Manufactures and sells cement and clinker from 16 plants spread across 14 states, with cement and clinker together making up 99.05% of standalone turnover of Rs 4,484.69 crore in FY26. Q1 FY27 standalone volume was 2.58 MT, up 18.5% year-on-year, at a net realisation of Rs 3,847 per ton and operating EBITDA per ton of Rs 603. The company is a subsidiary of UltraTech Cement, which holds 74.998% as intermediary holding with Grasim Industries as the ultimate parent, and the India Cements brand has been 100% migrated to UltraTech. Management is targeting Rs 1,000 per ton EBITDA by Q4 FY28, having scaled from Rs 386/ton three quarters earlier. The Board has approved Rs 2,000 crore investment for 2.8 MT of new capacity and greener power, with Rs 1,553 crore committed till June 2026 and a green power ramp from around 3% to about 86% of power needs targeted by FY28-end. Cost structure is dominated by other operating expenses at 63.6% of revenue and materials at 22.4% (FY26), with depreciation at 6.7% and employee costs at 5.4%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Cement and clinker (99%). Asset-heavy, single-product cement manufacturer with cyclical end-market exposure to housing and infrastructure.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,858 | 5,608 | 5,112 | 4,149 | 4,485 |
| EBITDA (ex other income) | 484 | 43 | 141 | 126 | 247 |
| margin % | 10.0 | 0.8 | 2.8 | 3.0 | 5.5 |
| Owners' profit | 78 | (127) | (227) | (144) | (67) |
| EPS, as reported (₹) | 8.92 | (4.04) | (7.32) | 153.23 | (2.17) |
| ROE % · ROCE % | 1.3 · 3.0 | (2.2) · (1.6) | (4.1) · (0.2) | (1.4) · 0.8 | (0.7) · 0.3 |
| Debt / equity (x) | 0.51 | 0.50 | 0.47 | 0.11 | 0.13 |
| Cash from operations | 439 | (19) | 344 | (256) | (27) |
| Capex | (168) | (58) | (127) | (62) | (223) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,032 | 941 | 1,197 | 1,025 | 1,117 | 1,114 | 1,229 | 1,019 |
| Profit before tax | (355) | 94 | 1 | (132) | 4 | (5) | 69 | 36 |
| Net profit | (339) | 122 | 15 | (133) | 9 | (3) | 60 | 27 |
| EPS (₹) | (11.55) | 162.41 | 0.51 | (4.21) | 0.28 | (0.09) | 1.92 | 0.87 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,24,148 | 37.9 | 4.02 | 19.9 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 2,23,350 | 39.1 | 1.31 | 17.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 97,375 | 22.1 | 1.36 | 13.7 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 81,433 | 50.0 | 3.49 | 15.7 | 7.5 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Postal Ballot for Appointment of Mr. Tribhuwan Adhikari as Director | management changes | medium | — | — |
| 2 Sept 2026 · India Cements to acquire 26 percent stake in Amplus TN One Energy for Rs 14.06 cr | strategic transactions | high | — | — |
| 1 Sept 2026 · Board meeting on 17 Oct 2026 to consider Q2/H1 FY27 results | compliance | minimal | — | — |
| 1 Sept 2026 · Board meeting on 17 Oct 2026 to approve Q2 FY27 financial results | results | low | — | — |
| 25 Aug 2026 · India Cements: Notice on Physical Share Dematerialisation Window | compliance | minimal | — | — |
| 13 Aug 2026 · India Cements receives ESG rating of 62.1 from SES ESG for FY2026 | business updates | low | — | — |
| 13 Aug 2026 · Change in company email address effective 13 Aug 2026 | general | minimal | — | — |
| 11 Aug 2026 · AGM 2026: All four resolutions passed with requisite majority | compliance | minimal | — | — |
| 10 Aug 2026 · India Cements Chairman highlights FY26 turnaround and Q1 FY27 profit rebound at AGM | investor communications | medium | — | — |
| 10 Aug 2026 · India Cements 80th AGM held; FY26 accounts and director reappointment tabled | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 9.2 |
| 23.8 |
| JK CEMENT LIMITED | 37,445 | 39.6 | 5.28 | 17.2 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 33,326 | 35.2 | 1.84 | 12.2 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 23,444 | 12.3 | 1.14 | 6.8 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 20,521 | 31.8 | 2.54 | 11.9 | 8.6 | 7.1 | 11.3 | 14.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 116.8 | 24.6 | 32 of 35 | 9% |
| P/B | 1.1 | 1.5 | 10 of 34 | 70% |
| ROCE | (0.5) | 3.7 | 27 of 37 | 28% |
| ROE | (0.7) | 7.7 | 32 of 38 | 16% |
| Debt / Equity | 0.1 | 0.4 | 13 of 38 | 68% |
| EBITDA margin | 13.1 | 13.1 | 19 of 37 | 50% |
| Revenue growth | (0.5) | 7.8 | 27 of 37 | 28% |
| Profit growth | 120.2 | (24.7) | 4 of 37 | 92% |
| Market cap | 10783 | 2005 | 11 of 38 | 73% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
