Company Overview

NCL Industries Limited presents its August 2026 investor presentation detailing the company's integrated building materials platform. Established in 1979 by Late Shri K. Ramachandra Raju, the company has evolved over four decades from a regional cement manufacturer into a diversified building materials company.

Business Segments

Cement Division

  • Operates 3 manufacturing plants with combined capacity of 4 MTPA
  • Products marketed under flagship "Nagarjuna Cement" brand across Southern India
  • Offers diversified portfolio including OPC 43 & 53 Grade, PPC, and specialty cement including IRS Grade 53S, Visistha Premium PPC and SteelKrete
  • Supported by 2,400+ dealer network and over four decades of industry experience
  • Strong track record in large infrastructure projects including being major supplier to Polavaram Irrigation Project
  • Integrated operating structure with 2.6 MTPA clinker capacity, captive limestone resources, and own renewable power generation meeting around 30% of cement division's power requirements
  • Cement division represents 83% of company revenue

Ready-Mix Concrete (RMC) Division

  • Operates under Nagarjuna RMC brand with 7% of company revenue
  • 10 RMC plants strategically located (6 in Hyderabad, 4 in Visakhapatnam)
  • 60 Cu.M./hr production capacity per plant
  • Serves residential, commercial and infrastructure requirements across Hyderabad and Vishakhapatnam markets
  • Uses Nagarjuna Cement, premium aggregates and branded admixtures
  • Automated batching and in-house quality control systems ensure compliance with IS/BIS standards

Cement Bonded Particle Boards

  • Flagship "Bison Panel" brand - India's only domestically manufactured CBPB
  • Installed manufacturing capacity of 90,000 TPA across 3 plants
  • Pioneered CBPB category in India through 1992 technology collaboration with Bison Werke, Germany
  • ~30-year market presence with strong brand recall
  • Plants located at: Suryapet, Telangana (30,000 MT capacity), Paonta Sahib, Himachal Pradesh (30,000 MT capacity), and Suryapet Unit III (30,000 MT capacity)
  • Product applications include false ceilings, internal partitions, wall cladding, flooring, kitchen platforms, doors, furniture, prefabricated structures, and acoustic/noise barriers
  • Product portfolio includes Standard CBPB, Designer Board, Laminated Board, and Designer Plank

Green Energy Division

  • Diversified power portfolio comprising hydro, solar and waste heat recovery systems
  • Hydro power: 15.75 MW capacity across two mini-hydel projects (7.5 MW at Srisailam, 8.25 MW at Tungabhadra Dam)
  • Solar power: 12.54 MW capacity
  • Waste heat recovery: 8 MW capacity
  • 75-80% of power generation utilized for captive consumption
  • Renewable energy expansion planned through 130 MW solar and wind project in Tamil Nadu
  • Total capex of INR 910-920 crore for renewable expansion
  • Project to be implemented in phases by FY28, with 50 MW planned under Phase I
  • Surplus power sold under Power Purchase Agreements providing additional revenue stream

