HeidelbergCement India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript HeidelbergCement India Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
HeidelbergCement India reported EBITDA per ton of INR584 for FY26, up 10% year-on-year, alongside 8.8% sales volume growth and repayment of an interest-free loan of INR687 million, leaving the company debt-free. Management said pricing was under pressure during the quarter, partially offset by lower input costs, and outlined plans for a blending unit at Khandwa and two mining leases won in Madhya Pradesh. The board recommended a dividend of INR7 per share for the year.
Numbers mentioned
EBITDA per ton: INR584 (FY26)
p. 3
“The EBITDA at INR584 per ton was up 10% year-on-year.”
Joydeep Mukherjee, page 3 of the filed PDF · View the filing
Interest free loan repaid: INR687 million (FY26)
p. 4
“We did repay interest free loan of INR687 million, and the company is now completely debt-free.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
Cash and bank balance: INR4,037 million
p. 4
“We have cash and bank balance of INR4,037 million, and we continue to operate on negative net operating working capital.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
Dividend recommended: INR7 per share (FY26)
p. 4
“And we did recommend a dividend of INR7 per share in our Board meeting recently concluded.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
EBITDA growth: 19.8% (FY26 vs FY25)
p. 4
“So broad messages in this are that we are about 19.8% higher on EBITDA as compared to last year.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
PAT growth: 25.5% (FY26 vs FY25)
p. 4
“At the PAT level, we are 25.5% higher.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
Sales volume growth: 8.8% (FY26 vs FY25)
p. 4
“Our sales volume increased by 8.8% over the last year.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
Premium products share of trade volumes: 52% (FY26)
p. 4
“So 52% of our total trade volumes come from premium products, which is up by 9% on a year-on-year basis.”
Joydeep Mukherjee, page 4 of the filed PDF · View the filing
Alternative fuel usage: 11% (FY26)
p. 3
“Our alternative fuel usage also increased by 3% year-on-year, and we are now at 11% at the company level.”
Joydeep Mukherjee, page 3 of the filed PDF · View the filing
Non-grid power share: more than 50% (FY26)
p. 3
“Our share of non-grid power exceeded 50% during the FY.”
Joydeep Mukherjee, page 3 of the filed PDF · View the filing
Karnataka unit capacity: 0.5 million tons
p. 14
“The capacity of the company is not 5.75. The Karnataka capacity of around 0.5 million is also there.”
Joydeep Mukherjee, page 14 of the filed PDF · View the filing
Lead distance: 370-372 kilometers (FY26)
p. 13
“And in terms of your question on lead distance, our lead distance currently is around 370 kilometers, 372 kilometers.”
Joydeep Mukherjee, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Green power mix — beyond 40% · 2026-27, 2027-28
stated as an aspiration by Amit Angra
p. 7
“So come down the line 2026-'27, '27-'28; our target to increase beyond 40%.”
Amit Angra, page 7 of the filed PDF · View the filing
Central India industry cement demand growth — 7% to 7.5% · FY27
stated conditionally by Joydeep Mukherjee
p. 10
“I'm sure that this fiscal in central, the industry will grow at least by 7%, 7.5%.”
Joydeep Mukherjee, page 10 of the filed PDF · View the filing
Company volume growth relative to industry
stated as an aspiration by Joydeep Mukherjee
p. 11
“We shall be in line with the industry growth in our region.”
Joydeep Mukherjee, page 11 of the filed PDF · View the filing
Khandwa project completion — within 2 years
stated firmly by Joydeep Mukherjee
p. 12
“No. We have already received the CT. So, we can expect this project to be completed within 2 years from now, maybe even earlier.”
Joydeep Mukherjee, page 12 of the filed PDF · View the filing
Merger of Zuari and Heidelberg entities
stated as an aspiration by Joydeep Mukherjee
p. 10
“But depending on the suitable time, yes, there are plans of eventually going in for a merger of all the entities.”
