Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹9147 Cr.
Stock P/E
-136
P/B
0.9
Current Price
₹295.2
Book Value
₹ 327.6
Face Value
10
52W High
₹489.7
52W Low
₹ 290.3
Dividend Yield
0%

India Cements Overview

Business

The India Cements Ltd. is primarily engaged in the manufacturing and sale of cement. The company produces various types of cement, including Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC), catering to institutional customers (large infrastructure projects, builders) and retail buyers (individual housing, small construction). Its core business model revolves around sourcing raw materials (limestone, coal/pet coke), processing them in integrated cement plants or grinding units, and distributing the finished product through a wide network of dealers and sales offices. The company generates revenue from the direct sale of cement products.

Revenue Mix

The India Cements Ltd.'s revenue is predominantly derived from its Cement segment. While the company may have minor interests in related areas like power generation for captive consumption or shipping, cement production and sales form the overwhelming majority of its business operations and revenue.

Industry

The Indian cement industry is highly competitive, cyclical, and largely driven by infrastructure development and housing demand. It is characterized by high capital intensity and significant logistics costs, making regional concentration a key factor. India Cements is one of the older and well-established players, particularly with a strong presence and market share in the Southern Indian states. While it is a significant regional player, it competes nationally with larger companies like UltraTech Cement, Ambuja Cement, ACC, Shree Cement, and Dalmia Bharat, which often have broader geographical reach and higher capacities.

MOAT

The company's competitive advantages primarily stem from:

Regional Concentration: A strong, established presence and brand recall in its core markets of South India, which helps in optimizing logistics costs, a significant component in cement.

Established Brand & Distribution: A long-standing brand name ("Coromandel Cement" and others) and an extensive dealer network built over decades, particularly robust in its operating regions.

Captive Raw Materials: Access to captive limestone mines, which helps in ensuring a steady supply of a critical raw material and managing costs to some extent.

Scale (Regional): While not the largest nationally, it benefits from economies of scale within its primary operating regions.

Growth Drivers

Key factors that can drive growth for The India Cements Ltd. over the next 3-5 years include:

Government Infrastructure Spending: Continued and accelerated public spending on roads, railways, ports, airports, and other infrastructure projects.

Housing Demand: Growth in affordable housing initiatives, urbanisation, and increased disposable income driving residential construction.

Economic Revival: Overall economic growth stimulating industrial and commercial construction activities.

Regional Market Strength: Leveraging its dominant position and distribution network in South India to capture a larger share of regional demand.

Cost Optimization: Efforts to improve energy efficiency, rationalize logistics, and optimize raw material sourcing can improve profitability.

Risks

Input Cost Volatility: Fluctuations in prices of key raw materials such as coal, pet coke, and limestone, as well as rising freight costs (diesel), can significantly impact profitability.

Cyclical Demand: The cement industry is highly cyclical and sensitive to economic slowdowns, interest rate changes, and government policy shifts.

Intense Competition: The presence of numerous large and regional players leads to pricing pressures and margin erosion.

Regulatory & Environmental: Strict environmental regulations, licensing requirements for mining, and potential carbon taxes could increase operating costs.

Regional Concentration Risk: Over-reliance on the South Indian market makes the company susceptible to regional economic downturns or specific competitive pressures in that geography.

Debt Levels: The company's debt profile and interest rate sensitivity pose financial risks.

Management & Ownership

The company has a long-standing promoter group, with Mr. N. Srinivasan serving as Vice Chairman and Managing Director. The management has deep experience in the Indian cement industry. The ownership structure typically includes the promoter group holding a significant stake, along with institutional investors (domestic and foreign) and the public.

Outlook

The India Cements Ltd. operates in a structurally growing market driven by India's infrastructure push and housing needs. Its strong regional presence in South India, established brand, and extensive distribution network provide a solid foundation. The company stands to benefit from any sustained uptick in construction activity. However, it faces inherent industry risks such as volatile input costs, intense competition from larger national players, and the cyclical nature of demand. Its ability to manage costs efficiently, optimize its capital structure, and navigate competitive pressures in its core markets will be crucial for its future performance.

