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The India Cements Q2 FY27 results: net profit ₹38.82 crore vs ₹8.81 crore, revenue up 2.2%
The India Cements Limited reported Q2 FY27 consolidated revenue of ₹1,142 crore, up 2.2% from a year ago, with EBITDA rising to ₹144.31 crore from ₹81.14 crore and net profit of ₹38.82 crore against ₹8.81 crore. Against Q1 FY27, revenue rose 12.0% and profit rose 44.6%, while the EBITDA margin eased to 12.6% from 15.3%.
Key points
- Q2 FY27 consolidated revenue was ₹1,142 crore, up ₹24.99 crore or 2.2% from Q2 FY26.
- EBITDA rose to ₹144.31 crore from ₹81.14 crore a year ago, with margin widening to 12.6% from 7.3%.
- Net profit was ₹38.82 crore against ₹8.81 crore in Q2 FY26, and basic EPS was ₹1.25 against ₹0.28.
- Against Q1 FY27, revenue rose ₹122.61 crore or 12.0% and net profit rose ₹11.97 crore or 44.6%, while the EBITDA margin fell 2.7 percentage points.
- H1 FY27 revenue was ₹2,161.45 crore, up ₹19.66 crore or 0.9% from H1 FY26, which recorded a net loss of ₹124.08 crore.
How did The India Cements perform in Q2 FY27?
The India Cements reported consolidated revenue of ₹1,142 crore for the July–September 2026 quarter, up ₹24.99 crore or 2.2% from ₹1,117 crore in Q2 FY26. EBITDA rose to ₹144.31 crore from ₹81.14 crore, an increase of ₹63.17 crore or 77.9%, and the EBITDA margin widened by 5.3 percentage points to 12.6% from 7.3%.
Profit before tax was ₹52.28 crore against ₹4.39 crore a year ago, and net profit was ₹38.82 crore against ₹8.81 crore, up ₹30.01 crore or 340.6%. Basic EPS was ₹1.25 against ₹0.28. On a standalone basis, revenue was ₹1,142.03 crore and profit was ₹38.85 crore, against a standalone loss of ₹6.86 crore a year earlier.
Against Q1 FY27, revenue rose ₹122.61 crore or 12.0% from ₹1,019 crore, while EBITDA fell ₹11.41 crore or 7.3% to ₹144.31 crore from ₹155.72 crore and the margin narrowed 2.7 percentage points to 12.6% from 15.3%. Net profit rose ₹11.97 crore or 44.6% to ₹38.82 crore from ₹26.85 crore, and basic EPS rose ₹0.38 to ₹1.25 from ₹0.87.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,142 | 1,019 | 1,117 | +2.2% | +12.0% |
| Other income | 3.67 | 3.45 | 29 | −87.3% | +6.4% |
| Total expenses | 1,093 | 961.79 | 1,136 | −3.7% | +13.7% |
| EBITDA | 144.31 | 155.72 | 81.14 | +77.9% | −7.3% |
| EBITDA margin | 12.6% | 15.3% | 7.3% | +5.3 pp | −2.7 pp |
| Profit before tax | 52.28 | 35.80 | 4.39 | +1090.9% | +46.0% |
| Tax | 13.46 | 8.95 | −4.42 | +50.4% | |
| Net profit | 38.82 | 26.85 | 8.81 | +340.6% | +44.6% |
| EPS (₹) | 1.25 | 0.87 | 0.28 | +346.4% | +43.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in The India Cements' costs and profit?
Total expenses fell ₹42.22 crore or 3.7% to ₹1,093 crore from ₹1,136 crore in Q2 FY26. Cost of materials was higher by ₹111.25 crore or 51.9% at ₹325.51 crore, while other expenses were lower by ₹67.89 crore or 9.4% at ₹652.33 crore. Employee cost fell ₹12.86 crore or 22.2% to ₹44.95 crore, finance costs fell ₹1.21 crore or 4.8% to ₹24.06 crore, and depreciation fell ₹2.83 crore or 3.8% to ₹71.64 crore.