Board of Directors

  • Ms. Renu Challu: Chairperson & Independent Director - Postgraduate in Economics, Associate of Indian Institute of Bankers, over four decades experience in banking and financial services, former Deputy Managing Director of SBI, Managing Director of State Bank of Hyderabad, President & CEO of SBI Capital Markets
  • Mr. K. Ravi: Vice Chairman & Managing Director - Promoter and second-generation member of NCL Group, over four decades experience in cement and building materials industry
  • Mr. Polam Rajagopal Reddy: Independent Director - Postgraduate in Chemistry with MBA, over 35 years experience across finance, materials management and power sector, former Director (Finance) of Andhra Pradesh Central Power Distribution Company, Member of Andhra Pradesh Electricity Regulatory Commission
  • Mr. SK Subramanian: Independent Director - Chartered Accountant and postgraduate in Science, over 45 years experience across finance, accounts, purchase, materials management, and general management, held senior leadership positions across Tata Group
  • Dr. A S Durga Prasad: Independent Director - Fellow Member of ICMAI and PhD holder, over four decades experience in cost and management accounting, financial management and corporate governance
  • Mrs. Pooja Kalidindi: Non Executive Director - Graduate in Commerce, PGDPM with specialization in Finance and Marketing, Management Development Programme from IIM Kozhikode, Executive Director of NCL Buildtek Limited
  • Mrs. Roopa Bhupatiraju: Director - MBA in Marketing & Entrepreneurship, Master's in Marketing Communications from Illinois Institute of Technology, USA, oversees Cement Marketing, Operations, HR and Branding
  • Mr. K. Gautam: Non Executive Director - BBM (Hons) from ICFAI Hyderabad, M.Sc. in Entrepreneurship & Business Management from University of Bedfordshire, UK, over 17 years association with company
  • Mr. N.G.V.S.G. Prasad: Executive Director & CFO - Graduate in Commerce from Nagarjuna University, Fellow Member of ICAI, over 30 years experience in Finance & Accounts within NCL Group
  • Mr. Utkal Goradia: Executive Director - Associated since 2006, appointed Executive Director in September 2022, Executive Education Programme from IIM Bangalore, oversees RMC and Purchase functions
  • Mr. S. Chakradhar: Sr. President - Bachelor's degree in Mechanical Engineering from Gulbarga University, responsible for cement manufacturing units at Mattapally and Kondapalli
  • Mr. PVP Murthy Raju: Vice President - Bachelor's degree in Civil Engineering from Andhra University, oversees RMC Division
  • M Divya Bharathi: Company Secretary & Compliance Officer - Company Secretary with 16+ years experience, Associate Member of ICSI, LL.M. in Corporate Laws

Awards and Accolades

  • Lifetime Achievement Award for Mr. K. Ravi
  • Certificate of Appreciation from Bureau of Indian Standards
  • Ranked 171 out of top 500 midsize marvels in India by Fortune India Magazine March 2021
  • Excellence in Corporate Social Responsibility by FTCCI - 2022
  • 5th Indian Cement Review Award 2021 Excellence in Employee Welfare Initiatives
  • Excellence in Employee Welfare Initiatives by FTCCI 2022-23
  • Best Women Entrepreneur Award 2024 by HMTV for Mrs. Roopa Bhupatiraju
  • Third Fastest Growing Cement Company in Small Category at 8th Indian Cement Review Awards

Financial Performance

Consolidated Income Statement (INR Millions)

| Particulars | FY24 | FY25 | FY26 |

| Revenue from Operations | 16,434 | 13,621 | 14,221 |

| EBITDA | 2,067 | 1,193 | 1,900 |

| EBITDA Margins (%) | 12.58% | 8.76% | 13.36% |

| Depreciation | 561 | 541 | 555 |

| Finance Cost | 230 | 199 | 190 |

| Other Income | 190 | 212 | 315 |

| PBT Before Exceptional Items | 1,467 | 665 | 1,470 |

| Exceptional Items | - | 101 | 97 |

| PBT | 1,467 | 564 | 1,373 |

| Taxes | 535 | 223 | 135 |

| PAT from Continuing Operations | 932 | 341 | 1,238 |

| Profit / (Loss) from Discontinued Operations | - | (89) | (284) |

| PAT | 932 | 252 | 954 |

| PAT Margins (%) | 5.67% | 1.85% | 6.71% |

| Other Comprehensive Income | (4) | (2) | 24 |

| Total Comprehensive Income | 928 | 250 | 978 |

| Diluted EPS (INR per share) | 20.5 | 5.52 | 21.09 |

Consolidated Balance Sheet (INR Millions)

