Mangalam Cement 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 3.1pp over 2 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.99x)
- Working capital cycle has improved - days down from -33 to -52
- Stock looks reasonably valued - P/E of 24.6 is below its historical median
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (46.7% of PBT)
- Company has a low return on capital employed of 10.4%
- Company has a low return on equity of 9.0% over last 3 years
- Total debt has risen sharply - up 41.4% year on year
- Company has delivered a poor profit growth of 6.6% over past five years
- Company has delivered a poor sales growth of 6.1% over past five years
* 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 |
| MANGLMCEM | 1024.95 | 24.56 | 2818.34 | 0.15 | 18.07 | -43.98 | 455.22 | 0.77 | 9.55 | 11.73 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 421 | 428 | 439 | 437 | 381 | 359 | 438 | 503 | 452 | 395 | 421 | 490 | 455 | |
| 369 | 380 | 382 | 392 | 351 | 329 | 395 | 449 | 377 | 352 | 376 | 436 | 442 | |
| Operating Profit | 51 | 48 | 57 | 46 | 30 | 30 | 43 | 54 | 75 | 43 | 45 | 54 | 13 |
| OPM % | 12.22% | 11.22% | 13.06% | 10.42% | 7.80% | 8.39% | 9.92% | 10.77% | 16.64% | 10.81% | 10.68% | 11.01% | 2.86% |
| 6 | 8 | 6 | 19 | 32 | 10 | 5 | 13 | 11 | 10 | 6 | -4 | 11 | |
| Interest | 16 | 18 | 17 | 17 | 16 | 17 | 16 | 19 | 17 | 16 | 15 | 16 | 18 |
| Depreciation | 18 | 18 | 19 | 19 | 19 | 19 | 19 | 21 | 20 | 20 | 20 | 20 | 22 |
| Profit before Tax | 23 | 20 | 27 | 29 | 26 | 4 | 13 | 27 | 49 | 16 | 16 | 13 | 24 |
| Tax % | 36.30% | 41.40% | 40.66% | 40.52% | 35.26% | 9.89% | 40.03% | 37.31% | 34.35% | -22.32% | 27.06% | -399.92% | 23.56% |
| Net Profit | 15 | 12 | 16 | 17 | 17 | 3 | 8 | 17 | 32 | 20 | 11 | 65 | 18 |
| 5.34 | 4.29 | 5.80 | 6.29 | 6.21 | 1.19 | 2.84 | 6.15 | 11.73 | 7.31 | 4.13 | 23.72 | 6.57 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 905 | 1,080 | 1,200 | 1,228 | 1,305 | 1,566 | 1,802 | 1,725 | 1,681 | 1,758 | 1,762 | |
| 787 | 997 | 1,143 | 1,029 | 1,060 | 1,348 | 1,654 | 1,523 | 1,524 | 1,542 | 1,607 | |
| Operating Profit | 118 | 82 | 57 | 199 | 245 | 218 | 148 | 202 | 157 | 217 | 155 |
| OPM % | 13.00% | 7.63% | 4.76% | 16.23% | 18.79% | 13.95% | 8.21% | 11.73% | 9.37% | 12.33% | 8.78% |
| 21 | 28 | 24 | 30 | 25 | 27 | 15 | 38 | 61 | 22 | 22 | |
| Interest | 47 | 47 | 51 | 63 | 69 | 64 | 66 | 68 | 69 | 64 | 66 |
| Depreciation | 40 | 44 | 46 | 49 | 63 | 62 | 69 | 74 | 79 | 81 | 83 |
| Profit before Tax | 50 | 19 | -16 | 117 | 138 | 119 | 28 | 99 | 70 | 94 | 69 |
| Tax % | 27.42% | 39.96% | 38.85% | 35.20% | 32.24% | 34.75% | 38.23% | 39.75% | 35.61% | -36.91% | -67.08% |
| Net Profit | 37 | 11 | -10 | 76 | 93 | 78 | 17 | 60 | 45 | 129 | 115 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 33.99 | 28.26 | 6.23 | 21.72 | 16.39 | 46.90 | — |
| Dividend Payout % | 5.46% | 11.73% | -13.71% | 3.52% | 4.28% | 5.31% | 24.09% | 6.91% | 9.15% | 3.20% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 6%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 7%
- 3 Years:
- 96%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- 17%
- 3 Years:
- 42%
- 1 Year:
- 42%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 8%
- 3 Years:
- 9%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
| 479 | 488 | 477 | 549 | 640 | 715 | 729 | 784 | 824 | 950 | |
| 338 | 411 | 557 | 630 | 690 | 692 | 683 | 584 | 634 | 891 | |
| Trade Payables | 126 | 144 | 167 | 180 | 194 | 177 | 249 | 235 | 245 | 202 |
| 243 | 150 | 190 | 206 | 307 | 317 | 302 | 437 | 436 | 355 | |
| Total Liabilities | 1,213 | 1,220 | 1,417 | 1,593 | 1,858 | 1,928 | 1,990 | 2,068 | 2,166 | 2,425 |
| 814 | 831 | 821 | 915 | 980 | 1,141 | 1,170 | 1,165 | 1,185 | 1,308 | |
| Capital Work in Progress | 49 | 5 | 73 | 21 | 112 | 10 | 17 | 43 | 5 | 54 |
| 28 | 36 | 33 | 65 | 71 | 104 | 78 | 84 | 91 | 76 | |
| 102 | 112 | 117 | 164 | 224 | 203 | 257 | 308 | 275 | 319 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 40 | 37 | |
| Cash & Bank | 25 | 22 | 14 | 84 | 166 | 153 | 143 | 155 | 167 | 162 |
| 196 | 213 | 360 | 344 | 304 | 316 | 326 | 279 | 402 | 469 | |
| Total Assets | 1,213 | 1,220 | 1,417 | 1,593 | 1,858 | 1,928 | 1,990 | 2,068 | 2,166 | 2,425 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 165 | 91 | 84 | 227 | 251 | 214 | 152 | 182 | 188 | 94 | |
| Cash from Investing | -91 | -17 | -176 | -156 | -172 | -134 | -64 | -112 | -132 | -297 |
| Cash from Financing | -77 | -67 | 83 | 3 | -41 | -73 | -89 | -86 | -63 | 183 |
| -5 | 2 | -9 | 63 | 20 | -18 | -14 | -15 | -7 | -20 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-08-22 - Mangalam Cement Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 21, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-21 - Mangalam Cement Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 21, 2026
2026-08-20 - Significant increase in volume has been observed in Mangalam Cement Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Mangalam Cement Limited has submitted their response.
2026-08-20 - Significant increase in volume has been observed in Mangalam Cement Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-08-09 - Mangalam Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-09 - Mangalam Cement Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-08 - Financial Results for the Qrt ended 30.06.2026
2026-08-06 - Mangalam Cement Limited has informed the Exchange regarding 'Update on Commissioning of Captive Solar Power Project and supply of Solar Power to the Company.'.
2026-07-30 - Mangalam Cement Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for MANGLMCEM
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