India Cements Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript India Cements Ltd filed with BSE on 23 Jul 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
UltraTech reported its highest ever first quarter performance across volumes, revenues, EBITDA and profit, with domestic grey cement volumes up 13.1% and EBITDA of Rs 5,146 crore. Management said cement prices improved through June led by East and South regions, and detailed cost pressures from imported fuel and packaging linked to the West Asia conflict. The company also updated on capacity expansion plans, the India Cements turnaround, and the upcoming Cables and Wires business launch scheduled for Q3 FY27.
Numbers mentioned
Domestic grey cement volume growth: 13.1% (Q1 FY27)
p. 5
“we grew about 13.1% in volume terms for the domestic markets”
Atul Daga, page 5 of the filed PDF · View the filing
Capacity utilization: 81% (Q1 FY27)
p. 5
“Capacity utilization was stronger at 81% as compared to 76%”
Atul Daga, page 5 of the filed PDF · View the filing
EBITDA: Rs 5,146 crores (Q1 FY27)
p. 5
“EBITDA of INR5,146 crores and PAT of INR2,604 crores which was up 17.2% over the last year same period”
Atul Daga, page 5 of the filed PDF · View the filing
PAT: Rs 2,604 crores (Q1 FY27)
p. 5
“EBITDA of INR5,146 crores and PAT of INR2,604 crores which was up 17.2% over the last year same period”
Atul Daga, page 5 of the filed PDF · View the filing
Revenue growth: 16% (Q1 FY27)
p. 5
“Revenues grew 16%, EBITDA rose 12% and ever highest INR5,000 crores plus EBITDA for April-June quarter, profits rose about 17%”
Atul Daga, page 5 of the filed PDF · View the filing
Net debt to EBITDA: 0.87x (Q1 FY27)
p. 7
“We had started the year with a net debt EBITDA of 0.94 and the quarter, we have ended with 0.87x net debt to EBITDA”
Atul Daga, page 7 of the filed PDF · View the filing
India Cements EBITDA per ton: Rs 603 per ton (Q1 FY27)
p. 7
“India Cements' EBITDA per ton has climbed from roughly INR386 per ton in Q2FY26 to INR400 to INR509 and INR603 this quarter”
Atul Daga, page 7 of the filed PDF · View the filing
Green power capacity: 1,897 megawatts (Q1 FY27)
p. 6
“our green power of about 1,897 megawatts met about 47% of our total power requirements at the end of this quarter”
Atul Daga, page 6 of the filed PDF · View the filing
Cement lead distance: 360 kilometres (Q1 FY27)
p. 6
“we continue to ramp up our AFR substitution and cement lead distance for this quarter has come down to 360 kilometres”
Atul Daga, page 6 of the filed PDF · View the filing
Domestic capacity: 200.1 million tons (Q1 FY27)
p. 6
“tweaking our domestic capacity to 200.1 million tons and total capacity to 205.5 million tons”
Atul Daga, page 6 of the filed PDF · View the filing
Fuel cost per ton: Rs 915 per ton (Q1 FY27)
p. 10
“Fuel cost, it's given in the presentation, from INR874, it went to INR915 per ton, which is a 5% increase”
Atul Daga, page 10 of the filed PDF · View the filing
Cables and Wires capex spent: Rs 888 crores (cumulative to date)
p. 7
“We had approved an investment program of INR1,800 crores. Till the last quarter, INR888 crores has been spent or committed.”
Atul Daga, page 7 of the filed PDF · View the filing
India Cements revenue (like-for-like): Rs 993 crores (Q1 FY27)
p. 7
“the revenues were INR993 crores as compared to INR821 crores on a like-for-like basis, which is a 21% growth in revenues, backed by a 19% growth in their volumes”
Atul Daga, page 7 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.
Net debt to EBITDA — below 1x · FY27
stated firmly by Atul Daga
p. 7
“Our belief is, and we are confident that this year also, we'll end the net debt to EBITDA below 1x.”
