Interim report
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India Cements SHI 17.10.2026 BSELimited Corporate Relationship Dept. First Floor, NewTrading Ring Rotunda Building PhirozeJeejeebhoy Towers DalalStreet, Fort MUMBAI 400 001. Scrip Code: 530005 NationalStock Exchangeof India Limited Exchange Plaza,5th Floor Plot No.C/1, G Block Bandra-Kurla Complex Bandra (E) MUMBA1400051. Scrip Code: INDIACEM DearSirs, Sub.: Outcome of Board Meeting - Financial Results Ref. : Regulation 30. 33 and 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015 ("Listing Regulations") We refer to our letter dated 01.09.2026, intimating about the meeting of the Board of Directors ofthe Company ("the Board")to beheldtoday i.e.Saturday, 17.10.2026. We now inform youthat the Board at itsmeeting heldtoday inter-alia approved the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half-yearended 30.09.2026 ("Financial Results"). The Financial Results along with the Limited Review Reports of the Auditors are attached for your records. The same will also be made available on the Company's website www.indiacements.co.in. The meetingcommenced at 03.15 P.M.and concluded at 03·4-n P.M. Thanking you, Yours faithfully, for THE INDIA CEMENTS LIMITED ;1~L-- COMPANY SECRETARY Encl.:As above v"CC: Luxembourg Stock Exchange POBox 165 L-2811 Luxembourg Grand Duchyof Luxembourg EUROPE. UltrdTech The India Cements Limited (Asubsidiary of UltraTech Cement Limited) Corporate Office: Coromandel Towers, 93, Santhome High Road, Karpagam Avenue, R.A.Puram, Chennai 600 028 T:+9144 2857 2100/ 2857 2400 1F:+9144 28516270 1Grams: 'INDCE~~~~tor.indiacements@adityabirla.com Registered Office: Dhun Building, 827, Anna Salai, Chennai 600 002 T:+9144 2852 15261W: www.indiacements.co.in ION: L26942TN1946PLC000931 O:\G\CBackup 13082021IFORMATS\AII-StkISEs-Outcome of Board Meeting on 17-10-2026-Unaudited Fin Results-300926.doc
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THE INDIA CEMENTS LIMITED Registered Office:"Dhun Building”, 827, Anna Salai, Chennai 600 002. Corporate Office:Coromandel Towers, 93, Santhome High Road, Chennai 600 028, CIN: L26942TN1246PLCC00S31 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2026 Website: www.indiacements.co.in Email ID: investor.indiacements@adityabirla.com STANDALONE {Rs In Crores) Quarter ended Half Year Ended Year Ended SLNo. Particulars 30-Sep-2026 30-June-2026 30-Sep-2025 30-Sep-2026 30-Sep-2025 31-Mar-2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1|Revenue from Operations 1,142.03 1,019.42 1,117.05 2,161.45 2,141.79 4,484.69 2| Other Income 3.42 3.20 28.99 6.62 37.76 96.28 3| Total Income (1+2} 1,145.45 1,022.62 1,146.04 2,168.07 2,179.55 4,580.97 4| Expenses {a) Cost of Materials consumed 326.51 246.17 214.28 571.68 433,62 1,003.75 {b) Purchases of stock-in-trade - - - - - - (c) Changes in inventories of finished goods, stack-in-trade and work in progress (25.07) {12.51) 43.59 {37.58) {17.65) (8.73) {d) Employee benefits expense 44,94 47.62 57.68 92.56 119.67 242.18 {e) Finance costs (Net of interest Recoveries) 24.06 26.15 2527 50.21 51.85 99.33 (f) Depreciation and Amortisation expense 71.64 71.84 74.47 143.58 148.53 299.12 (o) Power and Fuel 448.01 423.62 367.04 871.63 746,65 1,626.66 (h) Freight and Forwarding Expense 39.98 20.15 198.10 60.13 397.65 584,90 (i) Other Expenses 164.07 138.63 155.13 302.70 298.76 637.98 Tatal Expenses (4) 1,083.14 961.77 1,135.56 2,054.31 2,179.08 4,485.19 5|Profit/(Loss) before exceptional items and Tax (3-4) 52.31 £0.85 10,48 113.16 0.47 95,78 6| Exceptional Items-Expense/(Income) - 25.28 - 25.28 - 28.21 7|Profit/(Loss) before Tax {§-6) 52.31 35.57 10.48 87.88 0.47 67.57 8|Tax Expense {1) Current Tax 0.79 - - 0.79 - - {2) Deferred Tax 12.67 8.95 (4.45) 21.62 (6.93) 225 9|Profit/{Loss) for the period from continuing operations (7-8) 38.85 26.62 14.93 65.47 7.40 65,32 10 |Profit/{Loss) from discontinued operations - - - B - - 11| Tax Expense of discontinued operations - - - - - - 12 |Profit / (Loss) from discontinued operations (after Tax) (10-11) - - - - - - 13|Profit / (Loss) for the period {9+12) 38.85 26,62 14.93 65.47 7.40 65.32 14|Other Comprehensive Income A.(i) Iltems that will not be reclassified to Profit / (Loss) (0.51) 1.36 {0.33) 0.85 2.86 (7.16) {ii} Income tax relating to the ltems that will not be reclassified to Profit / {Loss) (1.46} (0.34) 0.08 (1.80) (0.72) 1.80 B. (i) Items that will be reclassified to Profit/ (Loss) - - - - - - (ii} Income tax relating to items that will be reclassified to Profit / {Loss) - - - - - - Total Other Comprehensive Income (1.97) 1.02 {0.25) (0.95) 214 (5.36) 15| Total Comprehensive Income for the period {13+14) 36.88 27.64 14.68 64.52 9.54 59.96 16|Paid up Equity Share Capital (Face Value Rs 10/-each) 308.90 309.90 309.90 309.90 309.80 309.90 17| Other Equities (Reserves) 9,717.09 18|Earnings per equity share (for continuing operations} Basic 1.25 0.86 0.48 211 0.24 211 Diluted 1.25 0.86 0.48 211 0.24 2.1 19|Eamings per equity share{ for discontinued operations) Basic - - - - - - Diluted - - - - - - 20|Earnings per equity share (for discontinued and continuing operations} Basic 1.25 0.86 0.48 211 0.24 21 _|Diluted . 1.25 0.86 0.48 2.11 0.24 2.11 Chennai For The India Cements Limited DU~ ———RCTFawar Director October 17, 2026
