INDIACEM · Construction Materials
India Cements Ltd. reported revenue of ₹1,229 cr for January to March 2026, +2.6% on the year and +10.3% on the quarter. Over the last four quarters revenue comes to ₹4,485 cr, +7.1% on the four before.
Operating profit (EBITDA) was ₹153 cr, a margin of 12.4%, +1,262 bps on the year and +536 bps on the quarter. It is the widest margin of the last 8 quarters (range −20.2% to 12.4%).
Net profit was ₹60.0 cr, +233.3% on the year and — on the quarter, with earnings per share of ₹1.92.
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.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Headline vs core 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 ₹1,229 cr (+2.6% on the year) and net profit of ₹60.0 cr (+233.3% on the year) for January to March 2026.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.