The board of ICL has approved an investment of Rs 2,014 crore, which includes a capex of Rs 1,574 crore for modernisation and Rs 440 crore for capacity enhancement.
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 from ICL, now a subsidiary of UltraTech Cement.
Its revenue from operations was up 9.31 per cent to Rs 1,117.04 crore in the September quarter of FY26. This was at Rs 1,021.84 crore in the corresponding quarter last fiscal.
Total expenses of ICL were at Rs 1,135.64 crore, down 13.5 per cent year-on-year.
In Q2, ICL domestic sales volume of 2.44 million tonnes was up 11.9 per cent on q-o-q basis. Its average capacity utilisation was at 65 per cent for the quarter, the company said in its post result presentations. However, total income of ICL, which includes other income, was down 2.94 per cent at Rs 1,146.04 crore in the September quarter of FY’26. UltraTech, the country’s leading cement maker, in December last year, acquired the promoter’s stake in the south India-based cement maker. 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 in its meeting held on Friday approved capex towards capacity expansion and modernisation.
The board has approved to invest Rs 440 crore for a proposed capacity addition 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 “necessary capacity for upcoming business opportunities and improve competitive positioning of the company”.
“Additionally, the board has also approved a capex of Rs 1,574 crore towards modernisation,” it said.
Shares of India Cements Ltd on Friday settled at Rs 391.75 on BSE, down 0.58 per cent from the previous close.
