WEBSITE BSE:531444 NSE: VARDHMAN Inc. Year: 1982 Industry: Engineering - Construction My Bucket: Add Stock
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1. Business Overview
Vardhman Concrete Ltd. is primarily involved in the manufacturing and supply of Ready-Mix Concrete (RMC) and potentially other concrete products for the construction industry. As a company in the Engineering - Construction sector in India, its core business model revolves around producing concrete mixtures at its plants and delivering them to various construction sites, including residential, commercial, industrial, and infrastructure projects. The company makes money by selling these concrete products and services to builders, contractors, government agencies, and individual project owners, charging based on volume and specific mix requirements.
2. Key Segments / Revenue Mix
Given the company name and industry, the primary revenue segment for Vardhman Concrete Ltd. is expected to be Ready-Mix Concrete (RMC) production and supply. This typically involves custom-mixed concrete delivered to construction sites. Other potential, though less direct, segments could include the manufacturing of precast concrete elements, concrete blocks, or aggregates, depending on their operational scope. Specific breakdowns of revenue contribution from different segments are not publicly available without financial reports.
3. Industry & Positioning
The Indian Engineering - Construction industry, particularly the RMC segment, is characterized by a mix of large integrated players (often cement manufacturers with RMC divisions) and numerous regional or local players. The RMC market is highly localized due to the perishable nature of concrete and high transportation costs over long distances. Vardhman Concrete Ltd. likely positions itself as a quality-focused, reliable supplier within its operational geographies, competing on factors such as product consistency, timely delivery, competitive pricing, and strong customer relationships. Its specific market share or national standing is not determinable without further data, but it likely holds a regional presence.
4. Competitive Advantage (Moat)
Vardhman Concrete Ltd.'s potential competitive advantages could stem from:
Strategic Plant Location: Proximity of RMC plants to key construction hubs and demand centers, reducing logistics costs and improving delivery times.
Operational Efficiency: Efficient procurement of raw materials (cement, aggregates, sand, admixtures) and optimized plant operations leading to cost advantages.
Quality & Consistency: A strong reputation for delivering high-quality, consistent concrete mixes that meet project specifications.
Customer Relationships: Long-standing relationships with developers, contractors, and government bodies built on trust and reliability.
Regional Scale: Ability to serve large projects and achieve economies of scale within its core operating regions.
5. Growth Drivers
Key factors that can drive growth for Vardhman Concrete Ltd. over the next 3-5 years include:
Infrastructure Spending: Continued government emphasis on infrastructure development (roads, railways, smart cities, ports) through initiatives like the National Infrastructure Pipeline.
Real Estate Revival: Growth in residential and commercial real estate, driven by urbanization, affordable housing schemes, and increasing disposable incomes.
Industrial & Commercial Construction: Expansion of manufacturing facilities, logistics hubs, data centers, and office spaces.
Technological Adoption: Investment in modern RMC plants and logistics to improve efficiency and reduce costs.
Geographic Expansion: Opening new RMC plants in emerging growth corridors or expanding market penetration in existing regions.
6. Risks
Raw Material Price Volatility: Fluctuations in prices of key inputs like cement, aggregates, sand, and fuel can significantly impact profit margins.
Economic Cyclicality: The construction sector is highly sensitive to economic cycles, interest rate changes, and government spending policies, leading to unpredictable demand.
Intense Competition: The RMC market is competitive, with both large integrated players and numerous local operators, potentially leading to pricing pressure.
Logistics Challenges: Issues like traffic congestion, fleet maintenance, and timely delivery can affect operational efficiency and customer satisfaction.
Regulatory & Environmental Risks: Stringent environmental norms for quarrying and plant operations, land acquisition challenges, and evolving building codes.
Credit Risk: Potential for delayed payments or defaults from clients, particularly smaller developers.
7. Management & Ownership
Specific details regarding the promoters, management team's experience, or detailed ownership structure for Vardhman Concrete Ltd. are not readily available without access to corporate filings or public disclosures. Typically, Indian companies, especially those of a certain size, often have promoter families holding significant equity stakes, with the remaining shares held by institutional investors and the public. Management quality would generally be assessed by financial performance, corporate governance practices, and strategic execution.
8. Outlook
The outlook for companies in the Indian Engineering - Construction sector, including RMC manufacturers like Vardhman Concrete Ltd., is generally positive, driven by strong government impetus on infrastructure development, rapid urbanization, and a growing middle class fueling real estate demand. The company stands to benefit from these macro tailwinds if it can effectively leverage its regional presence and operational capabilities. However, its performance will be subject to the inherent cyclicality of the construction industry, volatility in raw material prices, and intense competition, which could pressure margins. Successful navigation of these challenges, alongside strategic capacity expansion and maintaining strong customer relationships, will be crucial for sustained growth.
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Market Cap ₹5 Cr.
