Anjani Portland Cement Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Cement: 92.6% • Power: 7.4%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -14.6% over last 3 years
- Company has a low return on capital employed of -4.7%
- Interest coverage is weak at -3.2x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.19x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | 10996.00 | 37.95 | 324029.22 | 2.18 | 2603.72 | 17.24 | 24648.20 | 15.85 | 13.25 | 20.35 |
| AMBUJACEM | 391.00 | 22.20 | 97156.35 | 0.51 | 660.00 | -31.93 | 9500.00 | -7.67 | 6.24 | 16.78 |
| SHREECEM | 22588.80 | 50.00 | 81502.08 | 0.66 | 531.12 | -17.48 | 6233.13 | 18.03 | 10.61 | 20.41 |
| JKCEMENT | 4841.40 | 39.56 | 37408.65 | 0.41 | 274.62 | -15.31 | 4031.72 | 20.26 | 14.89 | 16.07 |
| DALBHARAT | 1749.20 | 35.17 | 32809.04 | 0.51 | 192.00 | -51.39 | 3890.00 | 6.99 | 8.15 | 20.69 |
| ACC | 1246.15 | 12.26 | 23401.11 | 0.60 | 147.00 | -60.84 | 5808.00 | -4.59 | 11.60 | 7.90 |
| RAMCOCEM | 866.40 | 31.75 | 20472.37 | 0.29 | 31.24 | -63.06 | 2273.05 | 9.60 | 10.75 | 13.49 |
| JSWCEMENT | 118.80 | 21.30 | 16196.78 | 0.42 | 153.43 | 111.23 | 1896.41 | 21.58 | -4.21 | 16.41 |
| NUVOCO | 330.20 | 30.56 | 11793.30 | 0.00 | 159.63 | 19.88 | 3128.71 | 8.91 | 7.11 | 18.16 |
| INDIACEM | 346.30 | 116.03 | 10731.74 | 0.00 | 26.85 | 120.20 | 1019.42 | -0.52 | 0.30 | 15.28 |
| STARCEMENT | 195.35 | 21.36 | 7895.66 | 0.51 | 73.91 | -24.71 | 942.89 | 3.39 | 8.42 | 20.63 |
| APCL | 99.27 | 0.00 | 291.60 | 0.00 | -9.80 | -184.06 | 89.76 | -35.67 | 0.13 | 1.52 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 111 | 101 | 119 | 128 | 97 | 68 | 83 | 126 | 116 | 103 | 45 | 46 | 43 | |
| 103 | 97 | 111 | 123 | 97 | 72 | 82 | 126 | 104 | 104 | 50 | 44 | 46 | |
| Operating Profit | 7 | 5 | 8 | 5 | 0 | -4 | 0 | -0 | 11 | -1 | -4 | 2 | -4 |
| OPM % | 6.63% | 4.46% | 6.76% | 3.92% | 0.31% | -6.63% | 0.59% | -0.37% | 9.87% | -0.51% | -9.90% | 3.28% | -8.45% |
| 0 | 0 | 0 | -0 | 0 | 0 | 1 | 0 | 0 | 0 | -80 | 0 | 0 | |
| Interest | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 3 | 3 |
| Depreciation | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 3 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | -3 | -7 | -3 | -6 | -11 | -16 | -10 | -11 | 3 | -9 | -94 | -3 | -4 |
| Tax % | 13.57% | 8.42% | 55.40% | 72.47% | 5.27% | 3.47% | 5.32% | 95.30% | -6.72% | -1.08% | -0.29% | -5.41% | -4.78% |
| Net Profit | -2 | -6 | -1 | -2 | -10 | -15 | -9 | -0 | 3 | -9 | -94 | -4 | -4 |
| -0.82 | -2.54 | -0.42 | -0.55 | -3.43 | -5.11 | -3.15 | -0.17 | 0.92 | -3.18 | -31.93 | -1.19 | -1.27 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 310 | 360 | 437 | 409 | 407 | 470 | 422 | 477 | 373 | 310 | 237 | |
| 228 | 301 | 381 | 329 | 293 | 374 | 397 | 452 | 378 | 302 | 244 | |
| Operating Profit | 82 | 59 | 56 | 80 | 114 | 96 | 25 | 25 | -4 | 8 | -7 |
| OPM % | 26.53% | 16.51% | 12.89% | 19.56% | 28.03% | 20.42% | 5.94% | 5.23% | -1.11% | 2.55% | -3.00% |
| 2 | 1 | 1 | 4 | 8 | 1 | 0 | 0 | 1 | -80 | -80 | |
| Interest | 9 | 6 | 2 | 0 | 1 | 29 | 28 | 27 | 28 | 25 | 21 |
