{ "company_id": "INDIACEM", "company_name": "The India Cements Limited", "cin": "L26940TN1946PLC000931", "isin": null, "nse_code": "INDIACEM", "bse_code": "530005", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Tamil Nadu", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://www.indiacements.co.in/uploads/investor/pdf/392698432IndiaementA025.pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/indiacements-co-in/uploads-investor-pdf-392698432indiaementa025-pdf/2026-05-27T04-36-35-701Z", "brsr_pages": "55-85", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": null }, "identity": { "incorporated_year": 1946, "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "nic_4_digit": "23941", "nse_industry": "Construction Materials", "promoter_group": "UltraTech Cement (acquired controlling stake late 2024 / early 2025)", "promoter_holding_pct_ultratech_intermediary": 81.49, "ultimate_holding": "Grasim Industries Limited", "market_cap_inr_cr_31_mar_2025": null, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": null, "is_top_250_brsr_core_assurance_fy_2425": null, "is_top_500_brsr_core_assurance_fy_2526_planned": null, "subsidiaries_count": 9, "joint_ventures_count": 0, "associates_count": 1, "reporting_boundary": "Standalone" }, "operations": { "revenue_from_operations_inr_cr": 4088.47, "revenue_from_operations_source_page": "59 (CSR turnover disclosure) + 39 (MDA narrative)", "turnover_inr_cr": 4088.47, "net_worth_inr_cr": 2259.22, "total_assets_inr_cr": null, "net_profit_loss_inr_cr": null, "return_on_net_worth_pct": -8.89, "exports_pct_of_turnover": 0.15, "paid_up_capital_inr_cr": 309.90, "plants_count": 18, "plants_list": [], "offices_count": 10, "branches_count": null, "states_with_operations": 14, "states_with_operations_list": [], "international_operations": false, "international_operations_countries": [] }, "workforce": { "employees_permanent_male": 1356, "employees_permanent_female": 30, "employees_permanent_total": 1386, "employees_other_male": 20, "employees_other_female": 1, "employees_other_total": 21, "employees_total": 1407, "workers_permanent_male": 331, "workers_permanent_female": 2, "workers_permanent_total": 333, "workers_other_male": 1117, "workers_other_female": 28, "workers_other_total": 1145, "workers_total": 1478, "differently_abled_employees_total": 5, "differently_abled_workers_total": 11, "women_on_board_count": 2, "women_on_board_total": 11, "women_on_board_pct": 18.18, "kmp_count": 3, "women_kmp_count": 0, "median_remuneration_male_employees_inr": 749546, "median_remuneration_female_employees_inr": 669971, "median_remuneration_ratio_female_to_male_employees": 0.894, "median_remuneration_male_workers_inr": 636458, "median_remuneration_female_workers_inr": 643078, "turnover_rate_permanent_employees_pct": 22.15, "turnover_rate_permanent_workers_pct": 13.21, "wages_above_minimum_wage_pct_permanent": 100.0, "wages_above_minimum_wage_pct_other_than_permanent_workers": 39.30, "union_membership_permanent_workers_pct": 60.96, "calculated_total_workforce": 2885, "calculated_female_workforce_share_pct": 2.11, "gross_wages_paid_to_women_inr": 30526563, "total_gross_wages_paid_inr": 3784260709, "gross_wages_paid_to_women_pct_total_wages": 0.81 }, "wellbeing_social": { "wellbeing_spend_inr_cr": null, "wellbeing_spend_as_pct_revenue": 0.73, "wellbeing_spend_as_pct_revenue_previous_fy": 0.54, "wellbeing_spend_source_page": "67", "insurance_health_coverage_pct_permanent_employees": 24.03, "insurance_accident_coverage_pct_permanent_employees": 100.00, "insurance_health_coverage_pct_permanent_workers": 100.00, "insurance_accident_coverage_pct_permanent_workers": 100.00, "maternity_benefits_coverage_pct_permanent_female_employees": 100.00, "paternity_benefits_coverage_pct_permanent_male_employees": 0.00, "day_care_facility_coverage_pct": 0.00, "retirement_pf_coverage_pct": 100.0, "retirement_gratuity_coverage_pct": 100.0, "retirement_esi_coverage_pct": 100.0, "complaints_posh_received": 0, "complaints_posh_pending_at_year_end": 0, "complaints_posh_upheld": 0, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_general_grievance_received_shareholders": 100, "complaints_general_grievance_pending_shareholders": 5, "complaints_other_human_rights_received": 0, "complaints_working_conditions_received": 0, "complaints_health_safety_received": 0, "training_hours_on_human_rights_pct_total_employees": 100.0, "training_pct_employees_health_safety": 