The India Cements Ltd.
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ABOUT
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
- Promoters have been increasing their shareholding - up 46.6pp over 2 years
- Latest quarter profit grew 293.5% YoY, showing strong momentum
- Operating margins have improved to 8.0% from -2.6%
- Institutional investors have been accumulating - FII+DII up 7.3pp
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (142.5% of PBT)
- Company has a low return on equity of -5.4% over last 3 years
- Company has a low return on capital employed of -1.7%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.76x)
- Interest coverage is weak at 1.7x - earnings barely cover interest
* 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 |
| BIRLACORPN | 825.30 | 11.48 | 6355.25 | 1.51 | 115.73 | -3.21 | 2646.45 | 7.83 | 10.88 | 12.93 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,393 | 1,222 | 1,082 | 1,245 | 972 | 1,007 | 902 | 1,198 | 1,025 | 1,117 | 1,114 | 1,229 | 1,019 | |
| 1,388 | 1,214 | 1,033 | 1,199 | 1,003 | 1,170 | 1,091 | 1,197 | 943 | 1,036 | 1,035 | 1,073 | 962 | |
| Operating Profit | 5 | 8 | 49 | 47 | -31 | -164 | -188 | 1 | 82 | 81 | 80 | 155 | 58 |
| OPM % | 0.36% | 0.66% | 4.53% | 3.76% | -3.19% | -16.27% | -20.88% | 0.09% | 8.00% | 7.29% | 7.14% | 12.65% | 5.66% |
| 7 | 6 | 43 | 41 | 247 | 16 | -180 | 23 | 9 | 13 | 18 | 10 | 28 | |
| Interest | 58 | 59 | 60 | 64 | 82 | 73 | 74 | 38 | 33 | 32 | 30 | 23 | 26 |
| Depreciation | 53 | 53 | 57 | 57 | 55 | 54 | 55 | 75 | 74 | 74 | 75 | 76 | 72 |
| Profit before Tax | -99 | -99 | -24 | -33 | 78 | -274 | -497 | -89 | -16 | -11 | -8 | 66 | 36 |
| Tax % | 23.90% | 17.62% | 31.29% | 10.88% | 26.61% | 12.57% | 17.64% | 28.55% | 15.27% | 39.29% | 25.23% | 16.87% | 25.16% |
| Net Profit | -75 | -81 | -17 | -29 | 57 | -240 | -409 | -64 | -14 | -7 | -6 | 55 | 27 |
| -2.42 | -2.60 | -0.56 | -0.88 | 1.86 | -7.74 | -13.21 | -2.06 | -0.37 | -0.22 | -0.18 | 1.77 | 0.86 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,079 | 5,176 | 5,628 | 5,058 | 4,437 | 4,713 | 5,381 | 4,942 | 4,080 | 4,485 | 4,479 | |
| 4,218 | 4,483 | 4,990 | 4,472 | 3,631 | 4,252 | 5,555 | 4,833 | 4,455 | 4,087 | 4,105 | |
| Operating Profit | 861 | 693 | 638 | 585 | 806 | 461 | -174 | 109 | -375 | 398 | 374 |
| OPM % | 16.95% | 13.39% | 11.33% | 11.57% | 18.17% | 9.78% | -3.24% | 2.21% | -9.19% | 8.87% | 8.35% |
| 17 | 19 | 31 | -72 | 23 | 17 | 215 | 96 | 99 | 68 | 70 | |
| Interest | 360 | 340 | 324 | 334 | 265 | 204 | 234 | 240 | 267 | 99 | 112 |
| Depreciation | 257 | 256 | 251 | 247 | 242 | 220 | 213 | 220 | 239 | 299 | 297 |
| Profit before Tax | 260 | 116 | 93 | -68 | 323 | 54 | -407 | -255 | -782 | 68 | 82 |
| Tax % | 33.33% | 13.34% | 25.67% | 48.09% | 31.19% | 27.85% | 53.66% | 20.48% | 16.21% | 3.33% | 16.60% |
| Net Profit | 173 | 101 | 69 | -36 | 222 | 39 | -189 | -203 | -656 | 65 | 69 |
| EPS | 5.45 | 3.47 | 2.07 | 6.62 | 7.15 | 7.46 | -6.07 | -6.53 | -21.16 | 2.11 | — |
