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The India Cements (INDIACEM) investor relations material

The India Cements Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary18 Oct, 2025

Executive summary

  • Achieved sales of over 31 million tons of cement in Q2 FY26, with strong demand for premium cement and rural market growth of 13%.

  • Domestic sales volume reached 2.44 MnT in Q2 FY26, up 11.9% quarter-over-quarter, with average capacity utilization at 65%.

  • Rapid brand conversion of acquired assets, targeting full transition by June 2026, and continued operational focus on cement and related products.

  • Standalone and consolidated unaudited financial results for the quarter and half-year ended 30 September 2025 were approved, with asset sales and restructuring activities underway.

  • Expansion plans underway to reach 200 million tons capacity by FY26, with further brownfield and greenfield expansions planned.

Financial highlights

  • Sales volume growth of 22.3% year-over-year (excluding UltraTech and Kesoram in base), 9.6% sequentially, and 6.8% including all assets.

  • Revenue from operations for Q2 FY26 was ₹1,117 Crores, up from ₹1,007 Crores in Q2 FY25; standalone revenue was ₹1,117.15 crore, with consolidated revenue at ₹1,117.04 crore.

  • Consolidated EBITDA improved to ₹110 Crores from a loss of ₹4 Crores in Q2 FY25; operating margins improved to 8.00% standalone and 7.26% consolidated.

  • PAT before exceptions was ₹15 Crores, marking a breakeven post-acquisition; consolidated net profit for Q2 FY26 was ₹8.81 crore, reversing a loss of ₹131.36 crore in Q1.

  • Free cash flow to firm for H1 FY26 was negative ₹151 Crores after capex and investments; net cash used in standalone operating activities for H1 FY26 was -₹195.32 crore.

Outlook and guidance

  • Brand transition for acquired assets to be completed by June 2026, expected to drive synergy benefits.

  • Capex plan of ₹2,000 Crores over the next two years focuses on growth and efficiency improvements; expansion to add 22.8 million tons, with further scope for 20–25M tons beyond 2029.

  • Green power mix targeted to scale from 5% to 80% by FY28, reducing thermal power reliance.

  • The company is undergoing restructuring, including the amalgamation of four wholly owned subsidiaries, pending regulatory approvals.

  • Industry demand growth guidance of 6–7% for FY26, with Q2 industry growth at 4.5–5%.

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