13.49, "training_pct_employees_skill_upgradation": 7.58, "training_pct_workers_health_safety": 35.44, "training_pct_workers_skill_upgradation": 19.82, "performance_review_coverage_pct_employees": 100.0, "performance_review_coverage_pct_workers": 100.0 }, "environment_principle_6": { "energy": { "total_energy_consumption_gj": 25265346, "non_renewable_energy_gj": 25070695, "renewable_energy_gj": 194651, "renewable_electricity_gj": 194651, "non_renewable_electricity_gj": 2619609, "non_renewable_fuel_gj": 22451086, "renewable_share_pct": 0.77, "energy_intensity_gj_per_inr_cr_revenue": 6104, "energy_intensity_gj_per_t_cementitious": 2.81, "energy_intensity_gj_per_mn_dollar_ppp": 12612, "specific_thermal_energy_consumption_mj_per_kg_clinker": null, "specific_electrical_energy_consumption_kwh_per_t_cement": null, "pat_scheme_applicable": true, "pat_targets_achieved": true, "energy_external_assurance_fy_2425": false, "energy_external_assurance_fy_2324_provider": "Sprih" }, "ghg_emissions": { "scope_1_tco2e": 5224846, "scope_1_breakup_disclosed": false, "scope_2_tco2e": 492365, "scope_2_basis": "not explicitly stated (default location-based)", "scope_3_disclosed": false, "scope_3_categories_disclosed": [], "scope_3_total_tco2e": null, "ghg_methodology": null, "ghg_external_assurance_fy_2425": false, "ghg_external_assurance_fy_2324_provider": "Sprih", "ghg_assurance_level": null, "scope_1_plus_2_intensity_tco2e_per_inr_cr_revenue": 1381, "scope_1_plus_2_intensity_tco2e_per_t_cementitious": 0.637, "scope_1_plus_2_intensity_tco2e_per_mn_dollar_ppp": 2854, "calculated_total_scope_1_plus_2_tco2e": 5717211, "calculated_emissions_intensity_per_t_cement_kg_co2_per_t": 637 }, "water": { "water_withdrawal_kl": 2523267, "water_withdrawal_surface_water_kl": 1180247, "water_withdrawal_groundwater_kl": 1197930, "water_withdrawal_third_party_kl": 11208, "water_withdrawal_seawater_kl": 0, "water_withdrawal_others_kl": 133882, "water_consumption_kl": 2523267, "water_discharge_kl": 0, "water_recycled_kl": null, "water_recycled_share_pct": null, "water_intensity_kl_per_inr_cr_revenue": 609.67, "water_intensity_kl_per_t_cementitious": 0.281, "water_intensity_kl_per_mn_dollar_ppp": 1259.58, "water_stressed_areas_operations": null, "zero_liquid_discharge_implemented": true, "zero_liquid_discharge_plants_count": null, "water_external_assurance_fy_2425": false, "water_external_assurance_fy_2324_provider": "Sprih" }, "air_emissions": { "nox_tonnes": 5401, "sox_tonnes": 83, "particulate_matter_tonnes": 426, "voc_tonnes": 0, "pop_tonnes": 0, "hap_tonnes": 0, "air_external_assurance": false }, "waste": { "waste_total_tonnes": 2384.09, "waste_plastic_tonnes": 95.45, "waste_e_waste_tonnes": 14.57, "waste_bio_medical_tonnes": 0.13, "waste_construction_demolition_tonnes": 0.00, "waste_battery_tonnes": 13.11, "waste_radioactive_tonnes": 0.00, "waste_other_hazardous_tonnes": 54.67, "waste_other_non_hazardous_tonnes": 2206.16, "waste_recycled_tonnes": 2294.19, "waste_reused_tonnes": 0, "waste_coprocessed_tonnes": 0, "waste_recovered_tonnes": 2294.19, "waste_recovered_share_pct": 96.23, "waste_disposed_tonnes": 27.81, "waste_intensity_tonnes_per_inr_cr_revenue": 0.56, "waste_intensity_tonnes_per_t_cementitious": 0.00026, "epr_plan_filed_cpcb": true, "waste_external_assurance": false }, "biodiversity": { "operations_in_protected_areas": false, "operations_in_protected_areas_disclosure": "None of the plants fall under ecologically sensitive zones", "biodiversity_management_plan_published": null }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0, "compliance_statement": "Compliant with all relevant and applicable environmental laws and rules" } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_tco2e_per_inr_cr": 1381, "ghg_emission_intensity_assurance_status": "None (FY 2024-25); Sprih provided assessment in FY 2023-24", "energy_footprint_per_revenue_gj_per_inr_cr": 6104, "energy_footprint_assurance_status": "None (FY 2024-25); Sprih provided assessment in FY 2023-24", "water_footprint_per_revenue_kl_per_inr_cr": 609.67, "water_footprint_assurance_status": "None (FY 2024-25); Sprih provided assessment in FY 2023-24", "job_creation_smaller_towns_rural_pct_wage_cost": 30.93, "job_creation_smaller_towns_semi_urban_pct_wage_cost": 15.25, "job_creation_smaller_towns_urban_pct_wage_cost": 15.14, "job_creation_metropolitan_pct_wage_cost": 38.69, "job_creation_assurance_status": "Not