Other income was lower by ₹25.33 crore or 87.3% at ₹3.67 crore against ₹29 crore a year ago, and there was no exceptional item in Q2 FY27 against a charge of ₹6.01 crore in Q2 FY26. Tax moved from a ₹4.42 crore credit to a ₹13.46 crore charge. The investor presentation attributed the year-on-year fall in other costs per ton to the benefit of a brand transition in marketing cost and operating leverage, and noted a 37% year-on-year increase in raw material cost.
Against Q1 FY27, total expenses rose ₹131.63 crore or 13.7%, with cost of materials up ₹79.34 crore or 32.2% and other expenses up ₹69.92 crore or 12.0%. Employee cost, finance costs and depreciation were lower by ₹2.68 crore, ₹2.09 crore and ₹0.30 crore respectively. Q1 FY27 carried an exceptional charge of ₹25.28 crore, against which Q2 FY27 had no exceptional item. The presentation noted that stores and raw material purchases during shutdown for upgradation projects, along with clinker purchases during those shutdowns, contributed to the sequential rise in other costs.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 325.51 | 214.26 | +111.25 | +51.9% |
| Employee cost | 44.95 | 57.81 | −12.86 | −22.2% |
| Finance costs | 24.06 | 25.27 | −1.21 | −4.8% |
| Depreciation | 71.64 | 74.47 | −2.83 | −3.8% |
| Other expenses | 652.33 | 720.22 | −67.89 | −9.4% |
| Total expenses | 1,093 | 1,136 | −42.22 | −3.7% |
| Other income | 3.67 | 29 | −25.33 | −87.3% |
| Tax | 13.46 | −4.42 | +17.88 | |
| Exceptional items | none | −6.01 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹2,161.45 crore, up ₹19.66 crore or 0.9% from ₹2,141.79 crore in H1 FY26. Total income was ₹2,168.57 crore, down ₹11.33 crore or 0.5% from ₹2,179.9 crore, as lower other income offset the rise in revenue.
Profit before tax moved to ₹88.08 crore from a loss of ₹127.7 crore in H1 FY26, and net profit moved to ₹65.67 crore from a net loss of ₹124.08 crore. Basic EPS for the half was ₹2.12 against a loss of ₹4.0 a year earlier, a difference of ₹6.12.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,161 | 2,142 | +0.9% |
| Profit before tax | 88.08 | −127.70 | turned to profit |
| Net profit | 65.67 | −124.08 | turned to profit |
| EPS (₹) | 2.12 | −4.00 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹13,753.02 crore as at 30 September 2026 from ₹13,403.06 crore as at 31 March 2026, and total equity rose to ₹10,189.24 crore from ₹10,124.27 crore. Borrowings were higher at ₹1,623.62 crore against ₹1,304.81 crore, while cash fell to ₹8.21 crore from ₹13.76 crore. Inventories were ₹714.6 crore against ₹734.22 crore, trade receivables ₹138.55 crore against ₹248.48 crore, and trade payables ₹868.8 crore against ₹865.76 crore.
In H1 FY27, net cash from operating activities was ₹307.56 crore against an outflow of ₹194.61 crore in H1 FY26. Cash used in investing activities was ₹581.71 crore against an inflow of ₹7.14 crore, with capital expenditure of ₹633.03 crore compared with ₹57.08 crore, while cash from financing activities was ₹268.6 crore against ₹123.35 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 13,753 | 13,403 |
| Total equity | 10,189 | 10,124 |
| Borrowings | 1,624 | 1,305 |
| Cash and equivalents | 8.21 | 13.76 |
| Inventories | 714.60 | 734.22 |
| Trade receivables | 138.55 | 248.48 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 307.56 | −194.61 |
| Cash from investing | −581.71 | 7.14 |
| Cash from financing | 268.60 | 123.35 |
| Capital expenditure | 633.03 | 57.08 |
Source: Company's results filing (XBRL).
How has The India Cements done over the last 8 quarters?
Revenue over the last eight quarters ranged from ₹940.81 crore in Q3 FY25 to ₹1,228.65 crore in Q4 FY26. The current-quarter revenue of ₹1,142.03 crore was higher than Q1 FY27's ₹1,019.42 crore but lower than the Q4 FY26 peak. Net profit bottomed at a loss of ₹132.91 crore in Q1 FY26 and reached a high of ₹122.3 crore in Q3 FY25; the latest profit of ₹38.82 crore was higher than the ₹26.85 crore recorded in Q1 FY27.
