Operational and Financial Performance

FY26 Financial Highlights (Year ended 31-Mar-26):

  • Revenue: ₹23,296 million, up 8.4% YoY (from ₹21,489 million in FY25)
  • EBITDA: ₹2,869 million, up 19.8% YoY (from ₹2,394 million)
  • EBITDA per tonne: ₹584, up 10.2% YoY (from ₹530)
  • EBITDA margin: 12.3% of revenue, up 117 bps YoY (from 11.1%)
  • Profit After Tax: ₹1,340 million, up 25.5% YoY (from ₹1,068 million)
  • PAT margin: 5.8% of revenue, up 78 bps YoY (from 5.0%)
  • Sales volume: 4,912 KT, up 8.8% YoY (from 4,515 KT)
  • Realization: ₹4,743 per tonne, down 0.3% YoY (from ₹4,759)
  • Total cost: ₹4,159 per tonne, down 1.7% YoY (from ₹4,229)

Q4 FY26 Financial Highlights (Quarter ended 31-Mar-26):

  • Revenue: ₹6,462 million, up 5.5% YoY (from ₹6,125 million)
  • EBITDA: ₹879 million, down 3.0% YoY (from ₹906 million)
  • EBITDA per tonne: ₹649, down 10.0% YoY (from ₹722)
  • EBITDA margin: 13.6% of revenue, down 120 bps YoY (from 14.8%)
  • Profit After Tax: ₹452 million, down 10.4% YoY (from ₹504 million)
  • PAT margin: 7.0% of revenue, down 124 bps YoY (from 8.2%)
  • Sales volume: 1,354 KT, up 7.8% YoY (from 1,256 KT)
  • Realization: ₹4,772 per tonne, down 2.1% YoY (from ₹4,876)
  • Total cost: ₹4,123 per tonne, down 0.8% YoY (from ₹4,155)

Other Financial Items:

  • Depreciation/amortization: ₹1,090 million for FY26 (₹1,098 million in FY25)
  • Other income: ₹317 million for FY26 (down 30.3% from ₹455 million in FY25)
  • Interest and financial charges: ₹178 million for FY26 (down 39.4% from ₹293 million)
  • Exceptional items: ₹80 million for FY26 (not present in FY25)
  • Tax expenses: ₹498 million for FY26 (up 27.4% from ₹391 million)

Balance Sheet and Capital Structure

As of 31-Mar-26:

  • Total assets: ₹24,382.5 million
  • Non-current assets: ₹13,772.2 million (including Property, plant and equipment: ₹12,128.6 million)
  • Current assets: ₹14,959.3 million (including Inventories: ₹3,591.0 million; Cash and cash equivalents: ₹4,674.9 million; Other Bank Balances: ₹3,403.5 million)
  • Total equity: ₹13,718.5 million
  • Non-current liabilities: ₹2,125.4 million
  • Current liabilities: ₹8,538.6 million
  • The company is completely debt free after repaying an interest-free loan of ₹687 million
  • Cash and bank balance: ₹4,037 million
  • Company continues to operate on negative net operating working capital

Strategic and Operational Updates

  • Continue to produce mostly blended cement
  • Alternate fuel usage increased to 11%, +3% year-on-year
  • Share of non-grid power exceeded 50%
  • Company declared as the Preferred Bidder for grant of 2 Mining Leases in Madhya Pradesh
  • Board recommended a Dividend of ₹7 per share

Outlook and Commentary

  • Upcoming elections in Uttar Pradesh expected to provide impetus to cement demand in Central India
  • Geopolitical developments, particularly the ongoing West Asia conflict, continue to create uncertainty in global markets and commodity prices
  • Elevated headline inflation and currency depreciation remains a concern
  • Tailwind from decrease in GST rate from 28% to 18% on cement by the Government during FY26
  • El Niño may pose potential risk to agricultural output, rural demand and food inflation
  • With increase in input prices, company will try to pass on the same to customers