India Cements (INDIACEM) — Revenue ₹2,962 Cr, +11% YoY

The India Cements Limited (INDIACEM)

Core Business

The India Cements Limited is a major player in the Cement & Cement Products industry, operating under the Construction Materials sector. The company manufactures and sells cement under the prestigious UltraTech brand, leveraging UltraTech Cement's extensive distribution network while maintaining its own operational efficiency.

Financial Snapshot

Metric	Value	Peer Comparison Insight
Current Price	Rs 384.65	-
P/E Ratio	-56.68	Extremely negative due to recent losses; contrasts sharply with positive sector peers
Market Cap	Rs 12,400.54 Cr	Mid-cap positioning within cement industry
Revenue (FY)	Rs 4,266.02 Cr	Scale comparable to mid-tier cement players
Net Profit (FY)	Rs -218.91 Cr	Current loss contrasts with sector's generally positive profitability
Dividend Yield	0.00%	No dividends paid amid financial restructuring
Promoter Holding	0%	Indicates potential institutional control or significant dilution

Key Quarterly Performance Highlights:

Q3 FY25: Revenue Rs 940.81 Cr, Profit Rs 122.30 Cr, EPS Rs 162.41- Q2 FY25: Revenue Rs 1,031.80 Cr, Loss Rs 339.13 Cr, EPS Rs -11.55- Q1 FY25: Revenue Rs 1,026.76 Cr, Profit Rs 58.47 Cr, EPS Rs 1.87- Q4 FY24: Revenue Rs 1,266.65 Cr, Loss Rs 60.55 Cr, EPS Rs -1.91### Recent Strategic Moves

Renewable Energy Acquisition: Announced acquisition of 12.48% stake in FPEL SERVICES PRIVATE LIMITED, a renewable energy SPV, for up to Rs 10.78 crores to secure captive wind power and align with green energy strategy.

Financial Results Timeline:

- Board meeting scheduled for July 18, 2026 to consider unaudited Q1 FY27 results- Trading window for connected persons closes July 1, 2026### Operational Context

UltraTech Integration: While India Cements manufactures UltraTech-branded cement, marketing/distribution costs reside at UltraTech consolidated level. India Cements charges a markup per bag that offsets its internal costs, improving underlying operational performance versus reported metrics.

Capacity & Sustainability: UltraTech (the larger parent entity) reported 200 million tons capacity in FY26, targeting 242.5 million tons by FY28 and 85% renewable energy usage by 2030.

Key Takeaway: India Cements operates within a strong cement market but faces profitability challenges. Its recent renewable energy move supports long-term cost reduction, while integration with UltraTech provides operational scale benefits not fully reflected in standalone metrics.

Investor Implications

Loss Recovery: The path to profitability appears volatile — recent quarters show both profits and significant losses.

Strategic Alignment: The renewable energy acquisition supports regulatory compliance and long-term cost management.

UltraTech Synergy: Operational efficiencies from UltraTech's network may improve financials over time.

Key Metrics

Metric	Value
Current Price	Rs 384.65
P/E Ratio	-56.68
Market Cap	Rs 12,400.54 Cr
Revenue (FY)	Rs 4,266.02 Cr
Net Profit (FY)	Rs -218.91 Cr
Dividend Yield	0.00%
Promoter Holding	0%

Peer Comparison: India Cements' negative P/E and loss position contrast sharply with the generally profitable cement sector, where peers often trade at positive multiples and maintain dividend payouts.

🔍 For Deep Analysis (click below):

"How does the acquisition of the renewable energy SPV impact India Cements' cost structure and regulatory positioning over the next 3 years?"

"What specific operational metrics (e.g., capacity utilization, energy costs per ton) have driven the swing between profit and loss across recent quarters?"

"How will UltraTech's reported EBITDA per ton (INR 1,296) translate to India Cements' standalone profitability as integration deepens?"