Limited has announced the results of its postal ballot concluded on October 11, 2026. Shareholders approved an ordinary resolution appointing Mr. Tribhuwan Adhikari (LIC Nominee Director) as a Director liable to retire by rotation. The resolution received 97.16% votes in favor (26,71,17,290 votes) and 2.84% against (78,12,537 votes), meeting the requisite majority. Total voter turnout stood at 88.72% of total voting capital, heavily driven by the promoter group.
- Appointment of Mr. Tribhuwan Adhikari approved with 97.16% of total valid votes cast in favor
- Total votes polled stood at 27,49,29,827 shares, representing 88.72% of outstanding shares
- Promoter group polled 100% of their 23,24,16,830 shares in favor of the resolution
- Public institutional voting saw 81.58% votes in favor and 18.42% (78,00,148 votes) against
The India Cements Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of Mr. Tribhuwan Adhikari as a Non-Executive Nominee Director liable to retire by rotation. Mr. Adhikari, former MD & CEO of LIC Housing Finance, was originally inducted to the Board on 7th August 2026. The remote e-voting window runs from 12th September 2026 to 11th October 2026, with cut-off date fixed as 7th September 2026. Proposed remuneration is restricted strictly to sitting fees of ₹50,000 per board meeting.
- Postal ballot ordinary resolution for appointment of Mr. Tribhuwan Adhikari (DIN: 10229197)
- Remote e-voting window begins 12th September 2026 (9:00 AM IST) and concludes 11th October 2026 (5:00 PM IST)
- Record/cut-off date for voter eligibility set as 7th September 2026
- Voting results to be declared on or before 13th October 2026
- Proposed remuneration limited to sitting fee of ₹50,000 per board meeting attended
The India Cements Limited has signed agreements to acquire a 26% equity stake in Amplus TN One Energy Private Limited for an aggregate cash consideration of up to Rs 14.06 crore. The target is a special purpose vehicle (SPV) establishing a 41.80 MW (AC) solar power project integrated with a Battery Energy Storage System (BESS). The project is structured on a captive basis to supply renewable power to four of the company's cement manufacturing plants in Andhra Pradesh and Telangana. The transaction is slated for completion within 180 days.
- Acquiring a 26% equity stake in Amplus TN One Energy for up to Rs 14,06,27,240 (Rs 14.06 Cr)
- Target SPV is setting up 41.80 MW (AC) solar power capacity integrated with BESS
- Renewable energy generated will supply four cement units across Andhra Pradesh and Telangana
- Transaction expected to complete within 180 days of agreement execution
The India Cements Limited has scheduled a meeting of its Board of Directors on Saturday, October 17, 2026, to consider and approve standalone and consolidated unaudited financial results for the quarter and half-year ending September 30, 2026. Pursuant to SEBI Insider Trading regulations, the trading window for designated persons will remain closed from October 1, 2026, until October 19, 2026 (48 hours post-declaration). This is a standard regulatory intimation preceding quarterly financial earnings.
- Board meeting scheduled for October 17, 2026, to review Q2 and H1 FY27 financial results
- Results cover both standalone and consolidated unaudited figures for the period ending September 30, 2026
- Trading window closed from October 1, 2026, to October 19, 2026, for designated persons
India Cements has disclosed an ESG (Environmental, Social, and Governance) rating of 62.1 for FY2026, issued by SES ESG Research Private Limited. The rating is based on publicly available information regarding the company's sustainability and governance performance. This disclosure comes as the company integrates with UltraTech Cement, focusing on operational efficiencies and a planned ₹1,500 Cr modernization capex. While not a financial credit rating, ESG scores are increasingly used by institutional investors to assess non-financial risks.
