1. Opening Hook
Extended monsoons, festive hangovers, and cement prices behaving like crypto on a bad day — Q3 had everything except profits. Management walked in saying demand was “subdued,” EBITDA was “stable,” and losses were… well, “temporary.”
Volumes grew, revenues ticked up, costs behaved, yet shareholders still got a red number at the bottom. Classic cement-cycle poetry.
But before you roll your eyes and blame monsoons again, hold on. Beneath the weak Q3 optics lie land monetisation plans, cost levers finally kicking in, and management openly admitting pricing isn’t going back to glory days — just pre-GST sanity.
Read on. Because the interesting bits are not in the P&L. They’re hiding in WHRS megawatts, Vizag land parcels, and EBITDA-per-tonne promises that might finally stick this time.
2. At a Glance
- Revenue ₹591 Cr (+5% YoY) – Volumes showed up; pricing came late to the party.
- Volume growth +8% YoY – Cement moved faster than margins.
- EBITDA ₹38 Cr (flat YoY) – Growth ran, profitability walked.
- EBITDA/tonne ₹254 – Barely enough to pay coal bills politely.
- Loss after tax ₹64 Cr – Depreciation and interest doing heavy lifting.
- Debt ₹1,627 Cr – Balance sheet still bench-pressing
- leverage.
3. Management’s Key Commentary
“Overall demand was subdued in the first half due to extended monsoons.”
(Blame clouds first, numbers later.) 😏
“We expect FY26 volumes of around 6 million tonnes.”
(Lowered earlier, now locked — no more optimism inflation.)
“EBITDA per tonne in Q4 should be ₹500–₹550.”
(Trust us, next quarter fixes everything.) 😬
“Andhra Cements should break even in the current quarter.”
(From cash burn to self-sustaining — allegedly.)
“Vizag land monetisation should yield ~₹350 Cr net over 18 months.”
(Finally, non-core assets doing core work.) 😏
“No major capex planned for the next 2–3 years.”
(Translation: debt repayment era officially begins.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Volume Growth | +8% YoY | Demand exists, pricing still negotiating |
| Revenue | ₹591 Cr | Volume-driven, not value-driven |
| EBITDA | ₹38 Cr | Cost savings eaten by weak prices |
| EBITDA/tonne | ₹254 | Survival mode, not celebration |
| Power & Fuel | ₹1,408/tonne | Marginal relief, no miracle |
| Gross Debt | ₹1,627 Cr | Land sale desperately needed |
