# India Cements (INDIACEM) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/indiacem

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹348.85
- Change: +0.66%
- As of: 2026-11-06
- 1D return: +0.66%
- 5D return: +11.78%
- 1M return: +18.41%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

As of 2026-11-06, INDIACEM (₹348.85) exhibits a sharp divergence between short-term daily momentum and longer-term structural weakness. On the daily chart, price action is bullish, trading above the 20-period and 50-period moving averages and Supertrend, with an established trend strength indicated by an ADX of 33.96. This aligns with recent positive returns over the past month (+18.2%) and 20 days (+18.4%). However, this rally is occurring within a broader bearish context: the monthly trend remains bearish with price below all key averages and a strong ADX of 41.92 signaling conviction in the downtrend. The weekly structure also shows price below the 20-SMA, 50-SMA, and Supertrend, suggesting the daily bounce faces significant overhead resistance.

Price is positioned near the upper end of its 20-day range (+86.2%), approaching immediate resistance at ₹352.57 and ₹353.63. Participation has been volatile, marked by extreme volume anomalies on 2026-10-23 and 2026-10-30. Risk remains elevated with annualized volatility at +37.3% and a current drawdown of -27.1%. A sustained break above ₹353.63 could signal a deeper reversal attempt, while failure to hold above the 20-day EMA would likely see price retest support at ₹344.93.

- Timeframe Divergence: Daily trend is bullish (price above 20/50 EMAs & Supertrend), but Monthly and Weekly trends remain bearish (price below key SMAs & Supertrend).
- Range Positioning: Price is near the top of the 20-day range (+86.2%) and approaching resistance levels at ₹352.57 and ₹353.63.
- Momentum & Volatility: Strong short-term performance (+18.2% in 1 month) contrasts with long-term underperformance (-20.0% YTD); annualized volatility stands at +37.3%.
- Monitoring Condition: A close above ₹353.63 would challenge the weekly bearish structure; a drop below ₹344.93 would invalidate the daily bullish setup.

- Harami
- Inside Bar
- Morning Star
- Outside Bar

### News Context

India Cements (NSE: INDIACEM) is undergoing significant structural changes following UltraTech Cement Limited’s acquisition of a controlling stake in FY2024-25. The most material development is the notice for a postal ballot, seeking shareholder approval to shift the registered office from Tamil Nadu to Maharashtra by November 30, 2026. This move aims to align administrative operations with UltraTech’s headquarters in Mumbai. Concurrently, India Cements’ financial trajectory is linked to its parent’s operational updates; UltraTech’s Q2 FY27 transcript disclosed that India Cements will reflect cost improvements from upcoming kiln upgrades targeted for completion by March 2028. However, near-term headwinds persist, as UltraTech management highlighted rising fuel costs, with pet coke prices reaching $180 per ton due to West Asia geopolitical tensions, prompting a strategic shift to reduce pet coke dependence to 25% of the fuel mix. On the market front, the stock closed at ₹348.85 on November 6, 2026, showing strong recent momentum with a 1-month return of +18.2%, though it remains down -20.0% year-to-date and -10.3% over the past year. Technical indicators present a mixed picture, with daily trends signaling bullishness while weekly and monthly trends remain bearish.

- Corporate Restructuring: Shareholder approval via postal ballot is sought to move the registered office to Maharashtra, with results expected by November 30, 2026, to align with parent company UltraTech Cement's Mumbai base.
- Operational Outlook: Management confirmed that India Cements' financials will benefit from kiln upgrades scheduled for completion by March 2028, though this follows UltraTech's report of high fuel costs ($180/ton for pet coke) and a pivot to reduce pet coke usage to 25%.
- Market Performance: The stock closed at ₹348.85 on November 6, 2026, with a market cap of approximately ₹10,739 crore. It has gained +18.2% over the last month but faces long-term pressure, being down -20.0% YTD and -10.3% over the past year.
- Technical Signals: Daily technical indicators show a bullish Supertrend direction with resistance levels at ₹352.57 and ₹353.63, contrasting with bearish weekly and monthly trend signals.

- The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- THE INDIA CEMENTS LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- The India Cements Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- The India Cements Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting

### Official Filings

India Cements reported a consolidated net loss of ₹124.08 Crores for the half-year ended September 30, 2026, driven by impairment charges, despite standalone revenue of ₹4,484.69 Crores and a profit of ₹65.32 Crores. The company raised ₹200 Crores via Commercial Papers (CARE A1+ rated) while redeeming ₹100 Crores during the quarter. Management highlighted that upcoming kiln upgrades are expected to improve costs by March 2028. Concurrently, the Board approved shifting its registered office from Tamil Nadu to Maharashtra to align with parent UltraTech Cement’s Mumbai operations; this requires shareholder approval via postal ballot between October 28 and November 26, 2026. Significant legal risks persist, including a ₹120.34 Crore asset attachment and a ₹187.48 Crore Competition Commission of India penalty, both sub-judice.

