The India Cements Limited (INDIACEM)
Large CapMaterials stocks · Large cap · NSE
UltraTech Cement Limited is a leading Indian cement manufacturer with a substantial capacity base of 205.5 million tons. The company operates an extensive network of 76 facilities, 477 RMC plants, and 150,000 channel partners across India. It is expanding into the Cables and Wires business.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -1% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,019 Cr | -0.6% | -17.1% |
| EBITDA | ₹156 Cr | +88.0% | +2.0% |
| Operating margin | 15.0% | +700 bps | +300 bps |
| PAT | ₹27 Cr | NDF | -55.0% |
| PAT margin | 2.6% | +1563 bps | -223 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
UltraTech Cement reported its highest-ever Q1 performance with domestic volumes up 13.1% and PAT rising 17.2% YoY. Capacity utilization improved to 81% on an enlarged 200-million-ton base, while acquired assets like India Cements showed significant sequential EBITDA per ton improvement.
The company's strong Q1 FY27 results, driven by robust demand and effective integration of acquired assets, reinforce its market leadership. Continued capacity expansion and cost discipline, despite fuel cost shocks, support the long-term growth thesis.
Sales by Customer Type
Latest issuer-disclosed distribution across 2 reported categories.
Infrastructure Demand
Demand pipeline across infrastructure, housing, and urban real estate is rich. Government planning strategies supporting industry.
Housing & Urban Real Estate
55% to 60% of India cement consumption, with strong start to calendar '26 in property registrations and unit sales.
Acquired Assets Turnaround
Kesoram and India Cements brands converted to 100% UltraTech, showing sequential EBITDA per ton improvement.
Capacity Expansion
Projects under execution for capacity growth backed by INR17,000 crores capex to reach beyond 242 million tons.
Cement Capacity Commissioned
8.7 million tons commissioned by UltraTech in April '26 (Shahjahanpur, Visakhapatnam, Patratu), tweaking domestic capacity to 200.1 million tons and total to 205.5 million tons.
Future Cement Capacity
Consolidated capacity to go beyond 242 million tons, with grey cement reaching 212.7 million tons by end of FY27 and balance in next year.
Green Power Capacity
71 megawatts of renewables and 19 megawatts of WHRS commissioned this quarter, reaching 1,897 megawatts total.
Cables and Wires Project
Facility setup complete, trial runs commenced. Reaffirm commissioning and product launch in Q3 fiscal '27 (October - December '26 quarter).
Robust Demand Pipeline
Double-digit volume growth and demand pipeline across infrastructure, housing, and urban real estate is as rich as it can be.
Government Support & Macro Resilience
Indian government managing strategies supporting industry, benchmark lending rates attractive, improving housing affordability.
Urbanization Trend
India's urbanization at 35% is expected to reach 39% by 2030, indicating long-term construction development potential.
Brand Power & Premiumization
UltraTech's brand is trusted, enabling premiumization and conversion of B/C category customers to A category.
West Asia Conflict
Q1 '27 opened with disruptive situation, Strait of Hormuz effectively closed, crude crossed $100, coal cost hit the roof.
Imported Fuel Cost Shock
Absorbed the sharpest imported fuel cost shock in recent memory during the quarter.
Monsoon Season Slowdown
Q2 fiscal '27 may look optically softer as seasonal monsoon slowdown and cost effects weigh on the quarter.
Industrial Diesel Price Hike
Industrial diesel went up almost 50% from INR100 per liter to INR157, impacting limestone raising costs.
Demand Slowdown
The biggest challenge for the industry and for us would be if demand slows down, which I don't foresee happening.
Geopolitical Volatility
West Asia crisis situation is still fluid, impacting crude and coal costs, with insurance premiums for ocean routes increasing.
Cost Escalations
Fuel and packing bags were biggest cost impacts in Q1; Q2 expected to see INR130-INR140 per ton increase in costs.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for headline financial metrics like PAT and overall volume growth, reflecting annual business cycles. QoQ is crucial for tracking sequential momentum in acquired asset performance (India Cements EBITDA/ton) and cost absorption trends.
Domestic Grey Cement Volume Growth
Grew about 13.1% in volume terms for the domestic markets, well ahead of industry's growth.
Capacity Utilization
Stronger at 81% as compared to 76% in the last year same period, on an enlarged 200-million-ton base.
EBITDA
Highest ever first quarter EBITDA of INR5,146 crores, up 12% YoY.
PAT
INR2,604 crores, up 17.2% over the last year same period.
FY27 Volume Growth Target
We are targeting double-digit volume growth this year.
Net Debt to EBITDA Outlook
We are confident that this year also, we'll end the net debt to EBITDA below 1x.
India Cements Turnaround Target
EBITDA of INR1,000 per ton for India Cements remains very much in sight with full benefit of capex program flowing through P&L from Q4 fiscal '28.
Cables and Wires Launch
Reaffirm commissioning and product launch in Q3 fiscal '27, October - December '26 quarter, precisely as committed.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Cements EBITDA per ton | INR603 per ton (Q1 FY27) | Progress towards INR1,000 per ton by Q4 FY28, driven by cost improvement capex and green power ramp-up. |
| Capacity Utilization | 81% (Q1 FY27) | Sustained high utilization rates on the enlarged capacity base, indicating continued strong demand absorption. |
| Net Debt to EBITDA | 0.87x (Q1 FY27 end) | Maintenance of net debt to EBITDA below 1x, demonstrating effective capital management amidst capex. |
| Cables and Wires Business Launch | Trial runs commenced, regulatory approvals in place. | Successful commissioning and product launch in Q3 FY27 (Oct-Dec '26) as committed, and initial market reception. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -6.2% / mo · MACD − · near 52W low
Technical chart
INDIACEMdaily · 1Y · AUTO-7.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 25% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 6.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.9%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Fair-value margin of safety is negative at -7183.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 1/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 5th percentile within Materials. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: Promoter holding is 75%. Key concern: Operating cash flow is negative at ₹-27 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Materials: 5th pctile, median 70 · Large: 14th pctile, median 73
43 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-27 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 1.2%.
- ▸ROE is low at 0.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 83.20
- P/B
- 1.11
- EV/EBITDA
- 16.37
- Market Cap
- 11234.00Cr
Profitability
- ROE
- 0.37%
- ROCE
- 1.24%
- ROA
- 0.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -1.01%
- EPS 5Y
- -29.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 4.74×
- Altman Z
- 3.80
- Book Value
- 327.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- -27.00 Cr
- EPS TTM
- 2.98
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.