The India Cements Limited has informed the Exchange about Transcript
INDIACEM · price
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India Cements has filed the transcript of its Q1 FY26 earnings call. The call was led by UltraTech Cement's management (Atul Daga, CFO), given that UltraTech acquired India Cements in December 2024. Key points: India Cements delivered an operating EBITDA of around INR400 per ton in Q1 FY26 (INR458 per ton adjusted for UltraTech marketing spend), and management targets EBITDA per ton of over INR1,000 by FY28. India Cements' green power share is planned to rise from 3% to 86% by FY28 through 21 MW of WHRS and 219 MW of renewable energy, with capex fully funded by debt and internal accruals. The company targets debt below INR50 crores and near net cash by end of the program. UltraTech consolidated volumes grew 9.7% YoY (including Kesoram), and the UltraTech brand grew 6.5%. India cement demand is seen at 4.3% for Q4 FY25; the industry is expected to grow 5-7% annually. South and East regions led pricing gains of 2-2.5%.
Positive for India Cements shareholders: management has laid out a clear multi-year turnaround roadmap targeting a near 2.5x jump in EBITDA per ton, near-debt-free balance sheet, and major shift to green power by FY28. UltraTech's brand leverage, integration synergies, and south market pricing tailwind support the case, though execution over the next 2-3 years remains key.