NCL Industries Ltd.

•

nclind.comBSE: 502168NSE: NCLIND

Market Cap₹ 788 Cr.

Current Price

High / Low₹ 220 / 148

Stock P/E6.8

Book Value₹ 213

Price to Book0.71

Dividend Yield2.01 %

ROCE14.1 %

ROE13.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Cement: 84.2% • Boards: 8.8% • Ready Mix Concrete Division: 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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.69x)
Operating margins have improved to 11.0% from 7.3%
Working capital cycle has improved - days down from 11 to 7
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company comfortably covers its interest (7.4x coverage)

CONS

A large part of profit comes from other income (30.2% of PBT)
Company has a low return on equity of 9.7% over last 3 years
Company's sales have been declining over the last five years
Company has delivered a poor profit growth of -3.6% 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	11380.00	39.27	335344.90	2.11	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	402.40	22.85	99989.04	0.50	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	23538.50	52.10	84928.67	0.64	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4974.95	40.65	38440.57	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1769.70	35.58	33193.55	0.51	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1265.75	12.45	23769.17	0.59	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	863.00	31.62	20392.03	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	123.60	22.16	16851.19	0.40	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	328.15	30.37	11720.08	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	358.25	120.04	11102.07	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	184.30	20.15	7449.05	0.54	73.91	-24.71	942.89	3.39	8.42	20.63
12.	NCLIND	174.15	8.52	787.73	2.01	17.38	-14.26	343.67	1.54	14.10	11.53

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
	401	391	433	419	355	330	341	375	338	345	343	400	344
	338	352	376	370	319	297	322	351	288	296	307	348	324
Operating Profit	63	39	57	49	36	13	20	24	51	30	36	51	40
OPM %	15.67%	10.04%	13.21%	11.67%	10.20%	4.08%	5.82%	6.44%	14.98%	8.58%	10.58%	12.83%	11.53%
Other Income	5	4	3	6	4	3	5	8	4	8	8	12	4
Interest	5	7	6	5	6	5	5	5	6	5	5	5	6
Depreciation	13	13	13	16	13	15	14	14	13	13	15	15	15
	49	23	42	34	21	7	6	13	36	29	23	43	23
Tax %	37.14%	39.14%	39.81%	28.38%	39.52%	62.01%	41.05%	29.93%	43.88%	32.02%	43.33%	-53.43%	26.32%
Net Profit	31	14	25	24	13	3	3	9	20	20	13	66	17
	7	3	6	5	3	1	1	2	4	4	3	15	0
Equity Capital	45	45	45	45	45	45	45	45	45	45	45	45	45
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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
	868	1,116	1,270	1,184	1,749	2,046	2,044	1,643	1,362	1,422	1,431
	753	982	1,133	1,044	1,465	1,838	1,895	1,442	1,247	1,240	1,275
Operating Profit	119	141	143	144	290	220	168	228	143	224	—
OPM %	14	13	11	12	17	11	8	14	11	16	—
Other Income	4	7	6	3	7	11	19	26	28	41	31
Interest	32	32	37	32	22	25	27	24	23	21	21
Depreciation	25	35	45	42	41	45	48	56	54	55	58
	62	74	61	69	228	150	93	148	57	137	119
Tax %	11	34	23	27	35	34	51	36	39	10	2
Net Profit	55	49	47	51	149	98	46	94	34	124	116
EPS	15	13	10	11	33	22	10	21	8	27	—
Dividend Payout %	17	23	24	22	12	14	30	19	40	13	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	15	11	10	11	33	22	10	21	8	27	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: -4%
3 Years:: -11%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: -9%
3 Years:: 27%

