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INDIACEM - India Cements

📊 NSE: INDIACEM 🏢 Cement - South India 📅 Last Updated: 12/14/2025 7:57

📢 Recent Corporate Announcements

UltraTech Hits 200 MT Capacity; ICL Integration Complete with ₹240/Share Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 May 2026, 12:55 PM

UltraTech Cement achieved a historic milestone by crossing 200 million tons (MT) of production capacity in India, with plans to reach 242.5 MT by FY28. The company reported consolidated sales volumes of 44 MT for Q4 FY26, with an aggregate EBITDA per ton of ₹1,253. Integration of India Cements (ICL) is progressing well, with 100% brand migration achieved and ICL's EBITDA per ton rising to ₹497. The Board has recommended a significant dividend of ₹240 per share, supported by a robust net debt-to-EBITDA ratio of 0.94x.

Reached 200 MT capacity in India, tripling capacity in a decade, with a target of 242.5 MT by FY28
Consolidated Q4 FY26 sales volume exceeded 44 MT, with UltraTech brand volumes growing 19% YoY
India Cements (ICL) reported a PAT of ₹60 crores and EBITDA/ton of ₹497 following 100% brand migration
Board recommended a dividend of ₹240 per share for FY26, reflecting a significant increase in payout ratio
Annual capex of ₹8,000-₹10,000 crores planned to sustain growth while maintaining leverage below 1x

💡 Investors should note the successful integration of ICL and the massive capacity scale-up as primary long-term value drivers. The high dividend payout and disciplined leverage suggest a strong outlook for total shareholder returns.

India Cements Returns to Profit in FY26 with ₹65.32 Cr Net Profit; Revenue Up 10%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 25 Apr 2026, 03:00 PM

The India Cements Limited reported a significant financial turnaround for the fiscal year ended March 31, 2026, posting a net profit of ₹65.32 crore compared to a loss of ₹655.65 crore in FY25. Revenue from operations grew by 9.9% to ₹4,484.69 crore, supported by a sharp 62.8% reduction in finance costs which fell to ₹99.33 crore. The company also completed the amalgamation of four subsidiaries and divested its stake in ICML for ₹97.68 crore. While operational performance has improved, the company still faces legal overhangs including a ₹187.48 crore CCI penalty currently under appeal.

Annual Revenue from Operations increased to ₹4,484.69 crore in FY26 from ₹4,080.39 crore in FY25.
Turned profitable with a Net Profit of ₹65.32 crore for FY26 against a Net Loss of ₹655.65 crore in the previous year.
Finance costs significantly reduced to ₹99.33 crore from ₹267.17 crore year-on-year.
Successfully completed the amalgamation of four wholly-owned subsidiaries effective March 28, 2026.
Divested entire equity holding in subsidiary ICML for a total consideration of ₹97.68 crore.

💡 Investors should view the return to profitability and the massive reduction in interest costs as a strong sign of operational recovery. However, keep a close watch on the final resolution of the CCI penalty and the ongoing integration benefits as a subsidiary of UltraTech Cement.

India Cements Q4 FY26 Earnings Call Scheduled for April 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 10 Apr 2026, 03:17 PM

The India Cements Limited has announced that its earnings call for the quarter and financial year ended March 31, 2026, is scheduled for Monday, April 27, 2026, at 5:00 PM IST. The call is being coordinated by its holding company, UltraTech Cement Limited, following the change in corporate structure. The session will feature a management discussion on the Q4 FY26 performance followed by a Q&A session. This call is significant as it will provide insights into the integration and performance of India Cements under UltraTech's ownership.

Earnings call for Q4 and FY26 scheduled for April 27, 2026, at 17:00 hrs IST.
The call is hosted by holding company UltraTech Cement Limited (BSE: 532538).
Universal access numbers for the call are +91 22 6280 1286 and +91 22 7115 8187.
The session includes a management discussion on performance followed by an interactive Q&A.

💡 Investors should monitor the call for updates on operational synergies and the future roadmap for India Cements within the UltraTech group. No immediate trading action is required based on this scheduling announcement.

