Birla Corporation Ltd — earnings calls

Birla Corporation reported that non-trade and OPC cement realizations improved during Q1 FY27 while trade and blended cement prices remained soft, particularly in Central India, limiting the company's realization gains given its high blended and trade exposure. Management said costs were managed reasonably given geographic constraints, though fuel and diesel costs rose, and it expects further sequential cost increases in Q2. The company reported Mukutban volumes of 7.5 lakh tons, capex of around INR120 crores, net debt of INR2,300 crores, and reiterated its existing capex, debt, and capacity expansion guidance for the year.

Birla Corporation reported FY26 volume growth of about 4% and highlighted a shift in mix toward blended cement, trade sales, and Mukutban volumes, with EBITDA for the year close to INR800 crore and Q4 EBITDA close to INR1,000. Management described capacity expansion plans from 21.5 to 27.5 million tons by FY29 via Maihar Line-II and associated grinding units, funded largely through internal accruals with net debt expected to rise. Executives also discussed cost items including kcal costs, coal sourcing from the Bikram block, incentive accruals from Maharashtra, and working capital changes from a deliberate build-up of fuel inventory.