- Halcyon FY27 H1 Performance: Consolidated net loss of ₹124.08 Crores due to impairment charges; Standalone net profit was ₹65.32 Crores on revenue of ₹4,484.69 Crores.
- Capital & Liquidity Actions: Issued ₹200 Crores in new Commercial Papers (CARE A1+ rated) and redeemed ₹100 Crores during Q2 FY27.
- Governance Shift Proposal: Board approved moving registered office to Maharashtra; postal ballot for Special Resolution open from Oct 28 to Nov 26, 2026.
- Legal Exposure: ₹120.34 Crore asset attachment and ₹187.48 Crore CCI penalty remain sub-judice.

- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDIACEM_31102026155705_SEsltrtodt31102026AdSplwindow.pdf)
- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.comINDIACEM_28102026114931_AllSEsPostalBallotNewspaperAd28102026.PDF)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261028_115720974.xml)
- [The India Cements Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026164518_SEsLetterEarningsCallTranscript19thOctober2026sd.pdf)
- [The India Cements Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026170014_ICEMSEsltr2026PostalBallotNoticesd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_293_WebXMLFile_20261027_175549624.xml)
- [The India Cements Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_19102026200647_SEsearningscalloutcome19102026sd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261019_201809397.xml)
- [The India Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026172846_SEltrdt17102026ICLUFR30092026sd.pdf)
- [The India Cements Limited has informed the Exchange about shifting of registered office of the Company. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026173815_SEsltrdt17102026ShiftingofRegisteredOfficesd.pdf)

### Fundamentals

India Cements (INDIACEM) has demonstrated a clear operational turnaround in the first half of FY2026-27, marked by sequential growth in revenue and profitability. Revenue from operations rose to ₹1,142 crore in Q2, while Net Profit increased to ₹38.8 crore, up from ₹26.9 crore in Q1. This follows a strong annual recovery where Operating Profit jumped to ₹395 crore in FY2026 from a loss of ₹350 crore in FY2025, driven by sales growth to ₹4,485 crore.

Financial health shows mixed signals. While liabilities decreased slightly to ₹3,564 crore as of September 2026, total borrowings have risen steadily, reaching ₹1,624 crore in Sep 2026, supported by a significant increase in Capital Work-in-Progress (CWIP) to ₹952 crore. Cash flow quality remains a concern; CFO/EBITDA turned negative (-5.0%) in Mar 2026, and Cash from Operating Activity remained negative (-₹27 crore). However, working capital efficiency improved, with Debtor Days falling sharply to 20 days in Mar 2026. Ownership concentration is high, with promoters holding 75% of shares as of Sep 2026.

The most critical checkpoint for the next period is whether the company can sustain operating margins and convert its growing asset base into positive cash flows, particularly given the rising interest costs (₹98 crore TTM) and increasing debt levels.

- Q2 FY2026-27 Revenue grew sequentially to ₹1,142 crore and Net Profit to ₹38.8 crore, following a full-year FY2026 Operating Profit recovery to ₹395 crore.
- Total Borrowings increased to ₹1,624 crore in Sep 2026, coinciding with CWIP rising to ₹952 crore, indicating ongoing capacity expansion funded by debt.
- Cash conversion weakened significantly, with CFO/EBITDA at -5.0% in Mar 2026 and Operating Cash Flow negative at -₹27 crore for the year.
- Working capital management improved markedly, with Debtor Days dropping to 20 days in Mar 2026 from 62 days in Mar 2025.

### Bear Case

India Cements presents a cautious technical setup as of November 6, 2026, characterized by significant underperformance and elevated volatility. The stock has declined 20.0% year-to-date and 13.0% over the past six months, with a one-year return of -10.3%. Current price action shows weakness, trading at ₹348.85, below key resistance levels at ₹352.57 and ₹353.63. While the daily trend remains bullish, the weekly and monthly trends are bearish, indicating broader medium-term pressure. The stock is currently in a deep drawdown of -27.1%, having experienced a maximum drawdown of -38.5%, highlighting substantial downside risk. High annualized volatility of 37.3% and an Average True Range (ATR) of 4.42% suggest that price swings remain wide and unpredictable. Investors should monitor whether the price can sustainably break above the immediate resistance cluster near ₹352–₹359 to reverse the negative momentum.