Stock P/E -4.1
P/B -0.3
Current Price ₹7.3
Book Value ₹ -27.1
Face Value 10
52W High ₹12.1
Dividend Yield 0%
52W Low ₹ 6.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 1 | 4 | 0 | 0 | -1 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -1 | -3 | -0 | -0 | 1 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 6 | 0 | 0 | -0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -1 | -10 | -0 | -0 | 1 | -0 | -0 | -0 |
| Provision for Tax | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 |
| Profit After Tax | -0 | -0 | -1 | -10 | -0 | -0 | 1 | -0 | -0 | -0 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -1 | -10 | -0 | -0 | 1 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | -0.1 | -0.1 | -1.5 | -13.9 | -0.1 | -0.2 | 1 | -0 | -0.1 | -0 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 0 | 0 | 3 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 2 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
| Operating Profit | 3 | -0 | -0 | 2 | -0 | 0 | 0 | -0 | -0 | -0 | -1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | -0 | -1 | 2 | -0 | -0 | -0 | -0 | -0 | -0 | -1 | 1 |
| Provision for Tax | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Tax | 2 | -0 | -1 | 2 | -0 | -0 | -0 | -0 | -0 | -0 | -1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | -0 | -1 | 2 | -0 | -0 | -0 | -0 | -0 | -0 | -1 | 1 |
| Adjusted Earnings Per Share | 2.3 | -0.5 | -0.8 | 2.6 | -0.6 | -0 | -0.3 | -0.5 | -0.5 | -0.6 | -1.8 | 0.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | -100% |
| Operating Profit CAGR | 0% | 0% | 0% | NAN% |
| PAT CAGR | 0% | 0% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -32% | -1% | 15% | -7% |
| ROE Average | 0% | 0% | 0% | 0% |
| ROCE Average | -18% | -8% | -5% | 1% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -8 | -8 | -9 | -7 | -7 | -7 | -7 | -8 | -8 | -8 | -10 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 19 | 19 | 20 | 18 | 14 | 14 | 14 | 14 | 15 | 15 | 15 |
| Total Liabilities | 12 | 12 | 12 | 12 | 8 | 8 | 8 | 8 | 8 | 8 | 7 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 6 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Total Current Assets | 11 | 11 | 11 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3 |
| Total Assets | 12 | 12 | 12 | 12 | 8 | 8 | 8 | 8 | 8 | 8 | 7 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 4 | -0 | -0 | 2 | 2 | 0 | -0 | -0 | -0 | -0 | -0 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Cash Flow from Financing Activities | -4 | -0 | 0 | -2 | -2 | -0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.32 | -0.52 | -0.77 | 2.55 | -0.58 | -0.03 | -0.27 | -0.5 | -0.5 | -0.57 | -1.81 |
| CEPS(Rs) | 2.59 | -0.45 | -0.7 | 2.62 | -0.51 | 0.04 | -0.2 | -0.43 | -0.43 | -0.5 | -1.74 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -10.81 | -11.33 | -12.1 | -9.54 | -10.12 | -10.15 | -10.42 | -10.86 | -11.36 | -11.93 | -13.73 |
| Core EBITDA Margin(%) | 62.77 | -113.47 | 0 | 82.95 | -11.68 | 52.83 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 40.82 | -48.6 | 0 | 83.08 | -12.23 | 55.32 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 30.63 | -208.61 | 0 | 72.83 | -22.35 | -8.32 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 39.61 | -226.62 | 0 | 73.09 | -20.73 | -5.66 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 44.38 | -197.18 | 0 | 75.04 | -18.3 | 8.21 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 12.68 | -3.17 | -4.71 | 15.64 | -4.22 | -0.25 | -2.48 | -4.68 | -4.74 | -5.36 | -18.39 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 16.79 | -0.88 | -3.47 | 23.78 | -3.26 | 3 | -0.54 | -2.36 | -2.33 | -2.91 | -17.58 |
| Receivable days | 519.53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 209.2 | 9195.49 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 7.41 | 0 | 0 | 4.46 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | -1.59 | -1.32 | -1.34 | -1.19 | -0.53 | 0 | -0.5 | -0.32 | -0.67 | -0.95 | -0.66 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 6.81 | 164.94 | 0 | 9.11 | 8.43 | 57.24 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 10.71 | -861.05 | -107.97 | 10.71 | -85.99 | 82.74 | 1291.05 | -148.03 | -183.03 | -155.39 | -20.64 |
| Net Sales Growth(%) | 734.54 | -96.06 | -100 | 0 | -20 | -82.5 | -100 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 946.83 | -104.69 | -290.43 | 764.25 | -111.78 | 179.15 | -118.26 | -341.6 | 1.32 | -24.86 | -458.22 |
| PAT Growth(%) | 315.19 | -122.54 | -47.14 | 432.54 | -122.68 | 95.22 | -863.02 | -86.61 | -1 | -12.57 | -219.69 |
| EPS Growth(%) | 315.19 | -122.54 | -47.14 | 432.54 | -122.68 | 95.22 | -863.17 | -86.57 | -1.01 | -12.56 | -219.69 |
| Debt/Equity(x) | -2.21 | -2.14 | -2.05 | -2.28 | -1.92 | -1.9 | -1.91 | -1.86 | -1.83 | -1.79 | -1.58 |
| Current Ratio(x) | 0.57 | 0.56 | 0.54 | 0.29 | 0.25 | 0.25 | 0.24 | 0.24 | 0.23 | 0.23 | 0.16 |
| Quick Ratio(x) | 0.57 | 0.56 | 0.54 | 0.29 | 0.25 | 0.25 | 0.24 | 0.24 | 0.23 | 0.23 | 0.16 |
| Interest Cover(x) | 4.01 | -0.3 | -1.26 | 8.1 | -1.21 | 0.87 | -0.21 | -0.74 | -0.71 | -0.86 | -4.66 |
| Total Debt/Mcap(x) | 1.36 | 1.58 | 1.5 | 1.86 | 3.52 | 0 | 3.74 | 5.78 | 2.68 | 1.84 | 2.37 |
| # | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 61.1 | 61.02 | 61.02 | 61.02 | 56.67 | 56.67 | 47.32 | 47.32 | 47.32 | 47.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 38.9 | 38.98 | 38.98 | 38.98 | 43.33 | 43.33 | 52.68 | 52.68 | 52.68 | 52.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.44 | 0.44 | 0.44 | 0.44 | 0.41 | 0.41 | 0.34 | 0.34 | 0.34 | 0.34 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.31 | 0.31 | 0.38 | 0.38 | 0.38 | 0.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
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