disclosed", "spend_on_wellbeing_pct_revenue": 0.73, "ltifr_per_million_person_hours_workers": 3.41, "ltifr_per_million_person_hours_employees": 0, "ltifr_assurance_status": "Not disclosed", "gross_wages_paid_to_women_pct_total_wages": 0.81, "gross_wages_women_assurance_status": "Not disclosed", "complaints_received_total_stakeholder_groups": 100, "complaints_assurance_status": "Not disclosed", "input_material_from_msme_smaller_producers_pct": 1.12 }, "cement_sector_specific": { "cement_production_total_mt": null, "clinker_production_total_mt": null, "calculated_clinker_factor_pct": null, "calculated_cementitious_material_t_from_intensity": 8990515, "calculated_cementitious_material_t_derivation": "Total energy 25,265,346 GJ / 2.81 GJ per t = 8,990,515 t. Cross-check via emissions: 5,717,211 tCO2e / 0.637 tCO2e per t = 8,975,213 t. Self-consistent at ~9.0 MT cementitious FY 2024-25.", "thermal_substitution_rate_pct": null, "thermal_substitution_rate_source_page": null, "alternative_fuel_types_used": [ "agricultural waste", "plastic waste", "wood chips", "biomass", "rice husk", "fly ash", "bottom ash", "chemical gypsum", "wet ash" ], "whrs_installed": true, "whrs_installed_locations": [ "Vishnupuram" ], "whrs_planned_locations": [ "Chilamkur", "other plants" ], "whrs_capacity_mw": null, "captive_renewable_energy_capacity_mw": null, "renewable_ppa_capacity_mw": null, "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": null, "low_carbon_cement_product_examples": [ "LC3 Cement (Low Carbon Calcined Clay) - identified as opportunity" ], "carbon_capture_pilots_status": "None disclosed", "ccs_capacity_planned_tco2_per_year": null, "fly_ash_utilisation_t": null, "slag_utilisation_t": null, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": null, "limestone_mining_lease_status": "Licenses valid through 2030 to 2050; long-term contracts for fly ash" }, "governance_disclosure": { "board_size_at_year_end": 11, "board_size_source": "Section A item 21 — Board of Directors Total (A) = 11 as of 31 March 2025", "independent_directors_count_at_year_end": null, "independent_directors_share_pct": null, "women_directors_count": 2, "women_directors_share_pct": 18.18, "esg_committee_exists": true, "esg_committee_name": "Risk Management Committee (periodically evaluates business risks including ESG risk)", "esg_committee_chair_independent": null, "ceo_kmp_remuneration_to_median_employee_ratio": null, "ceo_name": "Mr. Suresh Vasant Patil", "anti_corruption_policy_published": true, "anti_corruption_policy_url": "https://www.indiacements.co.in/policies-and-code-of-conduct.html", "human_rights_policy_published": true, "supplier_code_of_conduct_published": null, "whistleblower_policy_published": true, "policies_cover_all_9_principles": true, "policies_extended_to_value_chain": true, "iso_14001_certified": true, "iso_9001_certified": true, "iso_45001_certified": true, "iso_50001_certified": true, "directors_bribery_corruption_actions_taken_count": 0, "trade_industry_associations_count": 11, "anticompetitive_orders_count": 0 }, "assurance": { "brsr_core_assurance_required_fy_2425": null, "brsr_core_assurance_obtained_fy_2425": false, "brsr_core_assurance_provider": "Not Applicable", "brsr_core_assurance_level": "Not Applicable", "brsr_core_assurance_standard_followed": null, "section_a_assurance_disclosure": "Section A items 14-15: 'Name of Assurance Provider: Not Applicable' / 'Type of Assurance Obtained: Not Applicable'", "full_brsr_voluntary_assurance_obtained": false, "full_brsr_voluntary_assurance_provider": null, "full_brsr_voluntary_assurance_level": null, "ghg_specific_assurance_separate_fy_2425": false, "ghg_specific_assurance_provider_fy_2324": "Sprih (prior year only — energy, water, GHG independently assessed by Sprih in FY 2023-24; no external assurance for FY 2024-25 P6 metrics)", "ghg_specific_assurance_standard": null, "independent_external_policy_assessment": false }, "voluntary_frameworks": { "gri_report_published_fy_2425": null, "gri_standards_version_used": null, "ifrs_s1_voluntary_disclosure": null, "ifrs_s2_voluntary_disclosure": null, "tcfd_disclosure_published": null, "cdp_climate_response_filed": null, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": null, "sbti_validated_target": null, "sbti_validation_date": null, "sbti_near_term_target_year": null, "sbti_long_term_target_year": null, "net_zero_target_year": null, "transition_plan_published": null, "transition_plan_disclosure_framework": null }, "qc_metadata": { "scraped_by": "Claude Opus 4.7 (automated extraction)", "scraped_date": "2026-05-27", "fields_extracted_approx": 168, "fields_disclosed_by_company_approx": 138, "fields_calculated_approx": 4, "fields_not_disclosed_approx": 26, "disclosure_completeness_pct": 82.0, "calculated_disclosure_quality_score_aggregate": 2.4, "dqs_rationale": "Most P6 KPIs are quantitative without methodology or assurance in FY 2024-25 (DQS = 2). FY 2023-24 comparatives carried Sprih external assessment (DQS would be 3-4 for prior year). Workforce + governance + complaints disclosures are quantitative without assurance (DQS = 2). No DQS=5 fields identified.", "cross_validation_status": "pass", "cross_validation_notes": "Energy intensity 2.81 GJ/t × cementitious 9.0 MT ≈ 25.3 PJ total energy (matches disclosed). GHG intensity 0.637 tCO2e/t × 9.0 MT ≈ 5.72 MtCO2e total (matches disclosed sum 5.72 Mt). Revenue Rs 4,088 cr × 1,381 tCO2e/INR cr ≈ 5,645,528 tCO2e vs disclosed 5,717,211 — 1.3% delta within rounding tolerance. Water intensity 609.67 kL/INR cr × Rs 4,088 cr ≈ 2,492,940 kL vs disclosed 2,523,267 kL — 1.2% delta.", "restatement_detected": false, "restatement_log_ref": "", "manual_review_completed": true, "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "identity_corrections_vs_task_brief": [ { "field": "cin", "task_brief_value": "L26940TN1946PLC000931", "brsr_disclosed_value": "L26942TN1946PLC000931", "resolution": "BRSR Section A item 1 discloses CIN as L26942TN1946PLC000931 (state-business code 26942, not 26940). Methodology document table lists L26940TN1946PLC000931. JSON top-level field retained as task-brief value; this discrepancy flagged for MCA Master Data verification. BRSR is primary statutory source — recommend updating master CIN reference to L26942TN1946PLC000931 after MCA cross-check." }, { "field": "assurance status", "task_brief_value": "Reasonable (per initial parser)", "brsr_disclosed_value": "Not Applicable", "resolution": "Section A items 14-15 explicitly state assurance provider AND type as 'Not Applicable'. Principle 6 KPIs (energy, water, GHG) all show 'No' external assessment for FY 2024-25. Prior FY 2023-24 had Sprih assessment. Initial parser note was INCORRECT — India Cements did NOT obtain BRSR Core reasonable assurance for FY 2024-25." }, { "field": "calculated_female_workforce_share_pct", "initial_parser_value": 1.11, "brsr_disclosed_value": 2.11, "resolution": "Female total = 31 employees + 30 workers = 61. 61 / 2,885 = 2.11%. Initial parser 1.11% appears to have used a wrong denominator or excluded one category." }, { "field": "calculated_total_workforce", "initial_parser_value": 2885, "confirmed_value": 2885, "resolution": "Confirmed: 1,407 employees + 1,478 workers = 2,885. Matches initial parser." } ], "material_context_flags": [ "UltraTech Cement acquired controlling stake via board reconstitution on 25 December 2024. UltraTech holds 81.49% via intermediary; Grasim Industries is ultimate holding. BRSR filed standalone under India Cements pre-consolidation.", "FY 2024-25 financials weakened sharply. Return on Net Worth = -8.89% (vs -3.68% FY 2023-24). Revenue from Operations declined from Rs 4,942 cr to Rs 4,088 cr (-17%). Cementitious output also declined materially (energy 25.27 PJ FY 2024-25 vs 25.09 PJ FY 2023-24 stable in absolute terms, but intensity increased from 2.66 to 2.81 GJ/t suggesting lower utilization).", "Board composition changed materially on 25 December 2024 — 9 directors ceased + 8 new directors appointed reflecting change of management/control. Board strength at year-end = 11.", "FY 2023-24 P6 (energy, water, GHG, waste) carried independent assessment by Sprih; FY 2024-25 has NO external assurance — a regression in disclosure quality.", "POSH section item 7 table header appears to show FY 2023-24 / FY 2022-23 column labels (likely typographical error in source PDF; values are zero either way).", "Sole fatality reported: 1 worker fatality in FY 2024-25 (also 1 in FY 2023-24). LTIFR for workers 3.41 per million person-hours (FY 2024-25; NIL reported FY 2023-24 — narrative inconsistency given fatality)." ], "notes": "BRSR signed by Kailash Chandra Jhanwar (Director, DIN 01743559) + E.R.Raj Narayanan (Director, DIN 00469886) on 26 April 2025 at Chennai. Reporting boundary: Standalone. Listed on BSE + NSE. CEO designated S.V. Patil (Aditya