According to reports from The Financial Express, mid-cap cement companies faced significant challenges in the June 2026 quarter, with Dalmia Bharat, Nuvoco Vistas Corporation, and The India Cements trading at up to 68% discount to UltraTech Cement. The companies sold 7.6 million tonnes, 5.3 million tonnes, and 2.58 million tonnes respectively, with Dalmia Bharat achieving the highest growth at 8.6% year-on-year. However, pricing pressures in southern and eastern regions, particularly due to elections in West Bengal, resulted in sluggish price realisations across the sector.
As reported by The Financial Express, Dalmia Bharat's realisations remained flat at ₹5,118 per tonne while UltraTech Cement improved by 1.7% to ₹5,966 per tonne. The pricing gap reflects regional variations, with UltraTech benefiting from strong western region performance. Nuvoco Vistas achieved 4.8% growth in realisations to ₹5,900 per tonne due to firmer prices in the western region, while The India Cements faced a 16% decline to ₹3,951 per tonne. These regional pricing pressures significantly impacted overall sector performance during the quarter.
According to The Financial Express, Dalmia Bharat's power and fuel costs rose 8% year-on-year to ₹1,119.7 per tonne due to higher input pet coke prices, while Nuvoco Vistas saw costs increase 4.9% to ₹1,056 per tonne. The India Cements demonstrated effective cost control with power and fuel costs dropping 6% to ₹1,642 per tonne. Companies are implementing renewable energy strategies, with Dalmia Bharat increasing renewable energy to 48% of requirements and Nuvoco Vistas maintaining 50 MW capacity. Freight efficiency improvements helped reduce distances traveled by 1% year-on-year to 277 km for Dalmia Bharat.
As reported by The Financial Express, Dalmia Bharat's core operating profit declined 5% year-on-year to ₹1,059 per tonne despite 8.6% volume growth, while Nuvoco Vistas achieved 5.5% growth to ₹1,075 per tonne. The India Cements delivered exceptional performance with 44.2% growth to ₹1,059 per tonne through aggressive cost controls. UltraTech Cement maintained flat EBITDA at ₹1,215 per tonne with strong operational control. Consolidated net profit declined 51% for Dalmia Bharat to ₹192 crore due to acquisition-related expenses, while Nuvoco Vistas grew 19.8% to ₹159.6 crore and The India Cements turned profitable with ₹26.8 crore net profit compared to a ₹131.4 crore loss previously.
According to The Financial Express, mid-cap cement companies trade at enterprise value per tonne of $76.8 (Dalmia Bharat), $60 (Nuvoco Vistas), $93 (The India Cements) versus UltraTech's $188. This 68% discount to UltraTech Cement presents potential value opportunities for investors. Looking ahead, Nuvoco Vistas brought on stream additional 2 million tonnes capacity in July 2026, while Dalmia Bharat integrated 5.2 million tonnes from Jaiprakash Associates acquisition. The H2 FY27 outlook faces monsoon headwinds with curtailed construction activity expected to pressure cement realisations during the second quarter.
