INDIACEM
The India Cements share price & financials
- Price
- ₹410.3
- Market cap
- ₹12.7k Cr
- Sector
- Construction Materials
- Calls analysed
- 6
The India Cements Limited Q1 FY27
What went well
- India Cements' Q1 FY27 revenue (ex-factory sales) grew 21% to INR 993 crores, compared to INR 821 crores like-for-like in Q1 FY26.
- India Cements' Q1 FY27 volumes saw a 19% growth.
- EBITDA per ton for India Cements climbed to INR 603 in Q1 FY27, up from INR 509 in Q4 FY26.
What to watch
- UltraTech (parent company) anticipates a cost increase of INR 130-140 per ton in Q2 FY27 due to fuel, maintenance, and operating deleverage.
- Seasonal monsoon slowdown and potential dry spells in some regions (e.g., Rajasthan) could negatively impact demand.
What The India Cements Limited does
The India Cements Limited manufactures and sells grey cement and clinker from a network of integrated cement plants and a grinding unit across Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan, and also operates Ready Mix Concrete (RMC) units in Tamil Nadu, Karnataka and Telangana. It earns revenue by producing and selling cement to trade, institutional and bulk buyers through a mix of direct and depot-based distribution. The company became a subsidiary of UltraTech Cement Limited in December 2024, and its cement volumes are progressively being rebranded to the UltraTech brand. Raw material security is anchored by captive limestone mining licences valid through 2030 to 2050.
Segments
- Cement
- Ready Mix Concrete (RMC)
- Installed cement capacity
- 14.75 MTPA
- Cement plants
- 9 (8 integrated units and 1 grinding unit)
- Plant footprint
- Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan
- RMC unit footprint
- Tamil Nadu, Karnataka and Telangana
- Limestone mining licences
- Valid through 2030 to 2050
- Subsidiaries
- 9
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 1 delivered 2 missed 8 open- India Cements Brand Transition Completion delivered said Q1 FY26 Promised: conclude the brand transition program before the end of fiscal '27 Q1 FY27: Management confirmed brand migration is 100% complete, reinforcing the achieved status.
- UltraTech Net Debt/EBITDA missed said Q3 FY26 Promised: 0.8, 0.9x net debt EBITDA by the end of this fiscal year Q1 FY27: Data revealed the starting figure for FY27 (i.e., end of FY26) was 0.94x, missing the target range of 0.8-0.9x.
- India Cements Non-core Asset Sales delayed said Q3 FY26 Promised: up to INR500 crores minimum Q1 FY27: Management addressed the topic, linking the disposal of non-core land assets to the overall integration completion timeline of Q4 FY28.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 0.6%, net profit up 120.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,022 | 940 | 1,198 | 1,025 | 1,117 +9% | 1,114 +19% | 1,229 +3% | 1,019 −1% |
| EBITDA | -163 | -190 | -2 | 83 | 81 +150% | 79 +142% | 153 +7750% | 156 +88% |
| Net profit | -339 | 119 | 18 | -133 | 9 +103% | -3 −103% | 60 +233% | 27 +120% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −10.9% 1Y
1Y: ₹389.55 on 10 Sept 2025 → ₹346.9. High ₹478.55 (16 Jan 2026), low ₹343.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.3%
- 20 Jul
- Q4 FY26
- +6.7%
- 27 Apr
- Q3 FY26
- +5.2%
- 24 Jan
- Q2 FY26
- +0.1%
- 18 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 7.2% a year over 3 years, FY23 to FY26. Operating margin widened to 8.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.6k Cr | ₹5.0k Cr | ₹4.2k Cr | ₹4.5k Cr |
| Operating profit | ₹-143 Cr | ₹95 Cr | ₹-380 Cr | ₹396 Cr |
| Operating margin | -2.5% | 1.9% | -9.1% | 8.8% |
| Interest | ₹242 Cr | ₹241 Cr | ₹266 Cr | ₹99 Cr |
| Depreciation | ₹220 Cr | ₹223 Cr | ₹241 Cr | ₹299 Cr |
| Net profit | ₹-125 Cr | ₹-227 Cr | ₹-144 Cr | ₹-67 Cr |
