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Informist, Thursday, Jul. 16, 2026

By Shrestha Paul

MUMBAI – India Cements Ltd. is expected to post a sharp turnaround in profitability in the June quarter on the back of a delayed monsoon and a favourable base in North India as last year's sales were hit by the India-Pakistan war. The company's net sales are expected to rise on year due to an increase in volumes, according to brokerages tracking the company.

India Cements is estimated to report a net profit in the range of INR 100 million to INR 552 million for the June quarter, according to estimates from three brokerages. This will be a turnaround from the loss of INR 137.6 million for the year-ago quarter, but sharply lower than the net profit of INR 752.4 million the company had reported for the March quarter.

The company's net sales are expected to be in the range of INR 10.0 billion to INR 11.94 billion for the June quarter, according to the estimates. The company had reported net sales of INR 10.25 billion for the year-ago quarter and INR 12.29 billion for the March quarter.

The highest estimate for the company's June quarter net profit is INR 552 million from Elara Securities (India) Pvt. Ltd. and the lowest estimate is INR 100 million from Motilal Oswal Financial Services Ltd. The highest estimate for net sales is INR 11.94 billion from Philip Capital (India) Ltd. and the lowest is INR 10 billion from Motilal Oswal.

The cement industry is expected to report 6-7% on year growth in volumes in the June quarter, according to brokerages. Motilal Oswal expects India Cements to post volume growth of 35% on year, sharply higher than the industry.

June quarter realisations for the cement industry are likely to improve by up to 4% on quarter, according to Elara Securities. India Cements is expected to report an on-quarter growth of 3% in realisations.

Cement demand in the June quarter was supported by large infrastructure and institutional projects such as warehousing, industrial capital expenditure, urban development, among others, Motilal Oswal said. Trade demand from tier-3 and tier-4 cities, and from rural markets remained relatively modest. The average price increase in the industry was about 4% on quarter, Motilal Oswal added. This was on the back of a sharp increase in fuel costs, for both coal and pet coke, in the range of 26% to 43% on year in the June quarter, mainly caused by the war in West Asia.

India Cements' earnings before interest, tax, depreciation, and amortisation for the June quarter are expected to be in the range of INR 1.1 billion and INR 1.5 billion for the June quarter, according to the estimates. The highest estimate for EBITDA is INR 1.52 billion from Elara Securities and the lowest estimate is INR 1.10 billion from Motilal Oswal. The company's EBITDA per tonne is expected to increase 23% on year, Philip Capital said. Brokerages estimate the company will report an EBITDA per tonne of INR 424, sharply lower than the INR 964 per tonne that sector companies are expected to report on average.

At 1312 IST, shares of India Cements traded at INR 394.25 apiece on the National Stock Exchange, up 1.4% from Wednesday. The stock is down more than 9% since the company released its March quarter earnings on Apr. 25. India Cements will announce its June quarter earnings Saturday.

Of the three brokerage reports on the company available with Informist, two have a "sell" recommendation on the stock with an average target price of INR 358 per share, which is 9% lower than the current market price. One brokerage has a "hold" recommendation with a target price of INR 422 per share.

Following are the April-June earnings estimates for India Cements Ltd., in INR million, from three brokerages in descending order of the estimate of net profit:

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IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Shubhayan Bhattacharya

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