{"id":177602,"date":"2026-01-26T00:09:08","date_gmt":"2026-01-26T05:09:08","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=177602"},"modified":"2026-01-26T00:09:08","modified_gmt":"2026-01-26T05:09:08","slug":"india-cements-ltd-q3-fy26-resilient-25-volume-growth-and-operational-turnaround-amidst-strategic-restructuring","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/india-cements-ltd-q3-fy26-resilient-25-volume-growth-and-operational-turnaround-amidst-strategic-restructuring\/","title":{"rendered":"India Cements Ltd Q3 FY26 Resilient 25% Volume Growth and Operational Turnaround Amidst Strategic Restructuring"},"content":{"rendered":"\n<p>India Cements Ltd., (NSE:INDIACEM), a subsidiary of UltraTech Cement Limited, is a major player in the Indian building materials sector with a legacy dating back to 1946. Headquartered in Chennai, the company is primarily dedicated to the manufacturing and sale of cement and related products.<\/p>\n\n\n\n<p>ICL operates a robust network of integrated and grinding units across Tamil Nadu, Telangana, Andhra Pradesh, and Rajasthan, with a current total capacity of 14.75 Mtpa, which it aims to expand to 17.55 Mtpa by March 2027.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Primary News and Strategic Developments<\/strong><\/h2>\n\n\n\n<p>In the third quarter of FY26, the company continued its strategic realignment through several key moves.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Divestments: ICL approved the sale of its entire stake in its subsidiary, Industrial Chemicals &amp; Monomers Ltd (ICML), for \u20b997.68 Crores. Additionally, in December 2025, it sold its entire equity investment in the Indonesian step-down subsidiary, PT Adcoal Energindo.<\/li>\n\n\n\n<li>Internal Consolidation: The Board is progressing with the amalgamation of four wholly owned Indian subsidiaries, ICL Securities Ltd, ICL Financial Services Ltd, ICL International Ltd, and India Cements Infrastructures Ltd. into the parent company.<\/li>\n\n\n\n<li>Regulatory Compliance: The company recognized an exceptional expense of \u20b97.72 Crores due to the statutory impact of the new National Labour Codes, which introduced revised definitions for employee benefits and wages.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q3 FY26 Financial Results<\/strong><\/h2>\n\n\n\n<p>For the quarter ended December 31, 2025, India Cements reported a recovery in operational metrics despite pricing pressures.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/INDCEM-2-1024x683.png\" alt=\"\" class=\"wp-image-177603\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/INDCEM-2-1024x683.png 1024w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/INDCEM-2-300x200.png 300w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/INDCEM-2-768x512.png 768w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/INDCEM-2.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue and Income: Consolidated revenue from operations reached \u20b91,114.26 Crores, contributing to a total income of \u20b91,137.96 Crores.<\/li>\n\n\n\n<li>Profitability: The company reported a consolidated loss of \u20b93 Crores for the quarter. However, Profit After Tax (PAT) before exceptional items stood at \u20b96 Crores, a significant improvement compared to the same quarter in the previous year.<\/li>\n\n\n\n<li>Margins and Realizations: The consolidated operating margin was 7.09%. Net cement realizations faced a 2.4% quarter-on-quarter decline, ending at \u20b94,221 per Mt. The Operating EBITDA\/Mt was \u20b9299, compared to \u20b9330\/Mt in the previous quarter.<\/li>\n\n\n\n<li>Operational Metrics: Domestic sales volume grew 25% year-on-year to 2.59 MnT. \u00a0Capacity utilization reached 69%, an 11% increase over the previous year.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Operational Rebound<\/strong><\/h2>\n\n\n\n<p>The company achieved a significant turnaround in its EBITDA, which rose to \u20b9103 Crores from a loss of \u20b9178 Crores in the same quarter of the previous year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Volume and Utilization Gains: India Cements saw a 25% year-on-year increase in domestic sales volume, reaching 2.59 MnT, while capacity utilization improved by 11% to reach 69%.<\/li>\n\n\n\n<li>Profitability Highlights: While the consolidated net loss was \u20b93 Crores, the Profit After Tax (PAT) before exceptional items stood at \u20b96 Crores, indicating a recovery in underlying business performance.<\/li>\n\n\n\n<li>Strategic Moves: The period was marked by the divestment of subsidiaries like Industrial Chemicals &amp; Monomers Ltd (ICML) and PT Adcoal Energindo, alongside the ongoing amalgamation of four Indian subsidiaries into the parent company.<\/li>\n\n\n\n<li>Cost Efficiency: A major driver of the recovery was the reduction in logistics costs, which fell 28% quarter-on-quarter to \u20b9588\/Mt.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Cost Indicators<\/strong><\/h2>\n\n\n\n<p>Efforts to optimize operations led to specific cost shifts during the quarter.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Logistics Cost: Reduced significantly to \u20b9588\/Mt, down 28% from the previous quarter.<\/li>\n\n\n\n<li>Power and Fuel: Power costs stood at \u20b9626\/Mt, while fuel costs were \u20b9952\/Mt.<\/li>\n\n\n\n<li>Raw Materials: Costs remained flat quarter-on-quarter at \u20b9945\/Mt.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Business Outlook and Sustainability<\/strong><\/h2>\n\n\n\n<p>India Cements has outlined a clear path for growth and modernization.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capex Investment: The company plans a \u20b92,000 Crore capital expenditure over the next two years. This investment focuses on upgrading preheaters, cooler optimization, and enhancing energy efficiency to reduce heat and power consumption.<\/li>\n\n\n\n<li>Green Energy Shift: A major sustainability goal is to scale up Green Power (Renewable Energy + Waste Heat Recovery Systems) from the current 5% to 80% by FY29.