| Net margin | -2.2% | -4.5% | -3.4% | -1.5% |
| ROCE | -4.0% | -1.0% | -5.0% | 1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹310 Cr | ₹310 Cr | ₹310 Cr | ₹310 Cr | ₹310 Cr | ₹310 Cr |
| Reserves | ₹5.4k Cr | ₹5.6k Cr | ₹5.5k Cr | ₹5.3k Cr | ₹9.8k Cr | ₹9.8k Cr |
| Borrowings | ₹3.1k Cr | ₹3.1k Cr | ₹2.9k Cr | ₹2.6k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Other liabilities | ₹2.3k Cr | ₹3.0k Cr | ₹2.7k Cr | ₹2.5k Cr | ₹2.3k Cr | ₹2.0k Cr |
| Total liabilities | ₹11.1k Cr | ₹12.0k Cr | ₹11.5k Cr | ₹10.7k Cr | ₹13.7k Cr | ₹13.4k Cr |
| Fixed assets | ₹7.1k Cr | ₹7.1k Cr | ₹6.8k Cr | ₹6.9k Cr | ₹11.3k Cr | ₹11.2k Cr |
| Capital work in progress | ₹300 Cr | ₹386 Cr | ₹313 Cr | ₹190 Cr | ₹214 Cr | ₹344 Cr |
| Investments | ₹381 Cr | ₹408 Cr | ₹334 Cr | ₹319 Cr | ₹118 Cr | ₹83 Cr |
| Other assets | ₹3.3k Cr | ₹4.1k Cr | ₹4.0k Cr | ₹3.3k Cr | ₹2.0k Cr | ₹1.8k Cr |
| Total assets | ₹11.1k Cr | ₹12.0k Cr | ₹11.5k Cr | ₹10.7k Cr | ₹13.7k Cr | ₹13.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +6.84 pp while promoters trimmed −6.49 pp. The shareholder count shrank 7% to 1,57,402.
- Promoters
- 75.0%
- FIIs
- 3.4%
- DIIs
- 12.6%
- Public
- 9.0%
Since Jun 2025
- DIIs +6.84 pp
- Promoters −6.49 pp
- Public −0.77 pp
How it drifted, 12 quarters
Over this window promoters went from 28.4% to 75.0% — +46.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 28.4%, FIIs 13.4%, DIIs 10.0%, Public 48.1%.Dec '23: Promoters 28.4%, FIIs 13.6%, DIIs 8.9%, Public 49.1%.Mar '24: Promoters 28.4%, FIIs 13.3%, DIIs 8.5%, Public 49.8%.Jun '24: Promoters 28.4%, FIIs 17.6%, DIIs 5.8%, Public 48.1%.Sep '24: Promoters 28.4%, FIIs 16.2%, DIIs 6.0%, Public 49.4%.Dec '24: Promoters 55.5%, FIIs 14.5%, DIIs 6.7%, Public 23.3%.Mar '25: Promoters 81.5%, FIIs 4.9%, DIIs 3.7%, Public 9.9%.Jun '25: Promoters 81.5%, FIIs 3.0%, DIIs 5.8%, Public 9.8%.Sep '25: Promoters 75.6%, FIIs 3.1%, DIIs 12.3%, Public 9.0%.Dec '25: Promoters 75.0%, FIIs 3.4%, DIIs 12.8%, Public 8.8%.Mar '26: Promoters 75.0%, FIIs 3.5%, DIIs 12.9%, Public 8.6%.Jun '26: Promoters 75.0%, FIIs 3.4%, DIIs 12.6%, Public 9.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- KOTAK LARGE & MIDCAP FUND and KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MULTICAP FUND Mutual fund newly disclosed 4.12% held
- Franklin India Small Cap Fund Mutual fund newly disclosed 1.39% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The India Cements Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ultratech Cement Limited | 75.00% | unchanged |
| KOTAK LARGE & MIDCAP FUND and KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MULTICAP FUND Mutual fund | 4.12% | newly disclosed |
| Franklin India Small Cap Fund Mutual fund | 1.39% | newly disclosed |
| SBI Midcap Fund Mutual fund | 1.15% | −0.79 pp |
| Kotak Large & Midcap Fund Mutual fund | — | off the list |
| LICI Asm Non Par Insurer | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in INDIACEM
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −6.80 L shares (−15.8%).
- Held by funds
- ₹134 Cr
- 7 schemes
- Biggest holder
- SBI Midcap Fund
- ₹81 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹81 Cr | −6.82 L | Aug '25 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹46 Cr | held | Aug '25 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹4 Cr | +0.01 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹2 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −6.80 L shares (−15.8%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹134 Cr
- 7 schemes · ≈ 1.2% of the company
- Biggest holder
- SBI Midcap Fund
- ₹81 Cr · 0.3% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +20%
Aug '23 43.00 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse The India Cements Limited
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