- Assigned an ESG rating of 62.1 by SES ESG Research Private Limited
- Rating is specific to the company's performance for the Financial Year 2026
- Assessment was conducted based on information available in the public domain
- Company is currently managing a debt of ₹1,305 Cr with a net worth of ₹10,027 Cr
India Cements has announced a change in its official investor relations email address effective August 13, 2026. The new email, investor.indiacements@adityabirla.com, replaces the previous standalone domain address. This administrative update follows the company's integration into the Aditya Birla Group (UltraTech) and is procedural in nature with no impact on financial or operational performance.
- Effective date for the new email address is August 13, 2026
- New email ID is investor.indiacements@adityabirla.com
- Old email ID was investor@indiacements.co.in
- The change applies to all future stakeholder correspondence
India Cements shareholders approved all four resolutions at the 80th Annual General Meeting held on August 10, 2026. The adoption of FY26 financial statements received near-unanimous support (99.99%). While the re-appointment of Director Mr. Vivek Agrawal passed with a 97.28% overall majority, it faced notable institutional dissent with 16.49% of institutional votes cast against the resolution. The company continues its transition as a subsidiary of UltraTech Cement Limited.
- Total of 156,711 shareholders were on record as of the cut-off date August 3, 2026
- Overall voting turnout reached 89.83% of the total 30.98 crore shares
- Resolution for adoption of Standalone Financial Statements passed with 99.9992% majority
- Institutional shareholders cast 16.49% of their votes (75.55 lakh shares) against the re-appointment of Director Vivek Agrawal
- Promoter group (UltraTech) exercised 100% of its 23.24 crore shares in favor of all resolutions
India Cements has successfully transitioned into the UltraTech/Aditya Birla Group family, reporting a decisive financial turnaround. For Q1 FY27, the company posted a consolidated Profit After Tax (PAT) of ₹27 crore, a significant recovery from a ₹133 crore loss in the prior year's quarter. Sales volumes grew 19% YoY to 2.58 million tonnes, while EBITDA surged 72% to ₹159 crore. The company's credit rating has been upgraded to CARE AAA (Stable), reflecting a drastically improved financial profile and lower borrowing costs.
- Q1 FY27 PAT turned positive at ₹27 crore compared to a loss of ₹133 crore in Q1 FY26
- Sales volume increased by 19% year-on-year to 2.58 million tonnes in Q1 FY27
- EBITDA grew by 72% year-on-year to ₹159 crore driven by operational efficiencies
- Total income for FY 2025-26 stood at ₹4,581 crore following the management change
- Installed capacity is currently 14.75 MTPA with a 70% capacity utilization rate
India Cements held its 80th Annual General Meeting on August 10, 2026, to adopt the audited financial statements for FY26 and re-appoint Mr. Vivek Agrawal as a Director. The company reported a TTM revenue of Rs 4,485 Cr with a net loss of Rs 67 Cr, reflecting a challenging fiscal year. The Chairman briefed shareholders on the performance of FY26 and Q1 FY27, noting no adverse qualifications in the auditor reports. Voting results for the four proposed resolutions will be disclosed separately.
- 80th Annual General Meeting conducted via Video Conference on August 10, 2026.
- Adoption of FY26 Audited Financial Statements with TTM revenue of Rs 4,485 Cr.
- Re-appointment of Mr. Vivek Agrawal (DIN: 10599212) as Director proposed via ordinary resolution.
- Ratification of Cost Auditor remuneration for the financial year 2026-27.
- Management confirmed zero adverse qualifications or comments in Statutory and Secretarial Auditor reports.
Life Insurance Corporation of India (LIC) has nominated Mr. Tribhuwan Adhikari as its Nominee Director on the board of India Cements, effective August 7, 2026. He replaces Mr. Y Viswanatha Gowd, whose term expired on August 6, 2026. Mr. Adhikari is a seasoned professional with over 30 years of experience at LIC and currently serves as the MD & CEO of LIC Housing Finance Limited. This change is a routine institutional rotation and does not impact the company's daily operations or its ongoing integration with UltraTech Cement.