Atul Daga, page 7 of the filed PDF · View the filing
Consolidated capacity — beyond 242 million tons · next 2 to 2.5 years
stated firmly by Atul Daga
p. 7
“We'll take our consolidated capacity beyond 242 million tons with grey cement capacity to reach 212.7 million tons by the end of fiscal '27 and further balance to be completed in the next year.”
Atul Daga, page 7 of the filed PDF · View the filing
Cables and Wires commissioning and launch — Q3 FY27 launch · October-December 2026
stated firmly by Atul Daga
p. 8
“We reaffirm commissioning and product launch in Q3 fiscal '27, October - December '26 quarter, precisely as committed to you when we announced this investment.”
Atul Daga, page 8 of the filed PDF · View the filing
India Cements EBITDA per ton — Rs 1,000 per ton · from Q4 FY28
stated as an aspiration by Atul Daga
p. 7
“The direction of travel is unmistakable and the destination is unchanged, and EBITDA of INR1,000 per ton for India Cements remains very much in sight with the full benefit of the capex program flowing through the P&L from Q4 fiscal '28.”
Atul Daga, page 7 of the filed PDF · View the filing
Grey cement volume growth — double-digit · FY27
stated firmly by Atul Daga
p. 17
“Yes, we are targeting double-digit volume growth this year.”
Atul Daga, page 17 of the filed PDF · View the filing
Green power capacity — 2.5 to 3 gigawatts
stated as an aspiration by Atul Daga
p. 7
“We believe we will reach anywhere between 2.5 to 3 gigawatts very shortly.”
Atul Daga, page 7 of the filed PDF · View the filing
India capacity — 235 million tons · by March 2028
stated firmly by Atul Daga
p. 18
“we should exit with 235 million tons in India. We will end 212 million tons March '27, so that's a balance coming up to a 22-25 million tons the next year.”
Atul Daga, page 18 of the filed PDF · View the filing
UltraTech EBITDA per ton (Rs 1,400) — Rs 1,400 per ton · January-March 2028 quarter
stated conditionally by Atul Daga
p. 18
“January-March '28 quarter without any war.”
Atul Daga, page 18 of the filed PDF · View the filing
Q2 FY27 cost increase — Rs 130 to Rs 140 per ton · July-September 2026 quarter
stated firmly by Atul Daga
p. 10
“I would expect the cost to go up by INR130 to INR140 per ton, all put together.”
Atul Daga, page 10 of the filed PDF · View the filing
India Cements green power share — about 86% of power requirements · by end of fiscal '28
stated firmly by Atul Daga
p. 7
“a step change in the green power trajectory from around 3% of their power requirements to about 86% of their power requirements by the end of fiscal '28”
Atul Daga, page 7 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 cash flows are fully committed to growth capex and dividends, with no further investment planned in cables and wires for now.
Answered by Atul Daga
Asked by Amit Murarka: How will growing cash flow be allocated across dividends, cement capex, and cables and wires?
p. 8
“As of now, I don't foresee any requirement for further investment in cables and wires. They will now first mature and milk the investment that they have done.”
Atul Daga, page 8 of the filed PDF · View the filing
Management attributed it to brand trust, quality consistency, distribution network and governance standards.
Answered by Atul Daga
Asked by Rahul Gupta: What is driving UltraTech's ability to gain share on both volume and pricing versus peers?
p. 9
“I think UltraTech is a brand that customers trust. Decades of consistent delivery, bag after bag, site after site, which has made UltraTech synonymous with reliability.”
Atul Daga, page 9 of the filed PDF · View the filing
Management quantified fuel and packaging cost increases in Q1 and guided to further increases in Q2.
Answered by Atul Daga
Asked by Rahul Gupta: What was the cost impact from the West Asia crisis this quarter and what is expected next quarter?
p. 10
“Yes, INR25 to INR40 per ton was increase in fuel cost alone.”
Atul Daga, page 10 of the filed PDF · View the filing
Management said some states like Rajasthan face a dry patch, but most states have since received rain.
Answered by Atul Daga
Asked by Indrajit Agarwal: Could dry weather in June hurt demand in the second half, particularly in rural areas?
p. 10
“Rajasthan is going through a very dry patch right now. So that demand impact will be felt next year because they will have water crisis.”