| Dividend Payout % | 17.72% | 24.50% | 35.70% | -52.36% | 13.96% | 79.50% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 1%
- 5 Years:
- 0%
- 3 Years:
- -6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -7%
- 5 Years:
- -22%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 14%
- 3 Years:
- 14%
- 1 Year:
- -12%
RETURN ON EQUITY
- 10 Years:
- -1%
- 5 Years:
- -4%
- 3 Years:
- -5%
- Last Year:
- 1%
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 | 307 | 308 | 310 | 310 | 310 | 310 | 310 | 310 | 310 | 310 |
| 4,802 | 4,872 | 4,930 | 5,105 | 5,308 | 5,508 | 5,289 | 5,089 | 9,657 | 9,717 | |
| 2,878 | 3,097 | 3,361 | 3,558 | 3,033 | 3,644 | 3,251 | 2,445 | 1,133 | 1,118 | |
| Trade Payables | 1,318 | 1,176 | 1,316 | 1,331 | 1,076 | 1,288 | 1,330 | 1,220 | 971 | 865 |
| 1,340 | 1,246 | 1,188 | 1,148 | 1,147 | 1,035 | 1,006 | 1,381 | 1,564 | 1,295 | |
| Total Liabilities | 10,645 | 10,699 | 11,105 | 11,452 | 10,874 | 11,785 | 11,186 | 10,445 | 13,635 | 13,305 |
| 6,973 | 6,796 | 6,713 | 6,826 | 6,670 | 6,688 | 6,547 | 6,623 | 11,436 | 11,187 | |
| Capital Work in Progress | 128 | 171 | 177 | 196 | 187 | 271 | 313 | 190 | 177 | 344 |
| 619 | 588 | 695 | 737 | 746 | 780 | 494 | 395 | 118 | 113 | |
| 745 | 672 | 823 | 826 | 584 | 834 | 775 | 622 | 556 | 734 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 693 | 706 | 248 | |
| Cash & Bank | 7 | 8 | 7 | 7 | 7 | 2 | 16 | 14 | 94 | 33 |
| 2,174 | 2,462 | 2,690 | 2,861 | 2,680 | 3,210 | 3,041 | 1,908 | 547 | 646 | |
| Total Assets | 10,645 | 10,699 | 11,105 | 11,452 | 10,874 | 11,785 | 11,186 | 10,445 | 13,635 | 13,305 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 876 | 507 | 422 | 445 | 1,086 | 458 | -187 | 310 | 327 | -33 | |
| Cash from Investing | -188 | -294 | -240 | -340 | -196 | -254 | 429 | 246 | 1,471 | -69 |
| Cash from Financing | -624 | -173 | -175 | -74 | -840 | -168 | -405 | -558 | -1,724 | 40 |
| 0 | 2 | -2 | -0 | 0 | -5 | 14 | -2 | 73 | -61 |
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
2026-09-12 - The India Cements Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-11 - The India Cements Limited has informed the Exchange regarding Notice of Postal Ballot
2026-09-02 - The India Cements Limited has informed the Exchange about Acquisition
2026-09-01 - The India Cements Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-08-25 - The India Cements Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - The India Cements Limited has informed the Exchange about Credit Rating
2026-08-13 - The India Cements Limited has informed the Exchange regarding 'Change in Email Address of the Company'.
2026-08-11 - The India Cements Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 10, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-10 - The India Cements Limited has informed the Exchange regarding 'Chairman Speech at the 80th Annual General Meeting of the Company'.
News
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