Birla Group email suresh.p@adityabirla.com).", "notes_audit_2026_05_27": { "audit_method": "Single-page PDF Read calls; The India Cements Limited Annual Report FY 2024-25 (258 pages, 2.4MB); BRSR section printed pp 55-85; signed 26 April 2025 by Kailash Chandra Jhanwar (UltraTech MD) + E.R. Raj Narayanan. Audit conducted 2026-05-27 by Ravi + Claude.", "pdf_metadata": { "file": "India-Cem-2025.pdf", "total_pages": 258, "size_mb": 2.4, "brsr_print_page_range": "55-85", "brsr_signature_date": "26 April 2025", "brsr_signed_by": "K.C. Jhanwar (UltraTech MD/CEO, DIN 01743559) + E.R. Raj Narayanan (DIN 00469886)" }, "ultratech_takeover_findings": [ "🚨 ULTRATECH CONTROL CONFIRMED: Grasim Industries = Ultimate Holding (0% direct shares); UltraTech Cement = Intermediary Holding at 81.49% as at 31 March 2025. India Cements is now an UltraTech subsidiary.", "🚨 BOARD RECONSTITUTION 25 DECEMBER 2024 — 7 NEW DIRECTORS APPOINTED: Kailash Chandra Jhanwar (UltraTech MD), Vivek Agrawal, E.R. Raj Narayanan, Ashok Ramchandran, Alka Bharucha, Sukanya Kripalu, Dr. Vikas Balia.", "🚨 SAME DAY — ENTIRE SRINIVASAN FAMILY OUT: N. Srinivasan (former VC&MD), Smt. Chitra Srinivasan, Smt. Rupa Gurunath (WTD), Sri V.M. Mohan, Sri S. Balasubramanian Adityan, Sri Krishna Srivastava, Smt. Lakshmi Aparna Sreekumar, Smt. Sandhya Rajan — all ceased w.e.f. 25.12.2024. Sri Sanjay Shantilal Patel ceased 26.04.2025; Sri V. Ranganthan ceased 23.09.2024.", "🚨 NEW TOP MANAGEMENT 1 JANUARY 2025: S.V. Patil — Chief Executive Officer; Krishnagopal Ladsaria — Chief Financial Officer. Both Aditya Birla email addresses (suresh.p@adityabirla.com).", "Retained Independents (LIC nominee + earlier appointees): Sri V. Manickam, Sri K. Skandan, Sri Y. Viswanatha Gowd (LIC Nominee).", "Joint statutory auditors: M/s Brahmayya & Co. (Royapettah, Chennai) + M/s S. Viswanathan LLP (Mylapore, Chennai).", "Aditya Birla logo appears on the cover and on every BRSR section page — corporate-identity transition complete.", "BRSR signed 26 April 2025 by K.C. Jhanwar + E.R. Raj Narayanan — FIRST BRSR signed under UltraTech-controlled board." ], "identity_findings": [ "CIN: L26942TN1946PLC000931 (incorporated 21 February 1946; 79th AGM on 13 August 2025 via VC/OAVM).", "Paid-up Capital: ₹309.90 Crore.", "Reporting boundary: STANDALONE (consolidated FS exists for subsidiaries; BRSR only on parent operations).", "🚨 NO EXTERNAL BRSR ASSURANCE — Q14/Q15 'Not Applicable' for FY 2024-25. Confirms India Cements placement in 4-entity 'no third-party verification' bucket in article Section 5. Prior FY had Sprih Sustainability for energy + water + GHG; LOST post-takeover.", "8 Cement Factories + 1 Grinding + 3 RMC: TN (Sankarnagar/Sankari/Dalavoi), AP (Chilamkur/Yerraguntla Kadapa), Rajasthan (Nokhla Banswara), TG (Vishnupuram Nalgonda/Malkapur Ranga Reddy); Grinding Vallur Tiruvallur TN; RMC TN/KA/TG.", "18 plants + 10 offices = 28 national locations; 14 states; Exports 0.15% (negligible — Indian-domestic-focused).", "Cement 96.85% of turnover; NIC 23941.", "Turnover FY 2024-25: ₹4,088.47 Crore; Net worth: ₹2,259.22 Crore (article had ₹4,200 cr placeholder — material revenue decline disclosed).", "🚨 UNIQUE Indonesian coal-mining footprint via 3 entities: PT. Coromandel Minerals Resources, Indonesia (100% subsidiary); PT Adcoal Energindo, Indonesia (100%); PT. Mitra Setia Tanah Bumbu (MSTB) Indonesia (49% Associate). Singapore mineral-trading: Coromandel Minerals Pte. Ltd. + Raasi Minerals Pte. Limited.", "Other domestic subsidiaries: Industrial Chemicals and Monomers Limited (98.59%); ICL Financial Services Ltd (100%); ICL Securities Ltd (100%); ICL International Ltd (100%); India Cements Infrastructures Ltd (100%)." ], "p1_governance_findings": [ "Training: BoD 4/90% (NOT 100% — weaker than peers); KMP 4/90%; Workers 629/100%; Employees other than BoD/KMP 784/100%.", "🚨 P1 Q2 FINES FY 2024-25: NIL — India Cements does NOT disclose CCI cement-cartel matter under P1 Q2 (despite being part of 2016-17 CCI ₹205.73 cr seven-company list). Same opaque posture as UltraTech parent / JK Cement / Nuvoco. Contrast: JK Lakshmi discloses in 4 venues.", "🚨 P7 Q2 Anti-competitive corrective action: NIL — India Cements does NOT disclose CCI in P7 either. Confirms most-opaque CCI disclosure posture; INHERITS UltraTech-parent disclosure posture under new board.", "P1 Q5 Bribery disciplinary actions: NIL both years.", "P1 Q6 Conflict of Interest