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India Cements Ltd

Q2 FY26

India Cements Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹302

Market cap₹9.4K Cr

P/E69.4

Updated16 Oct 2026

Read4 min read

The short version

UltraTech Cement expects robust long-term volume growth with a 7-8% CAGR outlook driven by infrastructure and housing demand. UltraTech Cement plans significant capacity expansion with 22.8 million tons incremental capacity by FY '29, focusing on North (18 million tons) and West (4.8 million tons) markets.

From India Cements Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

UltraTech Cement expects robust long-term volume growth with a 7-8% CAGR outlook driven by infrastructure and housing demand.
India’s infrastructure projects like highways, ports (Vadhavan Port), rail, aviation, and data centers (e.g., Google's $15 billion AI hub) will support sustained cement demand.
Rural markets are growing strongly at about 13%, boosting demand especially from individual homebuyers.
UltraTech targets increasing market share in the North from 28% to 32-33%, confident of selling more volumes without oversupply concerns.
Ongoing expansions will raise capacity to about 240-245 million tons by FY29, with an additional 20-25 million tons potential beyond FY29 including greenfield projects.

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Profitability & Margins

UltraTech Cement plans significant capacity expansion with 22.8 million tons incremental capacity by FY '29, focusing on North (18 million tons) and West (4.8 million tons) markets.
EBITDA per ton for India Cements expected to rise to INR1,000 by Q4 2025 and further to INR1,100-1,200 by June 2026 after efficiency improvements and brand transition.
Full brand transition of India Cements and Kesoram to UltraTech expected by June 2026, improving synergies and profitability.
Capex planned at around INR10,000 crores per year over next two years, supporting expansion and efficiency upgrades.
Expansion funded largely via internal accruals and moderate debt; net debt/EBITDA expected to reduce to 0.5x by FY '28 end.

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Capital Expenditure Plans

Ongoing expansion plan: 22.8 million tons incremental capacity, focused on North (18 million tons) and West (4.8 million tons) markets, mostly brownfield with some greenfield; expected completion by FY 2029.
Total clinker capacity addition planned: ~15.68 million tons, including 8.04 million tons at 2 specific plants and regional debottlenecking.
Capex cost: less than INR 500 crores per million ton; total capex outflow about INR10,000 crores per year for next 2 years.
India Cements capex of INR1,592 crores ongoing for debottlenecking, WHRS, renewable energy, and efficiency improvements along with capacity expansion (2.4 million tons) at Chennai and Rajasthan costing INR422 crores.
Kesoram assets capex of ~INR500 crores underway for WHRS and efficiency improvements.

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Fundraising & Capital Structure

UltraTech Cement plans to fund its ongoing and upcoming expansion projects primarily through internal accruals and a mix of debt.
Current expansion aims to reach about 240-245 million tons capacity by fiscal 2029.
Temporary borrowings may be used, but by the time expansions are complete, net debt to EBITDA ratio is expected to fall below 0.7x.
There was no mention of any immediate equity fundraising in the transcript.
India Cements' capex programs are being funded through a mix of internal accruals and debt.

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Order Book & Pipeline

The provided transcript from UltraTech Cement Limited's Q2 FY26 earnings call does not explicitly mention current or expected order book or pending orders details. However, related insights include: - Strong demand outlook supported by major infrastructure projects (roads, rail, aviation, ports like Vadhavan Port project valued at INR76,000 crores). - Growth driven by rural housing and increased government infrastructure capex. - Robust volume growth reported (13.2% brand growth, 13% rural market growth). - Investments ahead geared towards expansions with 22.8 million tons incremental capacity planned by FY29. - Mega projects like Google's $15 billion AI hub in Andhra Pradesh and Mumbai Airport development under progress, indicating healthy future order pipeline.

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India Cements Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹1.1K Cr, net profit ₹39 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What India Cements's management said in earlier quarters

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The Ramco Cement (Q2 FY26)
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Frequently Asked Questions

What were India Cements Ltd Q2 FY26 results?

UltraTech Cement expects robust long-term volume growth with a 7-8% CAGR outlook driven by infrastructure and housing demand. UltraTech Cement plans significant capacity expansion with 22.8 million tons incremental capacity by FY '29, focusing on North (18 million tons) and West (4.8 million tons) markets.

What is India Cements Ltd share price analysis?

India Cements Ltd currently shows a neutral. The stock trades at a P/E of 69.4 with a market cap of ₹9,368 Cr. Investors should review the full earnings analysis for detailed insights.

Is India Cements Ltd planning capital expenditure?

Ongoing expansion plan: 22.8 million tons incremental capacity, focused on North (18 million tons) and West (4.8 million tons) markets, mostly brownfield with some greenfield; expected completion by FY 2029.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.