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1. At a Glance
Revenue for the June 2026 quarter came in at ₹343.67 crore, up 2.49% against ₹335.32 crore a year earlier. Net profit was ₹17.24 crore against ₹20.21 crore, a fall of 20.8%. Operating profit was ₹39.63 crore at an OPM of 12%. EPS was ₹3.81.
The quarter before this one — March 2026 — did something stranger. Profit before tax was ₹19.03 crore, and net profit was ₹42.09 crore, because the tax line printed as ₹-23.06 crore. A tax rate of negative 121% is the sort of number that makes an accountant put down their tea. It is also why the trailing profit growth figure reads 191%.
Behind the P&L, the company spent the last twelve months rearranging itself. Cement grinding capacity went from 3.30 MTPA to 4.00 MTPA on 3 November 2025 with the commissioning of the Thallapalem unit near Anakapalle. The Doors division — a business that made 32,146 doors in its final reported year — was discontinued on 29 May 2026 with a ₹25.75 crore impairment. A new Vice Chairman & MD took charge on 3 December 2025. And in April 2026 the board approved a ₹392 crore solar-wind project in Tuticorin.
For a company with a market cap of ₹788.86 crore, that is a lot of moving furniture in four quarters. The furniture that moved most was the one nobody expected: the tax line.
2. Introduction
NCL Industries was incorporated in 1979 by the late K Ramachandra Raju, and has spent four and a half decades doing something Indian manufacturing rarely rewards: making several unrelated hard things at once. Cement, cement-bonded particle boards, ready-mix concrete, readymade doors, and — for reasons that will make sense in Section 3 — hydroelectricity.
The company is part of the NCL group and operates manufacturing facilities in Telangana, Andhra Pradesh and Himachal Pradesh, with electricity generation in Andhra Pradesh and Karnataka. Products go out under the Nagarjuna Cement, Nagarjuna RMC, Bison Panels and NCL Doors banners, through a dealer network that the company reported at 2,500 in its most recent count — up from 1,800 four years earlier. Clientele listed in the filings includes Tata Projects, Shapoorji Pallonji, Larsen & Toubro, ITC, IRCTC, NCC, NTPC, MEIL, IJM, GHMC and BHEL, which reads less like a customer list and more like a roll call at an infrastructure conference.
The last three years have been busy in the corporate-action sense. In April 2023 NCL acquired Vishwamber Cements Ltd for ₹16.23 crore — an entity that, per Crisil, is not operational and has never built a cement plant, acquired instead to convert 322 acres of leased limestone mines into captive mines. Tern Distilleries Pvt Ltd, acquired in fiscal 2021, similarly has no operations; its value to NCL was the land in Visakhapatnam on which the new grinding unit now stands. Two subsidiaries, zero distilling, zero cement-making, and both of them quietly essential. The auditor’s review report notes the two subsidiaries together contributed total revenue of ₹21.91 lakh for the June 2026 quarter.
Then December 2025 rearranged the top of the house. K. Ravi was appointed Vice Chairman & Managing Director effective 3 December 2025 for five years, at a salary of ₹13.75 lakh per month plus 2% commission; Gautam and Roopa Kalidindi resigned their executive roles. Two non-executive directors were appointed in the same postal ballot. The 45th AGM is scheduled for 18 September 2026 by video conferencing.
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3. Business Model: WTF Do They Even Do?
Start with the thing that pays the bills. Cement is 84.26% of segment revenue in the last full breakup, made at an installed capacity now standing at 4.00 MTPA against roughly 2.6 MTPA of clinker, fed by limestone from captive mines. Crisil records captive power generation of 23.5 MW meeting roughly 30–35% of power requirements — which explains the hydel division. NCL Energy runs 2 mini hydel projects generating 15.75 MW and over 50 million units of green power a year, and the honest structural summary is that a cement company got tired of electricity bills and went and built rivers into its cost sheet.
Then there is Bison Panel, which deserves its own paragraph. It is a Cement Bonded Particle Board, made in technical collaboration with BISON WERKE of Germany, and NCL is India’s only manufacturer of it. Sole domestic producer of a board made by gluing wood chips to cement is a fantastically specific place to stand in an economy of 1.4 billion people. Bison goes into prefab structures, airports and housing; production volumes have run in the 76,000–84,000 tonne range across recent reported years.
From Bison Panels came NCL Doors — readymade doors resistant to moisture, fire and termites, in the Natura, Soft Touch, Signature and Fire Rated series, built in technical collaboration with AGT of Turkey. That is a
