NCL Industries: FY26 mix, margins and the renewable power bet

The presentation describes four segments: Cement, Ready Mix Concrete, Cement Bonded Particle Boards and Green Energy.

FY26 revenue from operations was INR 14,221 million (INR 1,422.1 crore) with EBITDA of INR 1,900 million (INR 190.0 crore) and profit after tax of INR 954 million (INR 95.4 crore).

FY26 segment revenue breakup is stated as Cement 83 percent, Boards 9 percent, RMC 7 percent and Energy 1 percent.

The presentation states a 130 megawatt solar plus wind project at Tuticorin, Tamil Nadu with total capex of about INR 910 to 920 crore (also shown as INR 919 crore), implemented in phases with Phase I of 50 megawatt targeted by FY28.

The company states 4 million tonnes per annum cement capacity across three plants and 90,000 tonnes per annum cement bonded particle boards capacity across three plants.

The presentation reports a debt to equity ratio of 0.25 times based on FY26 financials, and the consolidated balance sheet shows total equity of INR 9,402 million and total borrowings of INR 2,365 million (long-term plus short-term) in FY26.