<\/li>\n<\/ul>\n\n\n\n<p>ESG and CSR: ICL continues to invest in community initiatives, reaching over 2,400 students through education programs and supporting sustainable farming for local farmers. Its commitment to safety was recently recognized, with the Dalavoi Cement Works winning first prize in the Tamil Nadu Mines Safety Week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India Cements Ltd., (NSE:INDIACEM), a subsidiary of UltraTech Cement Limited, is a major player in the Indian building materials sector with a legacy dating back to 1946. Headquartered in Chennai, the company is primarily dedicated to the manufacturing and sale of cement and related products. ICL operates a robust network of integrated and grinding units [&hellip;]<\/p>\n","protected":false},"author":2378,"featured_media":125269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,1941,392,5753],"tags":[8220,10169,14726],"class_list":["post-177602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-stock-analysis","category-earnings","category-industrials","tag-building-materials","tag-earnings","tag-india-cements"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171620,"url":"https:\/\/alphastreet.com\/india\/ultratech-cement-q2-fy26-earnings-results\/","url_meta":{"origin":177602,"position":0},"title":"UltraTech Cement Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"October 20, 2025","format":false,"excerpt":"UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe. Presenting below are its Q2 FY26 earnings results. \u00a0 Q2 FY26 Earnings Results Revenue from Operations:\u00a0\u20b919,606.9 crore, up\u00a020.3% YoY\u00a0from \u20b916,294.4 crore in Q2 FY25 and nearly flat sequentially compared to \u20b921,275 crore\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Ultratech Cement Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Ultratech-Cement-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":178612,"url":"https:\/\/alphastreet.com\/india\/ambuja-cements-q3-fy26-record-volumes-and-revenue-growth-masked-by-profit-slump-and-massive-tax-base-effect\/","url_meta":{"origin":177602,"position":1},"title":"AMBUJA CEMENTS Q3 FY26: Record Volumes and Revenue Growth Masked by Profit Slump and Massive Tax Base Effect","author":"Staff Correspondent","date":"January 30, 2026","format":false,"excerpt":"Ambuja Cements Limited (NSE: AMBUJACEM), part of the diversified Adani Portfolio and the world\u2019s ninth-largest building materials solutions company, delivered robust financial results for the quarter ended 31st December 2025. Ambuja Cements Ltd, the Adani Group\u2019s cement flagship, today reported a complex set of Q3 FY26 earnings characterized by record-breaking\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142502,"url":"https:\/\/alphastreet.com\/india\/earnings-ambuja-cements-ltd-nseambujacem-q3fy23-results-out-total-income-rise-4-yoy\/","url_meta":{"origin":177602,"position":2},"title":"Earnings | Ambuja Cements Ltd. (NSE:AMBUJACEM): Q3FY23 Results Out; Total Income rise 4% YoY","author":"Divyansh_Kasana","date":"February 22, 2023","format":false,"excerpt":"Ambuja Cements Ltd. (NSE:AMBUJACEM) is a leading cement manufacturer in India. The company operates through a network of over 20 cement plants and has a strong distribution network that caters to customers across India. Ambuja Cements has won several awards for its sustainable business practices and is committed to reducing\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166605,"url":"https:\/\/alphastreet.com\/india\/ultracemco-q3-2024-2025-call-highlights-volume-growth-strategic-acquisitions-capacity-expansion\/","url_meta":{"origin":177602,"position":3},"title":"ULTRACEMCO Q3 2024-2025 Call Highlights: Volume Growth, Strategic Acquisitions &#038; Capacity Expansion!","author":"Praveen","date":"January 27, 2025","format":false,"excerpt":"UltraTech Cement Ltd., India\u2019s largest manufacturer of grey cement, ready-mix concrete and white cement, in its Q3 earnings call highlighted 10% organic volume growth, with strong performance in North and West regions. The company also addressed that its recent acquisitions of India Cements and Kesoram Cement will take about 12\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":170614,"url":"https:\/\/alphastreet.com\/india\/andhra-cements-q1-fy26-earnings-results\/","url_meta":{"origin":177602,"position":4},"title":"Andhra Cements Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 26, 2025","format":false,"excerpt":"Andhra Cements Ltd, incorporated in 1936, is engaged in the manufacturing and selling of cement across India. Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b9592 crore, up 25.42% year-on-year (YoY) from \u20b9472 crore in Q1 FY25. Total Expenses: \u20b9452 crore, up 19.58% YoY from \u20b9378\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"ACL Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/ACL.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":177606,"url":"https:\/\/alphastreet.com\/india\/ultratech-cement-reports-23-revenue-growth-in-q3-fy26-as-capacity-reaches-194-mtpa\/","url_meta":{"origin":177602,"position":5},"title":"UltraTech Cement Reports 23% Revenue Growth in Q3 FY26 as Capacity Reaches 194 MTPA","author":"Staff Correspondent","date":"January 24, 2026","format":false,"excerpt":"Growth Accelerates with Scale Advantage Aditya Birla Group's flagship cement producer recorded consolidated net sales of \u20b921,506 crore and improved operating margins. Strategic acquisitions and internal expansions have positioned the company as the world's second-largest cement manufacturer by capacity. For the quarter ended December 31, 2025, the company reported a\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2378"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=177602"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177602\/revisions"}],"predecessor-version":[{"id":177604,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/177602\/revisions\/177604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125269"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=177602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=177602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=177602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}