MarketFriction

India Cements Ltd

NSE INDIACEM · BSE 530005 · Cement & Cement Products
₹295.15 -2.22%
NSE close2026-10-01
52 week range300.15 - 485.80
Market cap₹9,412 Cr.
P/E69.7
Results 17-10 Nifty 500Smallcap 250 Price band 20% Delivery 44.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2641,1131,2361,0271,0229401,1981,0251,1171,1141,2291,019
Expenses1,2601,0671,1991,0511,1851,1301,2009421,0361,0351,076864
Operating Profit44637-25-163-190-2838179153156
OPM %0.3%4.2%3.0%-2.4%-16%-20%-0.2%8%7%7%12%15%
Other Income85634256-64396110-115231515-22
Interest605964827373382725242326
Depreciation555757565555757474757672
Profit before tax-103-14-4993-35577-5-1324-56936
Tax %-17%-53%2%23%-5%-51%-486%-1%-101%-41%13%25%
Net Profit-801-6158-33911918-1339-36027
EPS in Rs-2.580.02-1.951.89-10.943.950.47-4.290.28-0.091.920.87
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,8795,1585,2675,7705,1864,5114,8585,6084,9984,1414,4854,479
Expenses4,0064,2674,5485,1314,5883,7154,3735,7494,9124,4914,0904,010
Operating Profit873891720639599796486-14186-350395469
OPM %18%17%14%11%12%18%10%-2.5%1.7%-8%9%10%
Other Income2117142624322322499654-6231
Interest4403803653503432711982422402669999
Depreciation291276279265256247226219220239299297
Profit before tax16425290502431185-378-275-202-65104
Tax %29%37%21%49%-126%33%23%-55%-17%-29%3%
Net Profit11915969265120987-125-227-144-6792
EPS in Rs3.805.412.110.681.626.672.53-4.09-7.34-4.64-2.172.98
Dividend Payout %26%19%38%118%37%15%40%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-1%0%-7%7%
Compounded Profit Growth-11%-29%28%133%
Stock Price CAGR8%9%9%-21%
Return on Equity-1%-4%-5%0%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital307308308308310310310310310310310310
Reserves3,0734,7424,8674,9614,9365,1885,3885,6375,4665,2659,8849,814
Borrowings3,5023,2963,1003,1973,3563,5933,0523,0912,9452,6331,1651,305
Other Liabilities1,8052,3452,6742,4792,6962,5792,3403,0052,7462,4932,5181,974
Total Liabilities8,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,87713,403
Fixed Assets4,5997,4887,2607,1467,0727,2067,0657,1016,8036,87411,63811,187
CWIP9899134176196235300386313190177344
Investments44035735835837138238140833431912083
Other Assets3,5502,7483,1983,2653,6593,8473,3444,1474,0163,3181,9421,788
Total Assets8,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,87713,403
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6459647655563773871,046439-19344-256-27
Cash from Investing Activity-124-220-158-306-202-282-189-2504352482,014-103
Cash from Financing Activity-520-757-605-235-180-110-860-183-397-572-1,73840
Net Cash Flow1-14216-5-6-36191919-89
Free Cash Flow50779668536116114089728814225531-115
CFO/OP90%112%94%84%61%70%138%100%8%422%43%-5%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days374237454752467054516220
Inventory Days287267306258287312270368258231224269
Days Payable402447522441458490488565438456395318
Cash Conversion Cycle-78-138-178-138-124-127-173-127-126-174-109-28
Working Capital Days-41-84-37-3-14-38-56-1835-10-32-15
ROCE %7%8%8%5%5%4%7%3%-4%-1%-5%1%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters28.42%28.42%28.42%28.42%28.42%55.49%81.49%81.49%75.60%75.00%75.00%75.00%
FIIs13.43%13.58%13.27%17.64%16.17%14.50%4.94%2.97%3.11%3.41%3.49%3.40%
DIIs10.04%8.94%8.47%5.84%6.05%6.68%3.69%5.76%12.25%12.80%12.90%12.60%
Public48.12%49.06%49.83%48.08%49.36%23.32%9.87%9.77%9.03%8.80%8.62%9.00%
No. of Shareholders1,85,7581,96,4262,06,6672,11,2622,06,2851,87,3271,75,9171,69,8441,63,0901,63,4801,56,5671,57,402

