Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹2708 Cr.
Stock P/E
21
P/B
2.7
Current Price
₹984.7
Book Value
₹ 362
Face Value
10
52W High
₹1119.5
52W Low
₹ 679.8
Dividend Yield
0.15%

Mangalam Cement Overview

Business

Mangalam Cement Ltd. is an Indian company primarily engaged in the manufacturing and sale of cement. The company produces various types of cement, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), and Portland Slag Cement (PSC). Its core business model involves sourcing raw materials like limestone, coal/pet coke, and gypsum, processing them in integrated cement plants, and then distributing the finished products to a diverse customer base. This base includes individual home builders, real estate developers, government infrastructure projects, and industrial clients. The company generates revenue directly from the sale of its cement products.

Revenue Mix

For a pure-play cement company like Mangalam Cement, the overwhelming majority of revenue (virtually 100%) comes from the sale of cement and related products. There are typically no distinct business segments outside of cement manufacturing. The revenue mix would primarily consist of different types of cement sold, such as OPC, PPC, and PSC, catering to different application needs.

Industry

The Indian cement industry is characterized by its capital-intensive nature, cyclicality tied to economic growth and construction activity, and a mix of large national players and numerous regional manufacturers. It is also competitive, with pricing often influenced by demand-supply dynamics and input costs. Mangalam Cement is positioned as a regional player, primarily serving markets in Rajasthan and surrounding states. Its positioning often relies on strong brand recognition within its specific operating geographies, coupled with logistical advantages due to plant location relative to raw material sources and key markets. While not among the largest national players, it competes by focusing on operational efficiency and market penetration within its chosen regions.

MOAT

Mangalam Cement's competitive advantages are primarily derived from:

Logistical Efficiency & Proximity: Cement is a high-volume, low-margin product where freight costs significantly impact profitability. Proximity of its manufacturing plants to limestone quarries (a key raw material) and target markets helps in minimizing transportation costs, offering a cost advantage over distant competitors.

Regional Brand Strength: Over years of operation, the company may have built a recognized brand name within its core operating regions, fostering customer loyalty among retail buyers and contractors.

Operational Scale (Regional): While not national, its scale within its operating regions allows for certain economies of scale in procurement and production, contributing to cost efficiency.

Regulatory Barriers: Obtaining environmental clearances and mining leases for new integrated cement plants is a complex and time-consuming process, acting as a barrier to entry for new players.

Growth Drivers

Infrastructure Development: Continued government focus and spending on infrastructure projects (roads, railways, ports, airports, smart cities) across India.

Housing Demand: Growing demand for both urban and rural housing, including government initiatives for affordable housing.

Economic Growth & Urbanization: Overall economic expansion and increasing urbanization rates drive construction activity across various sectors (commercial, industrial, residential).

Capacity Utilization & Expansion: Potential for higher capacity utilization due to increased demand, and strategic capacity expansions to cater to future growth.

Regional Demand: Strong demand growth in its core operating markets (Rajasthan and nearby states).

Risks

Input Cost Volatility: Significant exposure to fluctuating prices of key raw materials and energy sources such as coal/pet coke, power, and diesel (for freight).

Cyclicality & Pricing Pressure: The cement industry is cyclical and sensitive to economic downturns, potentially leading to lower demand and intense competition, resulting in pricing pressure.

Regulatory & Environmental Risks: Changes in environmental norms, mining regulations, and taxation policies can impact operations and profitability.

Logistical Challenges: Dependence on an efficient transportation network; infrastructure bottlenecks or rising freight costs can affect margins.

High Debt & Interest Rates: Capital-intensive nature of the business typically involves significant debt, making the company susceptible to adverse movements in interest rates.

Competition: Intense competition from larger national players and other regional companies vying for market share.

Management & Ownership

Mangalam Cement Ltd. is part of the CK Birla Group, a prominent Indian diversified conglomerate. This indicates a promoter-driven ownership structure, typical of many Indian businesses. The management would likely operate under the strategic guidance of the promoter group, focusing on operational excellence, market expansion within its regions, and financial prudence. The ownership structure would typically involve a significant promoter holding, alongside institutional investors and public shareholders.

Outlook

Mangalam Cement operates in a fundamental industry benefiting from India's long-term growth story driven by infrastructure development and housing demand. Its regional focus provides potential for logistical cost advantages and established market presence within its core areas. However, the company remains susceptible to the inherent cyclicality of the cement industry, significant volatility in input costs (especially energy), and intense competition from both large and regional players. Its profitability will be largely determined by its ability to manage these input costs, maintain pricing power in its key markets, and benefit from sustained demand growth without facing excessive capacity gluts in the industry.

