The India Cements Limited (INDIACEM)

Construction Materials · Cement & Cement Products · NSE · Updated 24 July 2026

₹408.2 ↑ 13.39% (1Y)

🎯 Key Takeaways

The India Cements Limited is undergoing a strategic transformation driven by volume recovery, margin improvement, and significant capex investment under UltraTech Cement's leadership. The company is transitioning from a period of losses to profitability, leveraging urbanization and infrastructure demand in South and Eastern India.
Revenue declined 8.8% QoQ to ₹941 in Q3FY25.
⚠️ The company continues to face legal and regulatory challenges, including attachment of assets and penalties related to past disputes, which could impa

Market Cap

₹12,401

P/E Ratio

-56.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

The India Cements Limited is undergoing a strategic transformation driven by volume recovery, margin improvement, and significant capex investment under UltraTech Cement's leadership. The company is transitioning from a period of losses to profitability, leveraging urbanization and infrastructure demand in South and Eastern India. With a focus on operational efficiency and green energy adoption, it is positioning itself for structural growth in the cement sector, targeting capacity expansion to 235 million tons by March 2028 and improved profitability metrics.

📰 What's Happening

Recent filings indicate strong volume growth and margin expansion, particularly in Q1 FY27, where The India Cements reported 18.5% YoY volume growth to 2.58 MTPA and 72.4% YoY EBITDA growth to Rs. 159 crores, driven by operational efficiencies and higher cement prices. This follows UltraTech Cement's Q1 FY27 results showing ₹2,604 crores net profit and 19% YoY volume growth, supported by Eastern India expansion and urbanization trends. The company has advanced its ₹17,000 crores capex plan for capacity expansion to 235 million tons by March 2028 and achieved 81% capacity utilization. Management also highlighted progress in green power adoption, targeting 100% renewable energy use by FY28. Additionally, the Board approved unaudited Q1 FY26 financial results showing modest profitability, though earlier quarters revealed persistent losses, underscoring the ongoing turnaround.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,486	1,437	1,264	1,144	1,267	1,027	1,032	941
Operating Profit	-153	15	12	104	74	232	-227	222
OPM %	-3.2%	0.6%	0.3%	4.3%	3.0%	-2.4%	-15.8%	-20.2%
Net Profit	-227	-87	-80	1	-61	58	-339	122
EPS	₹-7.40	₹-2.86	₹-2.56	₹0.00	₹-1.91	₹1.87	₹-11.55	₹162.41

The company's financial trajectory shows a clear inflection point, with profitability returning after a series of loss-making quarters. After reporting losses in Q4FY24 (₹-61 crores) and Q2FY25 (₹-339 crores), The India Cements posted a return to profit in Q1FY25 (₹58 crores) and further improvement in operational metrics. However, the most significant momentum is visible in the latest filings under UltraTech's reporting, where volume growth of 19% YoY and EBITDA per ton of INR603 signal strong margin recovery. Despite this, the company's standalone financials still reflect volatility, with revenue peaking in Q4FY24 at ₹1,486 crores and declining in subsequent quarters, indicating seasonality and market dynamics. The improvement in EBITDA margins and net debt/EBITDA ratio to 0.87x suggests better cost control and deleveraging, aligning with management's focus on operational resilience and capital efficiency.

🔮 Management Outlook & What's Next

Management has expressed confidence in sustained double-digit volume growth for FY27, underpinned by urbanization, infrastructure investments, and brand conversion to UltraTech in competitive markets. They target an EBITDA of INR1,400 per ton by Q1 2028 and full renewable energy adoption by FY28, reflecting a long-term structural strategy. Management also anticipates cost inflation of INR130-140 per ton in Q2 FY27 but expects it to ease in the second half of 2026, supporting margin stability. The capex plan is advancing as scheduled, with capacity expansion to 235 million tons by March 2028 viewed as critical to meeting rising demand. These forward-looking statements are consistent across filings and reinforce a narrative of scalable growth, operational discipline, and strategic reinvestment.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

ULTRACEMCO GRASIM AMBUJACEM SHREECEM JKCEMENT

⚠️ Risk Factors

1. The company continues to face legal and regulatory challenges, including attachment of assets and penalties related to past disputes, which could impact financials or operations. 2. Despite volume growth, standalone profitability remains fragile, as evidenced by recurring losses in prior quarters and modest standalone net profits, raising concerns about sustainable earnings. 3. Input cost pressures, particularly from diesel inflation and geopolitical volatility, are explicitly flagged as risks, with cost inflation of INR130-140 per ton expected in Q2 FY27. 4. The turnaround is still underway, and while capex is advancing, full benefits will materialize only by 2028, leaving near-term execution risks in scaling operations and managing working capital.

📋 Recent Filings

🧠 Analyst's Read

The India Cements is in the early stages of a structural turnaround, supported by strong volume growth, margin improvement, and strategic capex under UltraTech's leadership. Investors should monitor execution of the capacity expansion plan, sustainability of EBITDA margins, and progress on green energy targets as key near-term catalysts. While financial resilience is improving, the company's standalone profitability remains sensitive to execution risks and macro cost pressures, warranting close attention to management's ability to deliver on guidance.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-24.

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