India Cements Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript India Cements Ltd filed with BSE on 02 May 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 crossing 200 million tons of domestic cement production capacity and consolidated sales volumes of about 44 million tons for the quarter, with EBITDA per ton excluding acquired assets at INR1,296. Management described cost pressures from the West Asia conflict affecting fuel, packing bags and freight, alongside currency-related mark-to-market impacts, while noting cement realizations improved during the quarter. The Board proposed a dividend of INR240 per share for fiscal '26, and management discussed the integration progress of India Cements and Kesoram following completion of brand migration.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated sales volumes: 44 million tons (Q4 FY26)
p. 5
“Consolidated sales volumes, as you have already seen, has crossed a rocking 44 million tons this quarter.”
Atul Daga, page 5 of the filed PDF · View the filing
EBITDA per ton excluding acquired assets: INR1,296 per ton (Q4 FY26)
p. 5
“EBITDA per ton, excluding acquired assets, is at INR1,296 per ton for the quarter.”
Atul Daga, page 5 of the filed PDF · View the filing
EBITDA per ton (Q4 FY25 comparison): INR1,225 (Q4 FY25)
p. 5
“For the context, this metric was INR1,225 in Q4 '25.”
Atul Daga, page 5 of the filed PDF · View the filing
Aggregate EBITDA per ton: INR1,253 per ton (Q4 FY26)
p. 5
“On an aggregate basis, we have reported INR1,253 per ton in Q4 '26.”
Atul Daga, page 5 of the filed PDF · View the filing
EBITDA per ton excluding West Asia aberrations: close to INR1,240 per ton (Q4 FY26)
p. 5
“If I were to remove the aberrations of West Asia crisis, we have achieved EBITDA per ton of very close to INR1,240 per ton.”
Atul Daga, page 5 of the filed PDF · View the filing
Green power share: 43% (current)
p. 5
“Today, almost 43% of our power needs are being met from green sources.”
Atul Daga, page 5 of the filed PDF · View the filing
Lead distance: 367 kilometers (current)
p. 5
“On the logistics front, our lead distance has reduced to 367 kilometers”
Atul Daga, page 5 of the filed PDF · View the filing
India Cements EBITDA per ton: INR497 per ton (Q4 FY26)
p. 5
“The EBITDA trajectory - India Cements EBITDA of INR497 per ton in Q4 '26 up from INR333 in Q2 and INR305 in Q3.”
Atul Daga, page 5 of the filed PDF · View the filing
India Cements PAT: INR60 crores (Q4 FY26)
p. 6
“This quarter, the company declared a PAT of INR60 crores for the quarter, which has been after a very long time.”
Atul Daga, page 6 of the filed PDF · View the filing
Net debt-EBITDA (consolidated): 0.94x (current)
p. 6
“Our balance sheet remains robust with a net debt-EBITDA of 0.94x at a consolidated level and 0.92x at UltraTech India level.”
Atul Daga, page 6 of the filed PDF · View the filing
Dividend per share: INR240 (FY26)
p. 6
“The Board has recommended a dividend of INR240 a share for fiscal '26.”
Atul Daga, page 6 of the filed PDF · View the filing
Incremental cost on bags: approximately INR90 crores (Q4 FY26)
p. 8
“our incremental cost on bags was approximately INR90 crores, which is reflected in other costs for the quarter on account of bag costs going up.”
Atul Daga, page 8 of the filed PDF · View the filing
UAE EBITDA: INR278 crores (Q4 FY26)
p. 10
“sequentially, UAE had EBITDA of INR267 crores in Q3 and INR278 crores in Q4.”
Atul Daga, page 10 of the filed PDF · View the filing
Efficiency improvement delivered: INR185 per ton (cumulative to date)
p. 11
“So we are at almost INR185 per ton on nominal basis, we have completed.”