India Cements Submits Quarterly SEBI Compliance Certificate for Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 02:49 PM

The India Cements Limited has filed a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The company confirmed that its Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, has processed all dematerialization requests. Physical share certificates received were verified, cancelled, and the depository's name was substituted as the registered owner in the company's records. This is a standard administrative procedure to ensure the accuracy of electronic shareholding data.

Compliance certificate submitted for the quarter ended March 31, 2026.
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 confirmed.
Integrated Registry Management Services Private Limited acted as the Registrar and Share Transfer Agent.
Confirmation that physical certificates were cancelled and substituted with depository names in company records.

💡 No action is required from investors as this is a routine regulatory filing confirming the proper handling of share dematerialization requests.

India Cements Completes Amalgamation of Four Wholly Owned Subsidiaries

🟢 POSITIVE ⭐ 7/10

M&A 📅 28 Mar 2026, 06:38 PM

India Cements has announced that the Scheme of Amalgamation for four of its wholly owned subsidiaries has become effective as of March 28, 2026. The subsidiaries involved are ICL Financial Services, ICL International, ICL Securities, and India Cements Infrastructures. The NCLT Chennai Bench sanctioned the merger with an appointed date of January 1, 2025. This consolidation is expected to simplify the corporate structure and streamline operations by dissolving these entities into the parent company.

Amalgamation of 4 wholly owned subsidiaries: ICLFSL, ICLIL, ICLSL, and ICIL into India Cements
Scheme became effective on March 28, 2026, following NCLT Chennai approval
Retroactive appointed date for transfer of assets and liabilities is January 1, 2025
All four transferor companies stand dissolved without the process of winding up

💡 Investors should view this as a positive move toward corporate simplification and cost optimization. No immediate action is required, but monitor future earnings for improved operational efficiencies.

India Cements to acquire 10.76% stake in First Energy 8 Pvt Ltd for ₹18.77 Crore

🟢 POSITIVE ⭐ 7/10

M&A 📅 16 Mar 2026, 07:08 PM

The India Cements Limited has signed a Share Subscription and Shareholders Agreement to acquire a 10.76% equity stake in First Energy 8 Private Limited. The acquisition, valued at approximately ₹18.77 crore, is a strategic move to secure 21.835 MW of wind power under a group captive arrangement in Tamil Nadu. This initiative is designed to optimize energy costs, meet green energy requirements, and ensure compliance with regulatory captive power consumption laws. The transaction is expected to be completed within 180 days through a cash consideration.

Acquisition of 10.76% equity stake in First Energy 8 Private Limited for ₹18.77 crore.
The target entity is a renewable energy SPV providing 21.835 MW of wind power.
Project is located at Mondipatti, Tamil Nadu, and will operate on a group captive basis.
Transaction to be completed within 180 days from the execution of the agreement.
Aims to reduce operational energy costs and fulfill green energy regulatory mandates.

💡 Investors should view this as a positive step toward operational efficiency and ESG compliance, which may lead to long-term power cost savings. Monitor the company's future power and fuel cost trends to gauge the actual impact of this captive power arrangement.

India Cements Receives NCLT Approval for Merger of Four Wholly Owned Subsidiaries

🟢 POSITIVE ⭐ 7/10

M&A 📅 13 Mar 2026, 11:57 AM

The National Company Law Tribunal (NCLT), Chennai, has sanctioned the Scheme of Amalgamation for four wholly-owned subsidiaries into India Cements Limited. The subsidiaries involved include ICL Financial Services, ICL International, ICL Securities, and India Cements Infrastructures. The merger is effective from the appointed date of January 1, 2025, following the NCLT order dated March 9, 2026. This move is expected to simplify the corporate structure and streamline operations.

NCLT Chennai sanctioned the merger of 4 wholly-owned subsidiaries with the parent company.
The appointed date for the Scheme of Amalgamation is January 1, 2025.
Subsidiaries involved: ICLFSL, ICLIL, ICLSL, and India Cements Infrastructures Limited.
The company is awaiting the certified copy of the order to file with the Registrar of Companies (RoC).

💡 Investors should view this as a positive corporate restructuring move that simplifies the group structure. Monitor for the final RoC filing which will make the scheme officially effective.