Fundamentals

Market Cap₹ 9,412 Cr.
Current Price₹ 304
Stock P/E69.7
Book Value₹ 327
ROCE1.24 %
ROE0.37 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)7%
Compounded Profit Growth (TTM)133%
Consolidated figures.
Valuation
Market capRs 9,147 Cr
Enterprise valueRs 10,391 Cr
P/E (TTM)98.89x
Price to book0.90x
Price to sales2.04x
EV / EBITDA20.77x
EV / EBIT51.11x
EV / sales2.32x
Earnings yield1.01%
P/B, 3-year average1.02x
P/E, 5-year average82.75x
P/B, 5-year average1.03x
Profitability
Operating margin (excl. other income)8.81%
Operating margin (incl. other income)7.44%
EBITDA margin11.17%
Pre-tax margin2.33%
Net profit margin2.06%
Net margin, latest quarter2.63%
ROE-0.66%
ROCE0.30%
ROA-0.49%
ROE, 3-year average-2.16%
ROCE, 3-year average0.18%
ROA, 3-year average-1.24%
ROE, 5-year average-1.46%
ROCE, 5-year average0.44%
ROA, 5-year average-0.82%
ROIC (approx.)1.85%
Tax rate-3.45%
Other income / net worth-0.61%
Growth
Sales growth (latest year)8.31%
Sales CAGR, 3 years-7.18%
Sales CAGR, 5 years-0.11%
Sales growth QoQ-17.03%
Profit growth QoQ-54.87%
Sales growth YoY (latest quarter)-0.52%
Per share
EPS (TTM)Rs 2.98
EPS (latest year)Rs -2.17
EPS (latest quarter)Rs 0.87
EPS, 3-year averageRs -4.71
EPS, 5-year averageRs -3.14
Book value per shareRs 326.70
Sales per shareRs 144.54
Cash flow per shareRs -0.86
Free cash flow per shareRs -3.71
Dividend per share, 5-year averageRs 1.00
Dividends
Dividend payout, 5-year average39.50%
Efficiency
Asset turnover0.33x
Fixed asset turnover0.40x
Inventory turnover5.00x
Inventory days73 days
Debtor days20 days
Debtors turnover18.05x
Creditor days318 days
Cash conversion cycle-28 days
Working capital days-15 days
Leverage
Total debtRs 1,305 Cr
Cash and bankRs 61 Cr
Net debtRs 1,244 Cr
Debt to equity0.13x
Net debt / EBITDA2.49x
Interest coverage2.06x
Current ratio (filing 2026-03-31)0.92x
Quick ratio (filing 2026-03-31)0.46x
Trade payables (filing 2026-03-31)Rs 866 Cr
Owners' fund to total sources75.54%
Debt to assets9.74%
Cash flow
Cash from Operating Activity (latest year)Rs -27 Cr
Cash from Investing Activity (latest year)Rs -103 Cr
Cash from Financing Activity (latest year)Rs 40 Cr
Net Cash Flow (latest year)Rs -89 Cr
Free cash flow (latest year)Rs -115 Cr
FCFE (approx.: FCF + change in debt)Rs 25 Cr
Statement figures
Net sales (TTM)Rs 4,479 Cr
Net sales (latest year)Rs 4,485 Cr
Sales (latest quarter)Rs 1,019 Cr
Operating profit excl. other income (latest year)Rs 395 Cr
Operating profit (latest quarter)Rs 156 Cr
Other income (TTM)Rs 31 Cr
EBITDA (TTM)Rs 500 Cr
PBDT (TTM)Rs 401 Cr
Profit before tax (TTM)Rs 104 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 92 Cr
Net profit (latest year)Rs -67 Cr
Net profit (latest quarter)Rs 27 Cr
Depreciation (TTM)Rs 297 Cr
Depreciation (latest quarter)Rs 72 Cr
Interest (TTM)Rs 99 Cr
Cost of goods sold (latest year)Rs 3,668 Cr
Total expenditure (latest year)Rs 4,090 Cr
Total income (latest year)Rs 4,423 Cr
Share capitalRs 310 Cr
ReservesRs 9,814 Cr
Shareholders' fundsRs 10,124 Cr
Total assetsRs 13,403 Cr
Net blockRs 11,187 Cr
Capital work in progressRs 344 Cr
InvestmentsRs 83 Cr
ReceivablesRs 248 Cr
InventoryRs 734 Cr
Other liabilitiesRs 1,974 Cr
Shares outstanding (crore)30.99
Ownership
Promoter holding75.00% (-6.49 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 98.9 is at the 72th percentile of its own 6.2-year range (median 68.8, low 24.2, high 184.8).
P/B 0.90 is at the 32th percentile (median 1.05).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodINDIACEMNifty 50Difference
1 week-10.6%-2.8% -7.8 pts
1 month-18.0%-6.8% -11.2 pts
3 months-23.4%-7.6% -15.8 pts
6 months-14.2%+0.4% -14.6 pts
1 year-23.0%-9.9% -13.1 pts
2 years-19.4%-13.6% -5.9 pts
3 years+26.6%+14.2% +12.4 pts
5 years+47.0%+27.9% +19.1 pts
55 mutual fund schemes hold about ₹1,134 Cr. Over three months 51 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Large & Mid Cap Fund0.94%304 +30%
Kotak Multi Cap Fund0.60%176 +18%
Franklin India Small Cap Fund1.08%159 +25%
SBI Midcap Fund0.33%81 -23%
SBI Midcap Fund0.33%80 -23%
SBI Infrastructure Fund0.96%46 +29%
Kotak Manufacture in India Fund1.42%42 +15%
Kotak Large Cap Fund0.34%37 +26%
Baroda BNP Paribas Multi Cap Fund1.02%36 +23%
ICICI Pru Aggressive Hybrid Fund(A0.06%31 +100%
Baroda BNP Paribas Small Cap Fund1.09%14 +23%
JM Flexi Cap Fund0.26%13 +12%
Baroda BNP Paribas Value Fund1.29%13 +32%
JM Aggressive Hybrid Fund(H1.64%11 +27%
Baroda BNP Paribas Mid Cap Fund0.40%11 -16%
Baroda BNP Paribas Multi Asset Fund0.67%10 +25%
Baroda BNP Paribas Aggressive Hybrid Fund0.76%10 +27%
Baroda BNP Paribas Aggressive Hybrid Fund0.76%9 +27%
Baroda BNP Paribas Manufacturing Fund0.92%8 +29%
Baroda BNP Paribas Energy Opportunities Fund1.11%7 +37%
Baroda BNP Paribas Business Conglomerates Fund1.03%7 +31%
Baroda BNP Paribas Business Cycle Fund1.08%6 +25%
JM Large & Mid Cap Fund1.08%5 +20%
Nippon India Nifty Smallcap 250 Index Fund0.12%4 +24%
JM ELSS-Tax Saver Fund1.31%3 +20%