- Year-to-date decline of -20.0% and six-month loss of -13.0% indicate persistent downward pressure.
- Current price of ₹348.85 faces immediate resistance at ₹352.57 (1.07% above), limiting short-term upside.
- Weekly and monthly technical trends are bearish, contrasting with the daily bullish signal.
- Maximum drawdown of -38.5% and current drawdown of -27.1% reflect severe recent volatility.

- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDIACEM_31102026155705_SEsltrtodt31102026AdSplwindow.pdf)
- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.comINDIACEM_28102026114931_AllSEsPostalBallotNewspaperAd28102026.PDF)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261028_115720974.xml)
- [The India Cements Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026164518_SEsLetterEarningsCallTranscript19thOctober2026sd.pdf)
- [The India Cements Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026170014_ICEMSEsltr2026PostalBallotNoticesd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_293_WebXMLFile_20261027_175549624.xml)
- [The India Cements Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_19102026200647_SEsearningscalloutcome19102026sd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261019_201809397.xml)
- [The India Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026172846_SEltrdt17102026ICLUFR30092026sd.pdf)
- [The India Cements Limited has informed the Exchange about shifting of registered office of the Company. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026173815_SEsltrdt17102026ShiftingofRegisteredOfficesd.pdf)

### FAQs

**What is the status of India Cements' proposed relocation to Maharashtra?**

India Cements has issued a notice for a postal ballot seeking shareholder approval via special resolution to shift its registered office from Tamil Nadu to Maharashtra. The remote e-voting period runs from October 28, 2026, to November 26, 2026, with results expected by November 30, 2026. This move aims to align administrative operations with holding company UltraTech Cement's location in Mumbai following UltraTech's acquisition of a controlling stake during FY 2024-25.

**How are cost pressures affecting the cement sector and India Cements specifically?**

UltraTech Cement reported that pet coke prices reached $180 per ton due to West Asia geopolitical tensions, prompting a strategic shift to reduce pet coke dependence to 25% of the fuel mix. For India Cements, management confirmed that financials will reflect cost improvements resulting from upcoming kiln upgrades scheduled for completion by March 2028.

**What are the key technical levels and recent performance metrics for INDIACEM?**

As of November 6, 2026, the stock closed at ₹348.85 with a market capitalization of approximately ₹10,739 crores. Daily trend indicators show a bullish super-trend direction, while monthly and weekly trends remain bearish. Key resistance levels are noted at ₹352.57 and ₹353.63, with support at ₹344.93 and ₹343.82. The stock has experienced a year-to-date return of -20.0% and a current drawdown of -27.1%.

- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/INDIACEM_31102026155705_SEsltrtodt31102026AdSplwindow.pdf)
- [The India Cements Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.comINDIACEM_28102026114931_AllSEsPostalBallotNewspaperAd28102026.PDF)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261028_115720974.xml)
- [The India Cements Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026164518_SEsLetterEarningsCallTranscript19thOctober2026sd.pdf)
- [The India Cements Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026170014_ICEMSEsltr2026PostalBallotNoticesd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_293_WebXMLFile_20261027_175549624.xml)
- [The India Cements Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_19102026200647_SEsearningscalloutcome19102026sd.pdf)
- [THE INDIA CEMENTS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261019_201809397.xml)
- [The India Cements Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026172846_SEltrdt17102026ICLUFR30092026sd.pdf)
- [The India Cements Limited has informed the Exchange about shifting of registered office of the Company. |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026173815_SEsltrdt17102026ShiftingofRegisteredOfficesd.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹343.82
- Risk regime: Price Risk Requires Attention

### Support levels
- 344.925
- 310
- 297.55

### Resistance levels
- 352.56562499999995
- 359.5375
- 381.2625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.66% |
| return_10 | +10.47% |
| return_1m | +18.15% |
| return_1y | -10.32% |
| return_20 | +18.41% |
| return_3m | -11.25% |
| return_5 | +11.78% |
| return_6m | -12.99% |
| return_since_start | -7.55% |
| return_ytd | -20.00% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -38.49% |
| annualized_volatility | +37.35% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# The India Cements Limited Q2 FY2026-27: Revenue rises 12% QoQ

The India Cements’ consolidated revenue from operations increased 12% quarter on quarter to ₹1,142 crore in Q2 FY2026-27, while profit for the period rose 45% to ₹38.8 crore. Profit before tax climbed to ₹52.3 crore from ₹35.8 crore in Q1, even as profit before exceptional items and tax declined from ₹61.1 crore. Expenses grew faster than revenue, and capital work in progress and borrowings were higher at the September quarter-end.

