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India Cements Q2 FY27 Share Price & Earnings Call Analysis

₹312.10+3.95% today
Market cap
₹9,666 Cr
P/E
60.76
ROE
0.37%
PEG
2.13
Price to sales
2.14
Debt to equity
0.16
52W high / low
₹479 / ₹294
Sales growth (5Y)
-0.11%
EBITDA margin
11.81%
Net profit margin
0.84%
Promoter holding
75.00%
Sales (last year)
₹4,504 Cr

Guidance scorecard · Q2 FY27 call

What India Cements Ltd's management guided
and where it ranks in Cement & Cement Products

Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • UltraTech expects very strong cement volume growth over the next 2.5-3 years until March 2029, driven by resilient demand in India.
  • The company is focused on organic growth beyond its current 240 million tons capacity, with detailed plans being finalized.
  • The South and East regions are anticipated to show gradual improvements in pricing and profitability with strong volume ramp-up.
  • Cement prices are firming post monsoon with expected continuation of good volume growth and better pricing.
  • The new Wires and Cables business (Ultravolt) is in early stages, with capacity ramp-up planned; fiscal 2028 expected to be a mature year.

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

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

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

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Committed INR1,100 crores spent so far on Ultravolt Wires and Cables business; total planned capex is INR1,800 crores, with remaining spend over next 2 quarters.
  • No current Board approval for additional capex beyond INR1,800 crores for Ultravolt, but focus on ramp-up of production capacity.
  • Capacity expansion underway in cement: 4.6 million tons commissioned recently, total domestic capacity now 204.7 million tons.
  • Next phase of organic cement capacity growth planned, aiming beyond 240 million tons; detailed plans expected by end of current financial year.
  • Infrastructure projects and industrial parks in various states expected to boost demand further, supporting capex utilization.
  • Incremental expansion planned particularly in Northern cement markets, where utilization is high.

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

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

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

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Cement demand is strong, with expected very good volume growth over the next 2.5-3 years until March 2029.
  • Industry demand is accelerating, with supply growing slower than expected, indicating strong pricing power and robust order flow.
  • UltraTech is growing faster than industry average, reflecting strong market demand and execution.
  • The Ultravolt Wires and Cables business has just launched (approximately 25 days old at the time) with a promising start and an expanding network, indicating potential strong order inflow.

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

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Full Q2 FY27 analysis
Full Cement & Cement Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Cement & Cement Products
on management's own guidance

  1. BIGBLOC Const.Good growth
    2
  2. Strong growth
    1
  3. J K Cements LtdGood growth
    3
See all potential multibaggersWhere does India Cements Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Cement & Cement Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹1.99L Cr34.6
2BIGBLOC Const.20–40%Up 2%+₹613 Cr364.4
3J K Cements Ltd20–40%Flat₹37,843 Cr38.8
410–20%Up 2%+₹1,289 Cr—
510–20%Flat₹3.21L Cr37.3
610–20%Flat₹83,058 Cr50.9

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Financials of India Cements Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

India Cements Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +28.42%28.42%28.42%28.42%55.49%81.49%81.49%75.60%75.00%75.00%75.00%75.00%
FIIs +13.58%13.27%17.64%16.17%14.50%4.94%2.97%3.11%3.41%3.49%3.40%3.42%
DIIs +8.94%8.47%5.84%6.05%6.68%3.69%5.76%12.25%12.80%12.90%12.60%12.42%
Public +49.06%49.83%48.08%49.36%23.32%9.87%9.77%9.03%8.80%8.62%9.00%9.15%
No. of Shareholders1,96,4262,06,6672,11,2622,06,2851,87,3271,75,9171,69,8441,63,0901,63,4801,56,5671,57,4021,55,972

Financials of India Cements Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,2641,1131,2361,0271,0229401,1981,0251,1171,1141,2291,0191,142
Expenses +1,2601,0671,1991,0511,1851,1301,2009421,0361,0351,076864998
Operating Profit44637-25-163-190-2838179153156144
OPM %0.3%4.2%3.0%-2.4%-16%-20%-0.2%8%7%7%12%15%13%
Other Income +85634256-64396110-115231515-224
Interest60596482737338272524232624
Depreciation55575756555575747475767272
Profit before tax-103-14-4993-35577-5-1324-5693652
Tax %-17%-53%2%23%-5%-51%-486%-1%-101%-41%13%25%26%
Net Profit +-801-6158-33911918-1339-3602739
EPS in Rs-2.580.02-1.951.89-10.943.950.47-4.290.28-0.091.920.871.25

