NCL Industries dispatched its Annual Report and 45th AGM notice for FY26 on August 24, 2026, ahead of the meeting scheduled for September 18, 2026. Consolidated profit after tax surged to ₹95.39 crores from ₹25.20 crores in FY25.

The company's 45th Annual General Meeting will be held on Friday, September 18, 2026 at 11:00 AM IST through Video Conferencing/Other Audio-Visual Means. The record date for dividend determination is September 11, 2026, with the final dividend payable on or before October 17, 2026.

FY26 Financial Performance

NCL Industries delivered a strong recovery in FY26, driven primarily by the Cement Division. The following table summarises the consolidated financial highlights.

On a standalone basis, revenue from operations (net) grew to ₹1,422.08 crore from ₹1,362.10 crore in FY25. Standalone EBITDA rose to ₹221.93 crore from ₹140.86 crore, with the EBITDA margin expanding from 10.34% to 15.61%. Standalone profit for the year improved to ₹95.29 crore from ₹25.38 crore.

Standalone Key Financial Metrics

Segment Performance

The Cement Division was the principal driver of the year's recovery. Segment gross revenue grew approximately 5.5% to ₹1,835.14 crore from ₹1,739.68 crore in FY25, while the segment result rose to ₹129.88 crore from ₹46.54 crore. Cement production for the year was 27,68,119 MT against 27,11,868 MT in FY25. Cement EBITDA per tonne improved to ₹675 from ₹344 in FY25, and the green power share of cement power drawn rose to 28% from 23%.

The following table shows segment-wise revenue and PBIT for continuing operations.

The Boards Division recorded segment gross revenue of ₹163.52 crore against ₹209.30 crore in FY25, with segment profit at ₹10.82 crore versus ₹16.84 crore. Boards production was 50,175 MT compared to 82,299 MT in FY25. The RMC Division reported segment gross revenue of ₹130.89 crore against ₹148.01 crore in FY25. The Energy Division's segment gross revenue rose to ₹7.36 crore from ₹6.58 crore, with generation of 35.58 million units against 34.44 million units in FY25.

Strategic Developments

Key corporate developments during FY26 include:

• Cement capacity expansion: The new cement grinding facility with a capacity of 0.66 MTPA at Thallapalem, near Anakapalle, Visakhapatnam, Andhra Pradesh commenced commercial operations in November 2025, raising total cement production capacity from 3.30 MTPA to 4.00 MTPA.
• Doors Division discontinuance: The Board approved discontinuance of the Doors Division, resulting in a one-time charge of ₹28.36 crore including impairment and inventory write-downs, fully absorbed during the year.
• 130 MW solar and wind hybrid project: The company commenced establishing a 130 MW solar and wind hybrid project at Kuppanpuram, Thoothukudi district, Tamil Nadu at an estimated cost of approximately ₹919 crore, to be implemented in phases. Phase I of 50 MW is scheduled for commissioning by FY28 at an estimated cost of ₹392 crore.
• Dividend: The Board recommended a total dividend of ₹3.50 per equity share (35%) for FY26, comprising an interim dividend of 15% already paid and a final dividend of ₹2.00 per equity share (20%).

CSR and Governance

NCL Industries spent ₹507.13 lakhs on CSR activities in FY26 against a mandatory obligation of ₹189.01 lakhs, resulting in an excess spend of ₹318.12 lakhs available for set-off against future CSR obligations. CSR initiatives covered education, healthcare, village road development, and community surveillance at locations in Telangana and Andhra Pradesh.

The company holds a CRISIL A/Stable long-term rating and CRISIL A1 short-term rating. Public deposits outstanding as at March 31, 2026 aggregated to ₹63.18 crores. The 45th AGM agenda includes adoption of financial statements, approval of interim and final dividend, and ratification of cost auditor remuneration of ₹1,20,000 for the financial year ending March 31, 2027.

Promoter group members Kakatiya Industries Private Ltd and NCL Holdings (A&S) Ltd acquired a combined total of 25,275 equity shares of NCL Industries through open market transactions between August 19 and August 20, 2026. The disclosures were submitted to the Bombay Stock Exchange and National Stock Exchange on August 21, 2026, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The latest transactions increased the promoter group's aggregate holding. Kakatiya Industries Private Ltd's stake rose from 1.40% to 1.41%, while NCL Holdings (A&S) Ltd's holding increased from 0.82% to 0.87%.

Latest Acquisition Details (August 19-20, 2026)

Kakatiya Industries Private Ltd acquired 5,003 shares on August 19 and 20, 2026. Separately, NCL Holdings (A&S) Ltd acquired 13,000 shares on August 19, 2026, and an additional 7,272 shares on August 20, 2026. Neither transaction involved encumbrances, pledges, or voting rights other than those carried by the equity shares. No warrants or convertible securities were involved.

The total equity share capital of NCL Industries remains unchanged at ₹45,23,27,900, comprising 4,52,32,790 equity shares with a face value of ₹10 each.

Previous Acquisitions (August 10-18, 2026)

These purchases follow a series of open market acquisitions by the promoter group earlier in the month. Between August 17 and August 18, 2026, Kalidindi Ravi and NCL Holdings had acquired a combined total of 67,261 shares. Prior to that, on August 14, 2026, Kalidindi Ravi had acquired 570 shares. On August 13, 2026, Kalidindi Ravi had acquired 1,698 shares. On August 12, 2026, Kalidindi Ravi, Kakatiya Industries Private Ltd, and Vikram Chemicals Private Ltd had acquired a combined total of 7,794 shares. The group had also acquired 90,480 shares on August 10 and 11, 2026.