India Cements reported standalone net profit of ₹38.85 crore for the quarter ended 30 September 2026, against ₹14.93 crore a year earlier. Revenue from operations rose to ₹1,142.03 crore from ₹1,117.05 crore. The 17 October board-approved results show why a large percentage jump in profit should not be confused with equally strong sales growth.
What the growth calculation actually says
Using the standalone statement, profit growth is (38.85 − 14.93) ÷ 14.93 × 100 = approximately 160.2%. Revenue growth is (1,142.03 − 1,117.05) ÷ 1,117.05 × 100 = approximately 2.2%. These are CapKet calculations from the disclosed figures, not forecasts. The much smaller prior-year profit base is important when reading the percentage.
| Measure / basis | Verified figure | Primary evidence |
|---|---|---|
| Quarter and approval | Quarter ended 30 September 2026; board approval 17 October 2026 | Board outcome |
| Standalone net profit | ₹38.85 crore versus ₹14.93 crore | Statement, p. 2 |
| Standalone revenue from operations | ₹1,142.03 crore versus ₹1,117.05 crore | Statement, p. 2 |
| Standalone profit before tax | ₹52.31 crore versus ₹10.48 crore | Statement, p. 2 |
| Consolidated net profit | ₹38.82 crore versus ₹8.81 crore; separate basis | Statement, p. 9 |
| Issuer EBITDA measure, rounded | ₹148 crore; issuer reports 34.3% year-on-year growth | Presentation, p. 5 |
| Standalone basic EPS | ₹1.25 versus ₹0.48 per share; not annualised | Statement, p. 2 |
| Review caveat | Limited review; emphasis on pending asset-attachment and competition-law matters | Auditor report, p. 8 |
Profit, EBITDA and the group result are not interchangeable
Standalone covers the company’s own accounts; consolidated includes the group. The consolidated comparison starts from a different prior-year profit, so the standalone growth calculation must not be attached to the group result. Revenue from operations measures business income before the deductions that lead to net profit.
EBITDA means earnings before interest, tax, depreciation and amortisation. The issuer’s rounded presentation measure is not money available to shareholders and is not reported profit after tax. Its profitability chart also labels PAT before exceptional items. That chart must not be used as though every figure were the reported statutory PAT. The presentation attributes operational improvement to efficiencies and higher capacity utilisation; that is the company’s explanation, not an independently established cause.
What still needs attention
The limited-review report draws attention to pending asset-attachment and competition-law matters. These are disclosed uncertainties, not newly decided cases, and the review is not a full audit. The company’s position and the reviewers’ emphasis should be read together with the results. A higher quarter’s profit does not remove those risks or guarantee the next period’s performance.
For a separate example of why reporting perimeter matters, CapKet’s ICICI Bank results explainer distinguishes standalone and group earnings. The companies operate in different industries; this is a reporting-basis comparison, not a valuation comparison.
Sources and observation time
- Signed standalone and consolidated results with review reports
- Issuer earnings presentation
- Board-meeting outcome
Documents checked on 17 October 2026 at 20:02:01 IST. This is the source-observation time, not a market quote. The quarterly statements are unaudited and subject to limited review, not a full-year audit.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.