India Cements Ltd (INDIACEM)

Construction Materials · Cement · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹359.75 ↓ 6.02% (1Y)

🎯 Key Takeaways

India Cements is undergoing a strategic transformation driven by the integration of UltraTech Cement, marking a shift from standalone operations to a dominant position in India's cement sector. The company is executing a large-scale capex program to expand capacity to 235 million tons by March 2028, supported by strong volume growth and improving profitability.
Revenue declined 17% QoQ to ₹1,019 in Q1FY27.
⚠️ High cost inflation of INR130-140 per ton in Q2 FY27 poses near-term margin pressure, despite expectations of easing in H2 202

Market Cap

₹11,149

P/E Ratio

120.7

P/B Ratio

1.10

ROE

0.9%

ROCE

1.8%

Debt/Equity

0.13

Promoter

75.0%

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📖 The Story

India Cements is undergoing a strategic transformation driven by the integration of UltraTech Cement, marking a shift from standalone operations to a dominant position in India's cement sector. The company is executing a large-scale capex program to expand capacity to 235 million tons by March 2028, supported by strong volume growth and improving profitability. Despite a high P/E of 124.2 and low ROE and ROCE, recent financial trends indicate a turnaround in operational performance and margin expansion.

📰 What's Happening

UltraTech Cement reported Q1 FY27 net profit of ₹2,604 crores, up 17.2% YoY, driven by 19% YoY volume growth and improved margins, with EBITDA rising 12% to ₹5,146 crores and EBITDA per ton reaching ₹603. Capacity utilization stood at 81%, and the company advanced its INR17,000 crores capex plan for expansion to 235 million tons by March 2028. Volume growth was led by Eastern India, supported by urbanization and infrastructure investment. Management expects double-digit volume growth in FY27 despite cost pressures, with cost inflation of INR130-140 per ton in Q2 FY27 anticipated to ease in H2 2026. Green power adoption reached 86% of requirements, targeting 100% by FY28.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,117	1,114	1,229	1,019
Operating Profit	7	4	77	84
OPM %	0.6%	0.4%	6.3%	8.2%
Net Profit	9	-3	60	27
EPS	₹0.28	₹-0.09	₹1.92	₹0.87

The company's financial trajectory shows a clear inflection point: revenue of ₹1,019 crores in June 2026 and ₹1,229 crores in March 2026 reflect strong top-line momentum, while operating profit margins improved from 0.4% in December 2025 to 8.2% in June 2026. Net profit turned positive at ₹27 crores in June 2026 from a ₹3 crore loss in December 2025, signaling operational recovery. This improvement aligns with management's commentary on volume growth, pricing power, and margin expansion, particularly in the context of UltraTech's integration and scale efficiencies.

🔮 Management Outlook & What's Next

Management expects double-digit volume growth in FY27, targeting INR1,400/ton EBITDA by Q1 2028, and plans to scale green power adoption to 100% by FY28. Cost inflation of INR130-140 per ton in Q2 FY27 is expected to moderate in the second half of 2026, supporting margin resilience. The company reaffirmed its long-term demand outlook, citing urbanization and infrastructure spending as structural tailwinds. Capacity expansion to 235 million tons by March 2028 and brand conversion to UltraTech are central to its growth strategy.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	310	310	310	310
Reserves	4,953	9,884	9,763	9,814
Borrowings	2,137	1,165	1,340	1,301
Total Liabilities	9,679	13,877	13,663	13,403
Fixed Assets	6,381	11,577	11,294	11,187
Investments	297	120	118	83
Total Assets	9,679	13,877	13,663	13,403

The balance sheet shows stable equity of ₹310 crores and reserves of ₹9,814 crores as of March 2026, with borrowings slightly elevated at ₹1,301 crores. Total assets declined marginally to ₹13,403 crores from ₹13,663 crores in the prior period, but the debt profile remains manageable, with net debt/EBITDA improving to 0.87x from 0.94 at the start of the fiscal year. This suggests disciplined capital management and improving financial resilience, supporting the company's expansion plans without excessive leverage.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-27
Investing	-103
Financing	+40
Net Cash Flow	-89

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.6%	75.0%	75.0%	75.0%
FII	3.1%	3.4%	3.5%	3.4%
DII	12.3%	12.8%	12.9%	12.6%
Public	7.4%	7.3%	7.2%	7.5%
# Shareholders	1,63,090	1,63,480	1,56,567	1,57,402

Promoter holding remains steady at 75% over the last four quarters, indicating no dilution or stake sale. Institutional investor interest is growing, with FII shareholding rising from 3.11% in Q2FY26 to 3.48% in Q4FY26, and DII increasing from 12.25% to 12.91% over the same period. The number of shareholders has slightly declined to 1,57,402 in Q1FY27 from 1,63,480 in Q3FY26, but this may reflect consolidation rather than exit. No signs of institutional selling or promoter reduction have been observed.

⚖️ Peer Comparison — Cement

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ULTRACEMCO	3.36 L Cr	39.3	13.4%	11.2%	0.30
AMBUJACEM	1.00 L Cr	22.6	4.9%	8.8%	0.00
SHREECEM	84,606	51.9	9.6%	7.0%	0.07
JKCEMENT	39,247	41.5	13.7%	13.3%	0.86
DALBHARAT	33,927	36.3	6.9%	5.3%	0.38
ACC	23,891	12.5	9.3%	9.3%	0.00
RAMCOCEM	20,672	32.1	10.1%	7.9%	0.48
JSWCEMENT	16,974	21.7	10.2%	11.0%	0.62
NUVOCO	11,522	29.8	7.6%	4.3%	0.42
INDIACEM	11,149	120.7	1.8%	0.9%	0.13

🔗 Peer Stock Analyses

ULTRACEMCO AMBUJACEM SHREECEM JKCEMENT DALBHARAT

⚠️ Risk Factors

1. High cost inflation of INR130-140 per ton in Q2 FY27 poses near-term margin pressure, despite expectations of easing in H2 2026. 2. Integration risks associated with UltraTech operations could impact execution of the expansion and margin improvement targets. 3. Rising competition in the retail cement market may limit pricing power if capacity additions outpace demand. 4. Geopolitical and diesel inflation risks are explicitly flagged as headwinds to cost management and profitability.

📋 Recent Filings

🧠 Analyst's Read

India Cements is transitioning from a loss-making entity to a structurally profitable player in the cement sector, underpinned by UltraTech integration, capacity expansion, and improving operational efficiency. The key watchpoints are execution of the capex plan, sustainability of margin gains amid cost inflation, and ability to maintain pricing power in a competitive market. Investors should monitor volume trends and EBITDA per ton trajectory in upcoming quarters for confirmation of sustained recovery.

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 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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