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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.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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