NCL Industries delivered robust cement sector performance in Q2 FY27, with cement production rising 22% year-on-year to 781,056 tonnes compared to 640,435 tonnes in the corresponding quarter last year. According to the company's latest production and dispatch update, cement dispatches also increased 22% to 779,428 tonnes from 640,435 tonnes a year earlier. The strong production growth demonstrates the company's ability to meet growing demand in the cement market, with the company reporting these figures for the quarter ended September 30, 2026.
While cement operations showed strong growth, other business segments faced challenges during the quarter. Cement boards production increased 22% year-on-year to 13,071 tonnes from 10,673 tonnes, but cement boards dispatches declined 3% to 13,953 tonnes compared with 14,346 tonnes in Q2 FY26. The ready-mix concrete (RMC) segment experienced a 10% decline in production and sales to 59,882 cubic metres from 66,185 cubic metres in the year-ago period. Additionally, hydro power generation fell sharply by 43% to 9.22 million units from 16.14 million units in Q2 FY26, reflecting weak generation conditions.
On a half-year basis, NCL Industries maintained its growth momentum with cement production rising 16% to 1,473,970 tonnes and dispatches increasing 15% to 1,459,975 tonnes. However, the cement boards segment showed mixed results with production declining 12% to 24,710 tonnes while dispatches rose 6% to 27,076 tonnes. RMC production and sales were down 18% at 1.15 lakh cubic metres during the first half of FY27, with hydro power generation standing at 9.22 million units, down 43% year-on-year. The company's performance across different business segments remained uneven throughout the reporting period.
Despite the positive operational performance, NCL Industries shares closed 2.07% lower at ₹160.54 on the NSE on October 8, 2026, down from the previous close of ₹163.93. The stock has shed over 22% in the past year, significantly outperforming the broader market decline of around 11%, with a market capitalisation of approximately ₹726 crore. The stock movement suggests that while investors acknowledged the company's strong cement sector performance, broader market sentiment influenced trading decisions during the session.