India Cements Share Price

Live · BSE / NSE · Inception: 1946
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

India Cements Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1236 1027 1022 940 1198 1025 1117 1114 1229 1019
Other Income 20 16 159 12 25 9 29 24 26 3
Total Income 1256 1042 1181 952 1223 1034 1146 1138 1255 1023
Total Expenditure 1199 1051 1185 1130 1200 942 1036 1035 1076 864
Operating Profit 57 -9 -4 -178 23 92 110 103 179 159
Interest 64 82 73 73 38 27 25 24 23 26
Depreciation 57 56 55 55 75 74 74 75 76 72
Exceptional Income / Expenses 16 241 -223 400 90 -124 -6 -8 -11 -25
Profit Before Tax -48 93 -355 94 1 -132 4 -5 69 36
Provision for Tax 1 21 -16 -39 -24 -1 -4 -2 9 9
Profit After Tax -49 71 -339 133 25 -131 9 -3 60 27
Adjustments -12 -13 0 -11 -10 -2 0 0 0 0
Profit After Adjustments -61 58 -339 122 15 -133 9 -3 60 27
Adjusted Earnings Per Share -2 1.9 -10.9 3.9 0.5 -4.3 0.3 -0.1 1.9 0.9

India Cements Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 4883 5163 5267 5770 5186 4511 4858 5608 4998 4141 4485 4479
Other Income 25 19 25 39 42 40 24 40 58 200 88 82
Total Income 4907 5182 5292 5810 5228 4551 4883 5648 5056 4341 4572 4562
Total Expenditure 4010 4274 4558 5145 4592 3723 4374 5751 4906 4515 4088 4011
Operating Profit 897 908 734 665 636 828 509 -103 150 -174 484 551
Interest 440 380 365 350 343 271 198 242 240 266 99 98
Depreciation 291 276 279 265 256 247 226 219 220 239 299 297
Exceptional Income / Expenses -3 0 0 0 -14 0 0 186 42 508 -149 -50
Profit Before Tax 164 252 90 50 24 311 85 -378 -278 -183 -65 104
Provision for Tax 47 94 19 24 -30 102 19 -208 -48 -58 2 12
Profit After Tax 116 158 70 25 53 208 66 -170 -231 -124 -67 93
Adjustments 0 -7 0 -17 -3 -2 12 43 3 -19 0 0
Profit After Adjustments 117 151 71 9 50 207 78 -127 -227 -144 -67 93
Adjusted Earnings Per Share 3.8 4.9 2.3 0.3 1.6 6.7 2.5 -4.1 -7.3 -4.6 -2.2 3

India Cements Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 5050 5175 5269 5246 5498 5707 5947 5776 5575 10194 10124
Minority's Interest 27 36 40 54 56 66 76 50 25 2 0
Borrowings 2127 2451 2878 2594 2411 1998 1939 1801 1430 1066 974
Other Non-Current Liabilities 822 852 829 895 826 827 1350 1013 875 763 729
Total Current Liabilities 2666 2436 1929 2508 2878 2493 2731 2827 2797 1852 1576
Total Liabilities 10692 10950 10946 11297 11670 11090 12043 11467 10701 13877 13403
Fixed Assets 7488 7260 7146 7072 7206 7065 7101 6803 6874 11639 11187
Other Non-Current Assets 1618 1742 1858 1894 2082 2187 2400 1237 1040 503 631
Total Current Assets 1585 1948 1941 2331 2382 1821 2499 3360 2740 1618 1457
Total Assets 10692 10950 10946 11297 11670 11090 12043 11467 10701 13877 13403

India Cements Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 49 36 38 54 49 43 40 46 65 84 103
Cash Flow from Operating Activities 964 765 556 377 387 1046 439 -19 344 -256 -27
Cash Flow from Investing Activities -220 -158 -306 -202 -282 -189 -250 435 248 2014 -103
Cash Flow from Financing Activities -757 -605 -235 -180 -110 -860 -183 -397 -572 -1738 40
Net Cash Inflow / Outflow -14 2 16 -5 -6 -3 6 19 19 19 -89
Closing Cash & Cash Equivalent 36 38 54 49 43 40 46 65 84 103 14

