Birla Corporation (500335) Q3 25/26 earnings summary

Executive summary

• Maintained focus on trade and blended cement, prioritizing premiumization and brand equity over non-trade sales, despite market pressure to shift volumes to non-trade segments.

• Achieved record dispatches from the Mukutban plant, with capacity utilization at peak levels across the network.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025.

• Key management contracts extended for Chief Marketing Officer, Managing Director, and Head of Human Resources.

• Strategy vindicated by increased trade, blended, and premium cement sales, even as market conditions remained mixed.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹2,158.74 crore, down from ₹2,256.65 crore in Q3 FY25; nine-month revenue was ₹6,819.49 crore, up from ₹6,399.58 crore year-over-year.

• Consolidated net profit for Q3 FY26 was ₹52.76 crore, up from ₹31.19 crore in Q3 FY25; nine-month net profit was ₹262.81 crore, up from ₹38.62 crore year-over-year.

• Mukutban plant volume for the quarter was 6.3 lakh tonnes.

• CapEx for the nine months stood at INR 300 crores.

• Net debt at quarter-end was INR 2,560 crores.

Outlook and guidance

• Volume growth guidance for the year is 4%-5%, in line with industry trends.

• Kundanganj Line 3 expected to be commissioned within the current quarter, with further expansions planned through FY 2029.

• CapEx for the full year expected to be less than earlier guidance; future year guidance to be provided in subsequent calls.

• Management continues to monitor regulatory changes, especially regarding labor codes and incentive schemes, and will adjust estimates as further clarifications are issued.