Heidelberg Cement India Ltd.

•

mycemco.comBSE: 500292NSE: HEIDELBERG

Market Cap₹ 3,574 Cr.

Current Price

High / Low₹ 221 / 136

Stock P/E0.0

Book Value₹ 62

Price to Book3.22

Dividend Yield4.44 %

ROCE11.5 %

ROE7.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction Materials

Buy

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.

Confidence

69%

View full sector analysis →

PROS

Company is almost debt free
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.25x)
Working capital cycle has improved - days down from 35 to 14
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Offers a healthy dividend yield of 4.4%

CONS

Recent results are weak - TTM profit is down 23.5% versus prior year
A large part of profit comes from other income (31.2% of PBT)
Company has a low return on equity of 8.5% over last 3 years
Company's sales have been declining over the last five years
Company has delivered a poor profit growth of -16.8% over past five years
Operating margins have contracted to 11.1% from 21.1%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ULTRACEMCO	11500.00	39.69	338881.05	2.09	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	402.70	22.86	100063.59	0.50	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	23702.50	52.46	85520.39	0.63	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	5135.45	41.97	39680.72	0.39	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1847.55	37.14	34653.75	0.49	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1277.90	12.57	23997.33	0.59	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	881.45	32.30	20827.99	0.28	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	126.00	22.59	17178.40	0.40	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	INDIACEM	370.25	124.06	11473.94	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
10.	NUVOCO	319.05	29.52	11395.07	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
11.	STARCEMENT	186.45	20.38	7535.94	0.54	73.91	-24.71	942.89	3.39	8.42	20.63
12.	HEIDELBERG	157.70	0.00	3573.69	4.44	30.55	-36.66	628.11	5.12	11.46	10.64

Detailed Comparison with:

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
	596	566	607	597	532	461	543	612	598	512	574	646	628
	503	497	542	508	454	424	510	522	509	454	521	558	593
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	13	14	13	14	12	13	9	11	9	9	6	7	6
Interest	9	9	8	9	9	9	7	5	6	6	4	1	3
Depreciation	27	27	27	28	28	26	28	27	27	27	28	27	29
	70	48	43	66	53	15	8	70	65	33	22	63	41
Tax %	25.39%	25.80%	26.18%	26.82%	25.38%	26.40%	31.26%	27.47%	25.33%	25.52%	30.64%	28.47%	25.43%
Net Profit	52	36	31	48	40	11	5	50	48	25	16	45	31
	2	2	1	2	2	0	0	2	2	1	1	2	0
Equity Capital	227	227	227	227	227	227	227	227	227	227	227	227	227
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,648	1,717	1,889	2,133	2,170	2,117	2,297	2,238	2,366	2,149	2,360
	1,417	1,439	1,526	1,650	1,642	1,610	1,862	1,989	2,049	1,909	2,127
Operating Profit	254	303	383	518	581	553	484	294	371	285	—
OPM %	15	18	20	24	27	26	21	13	16	13	—
Other Income	22	24	20	35	53	46	49	45	55	45	29
Interest	108	90	74	75	74	51	36	46	35	29	15
Depreciation	100	99	101	102	109	111	112	112	110	110	111
	45	114	208	342	398	391	335	136	227	146	160
Tax %	22	33	36	35	33	19	25	27	26	27	27
Net Profit	35	76	133	221	268	315	252	99	168	107	116
EPS	2	3	6	10	12	14	11	4	7	5	—
Dividend Payout %	0	59	43	41	63	58	81	160	108	149	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	2	3	6	10	12	14	11	4	7	5	—