The EBITDA margin bottomed at -20.2% in Q3 FY25 and peaked at 15.3% in Q1 FY26's successor quarter of Q1 FY27. It eased to 12.6% in Q2 FY27 from 15.3% in Q1 FY27, while remaining above the 7.3% recorded in Q2 FY26 and the -0.3% of Q4 FY25.
What else did the company announce?
The board met on 17 October 2026 and approved the standalone and consolidated unaudited financial results for the quarter and half-year ended 30 September 2026, along with the auditors' limited review reports. The meeting began at 3.15 P.M. and concluded at 3.40 P.M. The company also filed an investor presentation for the quarter with the BSE and the National Stock Exchange of India, noting that capacity upgradation projects had started across plants and were expected to continue in Q3 and Q4. The presentation set out a capacity roadmap of 17.55 MTPA by FY28 from 14.45 MTPA in FY25.
What did The India Cements' management say?
At the earnings call on 19 October 2026, the Chief Financial Officer of UltraTech Cement said spot cement prices were about 5% above the Q2 average, with the run rate materially better and full absorption expected in Q3. Management maintained FY27 capex at INR 10,000 crore, subject to review after Q3 results, and said domestic cement capacity remains on track for 240 million tons without surprises.
Management identified input inflation as the main risk, with pet coke and industrial diesel costs possibly kept elevated by the West Asia conflict. It also flagged a weak monsoon and drought as a lag risk to rural housing demand, constrained domestic coal availability, and the Ultravolt ramp-up as dependent on production, replenishment, credit and secondary-sales execution. Management expects very strong volume growth for cement over the next 2.5 to 3 years till March '29.
How did The India Cements shares react?
The filing appeared after market hours. From the price at which the filing appeared, the stock was down 2.8% after 5 minutes, down 6.0% after 15 minutes and down 5.3% after 30 minutes. On the reaction day, measured from the previous close of ₹301.75, the stock closed down 2.2%.
Past reaction-day moves were mixed: down 5.2% on 18 July 2026, up 4.7% on 25 April 2026, down 5.8% on 23 January 2026 and up 0.3% on 17 October 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | −2.8% | |
| 15 minutes | −6.0% | |
| 30 minutes | −5.3% | |
| Reaction day | −2.2% | −1.4% |
| Next day | +12.9% | −2.7% |
| 5 days | +2.4% | −3.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 18 July 2026 | −5.2% |
| 25 April 2026 | +4.7% |
| 23 January 2026 | −5.8% |
| 17 October 2025 | +0.3% |
| 19 July 2025 | −1.6% |
| 26 April 2025 | +0.5% |
| 21 January 2025 | −8.4% |
| 8 November 2024 | +0.7% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies have filed for this quarter, with a median revenue growth of 13.5%. Fifteen of them grew faster than The India Cements and four grew slower than the company. Eight of the 19 reported higher profit.
| The India Cements revenue growth (YoY) | +2.2% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +13.5% |
| Companies with slower revenue growth than The India Cements | 4 of 19 |
| Companies with faster revenue growth than The India Cements | 15 of 19 |
| Companies whose net profit rose | 8 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The India Cements' revenue in Q2 FY27?
Revenue from operations was ₹1,142 crore, up 2.2% from ₹1,117 crore in Q2 FY26 (consolidated).
Did The India Cements make a profit in Q2 FY27?
Yes. Net profit was ₹38.82 crore, against a net profit of ₹8.81 crore in Q2 FY26.
What was The India Cements' EPS in Q2 FY27?
Basic earnings per share were ₹1.25, against ₹0.28 in Q2 FY26.
How did The India Cements shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.2% from the previous close; the median Cement & Cement Products stock moved −1.4%.
When did The India Cements announce its Q2 FY27 results?
On 17 October 2026, in a filing to the BSE.
Sources
- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half-Year Ended 30Th September 2026 (BSE, 17 October 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Unaudited Standalone And Consolidated Financial Results For The Quarter And Half-Year Ended 30Th September 2026 (BSE, 17 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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