The India Cements Ltd.

•

indiacements.co.inBSE: 530005NSE: INDIACEM

Market Cap₹ 10,898 Cr.

Current Price

High / Low₹ 486 / 342

Stock P/E158.4

Book Value₹ 153

Price to Book2.26

Dividend Yield0.00 %

ROCE2.8 %

ROE1.4 %

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

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

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY SMLCAP 250 NIFTY 500 NIFTY TOTAL MKT

S.No.	Name
1.	ULTRACEMCO	10896.00	37.60	321082.42	2.20	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	396.05	22.49	98411.18	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22911.30	50.71	82665.68	0.65	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4989.80	40.78	38555.31	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1734.10	34.86	32525.81	0.52	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1257.80	12.37	23619.88	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	865.45	31.71	20449.92	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	120.85	21.67	16476.27	0.41	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	335.15	31.01	11970.09	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	351.65	117.82	10897.54	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	191.50	20.94	7740.05	0.52	73.91	-24.71	942.89	3.39	8.42	20.63
12.	BIRLACORPN	836.25	11.63	6439.57	1.49	115.73	-3.21	2646.45	7.83	10.88	12.93

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
	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:: 12%
1 Year:: -11%

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	28.42	28.42	55.49	81.49	81.49	75.60	75.00	75.00	75.00
	17.63	16.16	14.49	4.94	2.95	3.10	3.40	3.48	3.39
	5.84	6.05	6.68	3.69	5.77	12.25	12.80	12.90	12.60
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	48.10	49.36	23.33	9.87	9.78	9.03	8.80	8.62	9.00

Documents

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

2026-09-02

Acquisition

2026-09-02 - The India Cements Limited has informed the Exchange about Acquisition

2026-09-01

Trading Window

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

Copy of Newspaper Publication

2026-08-25 - The India Cements Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Credit Rating

2026-08-13 - The India Cements Limited has informed the Exchange about Credit Rating

2026-08-13

Updates

2026-08-13 - The India Cements Limited has informed the Exchange regarding 'Change in Email Address of the Company'.

2026-08-11

Shareholders meeting

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

Updates

2026-08-10 - The India Cements Limited has informed the Exchange regarding 'Chairman Speech at the 80th Annual General Meeting of the Company'.

2026-08-10

Shareholders meeting

2026-08-10 - The India Cements Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 10, 2026

2026-08-06

Change in Director(s)

2026-08-06 - The India Cements Limited has informed the Exchange regarding Change in Director(s) of the company.

News

Recent coverage and analyst commentary for INDIACEM

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The India Cements Ltd.

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Free 5nance Account

Name

ULTRACEMCO

10896.00

37.60

321082.42

2.20

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

396.05

22.49

98411.18

0.51

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

22911.30

50.71

82665.68

0.65

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

4989.80

40.78

38555.31

0.40

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1734.10

34.86

32525.81

0.52

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1257.80

12.37

23619.88

0.60

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

865.45

31.71

20449.92

0.29

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

120.85

21.67

16476.27

0.41

153.43

111.23

1896.41

21.58

-4.21

16.41

NUVOCO

335.15

31.01

11970.09

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

INDIACEM

351.65

117.82

10897.54

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

STARCEMENT

191.50

20.94

7740.05

0.52

73.91

-24.71

942.89

3.39

8.42

20.63

BIRLACORPN

836.25

11.63

6439.57

1.49

115.73

-3.21

2646.45

7.83

10.88

12.93

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

-31

-164

-188

155

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%

247

-180

Interest

Depreciation

Profit before Tax

-99

-24

-33

-274

-497

-89

-16

-11

-8

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

-240

-409

-64

-14

-7

-6

-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

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%

-72

215

Interest

360

340

324

334

265

204

234

240

267

112

Depreciation

257

256

251

247

242

220

213

220

239

299

297

Profit before Tax

260

116

-68

323

-407

-255

-782

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

-36

222

-189

-203

-656

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%

—

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

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

693

706

248

Cash & Bank

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

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

-2

-0

-5

-2

-61

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

28.42

55.49

81.49

75.60

75.00

17.63

16.16

14.49

4.94

2.95

3.10

3.40

3.48

3.39

5.84

6.05

6.68

3.69

5.77

12.25

12.80

12.90

12.60

Government

0.00

48.10

49.36

23.33

9.87

9.78

9.03

8.80

8.62

9.00

The India Cements Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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The India Cements 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