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The India Cements Limited STANDALONE STATEMENT OF ASSETS AND LIABILITIES Zin Crores ) As at As at FaEais September 30 2026 March 31 2026 ASSETS Non-Current Assets Property, Plant and Equipment 11,034.69 11,178.62 Capital Work-in-Progress 951.59 344.24 Other Intangible Assets 3.93 5.51 Right of Use Assets 1.81 3.00 11,992.02 11,531.37 Financial Assets Investments 123.22 110.56 Loans 7.36 9.55 Other Financial Assets 102.33 105.89 232.91 226.00 QOther Non-Current Assets 87.80 90.44 Total Non-Current Assets 12,312.73 11,847.81 Current Assets Inventories 714.60 734.22 Financial Assets Investments 1.93 1.85 Trade Receivables 138.55 248.48 Cash and Cash Equivalents 7.88 13.47 Bank Balances other than Cash and Cash Equivalents 19.05 19.07 Loans 2.03 2.58 Other Financial Assets 53.78 55.83 223.22 341.38 Other Current Assets 308.53 286.92 Current Tax Assets (Net) 65.11 64.36 Total Current Assets 1,311.46 1,426.88 Assets Held for Sale 30.59 30.59 TOTAL ASSETS 13,654.78 13,305.28 EQUITY AND LIABILITIES EQUITY Equity Share Capital 309.90 309.90 Other Equity 9,781.59 9,717.09 10,091.49 10,026.99 LIABILITIES Non-Current Liabilities Financial Liabilities Borrowings 1,057.68 973.83 Lease Liabilities 1.73 2.45 1,059.41 976.28 Provisions 116.31 133.15 Deferred Tax Liabilities (Net) 617.11 593.69 Other Non-Current Liabilities - - Total Non-Current Liabilities 1,792.83 1,703.12 Current Liabilities Financial Liabilities Borrowings 563.34 326.94 Lease Liabilities 0.87 1.58 Trade Payables - Total Outstanding Dues of Micro Enterprises and Small Enterprises 18.78 11.96 Total Outstanding Dues of other than Micro Enterprises and Small Enterprises 849.75 §53.53 Other Financial Liabilities 250.98 233.80 1,683.72 1,427.81 Other Current Liabilities 71.69 128.97 Provisions 15.00 18.35 Current Tax Liabilities (Net) 0.04 0.04 Total Current Liabilities 1,770.45 1,575.17 TOTAL EQUITY AND LIABILITIES 13,654.78 13,305.28
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The India Cements Limited STANDALONE STATEMENT OF CASH FLOW ₹ in Crores (A) Cash Flow from Operating Activities: Profit Before tax 87.88 67.57 Adjustments for: Depreciation and Amortisation Expense 143.58 299.12 Allowances for Credit Losses on Advances / Debts (net) - 18.72 Interest Income (4.71) (19.52) Dividend Income - (9.88) Finance Costs 50.21 99.33 Provision for Liabilities 55.26 - Impairment in value of Investments - 20.50 Profit on Sale / Retirement of Property, Plant and Equipment (net) (31.82) (41.78) Gain on Fair Valuation of Investments 0.01 (0.86) Profit on Sale of Current and Non-Current Investments (net) - (0.19) 300.41 433.01 Movements in working capital: Increase/(Decrease) in Trade payables and other Liabilities (92.34) (542.00) Increase/(Decrease) in Provisions (13.06) 5.67 (Increase)/Decrease in Trade receivables 109.93 457.5 6 (Increase)/Decrease in Inventories 19.62 (178.03) (Increase)/Decrease Financial and Other Assets (15.48 ) (203.11) Cash generated from Operations 309.08 (26.90) Income Taxes paid (net of refunds) (1.53) (6.90) Net Cash generated from Operating Activities (A) 307 .55 (33.80) (B) Cash Flow from Investing Activities: Purchase of Property, Plant and Equipment (633.02) (2 22.66) Proceeds from Sale of Property, Plant and Equipment 56.44 134.74 Purchase of Investments (12.65) (14.28) Proceeds from Sale of Investments - - Redemption/ (Purchase) of Liquid Investment (net) - 0.0 1 (Investment)/ Redemption in Other Bank deposits and Others 0.03 0.90 Reduction in Loans & Advances 2.74 4.25 Dividend Received - 9.88 Interest Received 4.71 19.52 Net Cash used in Investing Activities (B) (581.75) ( 67.64) (C) Cash Flow from Financing Activities: Proceeds/(Repayment) from Non-Current Borrowings 83. 13 (94.35) Proceeds/(Repayment) from Current Borrowings 235.69 233.99 Interest Paid (50.21) (99.33) Dividend Paid - - Net Cash used in Financing Activities (C) 268.61 40. 31 Net Increase in Cash and Cash Equivalents (A + B + C) (5.59) (61.13) Cash and Cash Equivalents at the beginning of the year 13.47 74.60 Cash and Cash Equivalents at the end of the year 7.8 8 13.47 Particulars Half Year Ended September 30, 2026 Year Ended March 31, 2026