STOCK PRICE CAGR

10 Years:: 3%
5 Years:: -6%
3 Years:: -9%
1 Year:: -18%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 10%
3 Years:: 10%
Last Year:: 14%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	37	45	45	45	45	45	45	45	45	45
	190	416	454	483	620	699	730	810	819	901
	27	30	106	122	64	37	58	2	29	33
Trade Payables	45	48	72	66	73	71	90	90	151	63
	499	439	434	456	563	664	628	629	614	584
Total Liabilities	798	978	1,112	1,172	1,365	1,517	1,550	1,575	1,659	1,627
ASSETS	-	-	-	-	-	-	-	-	-	-
	385	693	658	695	789	773	986	969	922	1,091
Capital Work in Progress	152	33	90	90	61	171	28	39	148	2
	0	0	0	0	30	50	35	51	50	46
	71	79	85	110	105	129	150	177	248	148
	0	0	0	0	0	0	0	143	136	118
Cash & Bank	12	16	22	19	68	11	35	44	21	10
	177	157	256	258	312	383	316	153	133	211
Total Assets	798	978	1,112	1,172	1,365	1,517	1,550	1,575	1,659	1,627
Total Debt	312	235	294	320	301	335	268	195	228	214
Net Working Capital	17	4	11	-21	32	107	90	107	49	30
Contingent Liabilities	26	32	33	32	49	60	118	128	122	138
Book Value per Share	61.71	101.93	110.38	116.83	146.96	164.50	171.30	189.04	191.10	209.19
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

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
	18	156	71	106	237	106	208	183	96	146
Cash from Investing	-161	-223	-69	-78	-136	-139	-101	-64	-111	-108
Cash from Financing	133	70	4	-31	-52	-25	-83	-110	-5	-50
	-9	4	6	-4	49	-58	24	9	-20	-12
Free Cash Flow	18	-66	2	27	111	-11	91	145	-16	75
OCF / Net Profit	0.33	3.18	1.51	2.08	1.59	1.08	4.53	1.94	2.82	1.18
Cumulative 5-Year FCF	0	0	0	0	93	64	221	364	320	284

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
PER SHARE
EPS (₹)	14.88	10.86	10.36	11.24	32.87	21.70	10.17	20.83	7.57	27.34
Book Value (₹)	61.71	101.93	110.38	116.83	146.96	164.50	171.30	189.04	191.10	209.19
Dividend per Share (₹)	2.50	2.50	2.50	2.50	4.00	3.00	3.00	4.00	3.00	3.50
Cash EPS (₹)	21.73	18.54	20.37	20.55	41.91	31.54	20.89	33.14	19.45	39.53
PROFITABILITY
Operating Margin %	10.18%	10.60%	9.79%	10.87%	15.01%	9.74%	7.28%	9.70%	7.31%	10.95%
Net Margin %	4.69%	3.68%	3.20%	3.85%	7.69%	4.35%	1.99%	4.53%	2.17%	7.43%
ROE %	25.82%	14.28%	9.76%	9.90%	24.92%	13.93%	6.06%	11.56%	3.98%	13.66%
ROCE %	19.95%	17.25%	13.17%	12.37%	27.50%	17.12%	11.29%	16.41%	7.41%	14.09%
	7.70%	5.53%	4.49%	4.45%	11.72%	6.81%	3.00%	6.03%	2.12%	7.53%
EFFICIENCY
Debtor Days	16	17	28	41	23	22	25	25	32	28
Inventory Days	22	21	20	27	20	19	22	29	49	43
Payable Days	102	141	153	207	115	104	129	110	159	156
	-64	-103	-104	-139	-71	-63	-82	-56	-77	-84
FINANCIAL HEALTH
Debt to Equity (x)	1.38x	0.51x	0.59x	0.61x	0.45x	0.45x	0.35x	0.23x	0.26x	0.23x
Interest Coverage (x)	2.93x	3.32x	2.65x	3.13x	11.52x	6.94x	4.45x	7.12x	3.48x	7.41x
	1.08x	1.01x	1.03x	0.94x	1.09x	1.27x	1.25x	1.30x	1.12x	1.09x
GROWTH
Revenue Growth %	15.75%	28.54%	13.81%	-6.78%	47.70%	16.96%	-0.07%	-19.62%	-17.12%	4.40%
Operating Profit Growth %	-5.12%	19.07%	1.51%	0.25%	102.00%	-24.38%	-23.32%	35.13%	-37.07%	56.17%
Net Profit Growth %	3.00%	-10.18%	-4.57%	8.50%	192.42%	-34.00%	-53.13%	104.80%	-63.65%	261.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	104.80%	-63.65%	261.10%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.86x	24.09x	5.43x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.98x	0.95x	0.71x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%	1.65%	2.36%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.33x	7.20x	3.92x

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

2026-08-26

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.

2026-08-07

Shareholders meeting

2026-08-07 - NCL Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

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