complaints: NIL both years.", "🚨 P1 Q8 Accounts Payable days: 71 FY24-25 vs 84 prior — IMPROVING -13 days (-15%); working-capital tightening under UltraTech management; still highest in sample (JKLC 40, Birla 42, India Cements 71).", "🚨 P1 Q9 RPT POST-TAKEOVER MATERIAL CHANGES:", " - Purchases 7.16% FY24-25 vs 0.01% prior — ~700x jump (UltraTech-group purchases emerging post 25 Dec 2024).", " - Sales 3.56% (vs 0%) — new RPT sales emerged.", " - L&A 88.07% (vs 95.70%) — still very high concentration.", " - Investments 80.53% (vs 99.78%) — slight reduction.", "Sales concentration: 57.87% dealers (5,083 dealers vs 4,892); top 10 = 12% (vs 9.35%)." ], "p2_sustainable_findings": [ "🚨 P2 R&D NIL + Capex specific tech NIL — BOTH ZERO disclosure (gap; weakest in audited sample).", "Sustainable sourcing: 20.02% (low vs peers).", "21.07% input recycled materials (cement manufacturing).", "AFR fuels: tyre shredded scrap, carbon powder, wood chip, municipal plastic, hazardous waste — broad mix.", "Plastics + Hazardous waste co-processed in kilns; E-waste via SPCB vendors.", "EPR applicable; HDPE/PP cement bags co-processed in kiln.", "🚨 P2 NO LCA conducted; no LCA disclosure — gap (vs JKLC Cradle-to-Gate 90% turnover; ACC/UltraTech)." ], "workforce_findings": [ "🚨 Permanent employees 1,386 (M 1,356 / F 30 = 2.16% female); other-than-perm 21. Permanent workers 333 (M 331 / F 2 = 0.60% female); other-than-perm 1,145 (M 1,117 / F 28 = 2.45%).", "Total workforce 2,885; Female 61 = 2.11% — 2nd lowest in sample after Birla Corp 0.86%.", "🚨 Workforce REDUCTION post-takeover: Permanent employees 1,386 (vs 1,454 — -4.7%); Permanent workers 333 (vs 421 — -21% reduction).", "🚨 ATTRITION RISING: Permanent Employee turnover 15% (FY22-23) → 17.72% (FY23-24) → 22.15% (FY24-25); Permanent Worker turnover 3% (FY22-23) → 12.10% (FY23-24) → 13.21% (FY24-25). Steepest post-takeover.", "Differently abled: 5 employees + 11 workers = 16 total (40% female across employees, 45.45% female across workers — strong inclusion).", "Board: 11 directors (post-reconstitution); 2 female = 18.18%. KMP: 3 total; 0 female (0%)." ], "p3_wellbeing_safety_findings": [ "🚨 P3 EMPLOYEE WELLBEING — MATERIAL DISCLOSURE GAP: Health insurance covers ONLY 333 of 1,386 permanent employees = 24.03% (M 23.89% / F 30%). Workers 100% (333/333) — disclosure inconsistency vs employees; vs JKLC 100% across both; vs peers; either disclosure-quality error or structural under-insurance.", "Other-than-perm employees (21): 0% health insurance.", "Accident insurance: 100% all categories.", "Maternity 100% (F-only); Paternity 0%; Daycare 0%.", "🚨 Wellbeing spend: 0.73% of revenue (vs 0.54% prior) — HIGHEST IN AUDITED SAMPLE; anomalous given ~17% YoY revenue decline (driven by smaller revenue denominator, per article note).", "🚨 Superannuation/Pension coverage DROPPED post-takeover: 91.92% employees + 0% workers (vs 100%/100% prior — material drop reflecting benefit-structure transition).", "🚨 Worker unionisation DROPPED: 60.96% (vs 68.41%) — -7.5pp.", "🚨 TRAINING COLLAPSE post-takeover:", " - H&S Employees: 13.49% FY24-25 vs 24.69% prior (halved)", " - Skill upgradation Employees: 7.58% vs 28.54% (-73%)", " - H&S Workers: 35.44% vs 51.78% (-32%)", " - Skill upgradation Workers: 19.82% vs 51.31% (-61%)", "Could reflect post-takeover transitional disruption OR measurement-method change; not footnoted.", "Performance review: 100% all categories.", "ISO 45001 OHSMS + IMS certified.", "🚨 P3 Q11 SAFETY — HIGHEST WORKER LTIFR IN SAMPLE: LTIFR Workers 3.41 FY24-25 vs NIL prior FY emerges from zero; recordable injuries Workers 3 (vs NIL); 1 worker fatality FY24-25 (matching 1 prior FY — sustained). LTIFR Employees NIL both years. Asterisk: includes contract workforce.", "🚨 PRIOR-FY NARRATIVE INCONSISTENCY: FY 2023-24 had 1 worker fatality but reported LTIFR as NIL — methodological inconsistency now corrected to 3.41 (matches article note).", "🚨 Wellbeing-vs-Safety paradox: HIGHEST wellbeing spend (0.73%) AND HIGHEST worker LTIFR (3.41) in audited sample — wellbeing spend not translating to safety outcomes.", "Working Conditions + H&S complaints: NIL both years.", "Assessments: 100% plants for H&S + Working Conditions." ], "p4_stakeholder_findings": [ "🚨 P4 UNIQUE V/M CLASSIFICATION: Communities = NO Vulnerable (UNIQUE outlier — every other audited entity flags Communities as Yes vulnerable).", "🚨 Suppliers & Contractors = YES Vulnerable (UNIQUE — only audited entity to flag suppliers/contractors as vulnerable).", "Other 6 groups all No (Investors, Dealers, Employees, Transporters, Government, Communities)." ], "p5_human_rights_findings": [ "HR training: Permanent 100% + Other-than-permanent 100% (employees + workers both 100% — strong; contrast vs P3 H&S training 13-35%).", "🚨 Min wage: 60.70% other-than-permanent workers AT min wage FY24-25 vs 34.77% prior — DOUBLED. Above-min only 39.30% (was 65.23%). Contract-wage suppression signal post-takeover.", "🚨 GENDER PAY FINDINGS — 3rd FEMALE-ED-MEDIAN INVERSION ENTITY:", " - BoD: 14 Male @ ₹525,000 vs 5 Female @ ₹730,000 — Female BoD median 1.39x Male (joins Dalmia + JK Lakshmi as 3 entities with female-board-median > male; counts cumulative pre+post-25-Dec-2024 directors).", " - KMP: 3 Male @ ₹14,581,149 vs 1 Female @ ₹13,443,015 (Male 1.08x — near-parity).", " - Employees: Male 1,607 @ ₹749,546 vs Female 32 @ ₹669,971 (Male 1.12x — small gap).", " - Workers: Male 351 @ ₹636,458 vs Female 2 @ ₹643,078 (Female 1.01x — near-parity).", "🚨 Gross wages to females: 0.81% FY24-25 vs 1.34% prior — HALVED. LOWEST IN AUDITED SAMPLE (₹3.05 cr female / ₹3,784 cr total wages).", "🚨 P5 Q6 ALL HR complaint categories NIL both years (Sexual Harassment, Discrimination, Child Labour, Forced Labour, Wages, Other).", "🚨 P5 Q7 POSH: 0/0 — INDIA CEMENTS IS 5TH NIL-POSH-BOTH-YEARS ENTITY (after Shree, JK Cement, Birla Corp, JK Lakshmi).", "🚨 P5 Q7 TABLE-LABEL ERROR: heading shows 'FY 2023-24 Current Financial Year' + 'FY 2022-23 Previous Financial Year' but this is the FY 2024-25 report — disclosure-quality flag, outdated template FY labels carried over from prior-year filing.", "P5 Q10 Plant assessments: 100% all 5 categories (Child Labour, Forced Labour, Sexual Harassment, Discrimination, Wages) ✓.", "HR in contracts: Yes." ], "p6_environment_findings": [ "🚨 Total energy: 25,265,346 GJ; Renewable share 194,651/25,265,346 = 0.77% — 2ND LOWEST IN SAMPLE (after Birla Corp 0.59%).", "🚨 Energy intensity per ₹cr turnover: 6,104 (vs 5,021) — WORSENING +22% (revenue-denominator effect).", "PPP-adjusted energy intensity: 12,612 GJ/Mn$ (vs 10,150).", "Energy intensity per physical: 2.81 GJ/T cementitious (vs 2.66) — +5.6% worsening.", "🚨 ENERGY ASSURANCE LOST: Sprih Sustainability assured FY 23-24; FY 24-25 'No / Not Applicable' — 1st lost assurance line.", "PAT scheme: Yes (sites identified as DCs); targets Yes achieved (no quantum or ESCert disclosure).", "Water withdrawal: 2,523,267 KL FY24-25 vs 2,952,660 prior (-14.5%). Surface 1,180,247 (-31% YoY); Groundwater 1,197,930 (+34% YoY) — material substitution; Third party 11,208; Others 133,882.", "Water consumption = withdrawal (ZLD pattern).", "Water intensity per ₹cr: 609.67 KL/cr (vs 590.92) — worsening +3.2%; per physical 0.281 KL/T (vs 0.313 — improving).", "🚨 WATER ASSURANCE LOST: Sprih FY 23-24 → No FY 24-25 (2nd lost assurance line).", "🚨 ZERO LIQUID DISCHARGE (ZLD) implemented Yes; treated domestic water → dust suppression + green plantation.", "🚨 P6 Q11 Ecologically sensitive areas: 'Not Applicable — none of the plants fall under ecologically sensitive zones' (clean).", "🚨 P6 Q12 EIA projects undertaken: NOT APPLICABLE — no EIA projects (capex slowdown post-takeover).", "🚨 P6 Q13 Environmental compliance: NIL non-compliances both years ✓.", "🚨 AIR EMISSIONS:", " - NOx: 5,401 t (vs 4,187) — WORSENING +29% (comparable to Birla +28%).", " - SOx: 83 t (vs 117) — IMPROVING -29%.", " - PM: 426 t (vs 568) — IMPROVING -25%.", " - POP/VOC/HAP: 0.", "Air assurance: No.", "🚨 GHG SCOPE 1: 5,224,846 tCO2e (vs 5,628,584 — -7% YoY); Scope 2: 492,365 tCO2e (+1.6%).", "🚨 SCOPE 1+2 INTENSITY PER PHYSICAL: 0.637 tCO2/T = 637 kgCO2/T cementitious (vs 0.648 prior — slight improvement). CONFIRMS ARTICLE LINE 165 (India Cements 637). Still highest in audited sample (vs Sagar 645, JKLC 607, Birla 594, Orient 583).", "GHG intensity per ₹cr: 1,381 tCO2/cr (vs 1,223) — +13% worsening (revenue effect).", "PPP-adjusted GHG intensity: 2,854 tCO2/Mn$ (vs 2,473).", "🚨 GHG ASSURANCE LOST: Sprih FY 23-24 → No FY 24-25 (3rd lost assurance line).", "🚨 SCOPE 3 NOT DISCLOSED — India Cements joins ACC + Nuvoco + Birla Corp as 4th NIL Scope 3 entity in audited sample (4/10 = 40%).", "GHG reduction projects: qualitative only — renewable, solar planned, WHRS, AFR, fly ash, recycled materials (no quantum/timelines).", "🚨 Waste: Total 2,384.09 