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Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: a) During the quarter, iyThe Company has redeemed 2000 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores issued during the previous quarter ended June 30,2026 at a discount rate of 6.85% p a, . The credit rating assigned for the Commercial Paper by CARE Ratings is CARE Al+ ii)The Company has issued 2000 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores at a discount rate of 6.40% p a, due for redemption on 23 December 2026. The credit rating assigned for the Commercial Paper by CARE Ratings is CARE A1+ iii)The Company has issued 1500 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores at a discount rate of 6.32% p a, due for redemption on 11 December 2026. The credit rating assigned for the Commercial Paper by CARE Ratings is CARE A1+ b) Key Financial Information Quarter Ended Half Year Ended Year Ended Sr. No. |Particulars 30/09/2026 | 30/06/2026 | 30/09/2025 | 30/09/2026 | 30/09/2025 | 31/03/2026 (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) i Capital Redemption Reserve (¥ in Crores) 25.00 25.00 25.00 25.00 25.00 25.00 ii |Net Worth (¥ in Crores) 10,091.48 10,054.63 10,031.53 10,091.49 10,031.53 10,026.99 iii |Net Profit after Tax (T in Crores) 38.83 26.62 14.93 65.45 7.40 65.32 iv |Basic Earnings per Share (Not annualised) 1.25 0.86 0.48 2.11 0.24 2.1 \ Diluted Earnings per Share (Not annualised) 1.25 0.86 0.48 2.11 0.24 2.11 Debt-Equity ratio (in times) vi |[(Non-Current Borrowings + Current Borrowings) /Share 0.16 0.16 0.14 0.16 0.14 0.13 Holder's Equity] Long term Debt to Working Capital (in times) Vi [(Non-Current Borrowings + Current Maturities of Long 9.23 3.79 (8.22) 9.23 8.22) 5.54 Term Debt)/ Net Working Capital excl. Current Borrowings] Total Debts to Total Assets ratio (in %) viii [[{Non-Current Borrowings + Current Borrowings)/Total 11.87 11.75 9.88 11.87 9.88 9.78 Assets] Debt Service Coverage Ratio (in times) [(Net Profit for the period + Finance Costs + Depreciation ix |and Amortisation Expense) / (Gross Interest + Lease 2.06 2.10 2.61 2.08 2.81 2.7 Payment + Repayment of Long term debt excluding pre- payments)] Interest Service Coverage Ratio (in times) X [(Net Profit for the period + Finance Costs + Depreciation 5.59 4.77 4.54 5.16 4.01 4.67| and Amortisation Expense ) / Gross Interest] Current Ratio (in times) x (Current Assets/Current Liabilities) 0.76 0.82 0:76 0:78 0.7¢ 0.93 .. |Bad debts to Account receivable ratio (in %) i {Bad Debts/Average Trade Receivable) s 1.73 I 2.74 b 130 xiii |Current liability ratio (in %) 49.69 48.61 53.30 49.69 53.30 48.05 {Current Liabilities /Total Liabilities) Debtors Turnover (in times) xiv |(Sales of Products and Services/Average Trade 23.61 17.29 9.98 22.34 7.33 9.40 Receivable)- Annualised Inventory Turnover (in times) xv |(Sales of Products and Services/Average inventory)- 6.62 5.83 6.53 5.97 7.27 6.95 Annualised Operating Margin (in %) [(Profit before Exceptional Items, Share in Profit/(Loss) of xvi |Associates & Joint Venture and Tax + Depreciation and 12.66 15.28 7.27 13.89 7.61 8.87 Amortisation expense + Finance Costs (-) Other Income)/Sales of Products and Services] Net Profit Margin (in %) xvii |(Net Profit for the period before tax/Sales of Products and 3.39 2.60 1.30 3.02 0.34 1.43 Services)
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Notes: 1.The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 17" October 2026. 2.The Company is primarily engaged in manufacture and sale of cement and cement related products. 3. Certain assets of the Company having an aggregate carrying value of Rs. 120.34 Crores were attached by a statutory authority vide provisional attachment order dated 25th February 2015. The Company has appealed against the said Order, and the matter is presently sub-judice before the appropriate legal forums. At the request of the Company, the authorities have released certain immovable properties valued at Rs. 3.35 Crores (vide order dated 9th July 2026), against the Company providing a bank guarantee for an equivalent amount. The Auditors have continued to draw an emphasis on this matter in their Report. 4. The Competition Commission of India (CCI) vide its Order dated 31.08.2016 imposed a penalty of Rs.187.48 Crores on the Company. The Company filed an appeal before COMPAT (Presently NCLAT). The COMPAT in its interim order directed the Company to pay 10% of the penalty amount (Rs 18.75 Crores) before granting stay which was deposited by the Company. NCLAT vide its order dated 25™ July, 2018 dismissed the appeal filed by the Company. Against this the Company has filed an appeal in the Supreme Court challenging the NCLAT order and the Supreme Court vide its Order dated 5" October,2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Backed by legal opinions, the company believes it has a strong case against the said Order. The Auditors have continued to draw an emphasis on this matter in their Report. 5. (i) The Statutory Auditors have carried out review of the financial results for the quarter and half year ended 30t September 2026. (i) The previous periods' figures have been regrouped to conform to Current period's required classification. (iii) The Board authorized Mr.K.C.Jhanwar, Director to sign the financial results of the company. For The India Cements Ltd ‘&\.\mm/\. Chennai K.C Jhanwar October 17, 2026 Director