Red flags

F-score 5 of 8
lookRepeated losses Net loss in each of the last two years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,019 Cr -0.6% vs Jun 2025. Net profit ₹27 Cr +120.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-13Annual General Meeting
2023-09-14Annual General Meeting
2022-09-20Annual General Meeting/Dividend - Re 1 Per Share
2021-08-31 Annual General Meeting/Dividend - Re 1 Per Share
2020-09-18 Annual General Meeting/Dividend - Rs 0.60 Per Share
2019-09-04 Annual General Meeting/Dividend - Rs 0.80 Per Share
2018-09-11 Annual General Meeting/Dividend- Re 0.80 Per Share
2017-08-24 Annual General Meeting/Dividend - Re 1/- Per Share
2016-08-19 Annual General Meeting/Dividend Re 1/- Per Share
2015-11-27 Annual General Meeting
2015-10-08 For Distribution Of Chennai Super Kings Cricket Limited Shares To The Shareholders Of India Cements
2014-12-15Annual General Meeting
2013-09-06Annual General Meeting And Dividend Rs.2/- Per Share (Bc Dates Revised)
2012-08-06Annual General Meeting And Dividend Rs.2/- Per Share
2011-08-16Dividend-Rs.1.50 Per Share
2010-07-26Dividend-Rs.2/- Per Share
2009-07-31Agm/Div-Rs.2/- Per Share
2008-08-14Agm/Dividend - 20%
2007-09-14Agm/Dividend-10%
2006-07-28Agm
DateTypeWhat it says
2026-10-01Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-08-09NCLATThe India Cements Ltd. VS Competition Commission of India & Ors.
2021-08-09NCLATThe India Cements Ltd VS Competition Commission of India & Ors
2021-03-24NCLATThe India Cements Ltd. VS Competition Commission of India & Ors.
2020-02-10CESTATTHE INDIA CEMENTS LTD ---VS.--- UDAIPUR
2019-12-18CESTATTHE INDIA CEMENTS LTD ---VS.--- UDAIPUR
2019-11-15CESTATTHE INDIA CEMENTS LTD ---VS.--- UDAIPUR
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03