India Cements to Approve FY26 Audited Results on April 25, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 02 Mar 2026, 06:59 PM

The India Cements Limited has scheduled a Board of Directors meeting for April 25, 2026, to review and approve the audited financial results for the fiscal year ending March 31, 2026. In accordance with SEBI insider trading regulations, the company will close its trading window for designated persons from April 1, 2026. The window is expected to reopen on April 27, 2026, which is 48 hours after the financial results are declared. This is a routine regulatory filing that sets the timeline for the company's annual earnings disclosure.

Board meeting scheduled for April 25, 2026, to approve standalone and consolidated audited results.
Trading window for designated persons closed from April 1, 2026, to April 27, 2026.
The announcement complies with Regulation 29 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a standard regulatory notice. Investors should monitor the results on April 25 for the company's full-year financial performance.

UltraTech Q3 FY26: Strong Demand Outlook and Rapid India Cements Integration

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 30 Jan 2026, 12:29 PM

UltraTech Cement reported a robust Q3 FY26, highlighting a strong infrastructure-led demand pipeline across India. The company has successfully achieved 58% brand conversion for India Cements and 69% for Kesoram, with India Cements reporting an EBITDA of INR 400 per ton. Management is targeting a net debt to EBITDA ratio of 0.8x-0.9x by the end of the fiscal year, down from the current 1.08x. Capacity utilization is expected to exceed 90% in Q4 FY26, driven by massive government spending on metros and highways.

Net debt to EBITDA improved to 1.08x, with a target to reach below 1x by fiscal year-end.
India Cements brand conversion reached 58% with a long-term EBITDA target of INR 1,000 per ton.
Operational efficiency improved with lead distance dropping to 363 km and clinker conversion at 1.49.
Committed INR 601 crore for India Cements efficiency capex and INR 382 crore for Kesoram.
New cables and wires business on track for Q3 FY27 launch with INR 500 crore in orders placed.

💡 Investors should monitor the margin expansion in the South as India Cements integration progresses toward the INR 1,000 EBITDA/ton target. The company's ability to maintain high capacity utilization (90%+) makes it a primary beneficiary of the ongoing infrastructure cycle.

India Cements Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 24 Jan 2026, 10:38 PM

The India Cements Limited has informed the exchanges that the audio recording of its earnings call for the quarter and nine months ended December 31, 2025, is now available. This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The recording provides management's perspective on the financial performance and operational highlights for the period. Investors can access the audio on the company's official website to understand the underlying business trends and future outlook discussed during the call.

Audio recording of the Q3 and 9M FY26 earnings call is now available on the company's website.
The call pertains to the financial results for the period ended December 31, 2025.
Disclosure follows the initial meeting notification sent on January 02, 2026.
Compliance maintained with SEBI Listing Obligations and Disclosure Requirements Regulations.

💡 Investors should listen to the earnings call recording to understand management's commentary on cement demand, pricing trends, and cost management strategies.

India Cements Q3 FY26: EBITDA Turns Positive at ₹103 Cr; Sales Volume Up 25% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jan 2026, 02:42 PM

The India Cements Limited reported a significant operational turnaround in Q3 FY26, with consolidated EBITDA reaching ₹103 Crores compared to a loss of ₹178 Crores in the same quarter last year. Domestic sales volumes grew by 25% YoY to 2.59 MnT, driven by an 11% improvement in capacity utilization to 69%. The company announced a major ₹2,000 Crore capex plan over the next two years to expand capacity to 17.55 Mtpa and enhance efficiency. While realizations dipped 2.4% QoQ, substantial reductions in logistics costs (down 44% YoY) and fuel costs (down 18% YoY) supported the bottom line.

Consolidated EBITDA turned positive at ₹103 Crores vs a loss of ₹178 Crores in Q3 FY25.
Domestic sales volume increased 25% YoY to 2.59 MnT with capacity utilization rising to 69%.
Logistics costs declined sharply by 44% YoY to ₹588/Mt, and fuel costs fell 18% to ₹952/Mt.
Announced ₹2,000 Crore capex to increase total capacity from 14.75 Mtpa to 17.55 Mtpa by March 2027.
Targeting a massive shift in energy mix, aiming for 80% green power by FY29 from the current 5%.

💡 Investors should view the return to profitability and aggressive cost-cutting measures as a strong recovery signal. Monitor the execution of the ₹2,000 Crore capex and the influence of the new Aditya Birla Group-aligned board on operational synergies.

