NCL Industries reported a 22% YoY rise in cement production and dispatch in Q2FY27, even as several other business segments recorded declines during the period.

Cement segment performance

Cement production and dispatch both grew 22% YoY in Q2FY27. On a half-year basis, cement production rose 16% YoY in H1FY27, while cement dispatch grew 15% YoY over the same period. The cement segment was the standout performer across all business verticals reported by the company.

Other segments: Mixed performance

The remaining business segments reported contractions during H1FY27. The following table summarises the performance across segments:

Segment-wise highlights

• Cement board production fell 12% YoY in H1FY27.
• Ready-mix concrete (RMC) sales declined 18% YoY in H1FY27.
• Hydro-power generation dropped 43% YoY in H1FY27, marking the steepest contraction among all reported segments.

The divergence between the cement segment's growth and the contraction in cement board, RMC, and hydro-power generation reflects an uneven operating performance across NCL Industries' business portfolio in H1FY27.

NCL Industries promoter group continued its accumulation strategy with a fresh open market purchase by Kalidindi Ravi on September 28, 2026. He acquired 7,000 shares, raising his holding to 7.308% of the total voting capital.

The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This latest activity follows earlier acquisitions by NCL Holdings and Kakatiya Industries throughout mid-to-late September, marking a sustained period of buying by key promoter entities.

Latest Open Market Purchases

On September 28, 2026, Kalidindi Ravi executed an open market buy that increased his holdings. This follows the September 29 transactions involving Kalidindi Ravi (24,581 shares) and Kakatiya Industries Private Ltd (1,700 shares).

• Kalidindi Ravi: Acquired 7,000 shares on Sept 28 (stake rose to 7.308%).
• Kalidindi Ravi: Acquired 24,581 shares on Sept 29 (stake rose from 7.239% to 7.293%).
• Kakatiya Industries Private Ltd: Acquired 1,700 shares on Sept 29 (stake rose from 1.465% to 1.468%).

Both acquisitions were executed via the open market. The disclosures confirm no encumbrances or pledges on these holdings. The total equity share capital of NCL Industries Limited remains at ₹45,23,27,900, comprising 4,52,32,790 equity shares of ₹10 each.

Previous Acquisition Details

Earlier in September 2026, NCL Holdings (A&S) Ltd purchased a total of 38,134 shares in mid-September, raising its holding to 1.08% of the total voting capital. The first acquisition occurred on September 11, 2026, followed by a second purchase on September 15, 2026.

The promoter group executed these buys in two tranches:

• September 11, 2026: Acquired 14,794 shares (0.03% stake increase).
• September 15, 2026: Acquired 23,340 shares (0.05% stake increase).

Continued Accumulation Strategy

Between September 16 and September 18, 2026, the promoter group further accumulated shares. NCL Holdings (A&S) Ltd acquired 28,455 shares, increasing its stake from 1.08% to 1.14%. Concurrently, Kakatiya Industries Private Ltd purchased 5,888 shares, raising its holding from 1.427% to 1.440%.

On September 22, 2026, Kalidindi Ravi acquired 4,230 shares (stake 7.22% to 7.23%) and Kakatiya Industries Private Ltd acquired 3,700 shares (stake 1.44% to 1.45%).

On September 24, 2026, Kalidindi Ravi acquired 1,200 shares (stake remained 7.23%) and Kakatiya Industries Private Ltd acquired 3,000 shares (stake moved from 1.45% to 1.46%).

On September 25 and September 28, 2026, minor adjustments occurred with Kalidindi Ravi buying 23 shares and Kakatiya Industries Private Ltd buying 2,770 shares, keeping stakes largely stable at 7.23% and 1.46% respectively before the final surge on September 29.

What the Numbers Show

The promoter group’s activity reflects a consistent pattern of incremental accumulation rather than large block trades. By splitting purchases across multiple dates and entities (NCL Holdings, Kakatiya Industries, and Kalidindi Ravi), the group likely managed market impact while steadily increasing ownership. The combined post-acquisition stake of the key disclosing entities indicates sustained confidence in the company’s long-term prospects without triggering further disclosure thresholds under SAST regulations.