HeidelbergCement India LimitedQ2 FY27 Results & Financial Update
HeidelbergCement India Limited: Q2 FY27 standalone results and company financials – revenue ₹567.78 Cr, PAT ₹16.77 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore HeidelbergCement India 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
During the quarter ended September 30, 2026, HeidelbergCement India reported revenue from operations of INR 567.78 crore, reflecting a sequential moderation of approximately 9.61% compared to INR 628.11 crore in Q1 FY27.
Net profit after tax for Q2 FY27 stood at INR 16.77 crore, down 45.11% from INR 30.55 crore recorded in the preceding June quarter, driven by seasonal demand patterns and cost pressures.
Profit before tax contracted by 44.81% sequentially to INR 22.61 crore from INR 40.97 crore in Q1 FY27, in line with lower sequential top-line realization.
s in the press release, sales volumes reached 1,154 kilotonnes during the quarter, registering an increase of approximately 7.3% on a year-on-year basis.
Year-on-year comparison highlights top-line expansion, with the company noting an annual revenue increase of roughly 11% supported by a 7.3% rise in sales volumes and about a 3.4% improvement in prices.
Operating profitability faced headwinds as total operating costs per tonne including freight increased by approximately 6.6% year-on-year, primarily due to higher raw material, power, and fuel expenses stemming from geopolitical tensions in West Asia.
The company maintained robust liquidity, with cash and bank balances standing at INR 2,662 million as of September 30, 2026.
01 · Business model
What does HeidelbergCement India do?
HeidelbergCement India Limited manufactures and distributes cement, operating within a single primary business segment under its prominent brand name 'mycem'.
The company serves regional markets through established manufacturing and grinding facilities, delivering consistent product quality backed by German operational standards.
Its economic model depends heavily on volume off-take, freight efficiency, and input cost management—particularly for power, fuel, and raw materials.
02 · Historical context
What shaped the business before this quarter
The company distributed a dividend of INR 7 per share pertaining to the financial year 2025-26.
During the year ended March 31, 2026, the company recognized an exceptional increase of INR 80.4 million in liabilities for defined benefit obligations and compensated absences following the central implementation of four Labour Codes.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹567.78 Cr | ₹628.11 Cr |
| Total income | ₹574.45 Cr | ₹634.40 Cr |
| Profit before tax | ₹22.61 Cr | ₹40.97 Cr |
| Profit after tax | ₹16.77 Cr | ₹30.55 Cr |
| EPS | ₹0.74 | ₹1.35 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.0% 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 4.0% 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 ₹6.67 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
The company achieved sales volumes of 1,154 kilotonnes in Q2 FY27, representing a 7.3% year-on-year increase.
Management reported an approximate 3.4% year-on-year improvement in cement prices, contributing alongside volume growth to top-line expansion.
What drove margins
The company continues to source over 50% of its power requirements through self-generation and various long-term and short-term power purchase agreements across all manufacturing units.
To advance decarbonization and circular economy objectives, alternate fuels account for approximately 9% of the company's total energy mix.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates exclusively in a single segment focused on the manufacture and sale of cement.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company actively integrates circular economy practices, reflected in its sustained use of alternative fuels within its thermal and energy mix.
07 · Reported developments
What changed operationally
Sales volumes increased by 7.3% year-on-year to 1,154 kilotonnes, driving an 11% year-on-year increase in revenue.
Cash and bank balances remained healthy at INR 2,662 million as of September 30, 2026.
08 · Pressure points & risks
What is not going smoothly
Net profit after tax declined by 45.11% sequentially from INR 30.55 crore in Q1 FY27 to INR 16.77 crore in Q2 FY27.
Operating costs per tonne rose due to external pressures in raw material and fuel markets resulting from developments in West Asia.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the six-month period ended September 30, 2026, net cash generated from operating activities was INR 216.5 million, compared to INR 838.0 million in the corresponding period of the previous year.
Net cash flow from investing activities stood at INR 2,649.5 million for the half-year ended September 30, 2026, largely aided by the decrease in other bank balances.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Senior Management Personnel Appointment
The Board approved the appointment of Ms. Anu Mehta as Senior Management Personnel and Director – Human Resources, effective December 1, 2026, succeeding Ms. Poonam Sharma upon her superannuation.
11 · Previous-quarter changes
What changed since the previous quarter
During Q1 FY27, the company assessed final Central Rules notified under the Labour Codes and concluded there was no material financial impact.
12 · Key Q&A
The quarter, answered directly
What does HeidelbergCement India do?
HeidelbergCement India Limited manufactures and distributes cement, operating within a single primary business segment under its prominent brand name 'mycem'.
What is the clearest takeaway from Q2 FY27?
During the quarter ended September 30, 2026, HeidelbergCement India reported revenue from operations of INR 567.78 crore, reflecting a sequential moderation of approximately 9.61% compared to INR 628.11 crore in Q1 FY27.
What drove revenue or demand?
The company achieved sales volumes of 1,154 kilotonnes in Q2 FY27, representing a 7.3% year-on-year increase.
What mattered most for margins or profitability?
The company continues to source over 50% of its power requirements through self-generation and various long-term and short-term power purchase agreements across all manufacturing units.
What changed operationally beyond the headline numbers?
The company actively integrates circular economy practices, reflected in its sustained use of alternative fuels within its thermal and energy mix.
What are the main pressure points disclosed for the quarter?
Net profit after tax declined by 45.11% sequentially from INR 30.55 crore in Q1 FY27 to INR 16.77 crore in Q2 FY27.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Energy and Fuel Cost Trends: Monitor developments in West Asia and their ongoing transmission to domestic power and fuel expenditures.
- 02
Cement Realization and Demand: Track post-monsoon construction activity and volume off-take recovery across target regional markets.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.