Shares of India Cements slid 4.02% to ₹290.15 on the NSE, after the company disclosed a Q2 PAT of ₹38.82 crore, up 341% from ₹8.81 crore a year earlier, and EBITDA of ₹144.33 crore, nearly double the ₹81.14 crore recorded in 2025.
Revenue ticked 2% to ₹1,142.03 crore, while volumes rose 16.2% to 2.83 million tonnes. EBITDA/tonne fell 15% sequentially to ₹510 from ₹604, reflecting higher fuel costs that climbed 22% to ₹448.01 crore.
Margins contracted to 12.6% from 15.3% in Q1, but improved over the 7.3% in 2024. Analysts had expected a PAT of ₹30 crore, so the 341% jump beats consensus by a wide margin.
The firm plans to add 3.10 MT of capacity by FY28, lifting its total to 17.6 MT, and net debt sits at ₹1,591 crore. Investors are waiting for UltraTech Cement to comment on the group outlook, which could influence the stock’s trajectory.
With the company’s renewable mix rising to 24.7% and petcoke use falling to 16%, cost pressures may ease, potentially supporting future margins.