| Assets | FY24 | FY25 | FY26 |

| Property, Plant & Equipment (Net) | 9,902 | 9,393 | 11,088 |

| Capital Work-in-Progress | 386 | 1,483 | 23 |

| Right-of-Use Assets | - | 34 | 26 |

| Goodwill | 100 | 100 | 100 |

| Investments | 44 | 42 | - |

| Other Non-Current Assets | 543 | 682 | 815 |

| Total Non-Current Assets | 10,976 | 11,735 | 12,053 |

| Inventories | 1,770 | 2,481 | 1,481 |

| Trade Receivables | 1,426 | 1,358 | 1,183 |

| Cash & Bank Balances | 539 | 216 | 101 |

| Other Current Assets | 679 | 559 | 607 |

| Assets Held for Sale | - | - | 318 |

| Total Current Assets | 4,414 | 4,613 | 3,690 |

| Total Assets | 15,390 | 16,348 | 15,743 |

| Liabilities & Equity | FY24 | FY25 | FY26 |

| Equity Share Capital | 452 | 452 | 452 |

| Other Equity | 8,039 | 8,130 | 8,950 |

| Total Equity | 8,491 | 8,582 | 9,402 |

| Long-term Borrowings | 1,459 | 1,467 | 1,493 |

| Lease Liabilities (Non-current) | - | 23 | 22 |

| Deferred Tax Liabilities | 1,268 | 1,310 | 1,117 |

| Other Non-Current Liabilities | 906 | 922 | 716 |

| Total Non-Current Liabilities | 3,633 | 3,723 | 3,349 |

| Short-term Borrowings | 721 | 1,022 | 872 |

| Lease Liabilities (Current) | - | 13 | 7 |

| Trade Payables | 896 | 1,515 | 629 |

| Other Current Liabilities | 1,649 | 1,494 | 1,484 |

| Total Current Liabilities | 3,266 | 4,043 | 2,992 |

| Total Equity & Liabilities | 15,390 | 16,348 | 15,743 |

Key Financial Metrics

  • Debt to Equity: Improved trend over FY24-FY26
  • ROCE: Improved performance
  • Working Capital Days: Managed efficiently

Capital Market Data

  • Market Price: INR 192.6
  • 52 Week High/Low: INR 239.2 / INR 147.7
  • Market Capitalization: INR 8,710 million
  • Equity Shares Outstanding: 45.23 million
  • 1 Year Average Trading Volume: 99,000 shares
  • Shareholding Pattern: Promoters 41.67%, Others 54.85%, FII & DII 3.48%

Industry Overview

Cement Industry

  • India is world's second-largest cement producer and consumer accounting for more than 7% of global installed capacity
  • Consumption stood at 510 MMT in FY26 expected to reach 670 MMT by 2030
  • Industry investing heavily in new capacity to meet rising demand
  • Government housing schemes like PMAY, 10% increase in central infrastructure spending, and 11% higher state budget allocations sustaining momentum
  • Union Budget 2026-27 allocated record INR 12.2 lakh crore towards capex for roads, railways, logistics, urban infrastructure and industrial corridors
  • Top cement producers investing approximately INR 1,20,000 crore in capital expenditure between FY26 and FY28

Renewable Energy Industry

  • India targets 500 GW of non-fossil fuel capacity by 2030
  • Solar accounts for largest share of India's renewable capacity
  • Wind capacity crossed 57 GW with target of 100 GW by 2030
  • Estimated US$190-215 billion investment required in renewable energy to achieve 500 GW target
  • Additional US$150-170 billion required for transmission and storage by 2030
  • MNRE allocation under Union Budget 2026-27 increased to INR 44,615 crore, up 40.5% YoY

Strategic Initiatives

Backward Integration

  • Control over major cost drivers creating cost savings and margin protection
  • Integrated operating structure with captive resources

Renewable Power Expansion

  • 130 MW hybrid Solar + Wind project with total capex of INR 919 crore
  • Project to be implemented in phases by FY28
  • 50 MW Phase I targeted for commissioning
  • Strategic rationale includes reducing dependence on external power sources, long-term cost advantage, and strengthening sustainability profile

Disclaimer

The presentation contains forward-looking statements based on management's beliefs and assumptions. The company disclaims any obligation to update these statements to reflect future events or developments. Valorem Advisors serves as Independent Investor Relations Management Service company and certifies that its directors or employees do not own any stock in the company.