Atul Daga, page 11 of the filed PDF · View the filing
Quarterly PAT: INR3,000 crores (Q4 FY26)
p. 20
“landmark here generating INR3,000 crores of PAT for the quarter, INR8,000 crores plus of overall PAT for the year”
Atul Daga, page 20 of the filed PDF · View the filing
Forex mark-to-market hit: INR30 a ton, INR120 crores to INR130 crores (Q4 FY26)
p. 18
“INR30 a ton. INR120 crores, INR130 crores.”
Atul Daga, page 18 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.
Total capacity — over 242.5 million tons · by fiscal '28
stated firmly by Atul Daga
p. 4
“We have committed to add a further 37 million tons, which will take us over 242.5 million tons in a phased manner by fiscal '28.”
Atul Daga, page 4 of the filed PDF · View the filing
Green power share — 85% of power requirements · by end of fiscal 2030
stated firmly by Atul Daga
p. 5
“We have committed to reach about 85% of our power requirements from green energy by the end of fiscal 2030, and we are very confident of reaching that position.”
Atul Daga, page 5 of the filed PDF · View the filing
India Cements EBITDA per ton — over INR1,000 per ton · by end of fiscal '28
stated firmly by Atul Daga
p. 6
“this definitely is going to take us over INR1,000 per ton, as committed by the end of fiscal '28.”
Atul Daga, page 6 of the filed PDF · View the filing
Volume growth — 7% to 8% per annum · fiscal '27 and beyond
stated firmly by Atul Daga
p. 6
“We expect a sustainable volume growth of 7% to 8% per annum.”
Atul Daga, page 6 of the filed PDF · View the filing
Growth capex — INR8,000 crores to INR10,000 crores every year · for the foreseeable future
stated firmly by Atul Daga
p. 6
“We see a plan of investing around INR8,000 crores to INR10,000 crores every year for the foreseeable future.”
Atul Daga, page 6 of the filed PDF · View the filing
Leverage — below 1x · year after year
stated firmly by Atul Daga
p. 6
“We'll maintain our leverage below 1x year after year after meeting our growth capex.”
Atul Daga, page 6 of the filed PDF · View the filing
Efficiency improvement program — higher than INR300 per ton · by fiscal '28
stated firmly by Atul Daga
p. 11
“I think we will deliver higher than INR300 is what we're looking at.”
Atul Daga, page 11 of the filed PDF · View the filing
Clinker conversion ratio — 1.54x · by fiscal '28
stated firmly by Atul Daga
p. 15
“We will always be fully clinker backed. Second point, 1.54x is our target to reach by fiscal '28.”
Atul Daga, page 15 of the filed PDF · View the filing
UltraTech FY27 volume growth — double-digit growth · fiscal '27
stated as an aspiration by Atul Daga
p. 17
“We would target double-digit growth.”
Atul Daga, page 17 of the filed PDF · View the filing
Cable and wire business launch — launch ahead of December · first month of Q3
stated conditionally by Atul Daga
p. 10
“We had committed Q3, in the first month of Q3, we might launch instead of waiting for December.”
Atul Daga, page 10 of the filed PDF · View the filing
India Cements cost improvement — INR200 per ton of efficiency improvement · January-March '28
stated firmly by Atul Daga
p. 13
“January-March '28, you will see all the efforts on capex converting into efficiency improvement. We are still seeing INR200 per ton of efficiency improvement, which will come into the kitty of India Cements.”
Atul Daga, page 13 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 it depends on Board decisions and company performance, but capex will continue to be funded internally with growing cash flows.
Answered by Atul Daga
Asked by Rahul Gupta: Whether payout ratio will remain higher going forward given balance sheet strength
p. 7
“I think so, but it will depend on the Board and company's performance. If we perform, if the cement markets do well, I think it should be possible.”
Atul Daga, page 7 of the filed PDF · View the filing
Management confirmed the brand transition significantly boosted realizations as most India Cements volume now carries the UltraTech brand.
Answered by Atul Daga
Asked by Rahul Gupta: Impact of brand transition on realizations
p. 8
“Significantly because if I were to look at, let's say, India Cements volumes for the quarter of 3.12 million tons, non-UltraTech volume was 0.39 million tons only.”
