The India Cements Limited (INDIACEM)
📢 Recent Corporate Announcements
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
The India Cements Limited has received demand notices totaling ₹18.95 crore from the District Collector, Tirunelveli, Tamil Nadu. The notices allege that the company extracted limestone from eight mining leases without the required prior Environmental Clearance (EC). This regulatory action is based on a Supreme Court judgment regarding mining operations conducted without EC. While the amount is small relative to the company's market cap, it represents a significant portion (~28%) of its TTM net loss of ₹67 crore.
- Total compensation demanded by the District Collector is ₹18.95 crore
- The demand pertains to alleged violations across 8 limestone mining leases
- Notices were received by the company on July 21, 2026
- The action follows the Supreme Court judgment in Common Cause vs. Union of India regarding mining without EC
India Cements has published the audio recording of its earnings call for the quarter ended June 30, 2026, on its official website. This follows the scheduled call held on July 20, 2026, to discuss the company's latest financial performance. Investors can access this recording to gain insights into management's progress on the integration with UltraTech and the planned Rs 1,500 Cr modernization capex. The company currently operates with a 14.5 MTPA capacity and is focused on improving its 8.8% OPM through operational efficiencies.
- Earnings call conducted on July 20, 2026, for the quarter ended June 30, 2026
- Audio recording made available on the company website as per SEBI Regulation 30
- Company is managing a 14.5 MTPA capacity following the sale of the Parli unit
- Contextual modernization capex of ~Rs 1,500 Cr remains a key focus for the new management
- TTM revenue stands at Rs 4,485 Cr with a TTM PAT of Rs -67 Cr
The India Cements Limited has announced its 80th Annual General Meeting (AGM) will be held on August 10, 2026, via video conferencing. The company is dispatching physical letters to shareholders without registered email addresses to provide access to the FY 2025-26 Annual Report. This meeting is significant as it follows the company's transition to becoming a subsidiary of UltraTech Cement Limited. Investors should look for updates on the planned INR 1,500 Cr modernization capex and integration progress.
- 80th Annual General Meeting scheduled for August 10, 2026, at 3:00 PM IST
- Annual Report for the financial year 2025-26 made available via digital weblink
- Company confirms its status as a subsidiary of UltraTech Cement Limited in the filing
- Modernization capex of ~INR 1,500 Cr planned to improve operational efficiencies
- Current installed capacity stands at 14.5 MTPA following the sale of the Parli unit
India Cements, now an UltraTech subsidiary, reported a strong operational turnaround in Q1FY27 with EBITDA rising 72.4% YoY to Rs 159 Cr. Domestic volumes grew 18.5% YoY to 2.58 MTPA, while EBITDA per tonne improved significantly by Rs 221 to reach Rs 603. The company turned profitable at the PAT level (before exceptional items) with Rs 52 Cr compared to a loss of Rs 9 Cr in the previous year. A major modernization and expansion plan is underway with Rs 2,000 Cr approved investment, focusing on efficiency and increasing green power mix to 80% by FY29.
- EBITDA increased 72.4% YoY to Rs 159 Cr for the quarter ended June 2026
- Domestic cement volumes reached 2.58 MTPA, representing an 18.5% YoY growth
- Approved modernization investment of Rs 2,000 Cr with Rs 1,553 Cr already committed
- Planned capacity expansion of 2.8 MTPA to strengthen market presence
- Green power mix (RE + WHRS) targeted to reach 80% by FY29 from current levels
India Cements reported a turnaround in Q1 FY27 with a net profit of Rs 26.62 Cr, compared to a loss of Rs 7.53 Cr in the same quarter last year. While revenue remained flat YoY at Rs 1,019.42 Cr, operating margins saw a sharp expansion to 15.28% from 7.99% YoY, reflecting operational efficiencies post-UltraTech integration. The company managed this turnaround despite an exceptional expense of Rs 25.28 Cr, which included a Rs 55.26 Cr provision for disputed liabilities. Additionally, the company successfully raised Rs 100 Cr through commercial paper at a competitive rate of 6.85%.
- Net Profit of Rs 26.62 Cr vs a loss of Rs 7.53 Cr in Q1 FY26
- Operating Margin expanded significantly to 15.28% from 7.99% YoY
- Exceptional items included a Rs 55.26 Cr provision for old disputes offset by Rs 29.98 Cr asset sale profit
- Issued Rs 100 Cr Commercial Paper at 6.85% p.a. due September 2026
- Freight and Forwarding expenses reported at Rs 20.15 Cr, down from Rs 199.55 Cr YoY (partially due to regrouping)
The India Cements Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming its status as a subsidiary of UltraTech Cement Limited (74.99% holding). The company reported a turnover of 4,484.69 crore, with cement and clinker contributing 99.05% of total revenue. A significant shift in labor dynamics was noted, with rural wages accounting for 60.97% of total wage costs compared to 30.93% in the previous year. The report also highlights a focus on circular economy initiatives to mitigate fuel price volatility, which remains a key operational risk.
- UltraTech Cement Limited holds a 74.998% intermediary holding in the company as of March 31, 2026.
- Cement and Clinker manufacturing accounts for 99.05% of the total turnover of 4,484.69 crore.
- Shareholder complaints increased to 145 in FY 2025-26, up from 100 in the previous financial year.
- The company sourced 17% of its input materials directly from MSMEs or small producers, a significant increase from 1.12% in FY 2024-25.
- Permanent employee turnover rate remains high at 18.76%, though slightly improved from 22.15% in the prior year.
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.