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BRAHMAYYA & CO., S. VISWANATHAN LLP., Chartered Accountants Chartered Accountants 48, Masilamani Road 17, Bishop Wallers Avenue (West) Balaji Nagar, Royapettah, Mylapore, Chennai – 600 014 Chennai – 600 004 Independent Auditor’s Review Report on Unaudited Standalone Quarterly and Year to Date Financial Results of The India Cements Limited Pursuant to Regulation 33 and Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. To, The Board of Directors The India Cements Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Finan cial Results of The India Cements Limited ('the Company') for the quarter ended 30 th September 2026 and year-to-date results for the period from 01 st April 2026 to 30 th September 2026, (‘the Statement’), being submitted by the Company pursuant to the requirement of Regulat ion 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 2. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the r ecognition and measurement principles laid down in Indian Accounting Standard 34, “Interim Financial Reporting” ('lnd AS 34'), prescribed under Section 133 of the Companies Act, 2013 (' the Act'), and other accounting principles generally accepted in India and in comp liance with Regulation 33 and Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Stand ard on Review Engagements (‘SRE’) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ , issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain mo derate assurance as to whether the financial results are free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit, and acc ordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
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BRAHMAYYA & CO., S. VISWANATHAN LLP., Chartered Accountants Chartered Accountants 48, Masilamani Road 17, Bishop Wallers Avenue (West) Balaji Nagar, Royapettah, Mylapore, Chennai – 600 014 Chennai – 600 004 5. Without qualifying our review conclusion, we draw attention to a. Note No. 3 to the Statement, which describes the provisional attachment order dated 25th February 2015 issued by the authorities, where certain assets of the Company aggregating to ₹ 120.34 Crores were attached. The note also explains the release of part of th e assets against an equivalent bank guarantee provided by the Company amounting to ₹ 3.35 Crores. The Company is contesting the order before legal forums. b. Note no. 4 of the Statement, relating to the order of the Competition Commission of India (CCI), concerning alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of ₹ 187.48 Crores on the Company. On Company's appeal, National Company Law Appellate Tribunal (NCLAT), in its Order passed on 25 th July, 2018, has reportedly upheld the CCI's Order. The company appealed against the order b efore Supreme Court and the Supreme Court vide its Order dated 05 th October, 2018 admitted the Company’s appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Pending the outcome, no provision is made in the Statement. For Brahmayya & Co., For S. Viswanathan LLP., Chartered Accountants Chartered Accountants Firm Regn No: 000511S Firm Regn No: 004770S/S200025 N. Sri Krishna Chella K. Raghavendran Partner Partner Membership No.026575 Membership No.208562 UDIN: 26026575GLPJCA5225 UDIN: 26208562JTSPLV2322 Place: Chennai Place: Coimbatore Date: 17th October 2026 Date: 17 th October 2026 RAGHAVENDR AN CHELLA KRISHNAN Digitally signed by RAGHAVENDRAN CHELLA KRISHNAN Date: 2026.10.17 15:43:30 +05'30' SRIKRIS HNA N Date: 2026.10.17 15:50:02 +05'30'
