| Revenue growth | Volume +13.8% YoY, ahead of ~10% industry; revenue figure not disclosed. |
|---|---|
| Margins | EBITDA/t expected up YoY next two quarters; price-led recovery; costs rising. |
| Demand visibility | Strong through March '29; rural softness possible; industry ~10% growth. |
| Management confidence | Confident; balanced, concedes H2 cost pressures; avoids Ultravolt numbers. |
Growth
Volume +13.8% vs industry ~10%; fixed cost/ton -6%; net profit +21%; fuel cost ₹51.5/bag from ₹45.
Outlook
Spot prices ~5% above Q2 average; capex ~₹10,000 Cr FY27 (±); 240 Mt capacity target; ₹1,400/t EBITDA by Mar-28 reiterated.
Risks
Pet coke ~$180/t and elevated fuel costs; West Asia escalation; weak monsoon may soften rural demand; Ultravolt ramp execution.
Last quarter's promises, checked
Delivered
- Guided double-digit FY27 volume growth → Q2 volume +13.8% (= BEAT)
- Guided cables/wires launch in Q3 FY27 (Oct-Dec '26) → launched 3 Sep, Q2 (= BEAT)
- Guided Q2 industry volume 7-8% → ~10% industry growth (= BEAT)
Partly delivered
- Guided consolidated capacity beyond 242 Mt → 240 Mt target now (= PARTIAL)
Missed
- Guided net debt/EBITDA below 1x for FY27 (Q1 0.87x) → 1.26x in Q2 (= MISS; year-end test still open)
Earnings Call Transcript filed with BSE, NSE: INDIACEM. Summary written with AI assistance from the document.
India Cements Ltd: key numbers
- Share price
- ₹302.40
- Market cap
- ₹9,371 Cr
- Revenue (annual)
- ₹4,485 Cr
- Net profit (annual)
- ₹-67.25 Cr
- P/E (TTM)
- 76.5×Sector 31.7×
- Promoter holding
- 75.00%+0.00% QoQ
- FII holding
- 3.42%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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- Execution
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- renewable energy power supply
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