Financials of India Cements Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +5,0574,8795,1585,2675,7705,1864,5114,8585,6084,9984,1414,4854,504
Expenses +4,2944,0064,2674,5485,1314,5883,7154,3735,7494,9124,4914,0903,972
Operating Profit763873891720639599796486-14186-350395532
OPM %15%18%17%14%11%12%18%10%-2.5%1.7%-8%9%12%
Other Income +222117142624322322499654-6212
Interest4784403803653503432711982422402669998
Depreciation303291276279265256247226219220239299294
Profit before tax416425290502431185-378-275-202-65152
Tax %127%29%37%21%49%-126%33%23%-55%-17%-29%3%
Net Profit +-111915969265120987-125-227-144-67122
EPS in Rs-0.113.805.412.110.681.626.672.53-4.09-7.34-4.64-2.173.95
Dividend Payout %0%26%19%38%118%37%15%40%0%0%0%0%

Financials of India Cements Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital307308308308310310310310310310310310310
Reserves3,0734,7424,8674,9614,9365,1885,3885,6375,4665,2659,8849,8149,879
Borrowings +3,5023,2963,1003,1973,3563,5933,0523,0912,9452,6331,1651,3051,624
Other Liabilities +1,8052,3452,6742,4792,6962,5792,3403,0052,7462,4932,5181,9741,940
Total Liabilities8,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,87713,40313,753
Fixed Assets +4,5997,4887,2607,1467,0727,2067,0657,1016,8036,87411,63811,18711,040
CWIP9899134176196235300386313190177344952
Investments4403573583583713823814083343191208396
Other Assets +3,5502,7483,1983,2653,6593,8473,3444,1474,0163,3181,9421,7881,665
Total Assets8,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,87713,40313,753

Financials of India Cements Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +6459647655563773871,046439-19344-256-27
Cash from Investing Activity +-124-220-158-306-202-282-189-2504352482,014-103
Cash from Financing Activity +-520-757-605-235-180-110-860-183-397-572-1,73840
Net Cash Flow1-14216-5-6-36191919-89
Free Cash Flow50779668536116114089728814225531-115
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit90%112%94%84%61%70%138%100%8%422%43%-5%

Financials of India Cements Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days374237454752467054516220
Inventory Days287267306258287312270368258231224269
Days Payable402447522441458490488565438456395318
Cash Conversion Cycle-78-138-178-138-124-127-173-127-126-174-109-28
Working Capital Days-41-84-37-3-14-38-56-1835-10-32-15
ROCE %7%8%8%5%5%4%7%3%-4%-1%-5%1%

Guidance history

How India Cements Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlannedNone plannedRising
Q4 FY26 call →10–20%FlatPlannedNone planned—
Q3 FY26 call →10–20%Up 2%+Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

13out of 100

Momentum score · price trend

13 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−22.0%35%
Last 6 months−21.2%19%
Last 3 months−21.6%18%

The price is 34.8% below its all-time high of ₹478.55 (16 Jan 2026). Stocks more than 20% below their peak have their score halved, so 25 became 13.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For India Cements Ltd: 0.4 × 35 + 0.4 × 19 + 0.2 × 18 = 25, halved to 13 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What India Cements Ltd's management said in earlier quarters

Others in Cement & Cement Products this season

  • Birla Corporation Ltd (Q2 FY27)

    For the quarter ended 30th September 2026, standalone revenue from operations was ₹1,381.33 crore, up from ₹1,229.40 crore in Q3 FY25, a year-on-year increase…

  • Andhra Cements Ltd (Q2 FY27)

    Revenue from operations for the quarter ended September 30, 2026: ₹16,598 lakhs . Key results statement takeaways from Andhra Cements Ltd's Q2 FY27 results stat

  • HeidelbergCement India Ltd (Q2 FY27)

    Revenue for the quarter ended September 30, 2026 was ₹5,678 million, an 11.0% increase year-on-year (YoY) from ₹5,117 million in Q2 2025. Key results statement

  • Ambuja Cements Ltd (Q2 FY27)

    Consolidated Volume Q2 FY27:** 16.5 MnT, down 1% YoY (Page 23) . Key investor presentation takeaways from Ambuja Cements Ltd's Q2 FY27 investor presentation — a

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