NSE: INDIACEM · BSE: 530005
THE INDIA CEMENTS LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 101.3 | 27.7 | 26 of 29 | 11% |
| P/B | 0.9 | 1.3 | 11 of 34 | 70% |
| ROCE | (0.5) | 3.7 | 27 of 37 | 28% |
| ROE | (0.7) | 7.2 | 28 of 34 | 18% |
| Debt / Equity | 0.1 | 0.4 | 8 of 33 | 78% |
| 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 | 9353 | 1735 | 11 of 38 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Shareholders asked to approve India Cements' move to Maharashtra | compliance | minimal | — | — |
| 27 Oct 2026 · Postal ballot on moving registered office to Maharashtra | board shareholder meetings | low | — | — |
| 27 Oct 2026 · UltraTech call details India Cements upgrade plan and margin target | investor communications | medium | — | — |
| 19 Oct 2026 · India Cements shares Q2 FY26 earnings call recording link | investor communications | low | — | — |
| 17 Oct 2026 · India Cements Q2FY27: EBITDA up 34% YoY, PAT up 160% YoY | investor communications | medium | — | — |
| 17 Oct 2026 · India Cements to shift registered office from Tamil Nadu to Maharashtra | general | low | — | — |
| 17 Oct 2026 · India Cements Q2 FY27: Profit jumps 160% on lower freight costs | results | high | — | — |
| 17 Oct 2026 · India Cements Q2 FY27: PAT jumps to Rs 38.85 Cr, revenue Rs 1,142 Cr | results | high | — | — |
| 15 Oct 2026 · India Cements acquires 3.62% stake in Zenataris Renewable Energy | strategic transactions | medium | — | — |
| 12 Oct 2026 · Postal ballot approves Mr. Tribhuwan Adhikari as Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
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.