India Cements turnaround: capex triples to ₹2,000 cr, EBITDA target ₹1,000/ton
Like-for-like revenue up 21%, EBITDA/ton at ₹603. UltraTech targets double-digit volume growth in FY27, with full capex benefits by Q4FY28.
— 2 earlier stories on The India Cements Ltd. →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 this 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.
Questions answered
- What is India Cements' current EBITDA per ton?
- The company reported an EBITDA per ton of ₹603 in the June quarter, up significantly from a loss a year ago.
- How much has the cost-improvement capex increased?
- UltraTech more than tripled the program to about ₹2,000 crore, targeting waste heat recovery, preheater, and cooler upgrades.
- What is the target EBITDA per ton and by when?
- Management guided for an EBITDA per ton of ₹1,000 for India Cements, with full capex benefits expected by the fourth quarter of FY28.
- What volume growth is expected for India Cements in FY27?
- Management guided for double-digit volume growth in FY27, compared to the current fiscal year.
- How does India Cements' financial position look for this capex?
- India Cements has a debt/equity of 0.11, giving it ample balance sheet capacity to fund the expanded capex program.
The India Cements Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on INDIACEM →- 20 Jul 2026 · 5:19 PM IST India Cements turnaround: capex triples to ₹2,000 cr, EBITDA target ₹1,000/ton
- 3d ago India Cements swings to ₹26.6 cr profit on lower costs, asset sale
- 3d ago India Cements posts ₹26.6 cr profit on cost cuts, asset sales