NCL Industries Q3FY26: 5% Cement Growth Amid Mixed Segment Performance

NCL Industries has released its production and dispatch details for Q3FY26 ended December 31, 2025, under Regulation 30 of SEBI listing requirements. The company demonstrated mixed performance across its business segments, with cement operations showing steady growth while other segments faced challenges.

Cement Operations Show Resilience

The cement segment maintained its growth trajectory with consistent performance across production and dispatch metrics. This represents the company's core strength in cement manufacturing operations.

Metric	Q3FY26	Q3FY25	Growth (%)
Cement Production (MT)	6,94,854	6,61,049	5%
Cement Dispatches (MT)	6,93,229	6,62,936	5%

Diversified Portfolio Performance

The company's other business segments showed varied performance during the quarter. Cement boards and doors segments experienced significant contractions, while energy generation maintained positive momentum.

Product Segment	Q3FY26 Volume	Q3FY25 Volume	Growth (%)
Cement Boards Production (MT)	11,907	20,231	-41%
Cement Boards Dispatches (MT)	14,096	18,743	-25%
RMC Production & Sales (CuM)	65,939	80,258	-18%
Door Production & Sales (Nos)	42	8,680	-100%
Energy Generation (MU)	17.00	16.61	2%

Nine-Month Performance Overview

For the nine months ended December 31, 2025, NCL Industries maintained positive growth in its cement operations while facing headwinds in other segments.

Business Line	9M FY26	9M FY25	Growth (%)
Cement Production (MT)	19,69,545	19,21,205	3%
Cement Dispatches (MT)	19,61,141	19,20,603	2%
Energy Generation (MU)	33.14	31.35	6%

The quarterly results highlight NCL Industries' dependence on its cement manufacturing operations, which continue to deliver steady growth. The company's energy segment through hydro power generation also showed positive performance, while the building materials segments including cement boards, RMC, and doors faced market challenges during the reporting period.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.43%	+1.12%	+3.40%	-12.39%	-5.56%	+31.35%

NCL Industries has disclosed that its promoter group entity, NCL Homes Limited, acquired additional shares through open market purchase in December 2025. The transaction was disclosed in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Share Acquisition Details

NCL Homes Limited acquired 275 equity shares of NCL Industries on December 11, 2025, through open market purchase. The acquisition details are presented below:

Parameter	Before Acquisition	Acquisition	After Acquisition
Shares Carrying Voting Rights	295,813	275	296,088
Percentage of Total Share Capital	0.65%	0.00%	0.65%
Mode of Acquisition	-	Open Market	-
Date of Acquisition	-	December 11, 2025	-

Company Share Capital Structure

NCL Industries' equity share capital remained unchanged following the transaction. The company's capital structure details are:

Component	Details
Total Equity Share Capital	₹45.23 crores
Number of Equity Shares	4.52 crore shares
Face Value per Share	₹10
Stock Exchange Listing	BSE & NSE

Regulatory Compliance

The disclosure was made by NCL Industries Limited on January 5, 2026, through a formal communication to both Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The company secretary and compliance officer, M. Divya Bharathi, signed the disclosure document on behalf of NCL Industries.

NCL Homes Limited is classified as a promoter group entity of NCL Industries Limited. The acquisition represents a minimal increase in the promoter group's shareholding, with the percentage holding remaining at 0.65% due to the small number of shares acquired relative to the total share capital.

Transaction Summary

The open market acquisition by NCL Homes Limited demonstrates continued promoter group interest in NCL Industries. Despite the acquisition of 275 shares, the percentage holding remained unchanged at 0.65% when rounded to two decimal places, indicating the relatively small size of the transaction compared to the company's total equity base of over 4.52 crore shares.