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NCL Industries Ltd.

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nclind.comBSE: 502168NSE: NCLIND
Market Cap₹ 789 Cr.
Current Price
High / Low₹ 215 / 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 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
401391433419355330341375338345343400344
338352376370319297322351288296307348324
Operating Profit63395749363420245149365119
OPM %15.67%10.04%13.20%11.67%10.21%10.17%5.82%6.44%14.98%14.25%10.58%12.83%5.61%
54364-7584-28124
Interest5765655565556
Depreciation13131316131514141313151515
Profit before Tax492342342176133629234323
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 Profit31142524133392020136617
6.873.065.555.252.860.580.741.974.474.362.9315.163.81

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8681,1161,2701,1841,7492,0462,0441,6431,3621,4221,431
7539821,1331,0441,4651,8381,8951,4421,2471,2401,275
Operating Profit115134137140284208149202115182156
OPM %13.24%12.02%10.79%11.86%16.22%10.19%7.29%12.28%8.47%12.81%10.90%
47637111926183222
Interest3232373222252724232121
Depreciation2535454241454856545558
Profit before Tax627461692281509314857137119
Tax %11.27%33.97%23.32%26.50%34.72%34.50%50.51%36.20%39.44%9.92%2.14%
Net Profit5549475114998469434124116
EPS14.9012.5110.3411.2632.6521.549.8020.837.5727.34—
Dividend Payout %16.80%23.03%24.13%22.24%12.17%13.83%29.50%19.21%39.63%12.80%—

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

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital37454545454545454545
190416454483620699730810819901
304235302301306324355231260246
Trade Payables454872667371909015163
222234238277321378331400383372
Total Liabilities7989781,1121,1721,3651,5171,5501,5751,6591,627
3856936586957897739869699221,091
Capital Work in Progress1523390906117128391482
0000305035515046
717985110105129150177248148
0000000143136118
Cash & Bank12162219681135442110
177157256258312383316153133211
Total Assets7989781,1121,1721,3651,5171,5501,5751,6591,627

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
321728812530415125118396146
Cash from Investing-161-223-69-78-136-139-101-64-111-108
Cash from Financing133704-31-52-25-83-110-5-50
-946-449-58249-20-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 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

Recent coverage and analyst commentary for NCLIND

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