Mangalam Cement Share Price

Live · BSE / NSE · Inception: 1976
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Mangalam Cement 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 437 381 359 438 503 452 395 421 490 455
Other Income 19 32 10 5 13 11 10 7 16 11
Total Income 456 412 369 444 516 462 405 429 507 466
Total Expenditure 392 351 329 395 449 377 352 376 436 402
Operating Profit 65 61 40 49 67 86 52 52 70 64
Interest 17 16 17 16 19 17 16 15 16 18
Depreciation 19 19 19 19 21 20 20 20 20 22
Exceptional Income / Expenses 0 0 0 0 0 0 0 -1 -21 0
Profit Before Tax 29 26 4 13 27 49 16 16 13 24
Provision for Tax 12 9 0 5 10 17 -4 4 -52 6
Profit After Tax 17 17 3 8 17 32 20 11 65 18
Adjustments 0 0 0 0 0 -0 0 0 -0 -0
Profit After Adjustments 17 17 3 8 17 32 20 11 65 18
Adjusted Earnings Per Share 6.3 6.2 1.2 2.8 6.1 11.7 7.3 4.1 23.7 6.6

Mangalam Cement 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 842 905 1080 1200 1228 1305 1566 1802 1725 1681 1758 1761
Other Income 7 21 28 24 30 25 27 35 38 61 44 44
Total Income 848 925 1108 1223 1258 1329 1593 1837 1764 1742 1802 1807
Total Expenditure 797 787 997 1143 1029 1060 1348 1654 1523 1524 1542 1566
Operating Profit 51 138 110 81 229 270 246 183 241 218 261 238
Interest 46 47 47 51 63 69 64 66 68 69 64 65
Depreciation 37 40 44 46 49 63 62 69 74 79 81 82
Exceptional Income / Expenses 0 0 0 0 0 0 0 -19 0 0 -22 -22
Profit Before Tax -31 50 19 -16 117 138 119 28 99 70 94 69
Provision for Tax -10 14 8 -6 41 44 41 11 39 25 -35 -46
Profit After Tax -21 37 11 -10 76 93 78 17 60 45 129 114
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -21 37 11 -10 76 93 78 17 60 45 129 114
Adjusted Earnings Per Share -8 13.7 4.3 -3.6 28.4 35 28.3 6.2 21.7 16.4 46.9 41.7

Mangalam Cement 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 473 506 515 503 576 668 742 756 812 852 977
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 281 228 189 292 348 413 363 291 245 194 275
Other Non-Current Liabilities 119 93 99 95 126 122 153 164 188 222 182
Total Current Liabilities 329 387 417 527 543 655 670 779 824 898 991
Total Liabilities 1201 1213 1220 1417 1593 1858 1928 1990 2068 2166 2425
Fixed Assets 744 814 831 821 915 980 1141 1170 1165 1185 1308
Other Non-Current Assets 146 102 67 133 146 191 92 151 207 248 401
Total Current Assets 311 297 322 463 531 686 696 669 697 733 716
Total Assets 1201 1213 1220 1417 1593 1858 1928 1990 2068 2166 2425

Mangalam Cement 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 23 12 8 10 1 63 83 65 51 36 29
Cash Flow from Operating Activities 75 163 86 84 216 234 189 139 182 188 94
Cash Flow from Investing Activities -62 -91 -17 -176 -156 -172 -134 -64 -112 -132 -297
Cash Flow from Financing Activities -13 -77 -67 83 3 -41 -73 -89 -86 -63 183
Net Cash Inflow / Outflow -0 -5 2 -9 63 20 -18 -14 -15 -7 -20
Closing Cash & Cash Equivalent 22 8 10 1 63 83 65 51 36 29 8