COMPOUNDED SALES GROWTH

10 Years:: 1%
5 Years:: 0%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: -17%
3 Years:: -25%

STOCK PRICE CAGR

10 Years:: 1%
5 Years:: -10%
3 Years:: -6%
1 Year:: -24%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 13%
3 Years:: 8%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	227	227	227	227	227	227	227	227	227	227
	668	740	820	945	1,088	1,267	1,339	1,235	1,243	1,169
	70	0	0	0	0	120	34	63	69	65
Trade Payables	186	191	227	278	258	271	264	263	298	296
	1,464	1,249	1,260	1,247	1,220	961	961	877	824	786
Total Liabilities	2,615	2,408	2,533	2,696	2,793	2,845	2,824	2,665	2,661	2,542
ASSETS	-	-	-	-	-	-	-	-	-	-
	1,901	1,877	1,806	1,737	1,693	1,618	1,562	1,490	1,410	1,346
Capital Work in Progress	56	6	8	17	16	19	27	6	28	110
	0	0	0	0	0	0	5	5	14	20
	178	140	127	167	146	161	173	175	176	171
	0	0	0	0	0	0	0	0	55	57
Cash & Bank	8	14	212	338	471	432	382	492	555	478
	471	370	379	436	467	616	675	496	424	358
Total Assets	2,615	2,408	2,533	2,696	2,793	2,845	2,824	2,665	2,661	2,542
Total Debt	1,039	705	619	517	405	294	190	174	125	65
Net Working Capital	-410	-286	-197	-26	95	78	348	263	226	85
Contingent Liabilities	287	37	245	54	32	26	26	22	25	20
Book Value per Share	39.49	42.67	46.18	51.68	58.01	65.92	69.07	64.49	64.86	61.57
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	257	361	377	393	459	439	302	226	350	265
Cash from Investing	-108	-40	-14	-26	-14	-173	-35	144	-48	-73
Cash from Financing	-287	-315	-165	-242	-314	-304	-328	-267	-242	-271
	-138	6	198	125	131	-38	-61	104	60	-79
Free Cash Flow	257	336	347	353	400	412	248	210	307	141
OCF / Net Profit	7.26	4.74	2.83	1.78	1.71	1.40	1.20	2.28	2.08	2.48
Cumulative 5-Year FCF	0	0	0	0	1,693	1,848	1,760	1,623	1,577	1,318

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	1.56	3.36	5.88	9.74	11.83	13.90	11.13	4.38	7.40	4.71
Book Value (₹)	39.49	42.67	46.18	51.68	58.01	65.92	69.07	64.49	64.86	61.57
Dividend per Share (₹)	0.00	2.00	2.50	4.00	7.50	8.00	9.00	7.00	8.00	7.00
Cash EPS (₹)	5.96	7.74	10.34	14.23	16.62	18.80	16.08	9.33	12.24	9.56
PROFITABILITY
Operating Margin %	13.24%	15.11%	19.54%	24.29%	26.76%	26.13%	21.05%	13.14%	13.39%	11.14%
Net Margin %	1.85%	3.81%	6.79%	10.34%	12.36%	14.88%	10.98%	4.43%	7.09%	4.97%
ROE %	4.03%	8.19%	13.23%	19.90%	21.57%	22.43%	16.49%	6.55%	11.45%	7.45%
ROCE %	7.52%	11.28%	16.90%	24.83%	27.70%	25.20%	20.97%	10.73%	16.20%	11.46%
	1.30%	3.03%	5.39%	8.44%	9.77%	11.17%	8.90%	3.61%	6.30%	4.10%
EFFICIENCY
Debtor Days	4	3	3	4	4	5	6	6	7	10
Inventory Days	35	29	25	25	26	26	27	28	27	29
Payable Days	204	192	210	238	252	259	228	240	221	245
	-165	-159	-182	-209	-221	-228	-195	-206	-188	-206
FINANCIAL HEALTH
Debt to Equity (x)	1.16x	0.73x	0.59x	0.44x	0.31x	0.20x	0.12x	0.12x	0.09x	0.05x
Interest Coverage (x)	1.42x	2.27x	3.79x	5.57x	6.39x	8.69x	10.20x	3.95x	7.53x	5.98x
	0.58x	0.62x	0.77x	0.97x	1.10x	1.09x	1.42x	1.31x	1.25x	1.09x
GROWTH
Revenue Growth %	-19.37%	4.19%	10.02%	12.91%	1.70%	-2.44%	8.52%	-2.56%	5.70%	-9.17%
Operating Profit Growth %	-24.51%	19.30%	26.69%	35.19%	12.03%	-4.72%	-12.56%	-39.18%	26.21%	-23.26%
Net Profit Growth %	-40.55%	115.34%	74.75%	65.69%	21.48%	17.49%	-19.90%	-60.69%	69.15%	-36.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	69.16%	-36.36%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.50x	42.02x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.02x	3.22x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.08%	3.54%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.82x	14.29x