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WA THE INDIA CEMENTS LIMITED Registered Office:"Dhun Building", 827, Anna Salai, Chennai 600 002. Corporate Office:Coromandel Towers, 83, Santhome High Road, Chennai 600 028. Email ID: investor.indiacements@adityabirta.com co.in STATEMENT OF CONSOLIDATED UNAUDITED CIN: L26942TN1946PLCO00931 FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2026 CONSOLIDATED (Rs In Crores) Particulars Quarter Ended Half Year Ended Year Ended SL.No. 30-Sep-2026 30-June-2026 30-Sep-2025 30-Sep-2026 30-Sep-2025 31-Mar-2026 | Unaudited Unaudited Unaudited Unaudited Unaudited Audited | 1|Revenue from Operations 1,142.03 1,019.42 1,117.04 2,161.45 2,141.79 4,484.69 2|Other Income 3.867 3.45 29.00 712 38.11 87.66 3|Total Income {1+2) 1,145.70 1,022.87 1,146.04 2,168.57 2,179.90 4,572.35 4| Expenses (a) Gost of Materials consumed 325.51 246.17 214,26 571.68 433,59 1,003.75 (b) Purchases of stock-in-trade - - - - - - (c) Changes in inventaries of finished goods, stock-in-trade and work in pragress {25.07) (12.51) 43.61 (37.58) (17.62) {8.73) | (d) Employee benefits expense 44.95 47.83 57.81 92.58 120.07 242.85 (e) Finance costs (Net of Interest Recoveries) 24.08 26.15 2527 50.21 51.85 99.33 (f) Depreciation and Amortisation expense 71.64 71.94 74.47 143.58 148.53 299.12 (g) Power and Fuel 448.01 423.62 367.04 871.63 746.65 1,626.66 (h) Freight and Forwarding Expense 39,98 20.15 198.10 60,13 387.65 584.90 {i} Other Expenses 164.34 138.64 155.08 302.98 287.10 638.75 Total Expenses (4) 1,093.42 961,79 1,135.64 2,055.21 2,177.82 4,486.63 5| Profit/{Loss) before exceptional ltems and Tax (3-4} 52,28 61.08 10.40 113.36 2.08 85.72 8| Exceptional ltems-Expense/(income) - 25.28 6.01 25.28 129.78 149.19 7 |Profiti{Loss) before Tax (5-6) 52.28 35.80 4.39 8B.08 (127.70) (63.47) 8| Tax Expense (1) Current Tax 0.79 - 0.03 0.79 177 - (2) Deferred Tax 12.67 8.35 (4.45) 21.62 {6.93} 2.24 8 |Profit/{l.oss) for the period from continuing operations (7-8) 38.82 26.85 8.81 65.67 {122.54) {65.71) 10| Profit’{Loss) from discontinued operations - - - - - - 11| Tax Expense of discontinued operations - - - - - 12| Profit / {Loss) from discontinued operations (after Tax) (10-11) - - - - - - 13 |Profit / (Loss) for the period {3+12) 38.82 26.85 8.81 65.67 (122,54) (65.71) 14 |Share Of Profit/(Loss) of associates - - - - {1.54) (1.54) 15 | Minority interest - - - - - - 1% Net Profit / {Loss) after taxes, minority interest and share of Profit/(Loss) of associates {13+14+15) 38.82 26.85 8.81 65.67 {124.08) (67.25} 17| Other Comprehensive Income A. (i) tems that will not be reclassified to Profit / (Loss) 0.51) 1.36 (0.33) 0.85 2.86 (7.16) {ii) Income tax relating to the Items that will not be reclassified ta Profit / (Loss) (1.46) {0.34) 0.08 (1.80) (0.72) 1.80 B. (i) tems that will be reclassified to Profit / {Less) 0.37 (0.10) 0.82 0.27 0.82 2.74 ii) Income fax relating to items that will be reclassified to Profit/ {Loss) - - - - - - Total Other Comprehensive Income {1.60) 0.92 0.57 {0.68) 2,96 (2.62) 18 [Total Comprehensive Income for the period (16+17) 3r22 27.77 9.38 64,99 (121.12) (69.87) 19| Paid up Equity Share Capital {Face Value Rs 10/-each) 309.90 309.80 309.90 309.90 309.90 309.80 20|Other Equities (Reserves) 9,814.37 21 |Earnings per equity share (for continuing operations) Basic 1.25 0.87 0.28 212 (4.00} (2.17) Diluted 1.25 0.87 0.28 212 (4.00) 2.17) 22 |Earnings per equity share{ for discontinued operations) Basic - - - - - - Diluted - - - - - - 23|Eamings per equity share (for di and i ) Basic 1.25 0.87 0.28 2.12 (4.00) 2.47) Diluted — 1.25 0.87 0.28 2.12 (4.00) (2. Chennai For The India Cements Limited A AdaamN K.C.Jhanwar Director October 17th, 2026
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The India Cements Limited CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES Z in Crores Particulars Asat Asat September 30 2026 March 31 2026 ASSETS Non-Current Assets Property, Plant and Equipment 11,034.69 11,178.62 Capital Work-in-Progress 951.59 344.24 Other Intangible Assets 3.93 5.51 Right of Use Assets 1.81 3.00 11,992.02 11,531.37 Financial Assets Investments 94.02 81.36 Loans 7.36 9.55 Other Financial Assets 102.33 105.89 203.71 196.80 Other Non-Current Assets 87.80 90.44 Total Non-Current Assets 12,283.53 11,818.61 Current Assets Inventories 714.60 734.22 Financial Assets Investments 1.93 1.95 Trade Receivables 138.55 248.48 Cash and Cash Equivalents 8.21 13.76 Bank Balances other than Cash and Cash Equivalents 47.27 46.84 Loans 2.03 2.58 Other Financial Assets 53.80 55.84 251.79 369.45 Other Current Assets 310.07 288.50 Current Tax Assets (Net) 65.11 64.36 Total Current Assets 1,341.57 1,456.53 Assets Held for Sale 127.92 127.92 TOTAL ASSETS 13,753.02 13,403.06 EQUITY AND LIABILITIES EQUITY Equity Share Capital 309.80 309.90 Other Equity 9,879.34 9,814.37 10,189.24 10,124.27 LIABILITIES Non-Current Liabilities Financial Liabilities Borrowings 1,057.68 973.83 Lease Liabilities 1.73 2.45 1,059.41 976.28 Provisions 116.31 133.15 Deferred Tax Liabilities (Net) 617.07 593.65 Other Non-Current Liabilities - - Total Non-Current Liabilities 1,792.79 1,703.08 Current Liabilities Financial Liabilities Borrowings 563.34 326.94 Lease Liabilities 0.87 1.58 Trade Payables Total Outstanding Dues of Micro Enterprises and Small Enterprises 18.78 11.96 Total Outstanding Dues of other than Micro Enterprises and Small Enterprises 850.02 853.80 QOther Financial Liabilities 251.08 233.88 1,684.09 1,428.16 Other Current Liabilities 71.70 128.98 Provisions 15.16 18.52 Current Tax Liabilities (Net) 0.04 0.04 Total Current Liabilities 1,770.99 1,575.70 TOTAL EQUITY AND LIABILITIES 13,753.02 13,403.06
