The India Cements (INDIACEM) investor relations material

Executive summary

• Achieved a record 200 million tons of cement production capacity in India, a year ahead of target, with full brand migration for acquired India Cements and Kesoram assets completed by March 2026.

• Delivered strong volume growth, improved profitability, and robust operating cash flows, supporting increased shareholder returns.

• Domestic sales volume reached 3.12 MnT in Q4 FY26, up 18% year-over-year, with capacity utilization improving to 84%.

• Audited standalone and consolidated financial results for FY26 were approved, with unmodified audit opinions issued by joint statutory auditors.

• Completed the amalgamation of four wholly owned Indian subsidiaries, effective 28 March 2026, with financials restated from 1 January 2025.

Financial highlights

• Consolidated sales volumes reached a record 44 million tons in Q4, with 19% year-on-year growth for the main brand.

• EBITDA per ton (excluding acquired assets) was INR 1,296 for Q4, up from INR 1,225 in Q4 2025; aggregate EBITDA per ton was INR 1,253.

• PAT for the quarter was INR 3,000 crore; full-year PAT exceeded INR 8,000 crore.

• Net sales for Q4 FY26 were ₹1,218 Crores, up from ₹1,187 Crores in Q4 FY25, with EBITDA at ₹179 Crores, a significant increase from ₹23 Crores in Q4 FY25.

• Standalone revenue from operations for FY26 was ₹4,080.39 crore, down from ₹4,484.69 crore in FY25, with a standalone net loss of ₹655.65 crore.

Outlook and guidance

• Targeting sustainable volume growth of 7%-8% per annum, with double-digit growth expected for FY 2027.

• CapEx of INR 8,000–10,000 crore per year planned, fully funded by operating cash flows, and a ₹2,000 Crore capex plan over the next two years focused on growth and efficiency.

• Plans to expand cement capacities by 2.8 Mtpa and scale up green power from 6% to 80% by FY29.

• The company continues to monitor regulatory changes, especially the implementation of new Labour Codes.