India Cements Reports FY26 Net Profit of 65.32 Crores, Q4 PAT ₹70 Crores
India Cements reported a strong financial turnaround in FY26 with a net profit of 65.32 crores compared to a loss of 655.65 crores in the previous year. Q4 FY26 performance showed PAT of ₹70 crores before exceptional items and EBITDA of ₹179 crores. The company achieved domestic sales volume of 3.12 MnT, capacity utilization of 84%, and outlined a ₹2,000 crore capex plan for capacity expansion and green energy initiatives.
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India Cements has announced its audited financial results for the year ended March 31, 2026, demonstrating a significant turnaround with a net profit of 65.32 crores compared to a loss of 655.65 crores in the previous year. The Board of Directors approved both standalone and consolidated audited financial results at its meeting held on April 25, 2026.
Financial Performance Overview
The company's financial metrics for FY26 reveal a substantial transformation in operational performance:
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Net Profit | 65.32 crores | Loss of 655.65 crores | Turnaround |
| Revenue from Operations | 4,484.69 crores | 4,080.39 crores | Growth |
| Total Income | 4,580.97 crores | 4,125.26 crores | Growth |
| Earnings Per Share (Basic) | 2.11 | (21.16) | Improvement |
Q4 FY26 Performance
The fourth quarter of FY26 showcased particularly strong results:
| Metric | Q4 FY26 | Q4 FY25 | Change |
|---|---|---|---|
| Net Profit | 54.75 crores | Loss of 63.75 crores | Turnaround of 118.50 crores |
| Revenue from Operations | 1,228.65 crores | 1,197.57 crores | Growth |
| Total Income | 1,258.80 crores | 1,222.97 crores | Growth |
| Earnings Per Share (Basic) | 1.77 | (2.06) | Improvement |
According to the investor presentation, Profit After Tax before exceptional items stood at ₹70 crores for Q4 FY26, while EBITDA reached ₹179 crores compared to ₹23 crores in Q4 FY25.
Operational Highlights
Total expenses for FY26 stood at 4,485.19 crores, compared to 4,961.85 crores in the previous year, reflecting improved cost management. Key expense components included power and fuel at 1,626.66 crores, freight and forwarding expenses at 584.90 crores, and employee benefits expense at 242.18 crores. Finance costs decreased significantly to 99.33 crores from 267.17 crores in FY25.
The company achieved domestic sales volume of 3.12 MnT in Q4 FY26, growing 18% year-on-year. Capacity utilization reached 84%, an increase of 11% YoY. Net realizations improved by 3.5% quarter-on-quarter to ₹3,791 per metric tonne.
ESG and Future Initiatives
India Cements outlined key initiatives including conversion of 4/5 stage preheaters to 6 stage preheaters, cooler upgradation, and process optimization. The company plans to expand cement capacities by 2.8 Mtpa and has a capex plan of ₹2,000 crores over the next two years.
On the environmental front, the company plans to scale up green power (RE+WHRS) from 6% to 80% by FY29. Waste Heat Recovery System capacity is projected to increase from 9MW in FY26 to 33MW by FY29, while Renewable Power capacity is expected to grow from 34MW to 283MW in the same period.
Balance Sheet Position
As of March 31, 2026, the company's total assets stood at 13,305.28 crores, with equity share capital of 309.90 crores and other equity of 9,717.09 crores. Non-current borrowings decreased to 973.83 crores from 1,066.36 crores in the previous year, while current borrowings increased to 326.94 crores from 92.75 crores.
Corporate Developments
During the year, the Board approved the amalgamation of four wholly-owned Indian subsidiaries—ICL Securities Ltd, ICL Financial Services Ltd, ICL International Ltd, and India Cements Infrastructures Ltd—with the company. The National Company Law Tribunal sanctioned the scheme, which became effective from March 28, 2026. The financial results have been restated from January 1, 2025, to reflect the impact of this amalgamation.
Exceptional Items
The company reported exceptional items of 20.49 crores for the quarter and 28.21 crores for the year, including impairment losses and statutory impact of new Labour Codes amounting to 7.72 crores. The auditors issued an unmodified opinion on the financial results.
Historical Stock Returns for India Cements
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.87% | -0.95% | +16.67% | +4.14% | +41.46% | +144.86% |
How will India Cements' ambitious plan to scale green power from 6% to 80% by FY29 impact its cost structure and competitive positioning in the cement industry?
What specific growth opportunities will the ₹2,000 crore capex investment over the next two years target, and how might this affect market share expansion?
Will the recent amalgamation of four wholly-owned subsidiaries create operational synergies that could further improve profitability margins in FY27?
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