India Cements Ltd(INDIACEM)

NSE: INDIACEMBSE: 530005

₹ 304-3.58%refreshed 26 Oct, 03:28 pm ISTMarket cap: ₹ 9,421 crWebsite: www.indiacements.co.inUpdated: 24 Oct 2026

About

India Cements makes and sells cement and clinker, which it reports as a single segment, and its holding company is UltraTech Cement. It had 14.75 MTPA of installed cement capacity as of December 2025 and runs 16 plants across Tamil Nadu, Andhra Pradesh, Telangana and Rajasthan. It sells in 14 Indian states. FY26 revenue was Rs 4,484.69 Cr.^[1][2][3]

Business and brands

Cement is the only reportable segment (cement and clinker sales), with segment revenue of Rs 4441.88 Cr in FY26 against Rs 3936.52 Cr in FY25.^[2][4]
The company moved its product brands into its holding company's brand portfolio during FY26. The move was completed by end of March 2026, one quarter ahead of the June 2026 commitment.^[2][5]
The company says it was the first in India to get a licence to produce blended cement.^[2]

Operations

Plants as of FY26: Sankarnagar, Sankari, Dalavoi and Vallur (Tamil Nadu); Chilamkur and Yerraguntla (Andhra Pradesh); Vishnupuram and Malkapur (Telangana); Nokhla (Rajasthan).^[2]
As of FY26 the company operates 16 plants and 9 offices, all in India.^[2]
Installed cement capacity was 14.75 MTPA as of December 2025.^[1]
Cement capacity utilisation was 70% in FY26 vs 62% in FY25. Quarterly utilisation reached 84% in Q4 FY26.^[2][5]
As of FY26 the company has adequate limestone reserves under mining licences and long-term fly ash supply contracts, and uses a mix of Indian and imported coal.^[2]
Clinker conversion was 1.55x in Q2 FY27 vs 1.53x in Q1 FY27.^[6][7]

Volumes and realisations

Domestic cement volume was 2.83 MT in Q2 FY27, up 16.2% YoY, vs 2.58 MT in Q1 FY27.^[6][7]
Domestic net realisation (net of logistics cost) was Rs 3,761/t in Q2 FY27, down 1.3% QoQ. It was Rs 3,847/t in Q1 FY27.^[6][7]
Operating EBITDA/t was Rs 510 in Q2 FY27, up Rs 177/t YoY, vs Rs 603 in Q1 FY27.^[6][7]

Cost per tonne

Fuel cost was Rs 1,143/t in Q2 FY27, up 14% YoY. It was Rs 1,013/t in Q1 FY27.^[6][7]
Power cost fell to Rs 527/t in Q2 FY27 from Rs 615/t a year earlier, as power use dropped from 87.05 to 75.76 kWh/t.^[6]
Raw material cost was Rs 890/t in Q2 FY27, down 6% YoY.^[6]
Other costs fell 17% YoY in Q2 FY27, helped by lower marketing spend after the brand transition. They rose 22% QoQ because of plant shutdowns for upgrades.^[6]

Green power

Renewable energy's share of the power mix rose to 24.7% in Q2 FY27 from 7.1% a year earlier.^[6]
Green power (renewable energy plus waste heat recovery) is targeted to grow from 6% to 80% of power needs by FY29.^[6]
A waste heat recovery system at Chilamkur was in progress in FY26.^[2]

Customers and distribution

The company sells in 14 Indian states and has no exports (FY26).^[2]
Customers are home builders (trade), infrastructure and real estate firms (non-trade), and makers of hollow blocks, paver tiles and concrete pipes.^[2]

Expansion and capex

Cement capacity is planned to reach 17.55 MTPA by FY28, up from 14.45 MTPA in FY25, with 3.10 MTPA added at Dalavoi, Banswara and Chennai.^[6]
The FY26 annual report sets capex of Rs 2,014 crore over two years: Rs 440 crore for a 2.8 MTPA expansion and Rs 1,574 crore for modernisation, funded by debt and internal accruals.^[2]
Of the Rs 2,000 Cr investment approved, Rs 1,728 Cr had been committed by September 2026, up from Rs 1,553 Cr in June 2026. Upgrade projects continue through Q3 and Q4 FY27.^[6][7]

Recent developments

Four wholly owned subsidiaries were merged into the company: ICL Financial Services, ICL International, ICL Securities and India Cements Infrastructures. The merger took effect on 28 March 2026, with an appointed date of 1 January 2025.^[2]
CARE reaffirmed the company's long-term bank facilities at CARE AAA with a Stable outlook (FY26).^[2]
A merger into UltraTech depends on finishing the capex, selling non-core land and aligning operating parameters. It is expected by Q4 FY28 or a quarter earlier.^[7]
Further non-core land sales of at least Rs 500 Cr are expected. A Hyderabad property attached by the ED is under legal review.^[1]
From Q1 FY27, revenue is reported on an ex-factory basis.^[7]

Market Cap

₹9,421 Cr

High / Low

₹490 / 288

Stock P/E

78.7

Price / Book

0.9

Book Value

₹327

EPS

₹-2.2

No. of Shares

30.99 Cr

ROCE

1.6%

ROE

-0.7%

OPM

4.0%

Debt / Equity

0.13

Sales

₹4,485 Cr

Net Profit

₹-67 Cr

Promoter holding

75.0%

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