India Cements Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Cement & Cement Products | Market Cap: ₹11.5K Cr
UltraTech is targeting double-digit volume growth in grey cement for FY27, driven by strong demand and market share gains (Page 17). UltraTech Cement targets double-digit volume growth in FY27, driven by strong demand and market share gains.
From India Cements's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹365
Market Cap
₹11.5K Cr
P/E Ratio
85.1
Revenue Rank
Margin Rank
How does India Cements rank in Cement & Cement Products?
Compare India Cements against every Cement & Cement Products company this quarter on revenue, margins and earnings-call signals.
India Cements — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹60 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →UltraTech is targeting double-digit volume growth in grey cement for FY27, driven by strong demand and market share gains (Page 17).
- →The company expects to exit March 2028 with 235 million tons capacity, up from 212 million tons in March 2027, adding 22-25 million tons capacity in the next year (Page 18).
- →Industry volume growth for Q2 FY27 is estimated around 7-8%, reflecting continued demand momentum (Page 14).
- →UltraTech's premiumization strategy and strong brand enable capturing market share even in price-sensitive segments, supporting revenue growth (Pages 8, 17).
- →The company foresees stable-to-higher cement pricing in the near term, barring cost normalization post the West Asia war (Page 17).
- →Capital expenditure of ~INR17,000 crores over next 2-2.5 years will fund capacity expansions supporting growth beyond FY28 (Pages 8, 14).
- →Wires and cables segment has growth potential but is currently focused on profitable operations before scaling further (Page 13).
📈 Profitability & Margins
Rank 3- →UltraTech Cement targets double-digit volume growth in FY27, driven by strong demand and market share gains.
- →EBITDA per ton is expected to improve sustainably, with full capex benefits from acquired assets flowing from Q4 FY28.
- →India Cements' EBITDA per ton is on an upward trajectory, aimed at INR1,000 per ton by fiscal '28.
- →Despite near-term cost inflation, price resilience and premiumization efforts support stable margins.
- →Net debt to EBITDA ratio is targeted to remain below 1x in FY27, supporting financial health.
- →Capex of around INR17,000 crores over 2 to 2.5 years will expand consolidated capacity beyond 242 million tons, enabling future growth.
- →Long-term growth is underpinned by strong demand from infrastructure, housing, and urban real estate sectors, with urbanization expected to rise to 39% by 2030.
- →Earnings growth is expected to benefit from operational efficiencies, green power investments, and cost control measures amidst volatile input costs.
🏗️ Capital Expenditure Plans
Yes- →UltraTech Cement has a capex program of about INR 17,000 crores planned over the next 2 to 2.5 years to increase capacity beyond 242 million tons.
- →Grey cement capacity is expected to reach 212.7 million tons by end of fiscal '27, with further capacity additions in the following year.
- →Cables and wires business is a newly launched growth segment with an approved investment program of INR 1,800 crores; currently, INR 888 crores has been spent or committed.
- →No immediate plans to scale up cables and wires capex further; focus is on maturing the existing business.
- →India Cements turnaround involves a cost improvement capex of about INR 2,000 crores focusing on equipment upgrades and green power.
- →Growth capex and cost improvement initiatives are funded primarily through internal accruals.
- →The company expects to continue investing in green power capacity, targeting 2.5 to 3 gigawatts very shortly.
💰 Fundraising & Capital Structure
No- →UltraTech Cement’s Q1 FY27 call did not mention any plans for new fundraising through debt or equity.
- →The company is fully funding its growth and capex (INR 17,000 crores over 2-2.5 years) through internal accruals.
- →Operating cash flows are fully ploughed back into growth and dividends; no additional external funding is currently foreseen.
- →Net debt to EBITDA ratio is improving, currently at 0.87x, with expectations to stay below 1x by year-end.
- →The focus remains on organic growth funding and shareholder returns, with no stated need for raising new debt or equity at this time.
📋 Order Book & Pipeline
YesKey Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were India Cements Q1 FY27 results?
UltraTech is targeting double-digit volume growth in grey cement for FY27, driven by strong demand and market share gains (Page 17). UltraTech Cement targets double-digit volume growth in FY27, driven by strong demand and market share gains.
What is India Cements share price analysis?
India Cements currently shows a below-average growth signal. The stock trades at a P/E of 85.1 with a market cap of ₹11,494 Cr. Investors should review the full earnings analysis for detailed insights.
Is India Cements planning capital expenditure?
UltraTech Cement has a capex program of about INR 17,000 crores planned over the next 2 to 2.5 years to increase capacity beyond 242 million tons.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.