INDIACEM · Construction Materials
India Cements Ltd. reported revenue of ₹1,117 cr for July to September 2025, +9.3% on the year and +9.0% on the quarter. Over the last four quarters revenue comes to ₹4,280 cr, −2.7% on the four before.
Operating profit (EBITDA) was ₹81.0 cr, a margin of 7.3%, +2,320 bps on the year and −85 bps on the quarter. Over the last 8 quarters the margin has ranged from −20.2% to 8.1%, averaging −2.0%.
The company swung to a net profit of ₹9.0 cr from a loss of ₹339 cr a year earlier, with earnings per share of ₹0.28.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹0.41 over the last four quarters, the stock at ₹341.40 trades at 832.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,113 cr | ₹1,236 cr | ₹1,027 cr | ₹1,022 cr | ₹940 cr | ₹1,198 cr | ₹1,025 cr | ₹1,117 cr | ₹1,114 cr | ₹1,229 cr | ₹1,019 cr | ₹1,142 cr |
| YoY | — | — | −29% | −19% | −16% | −3% | −0% | +9% | +19% | +3% | −1% | +2% |
| EBITDA margin | 4.1% | 3.0% | −2.4% | −15.9% | −20.2% | −0.2% | 8.1% | 7.3% | 7.1% | 12.4% | 15.3% | 12.6% |
| Other income, % of PBT | — | — | 275% | — | 514% | — | — | 575% | — | 22% | −61% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 23% | — | — | — | — | — | — | 13% | 25% | 26% |
| Net profit | ₹1.0 cr | −₹61.0 cr | ₹58.0 cr | −₹339 cr | ₹119 cr | ₹18.0 cr | −₹133 cr | ₹9.0 cr | −₹3.0 cr | ₹60.0 cr | ₹27.0 cr | ₹39.0 cr |
| YoY | — | — | — | — | +11,800% | — | −329% | — | −103% | +233% | — | +333% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | ₹0.02 | −₹1.95 | ₹1.89 | −₹10.94 | ₹3.95 | ₹0.47 | −₹4.29 | ₹0.28 | −₹0.09 | ₹1.92 | ₹0.87 | ₹1.25 |
| Flags | · | · | 1 | 1 | 3 | 1 | 1 | 1 | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
India Cements Ltd. reported revenue of ₹1,117 cr (+9.3% on the year) and net profit of ₹9.0 cr (— on the year) for July to September 2025.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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