ICL’s board has approved an investment of Rs 2,014 crore, including an equity investment of Rs 1,574 crore for modernization and Rs 440 crore for capacity expansion.
The company had reported a net loss of Rs 339.13 crore in the July-September period a year ago, according to a BSE filing by ICL, now a subsidiary of UltraTech Cement.
Operating revenue rose 9.31 per cent to Rs 1,117.04 crore in the September quarter of FY26. This stood at Rs 1,021.84 crore in the corresponding quarter of last fiscal.
ICL’s total cost stood at Rs 1,135.64 crore, down 13.5 percent year-on-year.
In the second quarter, ICL’s domestic sales volume was up 11.9 percent quarter-on-quarter at 2.44 million tons. Average occupancy was 65 percent for the quarter, the company said in post-results presentations. However, ICL’s total revenue, including other income, fell 2.94 per cent to Rs 1,146.04 crore in the September quarter of FY 26. UltraTech, the country’s largest cement maker, acquired promoter stake in the south India-based cement maker in December last year. Consequently, ICL had become a subsidiary of UltraTech Cement with effect from December 24, 2024.
In a separate filing, ICL informed its board of directors about the approved capital expenditure for capacity expansion and modernization at its meeting held on Friday.
The board has approved to invest Rs 440 crore in a proposed capacity expansion of 2.80 million tonnes, which will be raised through a “mix of debt and internal accrual”.
ICL currently has a capacity of 14.75 million tonnes, and this new proposed investment will “add the necessary capacity for future business opportunities and improve the company’s competitive position”.
“In addition, the board has also approved a capital investment of Rs 1,574 crore for modernization,” the report said.
Shares of India Cements Ltd settled at Rs 391.75 on BSE on Friday, down 0.58 percent from the previous close.
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