India Cements Q3 FY26: Revenue Grows 23.5% YoY; Net Loss Narrows to ₹5.72 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jan 2026, 02:26 PM

India Cements reported a significant operational turnaround in Q3 FY26, with revenue from operations rising 23.5% YoY to ₹1,114.13 Cr. The company drastically narrowed its net loss to ₹5.72 Cr from a massive loss of ₹409.38 Cr in the same quarter last year. Operating margins turned positive at 7.14%, a sharp recovery from the negative 20.88% recorded in Q3 FY25. The results reflect the first full quarter under UltraTech Cement's ownership, showing improved cost efficiencies and lower finance costs.

Revenue from operations increased to ₹1,114.13 Cr, up 23.5% from ₹902.19 Cr in Q3 FY25.
Net loss narrowed to ₹5.72 Cr compared to a loss of ₹409.38 Cr in the previous year's corresponding quarter.
Operating margin improved significantly to 7.14% from -20.88% YoY.
Finance costs were reduced by 58.7% YoY to ₹30.46 Cr, down from ₹73.77 Cr.
Recognized a one-time exceptional expense of ₹7.72 Cr related to the implementation of new Labour Codes.

💡 Investors should note the rapid operational improvement and debt reduction under the new Aditya Birla Group management. The stock remains a turnaround play as the company integrates further with UltraTech Cement's supply chain.

India Cements Submits Q3 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 06:31 PM

The India Cements Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, have been processed. The company's Registrar, Integrated Registry Management Services Private Limited, has verified and cancelled the physical certificates. This ensures that the electronic records with NSDL and CDSL are updated and the shares remain listed on BSE and NSE.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar Integrated Registry Management Services confirmed the cancellation of physical share certificates.
Depository names have been substituted as registered owners in the company records.
Notification of dematerialized securities forwarded to both BSE and NSE.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial performance for fundamental insights.

India Cements Q3 FY26 Earnings Call Scheduled for January 24, 2026 via UltraTech Cement

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 02 Jan 2026, 06:30 PM

The India Cements Limited has announced its Q3 FY26 earnings call, which is scheduled for Saturday, January 24, 2026, at 4:00 PM IST. The call is being organized by UltraTech Cement Limited, the company's holding entity, to discuss financial results for the quarter ended December 31, 2025. The session will feature a management discussion followed by an interactive Q&A. This marks a key reporting period for the company under the UltraTech umbrella.

Earnings call for Q3 FY26 scheduled for January 24, 2026, at 16:00 hrs IST.
Financial results for the quarter ended December 31, 2025, to be discussed.
Call hosted by UltraTech Cement Limited, the holding company of India Cements.
Universal access numbers provided: +91 22 6280 1286 and +91 22 7115 8187.

💡 Investors should attend or review the call transcripts to understand the operational integration and synergy progress with UltraTech Cement.

India Cements Receives GST Demand Orders Totaling Over ₹57 Crore

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 31 Dec 2025, 06:38 PM

The India Cements Limited has received three separate GST demand orders from authorities in Chennai, Vijayawada, and Hyderabad, primarily relating to the financial year 2021-22. The most significant demand comes from the Vijayawada division, totaling approximately ₹54.39 crore, which includes ₹32.66 crore in tax and ₹21.73 crore in interest. Additional orders from Chennai and Hyderabad contribute roughly ₹3.5 crore in further demands and penalties. The company intends to contest these orders, asserting that its previous submissions were not adequately considered by the authorities.

Total GST demand from Vijayawada authority amounts to ₹32.66 crore plus ₹21.73 crore in interest.
Hyderabad authority confirmed demands of ₹2.23 crore along with penalties and late fees.
Chennai authority passed an order for ₹54.99 lakh GST plus ₹42.09 lakh in interest and penalties.
The disputes involve alleged excess Input Tax Credit (ITC) claims and short payment of taxes for FY 2021-22.
The company is reviewing legal options to contest the demands and expects no immediate material impact.

💡 Investors should monitor the outcome of the company's appeals as the aggregate demand exceeds ₹57 crore. While the company is contesting the orders, any requirement to pre-deposit funds for appeals could impact short-term cash flows.

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💰 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.