India Cements reports Rs 38.82 cr profit as expansion plans take shape
Consolidated operating margin was 12.64%, while management outlined capacity additions and a sharp increase in planned green-power usage.
Filed 17 Oct 2026, 17:30 IST · after market close · India Cements Ltd (INDIACEM)
Key takeaways
- India Cements reported consolidated net profit of Rs 38.82 cr in Q2FY27, with operating profit of Rs 144.31 cr converting to profit before tax of Rs 52.28 cr after depreciation and interest.
- Other income contributed only Rs 3.67 cr against profit before tax of Rs 52.28 cr, so reported profit was not driven by a large non-operating gain.
- The company said planned cement capacity will rise from 14.45 MTPA in FY25 to 17.55 MTPA in FY28, while green power is targeted to increase from 6% to 80% by FY29.
Price around the results
Q2 profit absorbed depreciation and interest
India Cements generated consolidated operating profit of Rs 144.31 cr on revenue of Rs 1,142.03 cr, but profit before tax was Rs 52.28 cr. Depreciation of Rs 71.64 cr and interest of Rs 24.06 cr were the key charges between operating profit and pre-tax profit. Net profit stood at Rs 38.82 cr, with EPS of Rs 1.25.
Operating margin was 12.64% before fixed charges
The 12.64% operating margin captures the business result before depreciation and interest, which materially reduced the amount reaching pre-tax profit. Other income was Rs 3.67 cr, a small contribution relative to Rs 52.28 cr of pre-tax profit. The tax rate was 25.75%.
Capacity roadmap centres on Chennai and upgrades
Management said overall cement capacity is planned to increase from 14.45 MTPA in FY25 to 17.55 MTPA in FY28. The company also said Chennai capacity is planned to rise from 1.10 MTPA to 2.90 MTPA over the same period. Management said upgradation projects are expected to continue in Q3 and Q4.
Results were filed after market close
The consolidated results were filed at 17:30 IST on 17 October 2026, after market close. The filing therefore does not provide a same-session share-price response to assess.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,142 cr |
| Other income | ₹4 cr |
| Expenses | ₹998 cr |
| Operating profit | ₹144 cr |
| Operating margin (%) | 12.64% |
| Interest | ₹24 cr |
| Depreciation | ₹72 cr |
| Profit before tax | ₹52 cr |
| Tax | ₹13 cr |
| Net profit | ₹39 cr |
| EPS (₹) | ₹1.25 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- Upgradation projects are expected to continue in Q3 and Q4.
- The company plans to increase green power from 6% to 80% by FY29.
Expansion
- The company plans to increase overall cement capacity from 14.45 MTPA in FY25 to 17.55 MTPA in FY28.
- Chennai cement capacity is planned to increase from 1.10 MTPA in FY25 to 2.90 MTPA in FY28.
What to watch
- Whether operating margin holds above 12.64% in the next reported quarter.
- Progress on the upgrade projects that management said are expected to continue in Q3 and Q4.
- Whether the company’s planned green-power share moves towards 80% by FY29 from 6%.