| Depreciation | 17 | 19 | 19 | 20 | 20 | 19 | 17 | 17 | 16 | 7 | 7 |
| Profit before Tax | 57 | 36 | 37 | 64 | 102 | 49 | -20 | -19 | -47 | -104 | -110 |
| Tax % | 21.52% | 34.30% | 36.81% | 36.52% | 16.29% | 28.84% | 5.92% | 36.74% | 25.23% | -0.37% | -0.66% |
| Net Profit | 45 | 23 | 23 | 40 | 85 | 35 | -19 | -12 | -35 | -104 | -110 |
| EPS | 18.60 | 9.27 | 9.16 | 15.96 | 33.61 | 13.83 | -6.44 | -3.99 | -11.86 | -35.40 | — |
| Dividend Payout % | 11.27% | 21.58% | 27.30% | 31.34% | 14.88% | 21.70% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 1%
- 5 Years:
- -5%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -24%
- 3 Years:
- -19%
- 1 Year:
- -30%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- -8%
- 3 Years:
- -15%
- Last Year:
- -32%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 29 | 29 | 29 | 29 |
| 179 | 199 | 216 | 249 | 321 | 343 | 394 | 382 | 347 | 244 | |
| 79 | 20 | 0 | 2 | 2 | 347 | 376 | 361 | 388 | 197 | |
| Trade Payables | 19 | 23 | 33 | 30 | 23 | 36 | 28 | 39 | 54 | 33 |
| 57 | 92 | 83 | 86 | 94 | 212 | 112 | 115 | 100 | 57 | |
| Total Liabilities | 359 | 360 | 358 | 392 | 466 | 964 | 939 | 926 | 918 | 561 |
| 261 | 259 | 230 | 221 | 202 | 187 | 174 | 158 | 143 | 144 | |
| Capital Work in Progress | 6 | 3 | 6 | 0 | 1 | 1 | 0 | 3 | 7 | 0 |
| 0 | 0 | 0 | 0 | 0 | 687 | 687 | 687 | 687 | 353 | |
| 34 | 31 | 37 | 40 | 28 | 28 | 38 | 29 | 24 | 26 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 21 | 26 | 22 | 5 | |
| Cash & Bank | 6 | 11 | 26 | 65 | 186 | 9 | 1 | 3 | 1 | 1 |
| 52 | 56 | 61 | 65 | 49 | 51 | 17 | 21 | 35 | 32 | |
| Total Assets | 359 | 360 | 358 | 392 | 466 | 964 | 939 | 926 | 918 | 561 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 64 | 75 | 58 | 63 | 160 | 127 | 7 | 44 | 0 | -15 | |
| Cash from Investing | -60 | -19 | -6 | -55 | -118 | -516 | -5 | -3 | -4 | 252 |
| Cash from Financing | 10 | -42 | -44 | -9 | -14 | 410 | -11 | -39 | 2 | -237 |
| 2 | 4 | 2 | -10 | 6 | -0 | -8 | 2 | -2 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Anjani Portland Cement Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 10, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-19 - Anjani Portland Cement Limited has informed the Exchange about Newspaper publication on dispatch of 42nd AGM notice and Annual Report
2026-08-18 - Anjani Portland Cement Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 10, 2026
2026-08-15 - Anjani Portland Cement Limited has informed the Exchange about Newspaper Publication - AGM Notice
2026-08-13 - Anjani Portland Cement Limited has informed the Exchange about Newspaper Publication
2026-08-12 - Anjani Portland Cement Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-12 - Outcome of the Board meeting
2026-07-03 - Anjani Portland Cement Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-22 - Anjani Portland Cement Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for APCL
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Anjani Portland Cement Ltd.
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