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1. At a Glance
NCL Industries makes cement, cement-bonded boards, ready-mix concrete and hydroelectricity. Revenue for the three months to June 2026 was ₹343.67 crore. That is 2.49% above the ₹335.32 crore of a year earlier. Net profit was ₹17.24 crore against ₹20.21 crore in the same quarter last year. That is a fall of 20.8%. Operating profit was ₹39.63 crore, an operating margin of 12%. Operating margin measures profit from the business itself, before interest and tax. Earnings per share, the profit attached to a single share, was ₹3.81.
The quarter before it was the stranger one. Profit before tax for the three months to March 2026 was ₹19.03 crore. Net profit came in higher, at ₹42.09 crore. The tax line printed at minus ₹23.06 crore, a rate of minus 121%. A negative tax rate of that size is the sort of number that makes an accountant put down the tea. The trailing twelve-month profit growth figure reads 191%.
The twelve months behind these accounts were spent rearranging the company. Cement grinding capacity rose from 3.3 million tonnes a year to 4 million tonnes. The Thallapalem unit near Anakapalle was commissioned on 3 November 2025. The Doors division was discontinued on 29 May 2026 with an impairment of ₹25.75 crore. An impairment is a write-down of an asset no longer worth its value on the books. That division made 32,146 doors in its final reported year. A new Vice Chairman and Managing Director took charge on 3 December 2025. In April 2026 the board approved a solar-wind project at Tuticorin costing ₹392 crore. The company’s market value is ₹788.86 crore.
2. Introduction
NCL Industries was incorporated in 1979 by the late K Ramachandra Raju. Four and a half decades on, it still makes several unrelated hard things at once. Cement, cement-bonded particle boards, ready-mix concrete, readymade doors and hydroelectricity.
The company belongs to the NCL group. Its manufacturing plants sit in Telangana, Andhra Pradesh and Himachal Pradesh. Electricity is generated in Andhra Pradesh and Karnataka. Goods go out under the Nagarjuna Cement, Nagarjuna RMC, Bison Panels and NCL Doors names. The dealer network stood at 2,500 in the most recent count, against 1,800 four years earlier. Customers named in the filings include Tata Projects, Shapoorji Pallonji, Larsen & Toubro and NTPC. Seven more are listed, from ITC and IRCTC to GHMC and BHEL. The roster 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 bought Vishwamber Cements Ltd for ₹16.23 crore. Crisil, a credit-rating agency, records that the company is not operational and has never built a cement plant. The purchase converted 322 acres of leased limestone mines into captive mines, which a company holds for its own use. Tern Distilleries Pvt Ltd, bought in the year to March 2021, likewise has no operations. Its value to NCL was the land in Visakhapatnam on which the new grinding unit now stands. Two subsidiaries, no distilling, no cement-making, and both of them quietly load-bearing. The auditor’s review report notes that the two together contributed revenue of ₹21.91 lakh in the three months to June 2026.
December 2025 rearranged the top of the house. K. Ravi was appointed Vice Chairman and Managing Director from 3 December 2025, for five years. The salary is ₹13.75 lakh a month plus a commission of 2%. Gautam and Roopa Kalidindi resigned their executive roles. Two non-executive directors were appointed in the same postal ballot, a vote taken by post rather than at a meeting. The 45th annual general meeting is scheduled for 18 September 2026 by video conferencing.
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3. Business Model: WTF Do They Even Do?
Cement pays the bills. It was 84.26% of segment revenue in the last full breakup. Installed capacity now stands at 4 million tonnes a year. Behind it sits roughly 2.6 million tonnes of clinker, the half-made rock that is ground into cement. The limestone comes from captive mines, held by the company for its own use. Crisil, a credit-rating agency, records captive power generation of 23.5 megawatts. Crisil puts that at roughly 30 to 35% of the power the plants require. NCL Energy runs two mini hydel projects, small river-powered stations, generating 15.75 megawatts. They produce over 50 million units of green power a year. The cost sheet of a cement maker now has two rivers on it.
Bison Panel deserves its own paragraph. It is a cement bonded particle board, made by binding wood chips with cement. It is produced in technical collaboration with BISON WERKE of Germany. NCL is
