The India Cements
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The India Cements (INDIACEM) investor relations material

The India Cements Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary24 Jan, 2026

Executive summary

  • Robust demand driven by government infrastructure projects and marquee investments, supporting strong cement consumption outlook across all regions.

  • Domestic sales volume reached 2.59 MnT in Q3 FY26, marking a 25% year-over-year increase.

  • Capacity utilization improved to 69%, up 11% year-over-year.

  • Integration of recent acquisitions is ahead of plan, with significant brand conversion and cost improvement programs underway.

  • Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 were approved and reviewed by the Board and Audit Committee.

Financial highlights

  • Standalone revenue from operations for the quarter was ₹1,114.13 crore, up from ₹902.19 crore year-over-year; consolidated revenue was ₹1,114.26 crore.

  • Net sales for Q3 FY26 were ₹1,103 Crores, up from ₹874 Crores in Q3 FY25.

  • EBITDA for Q3 FY26 was ₹105 Crores (standalone), compared to a loss of ₹178 Crores in Q3 FY25.

  • Standalone net loss for the quarter was ₹5.72 crore, compared to a net loss of ₹409.38 crore in the same quarter last year; consolidated net loss was ₹2.67 crore.

  • PAT before exceptional items stood at ₹6 Crores for the quarter.

Outlook and guidance

  • Expectation to operate at over 90% of installed capacity in the January-March quarter, indicating strong demand.

  • Capex plan of ₹2,000 Crores over the next two years focused on growth and efficiency improvements.

  • Plans to scale up green power (RE + WHRS) from 5% to 80% by FY29.

  • Guidance for 7-8% annual demand growth remains intact for the next 4-5 years.

  • The company continues to monitor regulatory changes, including new Labour Codes, and will review estimates as further clarifications are issued.

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