- Mr. Tribhuwan Adhikari appointed as Nominee Director effective August 7, 2026.
- Mr. Y Viswanatha Gowd ceased to be a director on August 6, 2026, following the expiry of his term.
- The new appointee, Mr. Adhikari, has been the MD & CEO of LIC Housing Finance since August 3, 2023.
- Mr. Adhikari joined LIC in September 1989, bringing over 3 decades of insurance and administrative experience.
UltraTech Cement has completed the 100% brand transition of India Cements' products to the premium 'UltraTech' brand, moving them from B/C category to A category pricing. Management reported that legacy customers have been successfully converted to the premium brand without losing market share, contributing to a 21.3% growth in the UltraTech brand. A modernization capex of ~INR 1,500 Cr is earmarked for the acquired plants to align them with UltraTech's operational efficiencies. The group aims to reach an EBITDA of INR 1,400 per ton by Q4 FY28, leveraging these synergies and cost discipline.
- 100% conversion of India Cements and Kesoram brands to the premium UltraTech brand completed
- ~INR 1,500 Cr capex planned for modernization of acquired assets to improve efficiency
- UltraTech brand volume grew 21.3% year-on-year following the integration
- Targeting group-wide EBITDA of INR 1,400 per ton by the March 2028 quarter
- Capacity utilization reached 81% on an enlarged 200 million ton base
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Standalone Net Sales declined by 17.28% YoY from INR 4,942.43 Cr in FY24 to INR 4,088.47 Cr in FY25. Consolidated revenue for Q2 FY26 stood at INR 1,117 Cr, showing a recovery trend compared to the average quarterly run rate of FY25.
Geographic Revenue Split
Not explicitly disclosed by percentage, but operations are primarily concentrated in Southern India with the corporate office in Chennai and plants being integrated into UltraTech's national network.
Profitability Margins
Operating Margin deteriorated from 0.03% in FY24 to -8.13% in FY25. Net Profit Margin for FY25 was -16.33% due to a loss of INR 667.56 Cr. However, Q2 FY26 consolidated EBITDA margin improved to 9.85% (INR 110 Cr EBITDA on INR 1,117 Cr revenue).
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 was 9.85%, a significant turnaround from the negative EBITDA of INR 332.42 Cr reported in FY25. The improvement is attributed to higher capacity utilization and operational efficiencies post-takeover.
Capital Expenditure
The company has planned a capital expenditure of ~INR 1,500 Cr for the integration of plants with UltraTech's operational systems and for efficiency improvements. Historical CWIP stood at INR 187 Cr as of March 2021.
Credit Rating & Borrowing
Credit rating was significantly upgraded to CARE AAA; Stable for long-term facilities and CARE A1+ for short-term facilities following the UltraTech takeover. Interest and finance charges for FY25 were INR 276.65 Cr, representing 6.7% of net sales.
Operational Drivers
Raw Materials
Materials consumed (limestone, gypsum, fly ash) accounted for 19.16% of revenue (INR 214 Cr in Q2 FY26). Power and Fuel (coal, petcoke) is the largest cost driver at 32.86% of revenue (INR 367 Cr in Q2 FY26).
Import Sources
Not specifically disclosed in available documents, though cement operations typically source limestone from captive mines in India and fuel (coal/petcoke) from domestic and international markets.
Key Suppliers
Not specifically named in the documents, but the company is now a subsidiary of UltraTech Cement Limited, which manages procurement.
Capacity Expansion
Current installed capacity is 14.5 MTPA as of FY25, reduced from 15.6 MTPA in FY24 following the sale of the Parli grinding unit. Parent entity UltraTech is expanding toward a 200 MTPA group-wide target.
Raw Material Costs
Total expenses for Q2 FY26 were INR 1,036 Cr. Power and fuel costs decreased as a percentage of total expenditure compared to FY25 levels due to better operational leverage and integration efficiencies.