Atul Daga, page 8 of the filed PDF · View the filing
Management cited diversifying procurement sources, long-term fuel contracts turning favorable, and a broad supplier base for bags as mitigants.
Answered by Atul Daga
Asked by Pulkit Patni: Impact of West Asia conflict costs and mitigation measures
p. 9
“diversifying my sources of procurement, identifying newer opportunities to deal with the situation, doing long-term contracts for fuel, which are going to be beneficial to us now.”
Atul Daga, page 9 of the filed PDF · View the filing
Management confirmed UAE EBITDA was stable quarter-on-quarter with volumes and prices improving as the conflict eased.
Answered by Atul Daga
Asked by Prateek Kumar: UAE operations sequential performance
p. 10
“sequentially, UAE had EBITDA of INR267 crores in Q3 and INR278 crores in Q4. So it's a stable journey.”
Atul Daga, page 10 of the filed PDF · View the filing
Management said dispatches were unaffected and bag availability, while more expensive, was not a supply crisis.
Answered by Atul Daga
Asked by Indrajit Agarwal: Whether raw material availability was a concern in March/April
p. 12
“No. no problems. Our dispatches have not suffered at any location in the country, bag availability has not been a crisis. It has become expensive, but it is not a crisis.”
Atul Daga, page 12 of the filed PDF · View the filing
Management estimated industry growth at 6% to 7% for the quarter.
Answered by Atul Daga
Asked by Indrajit Agarwal: Estimated industry volume growth for the March quarter
p. 12
“6% to 7% is what my learned team over here tells me.”
Atul Daga, page 12 of the filed PDF · View the filing
Management reaffirmed that UltraTech's balance sheet has remained untouched for other purposes and cash flows are dedicated to capex and shareholders.
Answered by Atul Daga
Asked by Ritesh Shah: Whether UltraTech's balance sheet is ring-fenced from other group commitments
p. 14
“Not a penny has moved from UltraTech balance sheet for any other purposes.”
Atul Daga, page 14 of the filed PDF · View the filing
Management confirmed the forex hit is part of cost and within EBITDA, not an extraordinary item.
Answered by Atul Daga
Asked by Ashish Jain: Whether the mark-to-market forex hit sits within EBITDA
p. 18
“What do you mean above EBITDA? It's part of my cost, yes, it's within EBITDA. It's not an extraordinary item, not a finance cost. Yes, hit to EBITDA.”
Atul Daga, page 18 of the filed PDF · View the filing
Risks flagged
Rising fuel, packing bag and freight costs from the West Asia conflict
p. 4
“it's a real headwind on fuel costs, packing bags and freight, on certain import-dependent supply chains, on nearterm sentiment in some demand segments”
Atul Daga, page 4 of the filed PDF · View the filing
Possible increase in domestic petrol and diesel prices
p. 4
“the way oil prices are, we could see an increase in domestic prices of petrol and diesel.”
Atul Daga, page 4 of the filed PDF · View the filing
Rupee devaluation causing mark-to-market losses on foreign currency borrowings
p. 8
“I have $950 million of foreign currency borrowings fully hedged. But when you have to do a mark-to-market, you have to take the impact of that currency into account. It hits your EBITDA.”
Atul Daga, page 8 of the filed PDF · View the filing
Legal cases inherited with India Cements delaying full merger
p. 14
“There are those complicated legal issues, which we have inherited.”
Atul Daga, page 14 of the filed PDF · View the filing
Potential diesel cost impact yet to be seen
p. 9
“Diesel impact, nobody knows. We are waiting, it might surface its horns next month.”
Atul Daga, page 9 of the filed PDF · View the filing
Fragmentation of the cement industry limiting ability to raise prices relative to other industries
p. 16
“Fragmentation of the industry is as sweet and small answer, Pinakin, that I can give you.”
Atul Daga, page 16 of the filed PDF · View the filing
Uncertain near-term demand environment due to geopolitical developments
p. 6
“nobody knows what will happen tomorrow. What will be the new comment that gets made, which could move the market.”
Atul Daga, page 6 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.