NCL Industries Investor Presentation August 2026: Cement, RMC, Boards and Renewable Energy Expansion
NCL Industries Limited has outlined its business performance, financial position and growth strategy in its August 2026 investor presentation. The company has evolved over more than four decades from a regional cement manufacturer into a diversified building materials business with operations spanning cement, ready-mix concrete, cement-bonded particle boards and renewable energy.
Cement remains the company’s largest business, contributing 83% of FY26 segment revenue, while Boards contributed 9%, RMC 7% and Energy 1%. NCL Industries currently has 4 MTPA of cement capacity, 10 RMC plants, 90,000 TPA of cement-bonded particle board capacity and 36.29 MW of green power generation capacity.
The company reported a CRISIL A / Stable and A1 credit rating, while FY26 ROCE stood at 12.26% and debt-to-equity at 0.25x.
FY26 Financial Performance Shows Strong Profit Recovery
NCL Industries’ consolidated revenue from operations stood at ₹1,422.1 crore in FY26, compared with ₹1,362.1 crore in FY25. EBITDA increased sharply to ₹190.0 crore from ₹119.3 crore, with the EBITDA margin improving to 13.36% from 8.76%.
Profit after tax also improved substantially. PAT from continuing operations increased to ₹123.8 crore in FY26, compared with ₹34.1 crore in FY25. Consolidated PAT, including discontinued operations, stood at ₹95.4 crore, against ₹25.2 crore in FY25.
For Q1 FY27, revenue from operations stood at ₹343.7 crore, while EBITDA was ₹39.6 crore with an EBITDA margin of 11.52%. PAT for the quarter was ₹17.4 crore, translating into a PAT margin of 5.06%.
The company’s presentation indicates that profitability has recovered meaningfully from FY25, supported by improved operating performance and cost management.
Cement Business Remains the Core Growth Engine
NCL Industries operates three cement manufacturing facilities with a combined installed capacity of 4 MTPA. The company’s cement products are marketed under the Nagarjuna Cement brand across key Southern and Eastern Indian markets.
The cement portfolio includes OPC 43 and 53 grades, PPC and specialty products such as IRS Grade 53S, Visistha Premium PPC and SteelKrete.
Cement production increased to 2.768 million tonnes in FY26, compared with 2.712 million tonnes in FY25. Q1 FY27 production stood at 693,000 tonnes.
The company has an established dealer network of more than 2,400 dealers and has participated in major infrastructure projects, including supplying cement to the Polavaram Irrigation Project.
NCL’s cement operations are also supported by 2.6 MTPA of clinker capacity, captive limestone resources and renewable power generation, helping the company manage some of its key input costs.
Strategic Focus on Limestone Security and Lower Power Costs
One of the key strategic themes highlighted in the investor presentation is greater control over two major cost drivers for cement manufacturing: limestone and power.
NCL has acquired Vishwamber Cements Ltd. and has a 322-acre limestone mining lease. The planned merger with NCL Industries is expected to create a captive source of limestone, potentially reducing dependence on external sourcing, freight costs and raw-material supply risks.
On the energy side, the company has a portfolio consisting of 15.75 MW of hydro power, 12.54 MW of solar power agreements and 8 MW of waste heat recovery capacity.
Around 75–80% of power generation is utilised for captive consumption, according to the presentation. This provides NCL with greater energy security while helping reduce exposure to external power prices.
₹919 Crore Renewable Energy Expansion Planned
NCL Industries is also significantly expanding its renewable energy platform.
The company plans to develop a 130 MW solar-wind hybrid project at Tuticorin, Tamil Nadu, with total planned capex of approximately ₹919 crore. The project will be implemented in phases, with 50 MW planned under Phase I and targeted for commissioning by FY28.
The project is spread across approximately 410 acres of acquired land.
The planned renewable expansion is strategically important because it can increase the availability of lower-cost renewable power for the company’s cement operations. Any surplus electricity can potentially be monetised through power exchanges and PPAs.
The company’s existing renewable and waste heat recovery portfolio, combined with the proposed 130 MW project, could substantially increase its captive power capabilities over the coming years.
Ready-Mix Concrete Business
NCL Industries operates 10 RMC plants, with six facilities in Hyderabad and four in Visakhapatnam and surrounding markets.
The plants have a production capacity of 60 cubic metres per hour per plant and serve residential, commercial and infrastructure projects.
RMC revenue stood at ₹89.8 crore in FY26, compared with ₹102.3 crore in FY25. Q1 FY27 revenue was ₹28.0 crore.
The company recorded total RMC sales volume of approximately 276,503 cubic metres in FY26, compared with 315,238 cubic metres in FY25.
NCL’s RMC business benefits from its regional manufacturing and logistics network, use of Nagarjuna Cement and customised concrete mix designs.
Bison Panel: Differentiated Building Materials Business
The company’s cement-bonded particle board business operates under the flagship Bison Panel brand.
NCL Industries describes Bison Panel as India’s only domestically manufactured cement-bonded particle board, giving the company a differentiated position in the segment.