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The India Cements Limited CONSOLIDATED STATEMENT OF CASH FLOW ₹ in Crores (A) Cash Flow from Operating Activities: Profit Before tax 88.08 (63.47) Adjustments for: Depreciation and Amortisation Expense (Refer Note 30) 143.58 299.12 Allowances for Credit Losses on Advances / Debts (net) - 18.72 Share in (Profit) / Loss on equity accounted investment - (1.54) Forein Currency Translation Difference 0.27 2.74 Interest Income (5.21) (19.70) Finance Costs 50.21 99.33 Provision for Liabilities 55.26 - Impairment in value of Investments - 97.50 Impairment of Goodwill - 43.97 Remeasurement of Employee Benefit Expenses(Past Service Cost) - 7.72 Profit on Sale / Retirement of Property, Plant and Equipment (net) (31.82) (41.78) Gain on Fair Valuation of Investments 0.01 (0.86) Profit on Sale of Current and Non-Current Investments (net) - (1.05) 300.38 440.70 Movements in working capital: Increase/(Decrease) in Trade payables and other Liabilities (92.31) (553.33) Increase/(Decrease) in Provisions (13.06) (1.89) (Increase)/Decrease in Trade receivables 109.93 457.56 (Increase)/Decrease in Inventories 19.62 (178.03) (Increase)/Decrease Financial and Other Assets (15.45) (184.37) Cash generated from Operations 309.11 (19.36) Income Taxes paid (net of refunds) (1.54) (8.23) Cash flow before Exceptional Items 307.57 (27.59) Net cash from operating activities (A) 307.57 (27.59) (B) Cash Flow from Investing Activities: Purchase of Property, Plant and Equipment (633.03) (222.67) Proceeds from Sale of Property, Plant and Equipment 56.44 134.74 Purchase of Investments (12.65) (14.27) Redemption/ (Purchase) of Liquid Investment (net) - (0.01) (Investment)/ Redemption in Other Bank deposits and Others (0.43) (27.06) Proceeds from Sale of Investments - 3.25 Reduction in Loans & Advances 2.74 4.25 Dividend Received - - Interest Received 5.21 19.70 Net Cash used in Investing Activities (B) (581.72) (102.07) (C) Cash Flow from Financing Activities: Proceeds/(Repayment) from Non-Current Borrowings 83.13 (94.35) Proceeds/(Repayment) from Current Borrowings 235.68 233.99 Interest Paid (50.21) (99.33) Dividend Paid - - Net Cash used in Financing Activities (C) 268.60 40.31 Net Increase in Cash and Cash Equivalents (A + B + C) (5.55) (89.35) Cash and Cash Equivalents at the beginning of the year 13.76 103.11 Cash and Cash Equivalents at the end of the year 8.21 13.76 Particulars Half Year ended September 30, 2026 Year ended March 31, 2026
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Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015: a) During the quarter, i)The Company has redeemed 2000 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores issued during the previous quarter ended June 30,2026 at a discount rate of 6.85% p a, . The credit rating assigned for the Commercial Paper by CARE Ratings is CARE Al+ ii)The Company has issued 2000 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores at a discount rate of 6.40% p a, due for redemption on 23 December 2026. The credit rating assigned for the Commercial Paper by CARE Ratings is CARE A1+ iii)The Company has issued 1500 units of Commercial Paper of face value of Rs. 5,00,000/- each aggregating to Rs.100 Crores at a discount rate of 6.32% p a, due for redemption on 11 December 2026. The credit rating assigned for the Commercial Paper by CARE Ratings is CARE A1+ b) Key Financial Information Quarter Ended Half Year Ended Year Ended Sr. No. |Particulars 30/09/2026 | 30/06/2026 | 30/09/2025 | 30/09/2026 | 30/09/2025 | 31/03/2026 (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) i Capital Redemption Reserve (¥ in Crores) 25.00 25.00 25.00 25.00 25.00 25.00 ii |Net Worth (¥ in Crores) 10,189.24 10,152.03 10,073.00 10,185.24 10,073.00 10,124.27 iii |Net Profit after Tax (¥ in Crores) 38.80 26.85 8.81 65.65 {124.08) (67.25) iv |Basic Earnings per Share (Not annualised) 1.25 0.87 0.28 2.12 {4.00) (2.17) v Diluted Earnings per Share (Not annualised) 1.25 0.87 0.28 2.12 {(4.00) (2.17) Debt-Equity ratio (in times) vi |[(Non-Current Borrowings + Current Borrowings) /Share 0.16 0.15 0.13 0.16 0.13 0.13 Holder's Equity] Long term Debt to Working Capital (in times) Vi [(Non-Current Borrowings + Current Maturities of Long 4.76 2.69 2.54 4.76 254 345 Term Debt)/ Net Working Capital excl. Current Borrowings] Total Debts to Total Assets ratio (in %) viii |[(Non-Current Borrowings + Current Borrowings)/Total 11.79 11.66 9.77 11.79 9.77 9.71 Assets] Debt Service Coverage Ratio (in times) [(Net Profit for the period + Finance Costs + Depreciation ix |and Amortisation Expense ) / (Gross Interest + Lease 2.06 2.1 2.48 2.08 1.03 1.93 Payment + Repayment of Long term debt excluding pre- payments)] Interest Service Coverage Ratio (in times) X [(Net Profit for the period + Finance Costs + Depreciation 5.59 4.78 4.30 5.17 1.47 3.33 and Amortisation Expense ) / Gross Interest] . |Current Ratio (in times) = {Current Assets/Current Liabilities) O:58 0.50 1.08 063 103 1.0 . |Bad debts to Account receivable ratio (in %) X |Bad Debts/Average Trade Receivable) 0.68 1.73 ] e i 1.30 . |Current liability ratio {(in %) Xiii | e urrent Liabilities /Total Liabilities) 49.69 48.62 4844 49.69 4844 4a.08 Debtors Turnover (in times) xiv |(Sales of Products and Services/Average Trade 25.25 17.29 8.47 22.34 6.45 9.40 Receivable)- Annualised Inventory Turnover (in times) xv |(Sales of Products and Services/Average inventory)- 6.62 5.83 7.39 5.97 8.41 6.95 Annualised Operating Margin (in %) [(Profit before Exceptional ltems, Share in Profit/(Loss) of xvi |Associates & Joint Venture and Tax + Depreciation and 12.64 15.28 7.27 13.88 7.67 8.84 Amortisation expense + Finance Costs (-) Other Income)/Sales of Products and Services] Net Profit Margin (in %) xvii |{Net Profit for the period before tax/Sales of Products and 3.39 2,62 0.77 3.03 (5.69) (1.47) Services)
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Notes: 1.The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 17 October 2026. 2.The Company is primarily engaged in manufacture and sale of cement and cement related products. 3. Certain assets of the Company having an aggregate carrying value of Rs. 120.34 Crores were attached by a statutory authority vide provisional attachment order dated 25th February 2015. The Company has appealed against the said Order, and the matter is presently sub-judice before the appropriate legal forums. At the request of the Company, the authorities have released certain immovable properties valued at Rs. 3.35 Crores {vide order dated Sth July 2026), against the Company providing a bank guarantee for an equivalent amount. The Auditors have continued to draw an emphasis on this matter in their Report. 4. The Competition Commission of India (CCl) vide its Order dated 31.08.2016 imposed a penalty of Rs.187.48 Crores on the Company. The Company filed an appeal before COMPAT (Presently NCLAT). The COMPAT in its interim order directed the Company to pay 10% of the penalty amount (Rs 18.75 Crores) before granting stay which was deposited by the Company. NCLAT vide its order dated 25" July, 2018 dismissed the appeal filed by the Company. Against this the Company has filed an appeal in the Supreme Court challenging the NCLAT order and the Supreme Court vide its Order dated 5% October,2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Backed by legal opinions, the company believes it has a strong case against the said Order. The Auditors have continued to draw an emphasis on this matter in their Report. 5.(i) The Statutory Auditors have carried out review of the financial results for the quarter and half year ended 30t September 2026. (ii) The previous periods' figures have been regrouped to conform to Current period's required classification. (iii) The Board authorized Mr.K.C.Jhanwar, Director to sign the financial results of the company. For The India Cements Ltd CAanamwon. Chennai K.C Jhanwar October 17, 2026 Director
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BRAHMAYYA & CO., S. VISWANATHAN LLP., Chartered Accountants Chartered Accountants 48, Masilamani Road 17, Bishop Wallers Avenue (West) Balaji Nagar, Royapettah, Mylapore, Chennai – 600 014 Chennai – 600 004 Independent Auditor’s Review Report on Unaudited Quarterly and Year to Date Consolidated Financial Results of The India Cements Limited Pursuant to Regula tion 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015(as amended) To, The Board of Directors The India Cements Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financ ial Results of The India Cements Limited ( ‘the Holding Company ’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the quarter ended 30 th September 2026 and year-to-date results for the period from 01 st April 2026 to 30 th September 2026 ( ‘the Statement’), being submitted by the Holding Company pursuant to the requirements of Regu lation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended(‘Listing Regulations’). 2. This Statement, which is the responsibility of the Holding Company's m anagement and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('lnd AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and in comp liance with Regulation 33 and Regulation 52(4) of Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (‘SRE’) 2410, ‘Review of Interim Financial Information Performed by the Independent Au ditor of the Entity’, issued by the Institute of Chartered Accountants of India. A review o f interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is s ubstantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant m atters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Circular is sued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