## Revenue and expenses

Revenue from operations increased from ₹1,019 crore in Q1 FY2026-27 and was 2.2% above the ₹1,117 crore reported in Q2 FY2025-26. Total expenses rose 13.7% quarter on quarter to ₹1,093 crore, outpacing revenue growth. Costs included ₹326 crore for materials consumed, ₹45 crore in employee benefits and ₹71.6 crore in depreciation, depletion and amortisation. Finance costs eased to ₹24.1 crore from ₹26.2 crore in Q1.

## Profitability and earnings

Profit before tax rose 46% quarter on quarter to ₹52.3 crore. However, profit before exceptional items and tax fell 14% from ₹61.1 crore in Q1 to ₹52.3 crore. Profit for the period increased 44.6% to ₹38.8 crore from ₹26.9 crore, while tax expense rose to ₹13.5 crore from ₹9.0 crore.

Basic and diluted earnings per share were ₹1.25, compared with ₹0.87 in Q1 FY2026-27 and ₹0.28 in Q2 FY2025-26. The year-on-year increase came against profit of ₹8.8 crore in the prior-year quarter.

## Investment and balance sheet

Capital work in progress rose to ₹951.6 crore at 30 September 2026, from ₹344.2 crore at 31 March 2026 and ₹213.6 crore at 30 September 2025. Property, plant and equipment stood at ₹11,034.7 crore, down from ₹11,290.0 crore a year earlier.

Current borrowings were ₹564.2 crore at 30 September 2026, up from ₹356.9 crore at 30 September 2025; noncurrent borrowings were ₹1,059.4 crore. Cash and cash equivalents were ₹8.2 crore. Inventories stood at ₹714.6 crore, compared with ₹622.9 crore a year earlier, while trade receivables declined to ₹138.6 crore from ₹462.5 crore. Equity attributable to owners of the parent increased to ₹10,189.2 crore from ₹10,073.0 crore.

## Management Commentary

Management reported domestic cement volume of 2.83 MTPA in Q2 FY2026-27, up 16.2% year on year, and EBITDA of ₹148 crore, up 34% year on year, attributing the increase to operational efficiencies and higher capacity utilisation. The company has approved ₹2,000 crore of investment for capacity and efficiency upgrades, with ₹1,728 crore committed through September 2026. Management expects cement capacity to increase from 14.45 MTPA to 17.55 MTPA by FY28. The investment programme provides context for the increase in capital work in progress.

## Key Takeaway

Q2 delivered sequential growth in revenue, profit before tax and profit for the period, but profit before exceptional items and tax declined from Q1 as expenses rose faster than revenue. The sharp rise in capital work in progress alongside higher borrowings and low cash balances makes execution of the capacity programme and funding needs important balance-sheet developments to monitor.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +75.00%
- FII holding: +3.39%
- DII holding: +12.60%
- Mutual fund holding: +9.40%
- Retail holding: +7.01%
- Promoter pledged: +0.00%

### Major reported shareholders

- UltraTech Cement Limited — +75.00% (Bodies Corporate)
- KOTAK LARGE & MIDCAP FUND and KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MULTICAP FUND — +4.12%
- FRANKLIN INDIA SMALL CAP FUND — +1.39%
- SBI MIDCAP FUND — +1.15%
- FIIs — +0.01% (Other)

## Official filings

- 2026-10-31 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_31102026155705_SEsltrtodt31102026AdSplwindow.pdf)
- 2026-10-28 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.comINDIACEM_28102026114931_AllSEsPostalBallotNewspaperAd28102026.PDF)
- 2026-10-28 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261028_115720974.xml)
- 2026-10-27 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026164518_SEsLetterEarningsCallTranscript19thOctober2026sd.pdf)
- 2026-10-27 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_27102026170014_ICEMSEsltr2026PostalBallotNoticesd.pdf)
- 2026-10-27 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_293_WebXMLFile_20261027_175549624.xml)
- 2026-10-19 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_19102026200647_SEsearningscalloutcome19102026sd.pdf)
- 2026-10-19 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261019_201809397.xml)
- 2026-10-17 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026172846_SEltrdt17102026ICLUFR30092026sd.pdf)
- 2026-10-17 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026173815_SEsltrdt17102026ShiftingofRegisteredOfficesd.pdf)
- 2026-10-17 — Earnings Presentation: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_17102026174545_SEsltrdt17102026InvestorPresentationsd.pdf)
- 2026-10-17 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/INDIACEM_17102026174703_SEltrdt17102026ICLUFR30092026sd.pdf)
- 2026-10-17 — Financial Results Filing: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740981_17102026071130_WEB.xml)
- 2026-10-17 — Financial Results Filing: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1740980_17102026071030_WEB.xml)
- 2026-10-17 — Financial Results Filing: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1741012_17102026090301_WEB.xml)
- 2026-10-15 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_15102026173542_SEsltr15102026Reg30Acquisitionsd.pdf)
- 2026-10-15 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_293_WebXMLFile_20261015_182449889.xml)
- 2026-10-14 — Shareholding Disclosure: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1737848_14102026044821_WEB.xml)
- 2026-10-12 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_12102026175237_SEsltr12102026Postalballotresults.pdf)
- 2026-10-12 — Regulatory Filing: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1736328_12102026060327_WEB.xml)
- 2026-10-06 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_06102026153904_SEsltrdt74530092026sd.pdf)
- 2026-10-01 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/INDIACEM_01102026121941_ICLltrdt01102026CommercialPaperEndUseCertificatesd.pdf)
- 2026-10-01 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/INDIACEM_01102026172051_ICLEarningsCall30092026sd.pdf)
- 2026-10-01 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_293_WebXMLFile_20261001_173411692.xml)
- 2026-09-23 — Generic Announcement: The India Cements Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/INDIACEM_23092026165507_ICLRedemptionlettersd.pdf)