Joydeep Mukherjee, page 10 of the filed PDF · View the filing
Petcoke to coal fuel mix optimization — June quarter
stated conditionally by Amit Angra
p. 7
“So in the June quarter 2027, if the price of the petcoke will remain at elevated level as today, we will further optimize our fuel mix.”
Amit Angra, page 7 of the filed PDF · View the filing
Utilization rate for FY27/28 — 90% utilization · FY27/28
stated as an aspiration by Joydeep Mukherjee
p. 11
“On a yearly basis, yes. I think quarter-on-quarter, it's a little difficult to predict.”
Joydeep Mukherjee, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the clinker consumption ratio is around 60-61% and could be reduced by 50-100 basis points, aided by a new lower-clinker blended cement.
Answered by Management
Asked by Rajesh Ravi: What is the current cement-to-clinker ratio and how much can it be reduced?
p. 6
“So our clinker consumption ratio is around 60%, 61% of the cement. And I think we will be able to reduce at least maybe 50 basis point to maybe 100 basis points in cement.”
Management, page 6 of the filed PDF · View the filing
Management said their impact would be lower than the industry due to fuel mix flexibility, expecting around INR150 impact from petcoke and diesel.
Answered by Amit Angra
Asked by Rajesh Ravi: What cost levers does the company have against industry-wide cost inflation of INR300-400 per ton?
p. 7
“And that's why in our case, the impact will not be like INR300 what the industry talks about. Our impact may be around INR150 on account of this petcoke and diesel.”
Amit Angra, page 7 of the filed PDF · View the filing
Management attributed pricing pressure to new capacity coming online from competitors and said historically cost increases always get passed on, though with a lag.
Answered by Management
Asked by Vaibhav Agarwal: Why is Central India pricing under pressure and what gives confidence cost increases can be passed on?
p. 9
“So the cost push will be on everyone, right? I mean if this is not passed on, then all the balance sheets are going to start looking pretty bad.”
Management, page 9 of the filed PDF · View the filing
Management guided industry growth of 7-7.5% for the fiscal, potentially higher closer to the Uttar Pradesh elections.
Answered by Joydeep Mukherjee
Asked by Vaibhav Agarwal: What is the demand outlook for Central India for FY27/28?
p. 10
“And I think by the beginning of the next calendar year as we approach elections, it is going to get ramped up to maybe a little bit more.”
Joydeep Mukherjee, page 10 of the filed PDF · View the filing
Management confirmed the debottlenecking capex was completed but the government approval to officially increase capacity is still pending.
Answered by Joydeep Mukherjee
Asked by Shravan Shah: What is the status of clinker debottlenecking and related capacity approvals?
p. 14
“We are talking about two things. One is that the improvement of the kiln by doing the debottlenecking capex that we have done it. But when we talk about the capacity for the government side to get the approval, that we are working on it.”
Joydeep Mukherjee, page 14 of the filed PDF · View the filing
Management said they noted the suggestion and would explore it with the board.
Answered by Management
Asked by Nagaraj Pipalli: Would the company consider a share buyback instead of dividends?
p. 15
“Okay. We have noted down your suggestion. Maybe we will explore in the management committee and will discuss in the Board of Directors meeting, and we'll see.”
Management, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical developments in West Asia creating uncertainty in commodity prices
p. 5
“The geopolitical developments, particularly the West Asia conflict, is continuing to create uncertainty in global markets and commodity prices, where we already had some impact on pet coke and fuel prices.”
Joydeep Mukherjee, page 5 of the filed PDF · View the filing
Elevated headline inflation and currency depreciation
p. 5
“Elevated headline inflation and currency depreciation does remain a concern.”
Joydeep Mukherjee, page 5 of the filed PDF · View the filing
El Nino and heat wave posing risk to agricultural output and rural demand
p. 5
“The El Nino effect that we are seeing, the heat wave sweeping through the northern part of India and the central part of India, would produce -- would pose a significant risk to agricultural output, rural demand and food inflation.”
Joydeep Mukherjee, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.