Mangalam Cement 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) -8.04 13.72 4.26 -3.65 28.43 35.01 28.26 6.23 21.72 16.39 46.9
CEPS(Rs) 5.69 28.83 20.83 13.63 46.67 58.58 50.92 31.49 48.71 44.99 76.3
DPS(Rs) 0.5 0.75 0.5 0.5 1 1.5 1.5 1.5 1.5 1.5 1.5
Book NAV/Share(Rs) 177.29 189.56 192.92 188.61 215.75 249.87 269.91 275.02 295.16 309.81 355.41
Core EBITDA Margin(%) 4.61 11.25 7.36 4.76 16.23 18.79 13.27 7.92 11.03 8.61 11.31
EBIT Margin(%) 1.51 9.37 5.92 2.91 14.69 15.85 11.15 5.03 9.08 7.62 8.25
Pre Tax Margin(%) -3.23 4.83 1.69 -1.33 9.54 10.57 7.23 1.48 5.4 3.83 4.91
PAT Margin (%) -2.22 3.51 1.02 -0.81 6.18 7.16 4.72 0.92 3.25 2.46 6.72
Cash Profit Margin (%) 1.57 7.36 4.97 3.03 10.14 11.98 8.5 4.64 7.3 6.76 10.94
ROA(%) -1.76 3.03 0.94 -0.74 5.04 5.42 4.1 0.87 2.94 2.13 5.62
ROE(%) -4.35 7.48 2.23 -1.91 14.06 15.04 11.03 2.29 7.62 5.42 14.1
ROCE(%) 1.63 10.9 7.43 3.65 16.55 16.86 13.8 6.87 12 9.69 9.55
Receivable days 11.97 12.06 11.55 10.91 9.23 9.2 8.37 7.2 7.11 7.41 7.34
Inventory Days 51.7 37.98 34.82 34.77 41.72 54.33 47.4 44.98 56.13 58.17 56.53
Payable days 187.26 252.73 253.41 265.88 445.1 305.15 246.26 265.65 387.71 284.21 299.26
PER(x) 0 23.38 76.5 0 5.28 8.04 13.77 42.59 33.66 46.93 16.3
Price/Book(x) 1.24 1.69 1.69 1.42 0.7 1.13 1.44 0.96 2.48 2.48 2.15
Dividend Yield(%) 0.23 0.23 0.15 0.19 0.67 0.53 0.39 0.57 0.21 0.2 0.2
EV/Net Sales(x) 1.17 1.35 1.13 1.02 0.73 0.93 0.98 0.67 1.42 1.52 1.6
EV/Core EBITDA(x) 19.21 8.84 11.05 15.05 3.93 4.49 6.26 6.55 10.19 11.75 10.77
Net Sales Growth(%) -8.69 7.48 19.33 11.11 2.39 6.24 20.02 15.04 -4.22 -2.58 4.61
EBIT Growth(%) -74.51 570.5 -32.39 -47.37 417.57 14.63 -11.26 -48.85 77.56 -16.36 13.5
PAT Growth(%) -219.77 270.69 -68.93 -185.55 879.51 23.14 -16.86 -77.96 248.75 -24.54 186.16
EPS Growth(%) -219.77 270.69 -68.93 -185.55 879.52 23.14 -19.29 -77.96 248.75 -24.54 186.15
Debt/Equity(x) 0.9 0.77 0.72 1.03 1.01 0.94 0.84 0.81 0.74 0.72 0.89
Current Ratio(x) 0.94 0.77 0.77 0.88 0.98 1.05 1.04 0.86 0.85 0.82 0.72
Quick Ratio(x) 0.59 0.51 0.5 0.66 0.68 0.71 0.73 0.53 0.47 0.51 0.4
Interest Cover(x) 0.32 2.06 1.4 0.69 2.85 3 2.85 1.42 2.47 2.01 2.47
Total Debt/Mcap(x) 0.73 0.46 0.43 0.72 1.46 0.83 0.58 0.84 0.3 0.29 0.41

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +5% -1% +6% +8%
Operating Profit CAGR +20% +13% -1% +18%
PAT CAGR +187% +97% +7% —
Share Price CAGR +33% +39% +17% +11%
ROE Average +14% +9% +8% +7%
ROCE Average +10% +10% +10% +10%

Mangalam Cement Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 40 %
FII 5.53 %
DII (MF + Insurance) 5.9 %
Public (retail) 48.57 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 36.9436.9436.9437.8139.5239.5240404040
FII 5.716.326.176.075.815.876.085.795.595.53
DII 4.364.763.8844.216.586.676.515.95.9
Public 52.9951.985352.1150.4648.0247.2547.6948.5148.57
Others 0000000000
Total 100100100100100100100100100100

Mangalam Cement Peer Comparison

Cement & Construction Materials Edit Columns

Mangalam Cement Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Mangalam Cement Pros & Cons

Pros

Cons

  • Promoter holding is low: 40%.
  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 284.21 to 299.26days.
  • The company has delivered a poor profit growth of 6% over past five years.
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