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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

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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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.ULTRACEMCO10996.0037.95324029.222.182603.7217.2424648.2015.8513.2520.35
2.AMBUJACEM391.0022.2097156.350.51660.00-31.939500.00-7.676.2416.78
3.SHREECEM22588.8050.0081502.080.66531.12-17.486233.1318.0310.6120.41
4.JKCEMENT4841.4039.5637408.650.41274.62-15.314031.7220.2614.8916.07
5.DALBHARAT1749.2035.1732809.040.51192.00-51.393890.006.998.1520.69
6.ACC1246.1512.2623401.110.60147.00-60.845808.00-4.5911.607.90
7.RAMCOCEM866.4031.7520472.370.2931.24-63.062273.059.6010.7513.49
8.JSWCEMENT118.8021.3016196.780.42153.43111.231896.4121.58-4.2116.41
9.NUVOCO330.2030.5611793.300.00159.6319.883128.718.917.1118.16
10.INDIACEM346.30116.0310731.740.0026.85120.201019.42-0.520.3015.28
11.STARCEMENT195.3521.367895.660.5173.91-24.71942.893.398.4220.63
12.NCLIND174.508.53789.312.0117.38-14.26343.671.5414.1011.53
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
401391433419355330341375338345343400344
338352376370319297322352288296307349324
Operating Profit63395748363419245149365119
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%
54374-7594-28124
Interest5765655554556
Depreciation13141316131514141313151515
Profit before Tax492341342175143629234324
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 Profit0000133372020134217
6.823.015.475.192.820.560.662.084.484.402.9315.143.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,2701,1841,7492,0462,0441,6431,3621,4221,431
1,1331,0441,4661,8391,8961,4431,2441,2401,276
Operating Profit137140283207149200118182156
OPM %10.79%11.86%16.17%10.14%7.26%12.20%8.66%12.79%10.88%
638111926153222
Interest373222252724222120
Depreciation454244474956545559
Profit before Tax61692251469114756137119
Tax %23.32%26.51%35.22%35.39%51.46%36.44%39.64%9.85%2.02%
Net Profit475114594449334124117
EPS10.3411.2632.6520.699.4020.615.5721.09—
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

Corporate actions

2026

Sep 11

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2026

Feb 20

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2025

Sep 18

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2025

Feb 18

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2024

Sep 13

₹ 0.25

Rs.2.5000 per share(25%)Final Dividend

2024

Feb 21

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2023

Sep 15

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2023

Feb 23

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2022

Sep 19

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2022

Feb 22

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2021

Sep 17

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2021

May 12

₹ 0.15

Second Interim Dividend

2020

Nov 19

₹ 0.15

Rs.1.5000 per share(15%)Interim Dividend

2018

Sep 17

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2018

Feb 21

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2017

Sep 14

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2017

Feb 22

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2016

Sep 9

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2016

Feb 9

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2026

Aug 7

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4545454545454545
454483619696725804813895
275301306324355231260246
Trade Payables72667371909015163
265277321379334403375364
Total Liabilities1,1121,1721,3661,5161,5481,5721,6451,613
6586958208021,0061,0009531,121
Capital Work in Progress90906117128391482
000205440
85110105129150177248148
00000143136118
Cash & Bank2219681140542210
256258312383319156134212
Total Assets1,1121,1721,3661,5161,5481,5721,6451,613

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
8812530512024818386145
Cash from Investing-69-78-136-139-94-59-111-108
Cash from Financing4-31-527-83-110-5-49
6-450-582913-30-12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
42.3142.0842.1142.2741.0140.9240.9541.5641.67
5.415.335.145.245.774.450.003.873.45
0.390.030.030.040.090.090.160.200.03
0.020.020.020.020.020.020.020.020.01
51.8852.5452.7152.4453.1254.5354.9354.3754.84

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

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