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BRAHMAYYA & CO., S. VISWANATHAN LLP., Chartered Accountants Chartered Accountants 48, Masilamani Road 17, Bishop Wallers Avenue (West) Balaji Nagar, Royapettah, Mylapore, Chennai – 600 014 Chennai – 600 004 4. The statement includes results of the following entities: Holding Company: 1. The India Cements Limited Subsidiaries: 1. Industrial Chemicals and Monomers Limited 2. Coromandel Minerals Pte. Ltd, Singapore 3. PT Coromandel Minerals Resources, Indonesia 4. PT Adcoal Energindo, Indonesia (up to 02/12/2025) 5. Raasi Minerals Pte. Ltd, Singapore 6. Trinetra Cement Limited (Transferor company under the scheme u/s 234, existing as per order of Hon'ble High Court of Madras/NCLT) Associates: 1. PT Mitra Setia Tanah Bumbu, Indonesia (up to 02/12/2025) 5. Based on our review conducted and procedures performed as stated in par agraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid d own in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 5 2(4) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Without qualifying our review conclusion, we draw attention to a. Note No. 3 to the Statement, which describes the provisional attachment ord er dated 25 th February 2015 issued by the authorities, where certain assets of the C ompany aggregating to ₹ 120.34 Crores were attached. The note also explains the release of part of the assets again st an equivalent bank guarantee provided by the Company amounting to ₹ 3.35 Crores. The Holding Company is contesting the order before legal forums. b. Note no. 4 of the Statement, relating to the order of the Competition Commissio n of India (CCI), concerning alleged contravention of the provisions of the Competition Act, 2002 and imposing a penalty of ₹ 187.48 Crores on the Holding Company. On the Holding Company's appeal, Nati onal Company Law Appellate Tribunal (NCLAT), in its Order passed on 25 th July, 2018, has reportedly upheld the CCI's Order. The Holding Company appealed against the order b efore Supreme Court and the Supreme Court vide its Order dated 05 th October, 2018 admitted the Holding Company’s appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Pending the outcome, no provision is made in the Statement.
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BRAHMAYYA & CO., S. VISWANATHAN LLP., Chartered Accountants Chartered Accountants 48, Masilamani Road 17, Bishop Wallers Avenue (West) Balaji Nagar, Royapettah, Mylapore, Chennai – 600 014 Chennai – 600 004 7. The Statement includes the interim financial information/financial results of fiv e subsidiaries, which have not been reviewed/audited, whose interim financial information/financial re sults reflects total assets (before consolidation adjustments) of ₹ 63.16 Crores as at 30 th September 2026 and total revenues (before consolidation adjustments) of ₹ 0.26 Crores and ₹ 0.50 Crores, total net loss after tax (before consolidation adjustments) of ₹ 0.02 Crores and total net profit after tax (before consolidation adjustments) of ₹ 0.20 Crores and total comprehensive loss of ₹ 0.02 Crores and total comprehensive income of ₹ 0.20 Crores, for the quarter ended 30 th September 2026 and for the period from 01 st April 2026 to 30 th September 2026, and net cash flows (before consolidation adjustments) of ₹ 0.58 for the period from 01 st April 2026 to 30 th September 2026, as considered in the Statement. According to the information and explanations given to us by the Holding Company’s management, these interim financial information/financial results of aforesaid subs idiaries are not material to the Group. Our conclusion on the Statement is not mod ified in respect of the above matter. For Brahmayya & Co., For S. Viswanathan LLP., Chartered Accountants Chartered Accountants Firm Regn No: 000511S Firm Regn No: 004770S/S200025 N. Sri Krishna Chella K. Raghavendran Partner Partner Membership No.026575 Membership No. 208562 UDIN: 26026575LULUBU1170 UDIN: 26208562NCXXKV7340 Place: Chennai Place: Coimbatore Date: 17th October 2026 Date: 17 th October 2026 RAGHAVENDRAN CHELLA KRISHNAN Digitally signed by RAGHAVENDRAN CHELLA KRISHNAN Date: 2026.10.17 15:42:08 +05'30' SRIKRISHN A N Date: 2026.10.17 15:50:31 +05'30'