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
69.39	69.39	69.39	69.39	69.39	69.39	69.39	69.39	69.39
4.42	3.13	2.31	2.27	1.35	1.42	1.18	1.15	1.07
10.81	11.89	12.67	13.27	13.98	14.08	14.24	14.21	13.87
0.14	0.14	0.14	0.14	0.14	0.34	0.00	0.00	0.00
15.24	15.44	15.49	14.92	15.13	14.77	15.18	15.25	15.67

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Updates

2026-08-31 - HeidelbergCement India Limited has informed the Exchange regarding 'Monthly Reporting regarding request for re-lodgement of transfer request of physical form'.

2026-08-27

Copy of Newspaper Publication

2026-08-27 - HeidelbergCement India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31

Updates

2026-07-31 - HeidelbergCement India Limited has informed the Exchange regarding 'Monthly Reporting regarding request for re-lodgement of transfer request of physical form'.

2026-07-30

Copy of Newspaper Publication

2026-07-30 - HeidelbergCement India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-29

Outcome of Board Meeting

2026-07-29 - HeidelbergCement India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-09

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-09 - HeidelbergCement India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-30

General Updates

2026-06-30 - HeidelbergCement India Limited has informed the Exchange about Monthly Reporting regarding request for re-lodgement of transfer request of physical form.

2026-06-29

Copy of Newspaper Publication

2026-06-29 - HeidelbergCement India Limited has informed the Exchange about Copy of Newspaper Publication

2026-06-25

Trading Window

2026-06-25 - HeidelbergCement India 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 HEIDELBERG

