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The India Cements (INDIACEM) investor relations material
The India Cements Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Cement demand remained steady, supported by government CapEx and infrastructure projects, with sales volume growth of 9.7% to 11.6% YoY in Q1 FY26 and strong performance in states like Bihar, Andhra, Gujarat, and Maharashtra.
Consolidated net sales were nearly flat YoY at around Rs.1,025 crores, with average capacity utilization at 61%.
EBITDA per ton improved sharply, rising to INR 400–424, and operational efficiency gains were supported by integration and cost controls.
Integration of India Cement and Kesoram is progressing, with India Cement on a recovery path and CapEx plans for efficiency and productivity improvements.
Losses narrowed significantly, with consolidated loss after tax before exceptional items at Rs.9.13 crores, down from Rs.182.21 crores YoY.
Financial highlights
Realizations for the UltraTech brand increased 2.2% sequentially, and cement realizations (net of logistics) improved 5.7% quarter-over-quarter.
Operating EBITDA for India Cement was INR 400–424 per ton, up from INR 88 in Q4 FY25.
CapEx during the quarter was around INR 2,000 crores, with annual guidance at INR 10,000 crores.
Finance costs reduced sharply to Rs.26.58 crores from Rs.82.36 crores YoY due to debt refinancing; average borrowing cost was 7%, expected to decline.
PAT before exceptions was a loss of Rs.241 crores, compared to a loss of Rs.182 crores in Q1 FY25.
Outlook and guidance
Double-digit volume growth targeted for FY26, with new capacities and further expansion planned.
Integration of India Cement and Kesoram expected to drive efficiency and profitability, with India Cement aiming for EBITDA per ton above INR 1,000 by FY28.
CapEx for the year is close to INR 10,000 crores, with further guidance to be provided for the next year.
Green power (RE + WHRS) targeted to scale from 5% to 86% by FY27, and productivity capex expected to yield benefits from Q4 FY27.
Profitability is expected to improve as capex benefits and synergies from the holding company materialize.
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