The India Cements Ltd. (INDIACEM) — Tipsheet

India Cements turnaround: capex triples to ₹2,000 cr, EBITDA target ₹1,000/ton

Tipsheet Editorial — Mon, 20 Jul 2026 17:19:28 GMT

Like-for-like revenue up 21%, EBITDA/ton at ₹603. UltraTech targets double-digit volume growth in FY27, with full capex benefits by Q4FY28.

What’s new

India Cements like-for-like revenue grew 21%, EBITDA/ton improved to ₹603.
UltraTech tripled cost-improvement capex to ₹2,000 cr for WHR, preheater, cooler upgrades.
Guidance: double-digit volume growth in FY27, EBITDA/ton target ₹1,000 by Q4FY28.

Why it matters

The tripling of capex shows UltraTech's conviction in the India Cements turnaround. The ₹1,000/ton EBITDA target implies a 66% improvement from current levels, backed by concrete plant upgrades. With a debt/equity of 0.11, the balance sheet can support the spend.

What we’re watching

Execution of the expanded capex timeline to realise benefits by Q4FY28.
Whether double-digit volume growth materialises in a competitive cement market.
Sustenance of current EBITDA/ton momentum as upgrades kick in.

The full read

India Cements posted a strong June quarter: revenue up 21% like-for-like and EBITDA per ton at ₹603. But the bigger story is the cost-improvement capex: UltraTech has more than tripled the program to ₹2,000 crore, targeting waste heat recovery and preheater upgrades. Management is guiding for double-digit volume growth in FY27 and an EBITDA per ton of ₹1,000 by Q4FY28 — a 66% jump from current levels. With a debt/equity of 0.11, the balance sheet has room. The turnaround is early stage, but the scale of investment reflects conviction. The open question is execution in a competitive market.

Primary source: BSE · NSE

India Cements swings to ₹26.6 cr profit on lower costs, asset sale

Tipsheet Editorial — Sat, 18 Jul 2026 13:21:10 GMT

The cement maker earned ₹26.62 crore in Q1FY27 versus a ₹7.53 crore loss a year ago, as fuel and freight savings offset a ₹55 crore provision. Revenue was flat at ₹1,019 crore.

What’s new

Net profit of ₹26.62 cr vs loss of ₹7.53 cr a year ago
Revenue nearly flat at ₹1,019.42 cr
Profit helped by lower power, fuel & freight costs, plus ₹29.98 cr asset sale

Why it matters

The swing to profit is a clear operational improvement, but the ₹55.26 crore provision for disputed liabilities tempers the quality of earnings. The results were largely anticipated, reducing any stock-moving surprise.

What we’re watching

Sustainability of lower fuel and freight costs
Any further provisions for disputed liabilities
Utilisation of the ₹100 cr commercial paper issued at 6.85%

The full read

India Cements earned ₹26.62 crore in the June quarter, reversing a ₹7.53 crore loss a year ago. But the headline number masks a mixed picture. Revenue was flat at ₹1,019 crore, so the swing came from lower power, fuel and freight costs plus a ₹29.98 crore asset sale gain. A ₹55.26 crore provision for disputed liabilities from earlier years took some shine off. The company also raised ₹100 crore via commercial paper at 6.85%. The results were already circulated before the board meeting, so the filing itself was routine — the market had already absorbed the news. What matters next is whether cost savings persist and whether more provisions surface.

Primary source: BSE · NSE

India Cements posts ₹26.6 cr profit on cost cuts, asset sales

Tipsheet Editorial — Sat, 18 Jul 2026 13:16:47 GMT

Revenue flat at ₹1,019 cr, but lower power & fuel expenses and a ₹30 cr asset sale profit offset a ₹55 cr provision for old disputes.

What’s new

Swung to net profit of ₹26.62 cr from loss of ₹7.53 cr YoY.
Revenue unchanged at ₹1,019 cr; input cost savings drove earnings.
Recorded ₹29.98 cr profit on asset sale and ₹55.26 cr provision for legacy disputes.

Why it matters

The turnaround is real but fragile. Revenue hasn't grown, and the profit includes one-time gains. Cement demand must pick up for margins to sustain.

What we’re watching

Cement demand trajectory — flat revenue suggests volume pressure.
Whether the disputed liability provision closes old cases or signals fresh risks.
Commercial paper issuance at 6.85% – cheapest access to funds in years.

The full read

India Cements swung to a net profit of ₹26.62 crore in Q1 FY27, compared with a loss of ₹7.53 crore a year ago. Revenue remained nearly flat at ₹1,019 crore. The real driver was a sharp drop in power, fuel, and freight expenses. However, the quarter also saw a ₹29.98 crore profit from asset sales and a ₹55.26 crore provision for disputed liabilities from prior years. The provision is a reminder that past issues are not fully settled. The company also raised ₹100 crore via commercial paper at 6.85%. Flat revenue. The net profit is a clear positive, but without top-line growth, the story is one of cost management rather than demand revival.

Primary source: BSE · NSE