India Cements Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 3.8 4.92 2.29 0.28 1.62 6.67 2.53 -4.09 -7.34 -4.64 -2.17
CEPS(Rs) 13.24 14.11 11.34 9.36 9.98 14.68 9.41 1.6 -0.35 3.71 7.48
DPS(Rs) 1 1 0.8 0.8 0.6 1 1 0 0 0 0
Book NAV/Share(Rs) 164.38 168.43 170.32 169.28 177.41 176.09 177.6 172.23 165.97 328.95 326.7
Core EBITDA Margin(%) 15.76 15.16 13.05 10.84 11.47 17.47 9.97 -2.55 1.64 -7.86 7.98
EBIT Margin(%) 10.9 10.78 8.37 6.94 7.07 12.9 5.83 -2.43 -0.68 1.75 0.69
Pre Tax Margin(%) 2.96 4.29 1.65 0.86 0.46 6.89 1.76 -6.74 -4.94 -3.84 -1.31
PAT Margin (%) 2.1 2.69 1.3 0.44 1.03 4.62 1.36 -3.03 -4.09 -2.61 -1.35
Cash Profit Margin (%) 7.35 7.4 6.43 5.03 5.96 10.09 6 0.88 -0.19 2.42 4.67
ROA(%) 1.2 1.46 0.64 0.23 0.47 1.83 0.57 -1.44 -2.08 -1.01 -0.49
ROE(%) 2.86 3.08 1.35 0.48 1 3.81 1.2 -3.13 -4.4 -1.62 -0.66
ROCE(%) 8.08 7.6 5.43 4.69 4.15 6.62 3.31 -1.61 -0.48 0.87 0.3
Receivable days 35.49 33.74 39.25 43.99 52.14 52.6 56.16 57.13 49.38 53.89 35.07
Inventory Days 42.95 43.6 49.33 48.75 59.41 58.22 54.16 53.01 45.86 45.5 47.41
Payable days 357.81 329 338.4 319.31 377.75 414.32 356.92 278.02 339.06 365.52 241.35
PER(x) 22.69 33.06 61.72 387.67 65.46 25.1 82.7 0 0 0 0
Price/Book(x) 0.52 0.97 0.83 0.64 0.6 0.95 1.18 1.07 1.28 0.84 1.05
Dividend Yield(%) 1.16 0.62 0.56 0.74 0.57 0.6 0.48 0 0 0 0
EV/Net Sales(x) 1.21 1.56 1.43 1.15 1.32 1.82 1.96 1.53 1.83 2.32 2.66
EV/Core EBITDA(x) 6.59 8.88 10.24 10.02 10.74 9.88 18.73 -83.55 60.73 -55.32 24.6
Net Sales Growth(%) -3.52 5.73 2.03 9.56 -10.12 -13.03 7.71 15.43 -10.88 -17.15 8.31
EBIT Growth(%) 25.06 4.67 -28.03 -11.95 -8.34 58.58 -51.33 -148.07 71.84 316.96 -58.73
PAT Growth(%) 9877.05 35.46 -55.25 -64.17 111.65 289.89 -68.35 -357.39 -35.75 46.05 45.92
EPS Growth(%) 3620.76 29.42 -53.32 -87.84 479.9 312.23 -62.05 -261.72 -79.16 36.8 53.19
Debt/Equity(x) 0.65 0.6 0.61 0.64 0.65 0.56 0.56 0.55 0.51 0.11 0.13
Current Ratio(x) 0.59 0.8 1.01 0.93 0.83 0.73 0.92 1.19 0.98 0.87 0.92
Quick Ratio(x) 0.36 0.48 0.65 0.59 0.54 0.49 0.61 0.91 0.75 0.57 0.46
Interest Cover(x) 1.37 1.66 1.25 1.14 1.07 2.15 1.43 -0.56 -0.16 0.31 0.35
Total Debt/Mcap(x) 1.24 0.62 0.73 1 1.09 0.58 0.48 0.51 0.4 0.14 0.12

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +8% -7% 0% -1%
Operating Profit CAGR — — -10% -6%
PAT CAGR — — 0% 0%
Share Price CAGR -24% +8% +8% +7%
ROE Average -1% -2% -2% 0%
ROCE Average 0% 0% 0% +4%

India Cements Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 75 %
FII 3.39 %
DII (MF + Insurance) 12.61 %
Public (retail) 9 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 28.4228.4228.4255.4981.4981.4975.6757575
FII 13.2617.6316.1614.494.942.963.13.43.473.39
DII 8.485.856.066.693.75.7712.2612.812.9112.61
Public 49.8448.0949.3623.339.879.789.038.88.629
Others 0000000000
Total 100100100100100100100100100100

India Cements Peer Comparison

Cement & Construction Materials Edit Columns

India Cements Quarterly Price

10-year quarterly close · BSE
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News & Updates

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India Cements Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value
  • Debtor days have improved from 365.52 to 241.35days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of -2% over the last 3 years.
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