Manufacturing Efficiency
Capacity utilization improved in the last quarter of FY25 following the management change. Operating leverage impact due to lower sales volume was noted at ~INR 70 per ton.
Logistics & Distribution
Logistics costs accounted for 17.7% of revenue in Q2 FY26 (INR 198 Cr). The company is focusing on optimizing lead distances through UltraTech's distribution network.
Strategic Growth
Expected Growth Rate
33%
Growth Strategy
Growth will be achieved through the integration of ICL plants with UltraTech's operational efficiencies, a ~INR 1,500 Cr capex for modernization, and leveraging the parent's strong financial profile to lower borrowing costs. Asset monetization (INR 2,300 Cr inflow from land/building sales) has already strengthened the balance sheet.
Products & Services
Cement bags (including variants like Coromandel Cement), clinker, and ready-mix concrete.
Brand Portfolio
Coromandel Cement, Sankar Cement, and Raasi Gold (implied by historical context and 'Coromandel Towers' headquarters).
New Products/Services
Not specifically detailed, but focus is on brand transitions and aligning product mix with UltraTech's premium offerings.
Market Expansion
Focusing on the Southern Indian market and strengthening presence in regions served by the 14.5 MTPA capacity. Integration with UltraTech provides access to a wider national distribution network.
Market Share & Ranking
The company is a major player in South India; its parent, UltraTech, is the market leader in the Indian cement industry.
Strategic Alliances
The company is now a subsidiary of UltraTech Cement Limited (Aditya Birla Group) following a change in management and control in December 2024.
External Factors
Industry Trends
The industry is undergoing consolidation, evidenced by UltraTech's acquisition of India Cements. Future growth is driven by urban real estate, data centers, and large-scale government infrastructure projects.
Competitive Landscape
Operates in a highly competitive market against players like Adani Cement (ACC/Ambuja) and Dalmia Bharat, but now benefits from UltraTech's scale.
Competitive Moat
The primary moat is now the 'substantial cushion' provided by UltraTech's financial risk profile and the cost leadership expected from integrating into the world's third-largest cement producer (excluding China).
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and GDP growth. Demand is linked to major projects like the Vadhavan Port, Amravati development, and the new Mumbai Airport.
Consumer Behavior
Shift toward branded cement and demand for higher-grade specialized cement for infrastructure projects.
Geopolitical Risks
Global supply and demand conditions affecting input prices (fuel) and domestic regulatory changes in tax or environmental laws.
Regulatory & Governance
Industry Regulations
Subject to environmental pollution norms for cement manufacturing and mining regulations for limestone extraction. Compliance is monitored by the Risk Management Committee.
Environmental Compliance
The company is investing in renewable energy (INR 14 Cr in H1 FY26) to meet ESG goals and reduce carbon footprint.
Taxation Policy Impact
Tax expenditure for FY25 was a credit of INR 126.81 Cr due to deferred tax adjustments on losses.
Legal Contingencies
The company settled a INR 765.19 Cr outstanding short-term loan with Sri Saradha Logistics Private Limited as part of a larger effort to reduce exposure to erstwhile promoter group entities.
Risk Analysis
Key Uncertainties
Fluctuations in cement selling prices and input cost volatility (Power/Fuel) represent the primary business risks, which impacted FY25 margins by over 800 basis points.
Geographic Concentration Risk
High concentration in Southern India, though integration with UltraTech mitigates this through a broader national logistics framework.
Third Party Dependencies
Reduced dependency on erstwhile promoter group entities; exposure decreased from INR 1,545 Cr in March 2024 to negligible levels by March 2025.
Technology Obsolescence Risk
Implementing SAP and MIS tools to modernize internal controls; ~INR 1,500 Cr capex is partially targeted at technological upgrades for manufacturing efficiency.
Credit & Counterparty Risk
Receivables quality is stable with a Debtors Turnover of 6.05 times in FY25. Exposure to group entities has been largely monetized or settled.
