The India Cements LimitedQ2 FY27 Results & Financial Update
The India Cements Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,142.03 Cr, PAT ₹38.82 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore The India Cements Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended September 30, 2026, The India Cements Limited reported consolidated revenue from operations of INR 1,142.03 crore, alongside total income of INR 1,145.70 crore. The sequential top-line improved compared to the preceding quarter ended June 30, 2026.
Profit before tax (PBT) for Q2 FY27 stood at INR 52.28 crore, reflecting stable operational earnings during the period. Total expenses for the quarter were contained at INR 1,093.42 crore, helping support profitability across core operations.
Net profit after tax (PAT) for the quarter reached INR 38.82 crore, translating to basic and diluted earnings per share (EPS) of INR 1.25. Tax expenses for the quarter totaled INR 13.46 crore, consisting of INR 0.79 crore in current tax and INR 12.67 crore in deferred tax.
Power and fuel costs remained the single largest cost component for the quarter at INR 448.01 crore, followed by cost of materials consumed at INR 325.51 crore and other expenses at INR 164.34 crore.
Finance costs for the quarter were recorded at INR 24.08 crore, net of interest recoveries, while depreciation and amortization expenses stood at INR 71.64 crore.
The statutory auditors completed their review and issued an unmodified conclusion, while drawing attention to longstanding statutory asset attachment matters and historical regulatory penalty disputes.
01 · Business model
What does The India Cements do?
The India Cements Limited is primarily engaged in the manufacturing and selling of cement and cement-related products. Operating primarily within the domestic market, the company maintains its registered office in Chennai, Tamil Nadu, and functions as a subsidiary of UltraTech Cement Limited.
The company's primary operational model revolves around clinker production, grinding units, and an extensive distribution network catering to construction and infrastructure end-markets. Its revenue generation is heavily dependent on cement dispatches and realization trends across its regional sales footprint.
02 · Historical context
What shaped the business before this quarter
Certain assets of the company having an aggregate carrying value of INR 120.34 crore were subjected to a provisional statutory attachment order issued on February 25, 2015, which remains sub-judice.
The Competition Commission of India (CCI) issued an order on August 31, 2016, imposing a penalty of INR 187.48 crore, against which legal proceedings and appeals through the Supreme Court have continued with interim protection.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹1,142.03 Cr |
| Total income | ₹1,145.70 Cr |
| Profit before tax | ₹52.28 Cr |
| Profit after tax | ₹38.82 Cr |
| EPS | ₹1.25 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 4.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹3.67 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations of INR 1,142.03 crore was driven by cement offtake and regional market realizations across the company's operating footprint.
What drove margins
Power and fuel expenses represented the largest operational cost head at INR 448.01 crore for Q2 FY27, heavily influencing operating margins.
Cost of materials consumed amounted to INR 325.51 crore during the quarter, reflecting raw material consumption patterns.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates primarily in a single primary business segment, which is the manufacture and sale of cement and cement-related products.
06 · Reported developments
What changed operationally
The company reported a positive consolidated net profit after tax of INR 38.82 crore for Q2 FY27, backed by stable operating income.
07 · Pressure points & risks
What is not going smoothly
Statutory auditors drew attention to ongoing legal proceedings concerning historical asset attachment orders and the pending CCI penalty dispute.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, the company generated net cash from operating activities amounting to INR 307.57 crore.
Cash used in investing activities for the half year ended September 30, 2026, included INR 633.03 crore spent on the purchase of property, plant, and equipment.
Capital allocation & funding
During the quarter, the company redeemed INR 100 crore of Commercial Paper and issued new Commercial Papers totaling INR 200 crore maturing in December 2026, all rated CARE A1+ by CARE Ratings.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Release of Attached Assets
During July 2026, statutory authorities released certain immovable properties valued at INR 3.35 crore against the provision of an equivalent bank guarantee.
10 · Key Q&A
The quarter, answered directly
What does The India Cements do?
The India Cements Limited is primarily engaged in the manufacturing and selling of cement and cement-related products. Operating primarily within the domestic market, the company maintains its registered office in Chennai, Tamil Nadu, and functions as a subsidiary of UltraTech Cement Limited.
What is the clearest takeaway from Q2 FY27?
For the quarter ended September 30, 2026, The India Cements Limited reported consolidated revenue from operations of INR 1,142.03 crore, alongside total income of INR 1,145.70 crore. The sequential top-line improved compared to the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Revenue from operations of INR 1,142.03 crore was driven by cement offtake and regional market realizations across the company's operating footprint.
What mattered most for margins or profitability?
Power and fuel expenses represented the largest operational cost head at INR 448.01 crore for Q2 FY27, heavily influencing operating margins.
What changed operationally beyond the headline numbers?
During July 2026, statutory authorities released certain immovable properties valued at INR 3.35 crore against the provision of an equivalent bank guarantee.
What are the main pressure points disclosed for the quarter?
Statutory auditors drew attention to ongoing legal proceedings concerning historical asset attachment orders and the pending CCI penalty dispute.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Legal and Regulatory Proceedings: Monitor subsequent legal developments regarding the sub-judice statutory asset attachments and the Supreme Court proceedings concerning the CCI penalty.
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