NCL Industries Ltd.

•

nclind.comBSE: 502168NSE: NCLIND

Market Cap₹ 789 Cr.

Current Price

High / Low₹ 215 / 148

Stock P/E8.5

Book Value₹ 212

Price to Book0.71

Dividend Yield2.01 %

ROCE14.1 %

ROE13.8 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Cement: 84.2% • Boards: 8.8% • RMC: 6.9%

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 has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.65x)
Operating margins have improved to 10.9% from 7.2%
Working capital cycle has improved - days down from 13 to 8
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (30.2% of PBT)
Company has a low return on equity of 9.8% over last 3 years
Company's sales have been declining over the last five years
Company has delivered a poor profit growth of -3.2% over past five years
Recurring exceptional / one-off items are inflating headline profit

* 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	10996.00	37.95	324029.22	2.18	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	391.00	22.20	97156.35	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22588.80	50.00	81502.08	0.66	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4841.40	39.56	37408.65	0.41	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1749.20	35.17	32809.04	0.51	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1246.15	12.26	23401.11	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	866.40	31.75	20472.37	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	118.80	21.30	16196.78	0.42	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	330.20	30.56	11793.30	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	346.30	116.03	10731.74	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	195.35	21.36	7895.66	0.51	73.91	-24.71	942.89	3.39	8.42	20.63
12.	NCLIND	174.50	8.53	789.31	2.01	17.38	-14.26	343.67	1.54	14.10	11.53

Detailed Comparison with:

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
	401	391	433	419	355	330	341	375	338	345	343	400	344
	338	352	376	370	319	297	322	352	288	296	307	349	324
Operating Profit	63	39	57	48	36	34	19	24	51	49	36	51	19
OPM %	15.64%	10.01%	13.14%	11.49%	10.18%	10.15%	5.65%	6.27%	14.98%	14.25%	10.54%	12.77%	5.64%
	5	4	3	7	4	-7	5	9	4	-2	8	12	4
Interest	5	7	6	5	6	5	5	5	5	4	5	5	6
Depreciation	13	14	13	16	13	15	14	14	13	13	15	15	15
Profit before Tax	49	23	41	34	21	7	5	14	36	29	23	43	24
Tax %	37.30%	39.49%	40.18%	28.55%	39.84%	63.20%	43.98%	29.16%	43.82%	31.72%	43.30%	-53.66%	26.08%
Net Profit	0	0	0	0	13	3	3	7	20	20	13	42	17
	6.82	3.01	5.47	5.19	2.82	0.56	0.66	2.08	4.48	4.40	2.93	15.14	3.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,270	1,184	1,749	2,046	2,044	1,643	1,362	1,422	1,431
	1,133	1,044	1,466	1,839	1,896	1,443	1,244	1,240	1,276
Operating Profit	137	140	283	207	149	200	118	182	156
OPM %	10.79%	11.86%	16.17%	10.14%	7.26%	12.20%	8.66%	12.79%	10.88%
	6	3	8	11	19	26	15	32	22
Interest	37	32	22	25	27	24	22	21	20
Depreciation	45	42	44	47	49	56	54	55	59
Profit before Tax	61	69	225	146	91	147	56	137	119
Tax %	23.32%	26.51%	35.22%	35.39%	51.46%	36.44%	39.64%	9.85%	2.02%
Net Profit	47	51	145	94	44	93	34	124	117
EPS	10.34	11.26	32.65	20.69	9.40	20.61	5.57	21.09	—
Dividend Payout %	24.17%	22.19%	12.52%	14.49%	31.83%	19.41%	53.85%	16.60%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: -4%
3 Years:: -11%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -8%
3 Years:: 31%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: -6%
3 Years:: -7%
1 Year:: -17%

RETURN ON EQUITY

10 Years:: —
5 Years:: 10%
3 Years:: 10%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	45	45	45	45	45	45	45	45
	454	483	619	696	725	804	813	895
	275	301	306	324	355	231	260	246
Trade Payables	72	66	73	71	90	90	151	63
	265	277	321	379	334	403	375	364
Total Liabilities	1,112	1,172	1,366	1,516	1,548	1,572	1,645	1,613
	658	695	820	802	1,006	1,000	953	1,121
Capital Work in Progress	90	90	61	171	28	39	148	2
	0	0	0	20	5	4	4	0
	85	110	105	129	150	177	248	148
	0	0	0	0	0	143	136	118
Cash & Bank	22	19	68	11	40	54	22	10
	256	258	312	383	319	156	134	212
Total Assets	1,112	1,172	1,366	1,516	1,548	1,572	1,645	1,613

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	88	125	305	120	248	183	86	145
Cash from Investing	-69	-78	-136	-139	-94	-59	-111	-108
Cash from Financing	4	-31	-52	7	-83	-110	-5	-49
	6	-4	50	-58	29	13	-30	-12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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
42.31	42.08	42.11	42.27	41.01	40.92	40.95	41.56	41.67
5.41	5.33	5.14	5.24	5.77	4.45	0.00	3.87	3.45
0.39	0.03	0.03	0.04	0.09	0.09	0.16	0.20	0.03
0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01
51.88	52.54	52.71	52.44	53.12	54.53	54.93	54.37	54.84

Documents

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

2026-09-08

Loss of Share Certificates

2026-09-08 - NCL Industries Limited has informed the Exchange about Loss of Share Certificates

2026-08-26

Updates

2026-08-26 - NCL Industries Limited has informed the Exchange regarding 'Newspaper Publication- 45th AGM Notice'.

2026-08-26

Updates

2026-08-26 - NCL Industries Limited has informed the Exchange regarding 'Investor Presentation of the Company for the information of investors and stakeholders.'.

2026-08-24

Shareholders meeting

2026-08-24 - NCL Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-20

Loss of Share Certificates

2026-08-20 - NCL Industries Limited has informed the Exchange about Loss of Share Certificates

2026-08-14

Loss of Share Certificates

2026-08-14 - NCL Industries Limited has informed the Exchange about Loss of Share Certificates

2026-08-10

Updates

2026-08-10 - NCL Industries Limited has informed the Exchange regarding 'Newspaper Advertisement Quarterly Results Q1'.

2026-08-07

Updates

2026-08-07 - NCL Industries Limited has informed the Exchange regarding '45th AGM- BOOK CLOSURE'.

2026-08-07

Record Date

2026-08-07 - NCL Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.

News

Recent coverage and analyst commentary for NCLIND

Loading news…

🤖

AI Stock Analyst

NCL Industries Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account