The company has 90,000 TPA of installed board capacity across three manufacturing facilities located at Simhapuri in Telangana and Paonta Sahib in Himachal Pradesh.
The product combines the strength and durability of cement with the workability of wood and is used across residential, commercial and industrial applications.
Applications include:
- False ceilings
- Internal partitions
- Wall cladding and facades
- Flooring and mezzanine floors
- Kitchen platforms and cabinets
- Doors and furniture
- Prefabricated and modular structures
- Acoustic and noise-barrier applications
- Industrial and commercial buildings
Board production stood at 82,299 tonnes in FY25 and 50,175 tonnes in FY26, while Q1 FY27 production was 11,639 tonnes.
FY26 revenue from the Boards division stood at approximately ₹163.4 crore, compared with ₹206.1 crore in FY25.
Bison Panel Dealer Network Expanding
NCL Industries is expanding its Bison Panel distribution network. The number of Bison Board dealers increased from 229 in FY24 to 329 in FY26.
The company has a presence across several important markets, including Maharashtra, Delhi NCR, Telangana, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, Andhra Pradesh and Kerala.
The company also offers multiple products including Plain Board, Laminated Board, Designer Board and Plank, targeting different interior, exterior and construction applications.
Stronger Backward Integration Could Support Margins
The overall strategy presented by NCL Industries revolves around building greater control over its major operating costs.
Captive limestone resources can potentially improve raw-material security and reduce freight and sourcing risks, while renewable power and waste heat recovery can lower dependence on grid electricity.
This creates a potential cost advantage for the core cement business. If these initiatives are successfully executed, the company could benefit from lower energy and raw-material costs, stronger margin protection and improved competitiveness.
Financial Position Remains Relatively Conservative
NCL Industries’ consolidated debt-to-equity ratio stood at 0.25x in FY26, down from 0.29x in FY25 and 0.26x in FY24.
Total equity increased to ₹940.2 crore in FY26, compared with ₹858.2 crore in FY25.
Long-term borrowings stood at ₹149.3 crore, while short-term borrowings were ₹87.2 crore at the end of FY26.
ROCE improved significantly to 12.26% in FY26, compared with 7.07% in FY25 and 13.99% in FY24.
Working capital days declined to 16 days in FY26, compared with 23 days in FY25.
Cement Industry Offers Long-Term Demand Opportunity
NCL Industries operates in India’s cement and construction materials market, where infrastructure development, housing, urbanisation and industrial investment remain important demand drivers.
According to the company’s presentation, Indian cement consumption is expected to increase from approximately 510 MMT in 2026 to 670 MMT by 2030, while installed capacity is projected to rise from around 700 MTPA to 850 MTPA during the same period.
The company also highlights infrastructure spending, housing schemes, roads, railways, logistics projects and industrial corridors as potential long-term demand drivers for cement.
For NCL Industries, its regional presence in Southern India, existing capacity and planned investments provide a platform to participate in this expected demand growth.
Key Growth Drivers for NCL Industries
The investor presentation points to several factors that could influence NCL Industries’ future growth:
1. Cement capacity: The existing 4 MTPA cement platform provides a sizeable regional operating base.
2. Captive limestone: The Vishwamber Cements acquisition and planned merger could strengthen raw-material security.
3. Renewable energy: The proposed 130 MW solar-wind project could substantially expand the company’s renewable power platform.
4. Cost optimisation: Captive power and limestone could help manage two important cement manufacturing costs.
5. Bison Panel: The differentiated cement-bonded particle board business provides diversification beyond cement.
6. RMC expansion: The 10-plant RMC network provides exposure to construction and infrastructure demand in Hyderabad and Visakhapatnam.
7. Financial improvement: FY26 saw a significant improvement in EBITDA and PAT compared with FY25.
Capital Market and Shareholding Snapshot
As of June 30, 2026, the presentation showed a market price of ₹192.60, with a 52-week high of ₹239.20 and a 52-week low of ₹147.70.
The company’s market capitalisation was approximately ₹871 crore, based on the presentation data.
Promoters held 41.67%, while others held 54.85% and FII/DII holdings stood at 3.48%.
NCL Industries is positioning itself as a diversified building-materials company rather than a pure cement manufacturer. Cement remains the dominant business, but the company is increasingly focused on backward integration, renewable energy, RMC and differentiated building-material products.
The proposed 130 MW renewable energy project, captive limestone strategy and continued development of the Bison Panel business are among the key initiatives investors may monitor going forward.
At the same time, cement demand, realisations, capacity utilisation, power costs, execution of the renewable project and the company’s ability to improve margins will remain important factors for future performance.
Overall, the August 2026 investor presentation highlights a company with a 4 MTPA cement platform, relatively low leverage, improving profitability and a strategy centred on cost control, backward integration and renewable energy expansion.
Disclaimer
This article is based on information provided in NCL Industries Limited’s August 2026 investor presentation and is intended for informational and educational purposes only. It should not be considered investment advice, a recommendation to buy or sell any security, or a guarantee of future performance. Investors should conduct their own research and consult a qualified financial adviser before making investment decisions. Forward-looking statements and management expectations are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied.