HeidelbergCement India Ltd

Monthly MIRSD re-lodgement update

• No requests received for re-lodgement of physical form in June 2026.
• No approvals or rejections recorded for June 2026.
• Average processing time: NIL days.

Demat/remat processing status

• Dematerialisation requests processed and confirmed to depositories.
• Dematerialised securities listed on exchanges where earlier issues are listed.
• Physical certificates for dematerialisation mutilated and cancelled after verification.
• Depositories' names substituted as registered owner within 15 days.

May 2026 re-lodgement updates

• No requests received for re-lodgement of physical transfer in May 2026.
• No requests processed, approved, or rejected in May 2026.
• Average processing time for May 2026: NIL.
• Confirmation from RTA Integrated Registry Management Services per SEBI circular.

FY26 results

• FY26 EBITDA rose 19.8% year-on-year.
• FY26 PAT rose 25.5% year-on-year.
• Sales volume increased 8.8% year-on-year.
• EBITDA per ton increased from INR530 to INR584.
• Q4 pricing pressure reduced gross price by INR105 per ton.

Operations and costs

• Clinker production was 3.05 million tons in FY26.
• Cement grinding capacity is 5.7 million tons in Central India.
• Clinker capacity is 3.1 million tons.
• Clinker consumption ratio was about 60% to 61% of cement.
• Petcoke share fell about 10%; coal share rose from 30% to 40%.
• Next-quarter cost impact is expected at INR100 to INR160 per ton.
• Alternative fuel usage increased 3% year-on-year to 11%.
• Non-grid power exceeded 50% during FY26.
• Green power exceeded 40% of the power portfolio.
• Lead distance was about 372 kilometers.

Balance sheet and capex

• The company repaid an interest-free loan of INR687 million.
• It ended FY26 debt-free with INR4,037 million cash and bank balance.
• Net operating working capital remained negative.
• Board recommended dividend of INR7 per share, or 70% on face value.
• Khandwa blending unit capex is about INR130 crores.
• Khandwa unit should add about 35,000 tons monthly cement capacity.
• FY27 and FY28 total capex is guided at about INR100 crores and INR120 crores.
• Sustainable capex is INR45 crores to INR50 crores annually.

Q&A Highlights

• Analysts asked about capacity utilization; management said headroom exists for 1-2 years.
• Analysts asked about pricing pressure; management said cost increases should pass through with a lag.
• Analysts asked about Central India demand; management said industry growth could be 7% to 7.5%.
• Analysts asked about fuel inflation; management said petcoke exposure was reduced through fuel-mix optimization.
• Analysts asked about Gujarat expansion; management said environmental clearance is still awaited.
• Analysts asked about Khandwa timing; management said the project could complete within two years.
• Analysts asked about merger plans; management said eventual merger of entities is planned, without a timeline.
• Analysts asked about buybacks; management said the proposal will be explored by the board.

Operations

• Alternate fuel rose to 11%, up 3 percentage points year on year.
• Non-grid power exceeded 50% of total power consumption.
• Company was declared preferred bidder for two mining leases in Madhya Pradesh.

Financials

• FY26 revenue rose 8.4% to ₹23,296 million.
• FY26 EBITDA increased 19.8% to ₹2,869 million; margin improved.
• FY26 PAT rose 25.5% to ₹1,340 million.
• Q4 revenue rose 5.5% to ₹6,462 million; EBITDA fell 3.0% to ₹879 million.
• Q4 PAT declined 10.4% to ₹452 million.
• EBITDA per tonne increased about 10% to ₹584 per tonne.

Liquidity

• Company repaid an interest-free loan of ₹687 million and is now debt free.
• Cash and bank balance stood at ₹4,037 million.
• Company continued operating on negative net operating working capital.

Outlook

• Management expects GST cut on cement to support demand in FY26.
• Central India demand may benefit from upcoming Uttar Pradesh elections.
• Company plans to pass on higher input costs to customers.

Governance

• Board recommended a dividend of ₹7 per share.