MT (vs 4,416.27 — -46% YoY). Plastic 95.45 (+217%); E-waste 14.57 (+1,200% — likely IT-asset refresh); Battery 13.11; Other Hazardous 54.67; Other Non-haz 2,206.16 MT.", "Waste recovery: 2,294.19 MT recycled (96% recovery rate); 0 re-used; 0 co-processed (gap given cement industry standard).", "Waste disposal: Incineration 0 + Landfill 0 + Other disposal 27.81 MT (clean).", "Waste assurance: No." ], "p7_p8_p9_findings": [ "🚨 P7 Q2: NIL anti-competitive corrective action — India Cements does NOT disclose CCI matter in P7 either. Combined with P1 Q2 NIL = LEAST TRANSPARENT CCI DISCLOSURE in audited sample (matches UltraTech parent posture post-takeover).", "P7 Q1: 11 trade affiliations including Cement Mfrs Assoc, NCCBM, ASSOCHAM, CII, FICCI, Hindustan CCI, Indian National Ship Owners Association (Coromandel coal-import shipping nexus), South India Cement Mfrs Assoc, Madras Management Assoc, Madras CCI.", "P8 SIA: NA; R&R: NA.", "🚨 P8 Q4 MSME sourcing: 1.12% FY24-25 vs 0.75% prior — 2nd LOWEST in audited sample (after Birla 1.50%).", "Direct India sourcing: 'across various States; endeavours to source locally wherever feasible' — no quantum disclosed.", "🚨 P8 Q5 Job creation wage geography: Rural 30.93% (vs 29.72%); Semi-urban 15.25%; Urban 15.14%; Metropolitan 38.69% (HIGHEST METROPOLITAN SHARE IN SAMPLE — driven by Chennai HQ + corporate office concentration).", "P9 Q3 Consumer complaints FY24-25: ALL CATEGORIES NIL (Data privacy 0, Advertising 0, Cyber 0, Essential services 0, Restrictive Trade 0, Unfair Trade 0, Other 0).", "P9 Q4 Recalls: Voluntary 0 / Forced 0.", "P9 Q5 Cybersecurity policy: indiacements.co.in/uploads/investor/pdf/16930498160CYBSECANARIVPOLICY.pdf.", "P9 Q7 Data breaches: NIL.", "🚨 Section B Q11 Independent ESG policy assessment: 'No' — no third-party policy review (gap vs JKLC's CARE Analytics + 5-layer assurance).", "BRSR Oversight: S.V. Patil (CEO); Risk Management Committee evaluates ESG risk (not a dedicated CSR/Sustainability Committee — weaker governance posture).", "Section B Q5: 7 sustainability goals — ALL QUALITATIVE (no timelines or quantum) — WHR power, Solar proposal stage, Rainwater harvesting, Zero fatalities aspiration, Clinker-to-cement ratio, Mine water→village ponds, Carbon footprint reduction. Weakest goal-disclosure in audited sample vs JKLC SBTi/RE100 quantified.", "Director statement: 'Cement production accounts for 8% of global carbon emissions and we are morally obligated to mitigate this impact' — strong sustainability framing but no targets." ], "cross_entity_running_tally_post_indiacem": { "cci_flag_entities": "UltraTech ₹1,685 cr; ACC EoM; JK Cement ₹137.82 cr; Nuvoco COMPAT; JK Lakshmi ₹6.55 cr; **India Cements (historical 2016-17 inclusion, NOT disclosed in BRSR)** — sector pattern: at least 6/10 (60%) entities have historical CCI exposure", "cci_brsr_disclosure_quality_winners_losers": "JK Lakshmi = most transparent (4-venue disclosure); India Cements = LEAST transparent (0 disclosure in either P1 Q2 or P7 Q2)", "no_external_brsr_assurance": "Birla Corp + India Cements (2/10 audited so far); India Cements LOST 3 prior-FY assurance lines (Sprih on energy + water + GHG) post-takeover", "scope_3_nil_entities": "ACC + Nuvoco + Birla Corp + India Cements = 4/10 = 40%", "nil_posh_both_years": "Shree, JK Cement, Birla Corp, JK Lakshmi, India Cements = 5/10 = 50%", "female_board_median_inversion": "Dalmia + JK Lakshmi + India Cements = 3/10", "highest_worker_ltifr": "India Cements 3.41 (worst in audited sample); JK Lakshmi 0 (best)", "lowest_renewable_share": "Birla Corp 0.59%; India Cements 0.77%", "highest_ghg_intensity": "Sagar 645 > India Cements 637 > JK Lakshmi 607 > Birla 594 > Orient 583", "highest_wellbeing_spend_anomaly": "India Cements 0.73% (smaller revenue denominator post-takeover)", "lowest_msme_procurement": "Birla 1.50% > India Cements 1.12% (2nd lowest)", "lowest_female_wage_share": "India Cements 0.81% (lowest in audited sample)", "ultratech_acquisition_disclosure_quality_pattern": "Post-25-Dec-2024 board change: training collapsed (-73% emp skill); attrition rose (22.15%); RPT lines emerged (Purchases 0→7.16%); 3 assurance lines LOST; Energy intensity worsening +22% — material transitional disruption that is disclosed (positive) but with template-label errors and gap-areas suggesting incomplete BRSR drafting under new management" } }, "cross_validation_completed_date": "2026-05-28" } }