NCL Industries Limited submitted an investor presentation for the quarter and half year ended September 30, 2026 to the stock exchanges in connection with their earnings conference call. The document provides comprehensive financial and operational performance details.

Company Overview

NCL Industries has evolved from a regional cement manufacturer into a diversified building materials company since its establishment in 1979. The company operates as an integrated building materials platform spanning cement, ready-mix concrete, cement-bonded particle boards, and renewable energy. The cement business remains the core operation with 3 manufacturing plants having combined capacity of 4 MTPA, marketed under the "Nagarjuna Cement" brand across Southern India. The company is India's only cement particle board manufacturer with 3 plants producing under the "Bison Panel" brand with 90,000 TPA capacity. The RMC network comprises 10 plants serving Hyderabad and Vishakhapatnam markets. Renewable energy capabilities include 15.75 MW of hydro power capacity, 18.3 MW of solar agreements, and 8 MW of Waste Heat Recovery.

Board and Management

The board includes Ms. Renu Challu (Chairperson & Independent Director), Mr. K. Ravi (Vice Chairman & Managing Director), Mr. Polam Rajagopal Reddy (Independent Director), Mr. SK Subramanian (Independent Director), Dr. A S Durga Prasad (Independent Director), Mrs. Pooja Kalidindi (Non Executive Director), Mrs. Roopa Bhupatiraju (Director), Mr. K. Gautam (Non Executive Director), Mr. N.G.V.S.G. Prasad (Executive Director & CFO), and Mr. Utkal Goradia (Executive Director). Key management personnel include Mr. S. Chakradhar (Sr. President) and M Divya Bharathi (Company Secretary & Compliance Officer).

Q2 FY27 Financial Performance

  • Revenue from Operations: ₹3,859 Mn, up 12.0% YoY and 12.3% QoQ
  • EBITDA: ₹372 Mn, down 26.3% YoY and 6.1% QoQ
  • EBITDA Margin: 9.64%, down 502 bps YoY and 189 bps QoQ
  • PAT: ₹200 Mn, up 0.5% YoY and 14.9% QoQ
  • PAT Margin: 5.18%, down 60 bps YoY but up 12 bps QoQ
  • Basic & Diluted EPS: ₹4.41 per share
  • Exceptional Items: ₹49 Mn expense in Q2 FY27 compared to ₹98 Mn income in Q2 FY26

H1 FY27 Financial Performance

  • Revenue from Operations: ₹7,295 Mn, up 7.3% YoY
  • EBITDA: ₹768 Mn, down 25.0% YoY
  • EBITDA Margin: 10.53%, down 453 bps YoY
  • PAT: ₹373 Mn, down 7.2% YoY
  • PAT Margin: 5.11%, down 80 bps YoY
  • Basic & Diluted EPS: ₹8.26 per share

Operational Highlights Q2 FY27 vs Q1 FY27

  • Cement sales volume increased by 1.07 lakh MT
  • Bison Panel sales volume increased by 830 MT
  • RMC sales volume increased by 4,880 cubic metres
  • Boards EBITDA improved primarily driven by higher sales volumes
  • RMC EBITDA increased supported by higher sales volumes
  • Energy EBITDA improved mainly due to power generation during Q2 FY27
  • Cement EBITDA per MT declined by ₹124, owing to ₹4 per bag reduction in net selling price and higher power and fuel costs

Operational Highlights H1 FY27 vs H1 FY26

  • Cement sales volume increased by 1.96 lakh MT
  • Bison Panel sales volume increased by 1,571 MT
  • RMC sales volume declined by 25,292 cubic metres
  • Boards EBITDA improved due to higher sales volumes and savings in salaries and other overhead expenses
  • Cement EBITDA per MT declined by ₹346, mainly due to ₹5 per bag reduction in net selling price and higher power, fuel and packing material costs
  • Energy EBITDA declined primarily due to lower power generation

Historical Financial Performance

FY24-FY26 performance shows:

  • Revenue: ₹16,434 Mn (FY24), ₹13,621 Mn (FY25), ₹14,221 Mn (FY26)
  • EBITDA: ₹2,068 Mn (FY24), ₹1,193 Mn (FY25), ₹1,900 Mn (FY26)
  • PAT: ₹932 Mn (FY24), ₹252 Mn (FY25), ₹954 Mn (FY26)

Balance Sheet Position (H1-FY27)

  • Total Assets: ₹16,203 Mn
  • Property, Plant & Equipment (Net): ₹11,018 Mn
  • Inventories: ₹1,421 Mn
  • Trade Receivables: ₹1,522 Mn
  • Cash & Bank Balances: ₹220 Mn
  • Total Equity: ₹9,685 Mn
  • Long-term Borrowings: ₹1,452 Mn
  • Short-term Borrowings: ₹1,093 Mn
  • Debt to Equity: 12.26%
  • ROCE: Not specified for current period

Strategic Initiatives

The company is planning a 130 MW solar and wind project in Tamil Nadu with total capex of ₹987 crore, targeted for commissioning by FY28. This renewable energy expansion aims to support the core cement business's long-term power requirements and reduce dependence on external power sources.

Market Data (As on 30th September 2026)

  • Face Value: ₹10
  • Market Price: ₹174.15
  • 52 Week H/L: ₹213.85/₹147.65
  • Market Cap: ₹7,877 Mn
  • Equity Shares Outstanding: 45.23 Mn
  • 1 Year Avg. trading volume: 80,000 shares
  • Promoter Holding: 42.49%
  • FII & DII Holding: 3.42%

Credit Rating

The company maintains CRISIL A / Stable, A1 credit rating.

Note: This presentation contains forward-looking statements and disclaimers regarding the accuracy and completeness of information. The company advises against placing undue reliance on forward-looking statements.