India Cements Ltd

Q3 FY26Cement & Cement Products

India Cements Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹371

Market cap₹11.6K Cr

P/E86.2

Updated23 Aug 2026

Read4 min read

The short version

UltraTech expects robust volume growth with 8-9 million tons capacity addition in Q4 FY '26 and 12 million tons in FY '27. UltraTech Cement expects strong future growth driven primarily by robust demand across India, supported by government infrastructure spending and marquee projects nationwide.

From India Cements Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

UltraTech expects robust volume growth with 8-9 million tons capacity addition in Q4 FY '26 and 12 million tons in FY '27.
Demand growth for Q4 FY '26 is anticipated to be 7-9%, with a corporate medium-term guidance of 7-8% annual demand growth.
The company aims for a clinker conversion ratio target of 1.54 by mid FY '27 to FY '28, indicating efficiency improvements.
Sales and volumes benefit from strong infrastructure projects across India, especially in North and West regions.
UltraTech anticipates continued operating leverage benefits from increased volumes and cost management.

2 more points from India Cements Ltd's call on revenue

Pro opens every point from 15K+ earnings calls

Profitability & Margins

UltraTech Cement expects strong future growth driven primarily by robust demand across India, supported by government infrastructure spending and marquee projects nationwide.
Operating leverage is anticipated to positively impact EBITDA, with efficiency improvements and volume growth playing key roles.
EBITDA per ton is expected to improve over the next 15 months, supported by cost management and capacity additions (8-9 million tons in Q4 FY '26, 12 million tons in FY '27, and balance in FY '28).
Cost efficiency measures, such as improvements in clinker conversion and logistics lead reduction, are on track and expected to continue positively impacting margins.
Integration of recent acquisitions (Kesoram and India Cements) is progressing well with cost improvement capex starting to reflect in P&L from Q4 FY '26.

2 more points from India Cements Ltd's call on margins

Pro opens every point from 15K+ earnings calls

See what India Cements Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

FY '26 9-month capex: INR7,000 to INR7,200 crores; Q4 expected INR2,000 to INR2,500 crores; total ~INR9,500 to INR10,000 crores.
FY '27 capex: Addition of 12 million tons capacity.
FY '28 capex: Remaining capacity from the phased 22 million tons expansion commissioned.
Orders worth INR500 crores placed for new cable and wire initiatives; INR197 crores already spent; product launch targeted for Oct-Dec '26.
Cost improvement capex programs underway for Kesoram (INR263 crores spent out of INR382 crores committed) and India Cements (INR144 crores spent out of INR601 crores committed), benefits to reflect from Jan-Mar '27.

2 more points from India Cements Ltd's call on capex

Pro opens every point from 15K+ earnings calls

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

Guidance-ranked

1Grasim Inds₹2.0L Cr

Rev 1Mar 3

2BIGBLOC Const.₹613 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.2L Cr

Rev 3Mar 3

5₹81.0K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

There is no explicit mention of any ongoing or planned new fundraising through debt or equity in the provided transcript.
Capex plans are substantial (around INR10,000 crores for FY '26), funded through internal accruals and possibly existing resources, with no mention of new debt or equity issuance.
The company targets improving its net debt-to-EBITDA ratio from 1.08x to around 0.8-0.9x by the end of the fiscal year, indicating a focus on deleveraging rather than new debt raising.

2 more points from India Cements Ltd's call on fundraising

Pro opens every point from 15K+ earnings calls

See what India Cements Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly provide details on the current or expected orderbook or pending orders for UltraTech Cement Limited. However, relevant demand and project pipeline insights include: - Robust infrastructure demand across regions in India, driven by government investments. - Key projects contributing to demand: - North India: Extensive road development in Punjab (~INR16,000 crores), Delhi Metro corridors (~INR12,000 crores), and Uttar Pradesh metro network expansion. - West India: Major transport projects such as Uttan-Virar Sea Link (INR58,000 crores), Mumbai and Pune Metro expansions, Pune-Chhatrapati Sambhajinagar Expressway (245 km).

2 more points from India Cements Ltd's call on order book

Pro opens every point from 15K+ earnings calls

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

Others in Cement & Cement Products this season

Prism Johnson (Q3 FY26)
Consolidated Revenue Q3 FY26: ₹1,759 Cr, up 5.9% YoY** (Page 35) . Key concall takeaways from Prism Johnson Ltd's Q3 FY26 earnings call — and how it ranks…
The Ramco Cement (Q3 FY26)
Standalone: ₹2,119.10 Cr (7% YoY increase from ₹1,987.83 Cr in 3QFY25) [Page 15] . Key concall takeaways from The Ramco Cements Ltd's Q3 FY26 earnings call…
JSW Cement Ltd (Q3 FY26)
Total volume sold grew 12.1% YoY to 9.98 mn MT in 9M FY26. Key concall takeaways from JSW Cement Ltd's Q3 FY26 earnings call — and how it ranks against sector…
Star Cement Ltd (Q3 FY26)
CAPEX incurred ₹431 crore till Q3 FY26; planned ₹150 crore in Q4; FY27 CAPEX to be finalized. Key concall takeaways from Star Cement Ltd's Q3 FY26 earnings…

Compare:vs UltraTech Cem.vs Grasim Inds vs Ambuja Cements Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Arthneeti Pro · Annual

India Cements Ltd and 15K+ more earnings calls,
for less than your morning chai

a day

Every earnings call, ranking and concall Q&A across all four results seasons.

Secure Razorpay payment · instant access

Frequently Asked Questions

What were India Cements Ltd Q3 FY26 results?

What is India Cements Ltd share price analysis?

India Cements Ltd currently shows a neutral. The stock trades at a P/E of 86.2 with a market cap of ₹11,630 Cr. Investors should review the full earnings analysis for detailed insights.

Is India Cements Ltd planning capital expenditure?

FY '26 9-month capex: INR7,000 to INR7,200 crores; Q4 expected INR2,000 to INR2,500 crores; total ~INR9,500 to INR10,000 crores.

Keep India Cements Ltd on your radar — track it to get its next earnings analysis in your feed.

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.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Cement & Cement Products

Fundraising & Capital Structure

Order Book & Pipeline

India Cements Ltd — Quarterly revenue & net profit

Continue your research

What India Cements's management said in earlier quarters

Others in Cement & Cement Products this season

India Cements Ltd and 15K+ more earnings calls,for less than your morning chai

Frequently Asked Questions

India Cements Ltd and 15K+ more earnings calls,
for less than your morning chai