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.

NCL Industries reported a contraction in Q1FY26 EBITDA to ₹936 million from ₹1.1 billion year-on-year, with EBITDA margin narrowing sharply to 27.23% from 32.71%. Standalone net profit declined to ₹172 million from ₹217 million, while revenue grew modestly to ₹3.44 billion from ₹3.4 billion. The company has fixed September 11, 2026, as the record date to determine shareholder entitlement for a final dividend of 20% (₹2.00 per equity share) for the financial year ended March 31, 2026. This dividend payment is scheduled by October 17, 2026, subject to approval at the 45th Annual General Meeting (AGM) on September 18, 2026.

The Board of Directors approved the unaudited standalone and consolidated financial results on August 7, 2026, in compliance with Regulation 30 and 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory Auditors M. Bhaskara Rao & Co. expressed an unmodified opinion on the financial statements after conducting a limited review as per Standard on Review Engagements (SRE) 2410. The AGM will be held via Video Conferencing (VC) / other Audio Visual Means (OAVM), with remote e-voting open from September 15 to September 17, 2026.

Financial Performance Overview

Consolidated revenue from operations stood at ₹34,367.02 lakh in Q1FY26, a marginal increase of 2.5% from ₹33,532.36 lakh in Q1FY25. However, total expenses rose to ₹32,428.06 lakh from ₹30,152.42 lakh, squeezing profit margins. Fuel costs surged to ₹7,627.00 lakh from ₹6,138.54 lakh year-on-year, contributing significantly to the expense growth. The divergence between modest revenue growth and significant expense inflation highlights margin compression risks, with the company's inability to pass through higher fuel and material costs to customers eroding profitability.

The following table summarises key consolidated financial metrics for the quarter:

Standalone net profit also declined to ₹17.24 crore from ₹21.76 crore in the prior year period. The company's earnings per share (EPS) from continuing operations fell to ₹3.84 per share from ₹4.82 per share.

Segment-wise Analysis

The Cement Division remains the primary revenue driver, generating ₹35,717.41 lakh in segment revenue. However, its PBIT contracted sharply to ₹2,363.75 lakh from ₹4,281.69 lakh in Q1FY25, reflecting competitive pricing pressures and higher production costs. The Boards Division saw improved performance with PBIT turning positive at ₹392.00 lakh compared to a loss of ₹63.25 lakh last year. Conversely, the Energy Division reported a loss of ₹94.39 lakh, widening from ₹91.02 lakh previously. The Cement Division's 44.8% drop in PBIT underscores the vulnerability of this core segment to input cost volatility.

Dividend and Corporate Actions

The Board recommended a final dividend of 20% (₹2.00 per equity share) for the financial year ended March 31, 2026, subject to shareholder approval at the 45th Annual General Meeting (AGM). The AGM is scheduled for September 18, 2026. The record date for dividend entitlement is fixed as September 11, 2026, with book closure from September 11 to September 18, 2026. Dividend payment is expected by October 17, 2026.