## News and market events

- 2026-10-21 — Mint: **India Cements share price jumps 8%| A trend reversal or just a relief rally? Experts weigh in; check key levels to watch** — India Cements shares rose nearly 8% after the company announced plans to invest over ₹20 cr for a 3.62% stake in Zenataris Renewable Energy. The project will supply 11 MW of renewable power to its cement plants. The move follows sharply higher quarterly profit and a 16.2% increase in sales volume. — [Source](https://www.livemint.com/market/stock-market-news/india-cements-share-price-jumps-8-a-trend-reversal-or-just-a-relief-rally-experts-weigh-in-check-key-levels-to-watch-11792565048115.html)
- 2026-10-19 — CNBC-TV18: **India Cements shares decline 4% even as Q2 results improve; UltraTech commentary awaited** — India Cements volumes were up 16.2% at 2.83 MT from 2.44 MT. Its volumes also increased 10% sequentially, reflecting improved demand trends in the South and asset ramp up. — [Source](https://www.cnbctv18.com/market/india-cements-share-price-q2-results-pat-ebitda-revenue-margin-realisations-capacity-addition-20014416.htm)
- 2026-10-17 — CNBC-TV18: **India Cements Q2 Results: Operational gains aid multi-fold profit growth, EBITDA jumps 78%** — India Cements, a subsidiary of UltraTech Cement, reported a sharp rise in second-quarter profit as operational efficiencies and higher capacity utilisation boosted earnings. — [Source](https://www.cnbctv18.com/market/earnings/india-cements-q2-results-operational-gains-aid-multi-fold-profit-growth-ebitda-jumps-78-pc-20014228.htm)
- 2026-09-15 — BUSINESS: **Buzzing stocks: RIL, SBI Life, ICICI Lombard, Shree Cement hit 52-wk lows** — ACC, Ambuja Cements, India Cements and Shree Cement from the cement sector hit their respective 52-week lows. — [Source](https://www.business-standard.com/markets/news/buzzing-stocks-ril-sbi-life-icici-lombard-shree-cement-hit-52-wk-lows-126091500407_1.html)
- 2026-09-02 — Mint: **Top stocks to watch tomorrow: Reason why these shares are in focus for Thursday's trading session | Full list** — Indian investors will focus on RBL Bank, Power Grid, Paisalo Digital, NHPC, ICICI Bank, India Cements, and Meesho after recent announcements. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-tomorrow-reason-why-these-shares-are-in-focus-for-thursdays-trading-session-full-list-11788362646192.html)

## Business profile

**Strategic vision:** Manufactures and markets cement and related products in India.

### Business segments
- **Cement Production:** The company produces various grades of Portland cement, including Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC).
- **Allied Materials:** The business supplies ready-mix concrete (RMC) and aggregates to support regional construction and infrastructure projects.

### Competitive strengths
- Operational footprint in Southern India

## Related stocks

- [JSW Cement Limited (Building Materials)](https://faxioms.com/stocks/jswcement) — +0.72%
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- [Kajaria Ceramics Limited (Building Materials)](https://faxioms.com/stocks/kajariacer) — -2.06%
- [Nuvoco Vistas Corporation Limited (Building Materials)](https://faxioms.com/stocks/nuvoco) — -1.36%
- [The Ramco Cements Limited (Building Materials)](https://faxioms.com/stocks/ramcocem) — +0.30%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/indiacem
Markdown representation: https://faxioms.com/stocks/indiacem?render=md