Atul Daga, page 10 of the filed PDF · View the filing
Management said land reforms and post-election activity would drive an East India demand upcycle over several years.
Answered by Atul Daga
Asked by Indrajit Agarwal: Does East India show a structural demand step-change?
p. 11
“East will witness good demand upcycle.”
Atul Daga, page 11 of the filed PDF · View the filing
Management said cost savings should be assessed annually rather than quarterly, and gave region-wise volume growth figures.
Answered by Atul Daga
Asked by Prateek Kumar: Can management update on cost saving targets and the regional split of volume growth?
p. 12
“East was the slowest in April, June quarter, partly because of the elections, labor availability. South and North were a shade below 15%. West and Central were above 15%.”
Atul Daga, page 12 of the filed PDF · View the filing
Management said the main risk would be a demand slowdown, which it does not foresee, and that capacity, not demand, is the constraint.
Answered by Atul Daga
Asked by Siddharth Mehrotra: What are the top challenges for the company over a 5-year horizon?
p. 12
“the biggest challenge for the industry and for us would be if demand slows down, which I don't foresee happening.”
Atul Daga, page 12 of the filed PDF · View the filing
Management attributed the increase to a sharp rise in industrial diesel prices.
Answered by Atul Daga
Asked by Siddharth Mehrotra: Why did limestone raising costs spike sharply quarter-on-quarter?
p. 13
“industrial diesel went up almost 50% from INR100 per liter to INR157.”
Atul Daga, page 13 of the filed PDF · View the filing
Management estimated industry-wide volume growth for the quarter based on early marketing intelligence.
Answered by Atul Daga
Asked by Raashi: What is the expected industry volume growth for the current quarter?
p. 14
“Too early, but anywhere between 7% to 8%.”
Atul Daga, page 14 of the filed PDF · View the filing
Management said costs should stabilize and improve once the war-related disruption passes.
Answered by Atul Daga
Asked by Pinakin: Will second half variable costs be lower per ton than first half given softer spot prices for pet coke and packaging?
p. 17
“Once the war is out of the way, things should stabilize and H2 hopefully, God willing, should be a better place in terms of cost.”
Atul Daga, page 17 of the filed PDF · View the filing
Management reiterated the target timeframe, conditional on no further war-related disruption.
Answered by Atul Daga
Asked by Ritesh Shah: What is the expected timeline for reaching Rs 1,400 per ton EBITDA?
p. 18
“January-March '28 quarter without any war.”
Atul Daga, page 18 of the filed PDF · View the filing
Risks flagged
Ongoing volatility from the West Asia conflict affecting fuel costs
p. 8
“Fuel cost, storm is a yoyo, we have to keep an eye on and wait through it, the West Asia crisis, I don't know when it will end.”
Atul Daga, page 8 of the filed PDF · View the filing
Dry weather conditions in some states could dampen future rural demand
p. 10
“Rajasthan is going through a very dry patch right now. So that demand impact will be felt next year because they will have water crisis.”
Atul Daga, page 10 of the filed PDF · View the filing
Sharp rise in industrial diesel costs impacting limestone raising costs
p. 13
“industrial diesel went up almost 50% from INR100 per liter to INR157.”
Atul Daga, page 13 of the filed PDF · View the filing
Increase in ocean freight insurance premiums due to the war
p. 17
“insurance premiums have gone up to 4%-5% for the ocean route as compared to less than 1%.”
Atul Daga, page 17 of the filed PDF · View the filing
Cost pressure from maintenance, fuel and operating deleverage expected in Q2 FY27
p. 10
“I would expect the cost to go up by INR130 to INR140 per ton, all put together.”
Atul Daga, page 10 of the filed PDF · View the filing
A structural slowdown in demand, such as reduced housing and industrial activity, could pose a challenge
p. 12
“if something were to happen structurally to demand growth and suddenly people are not buying houses and industrialization is not happening, data centers start vanishing from India and be done in Pakistan or anywhere else, that could be an issue”
Atul Daga, page 12 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.