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Free 5nance Account

Name

ULTRACEMCO

11500.00

39.69

338881.05

2.09

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

402.70

22.86

100063.59

0.50

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

23702.50

52.46

85520.39

0.63

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

5135.45

41.97

39680.72

0.39

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1847.55

37.14

34653.75

0.49

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1277.90

12.57

23997.33

0.59

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

881.45

32.30

20827.99

0.28

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

126.00

22.59

17178.40

0.40

153.43

111.23

1896.41

21.58

-4.21

16.41

INDIACEM

370.25

124.06

11473.94

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

NUVOCO

319.05

29.52

11395.07

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

STARCEMENT

186.45

20.38

7535.94

0.54

73.91

-24.71

942.89

3.39

8.42

20.63

HEIDELBERG

157.70

0.00

3573.69

4.44

30.55

-36.66

628.11

5.12

11.46

10.64

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

596

566

607

597

532

461

543

612

598

512

574

646

628

503

497

542

508

454

424

510

522

509

454

521

558

593

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

25.39%

25.80%

26.18%

26.82%

25.38%

26.40%

31.26%

27.47%

25.33%

25.52%

30.64%

28.47%

25.43%

Net Profit

Equity Capital

227

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

1,648

1,717

1,889

2,133

2,170

2,117

2,297

2,238

2,366

2,149

2,360

1,417

1,439

1,526

1,650

1,642

1,610

1,862

1,989

2,049

1,909

2,127

Operating Profit

254

303

383

518

581

553

484

294

371

285

—

OPM %

—

Other Income

Interest

108

Depreciation

100

101

102

109

111

112

110

111

114

208

342

398

391

335

136

227

146

160

Tax %

Net Profit

133

221

268

315

252

168

107

116

EPS

—

Dividend Payout %

160

108

149

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

227

668

740

820

945

1,088

1,267

1,339

1,235

1,243

1,169

120

Trade Payables

186

191

227

278

258

271

264

263

298

296

1,464

1,249

1,260

1,247

1,220

961

877

824

786

Total Liabilities

2,615

2,408

2,533

2,696

2,793

2,845

2,824

2,665

2,661

2,542

ASSETS

1,901

1,877

1,806

1,737

1,693

1,618

1,562

1,490

1,410

1,346

Capital Work in Progress

110

178

140

127

167

146

161

173

175

176

171

Cash & Bank

212

338

471

432

382

492

555

478

471

370

379

436

467

616

675

496

424

358

Total Assets

2,615

2,408

2,533

2,696

2,793

2,845

2,824

2,665

2,661

2,542

Total Debt

1,039

705

619

517

405

294

190

174

125

Net Working Capital

-410

-286

-197

-26

348

263

226

Contingent Liabilities

287

245

Book Value per Share

39.49

42.67

46.18

51.68

58.01

65.92

69.07

64.49

64.86

61.57

Face Value

10.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

257

361

377

393

459

439

302

226

350

265

Cash from Investing

-108

-40

-14

-26

-14

-173

-35

144

-48

-73

Cash from Financing

-287

-315

-165

-242

-314

-304

-328

-267

-242

-271

-138

198

125

131

-38

-61

104

-79

Free Cash Flow

257

336

347

353

400

412

248

210

307

141

OCF / Net Profit

7.26

4.74

2.83

1.78

1.71

1.40

1.20

2.28

2.08

2.48

Cumulative 5-Year FCF

1,693

1,848

1,760

1,623

1,577

1,318

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

1.56

3.36

5.88

9.74

11.83

13.90

11.13

4.38

7.40

4.71

Book Value (₹)

39.49

42.67

46.18

51.68

58.01

65.92

69.07

64.49

64.86

61.57

Dividend per Share (₹)

0.00

2.00

2.50

4.00

7.50

8.00

9.00

7.00

8.00

7.00

Cash EPS (₹)

5.96

7.74

10.34

14.23

16.62

18.80

16.08

9.33

12.24

9.56

PROFITABILITY

Operating Margin %

13.24%

15.11%

19.54%

24.29%

26.76%

26.13%

21.05%

13.14%

13.39%

11.14%

Net Margin %

1.85%

3.81%

6.79%

10.34%

12.36%

14.88%

10.98%

4.43%

7.09%

4.97%

ROE %

4.03%

8.19%

13.23%

19.90%

21.57%

22.43%

16.49%

6.55%

11.45%

7.45%

ROCE %

7.52%

11.28%

16.90%

24.83%

27.70%

25.20%

20.97%

10.73%

16.20%

11.46%

1.30%

3.03%

5.39%

8.44%

9.77%

11.17%

8.90%

3.61%

6.30%

4.10%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

204

192

210

238

252

259

228

240

221

245

-165

-159

-182

-209

-221

-228

-195

-206

-188

-206

FINANCIAL HEALTH

Debt to Equity (x)

1.16x

0.73x

0.59x

0.44x

0.31x

0.20x

0.12x

0.09x

0.05x

Interest Coverage (x)

1.42x

2.27x

3.79x

5.57x

6.39x

8.69x

10.20x

3.95x

7.53x

5.98x

0.58x

0.62x

0.77x

0.97x

1.10x

1.09x

1.42x

1.31x

1.25x

1.09x

GROWTH

Revenue Growth %

-19.37%

4.19%

10.02%

12.91%

1.70%

-2.44%

8.52%

-2.56%

5.70%

-9.17%

Operating Profit Growth %

-24.51%

19.30%

26.69%

35.19%

12.03%

-4.72%

-12.56%

-39.18%

26.21%

-23.26%

Net Profit Growth %

-40.55%

115.34%

74.75%

65.69%

21.48%

17.49%

-19.90%

-60.69%

69.15%

-36.36%

0.00%

69.16%

-36.36%

VALUATION

P/E (x)

0.00x

26.50x

42.02x

P/B (x)

0.00x

3.02x

3.22x

Dividend Yield %

0.00%

4.08%

3.54%

0.00x

10.82x

14.29x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

69.39

4.42

3.13

2.31

2.27

1.35

1.42

1.18

1.15

1.07

10.81

11.89

12.67

13.27

13.98

14.08

14.24

14.21

13.87

0.14

0.34

0.00

15.24

15.44

15.49

14.92

15.13

14.77

15.18

15.25

15.67

Heidelberg Cement India Ltd.

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Heidelberg Cement India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI