MarketFriction

NCL Industries Ltd

NSE NCLIND · BSE 502168 · Cement & Cement Products
₹170.03 -2.38%
NSE close2026-10-01
52 week range147.50 - 214.80
Market cap₹799 Cr.
P/E6.45
Price band 20% Delivery 71.1%

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

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales391433419355330341375335345343400344
Expenses352376370319297322351283296306348304
Operating Profit395749363420245249375140
OPM %10%13%12%10%10%6%6%15%14%11%13%12%
Other Income4364-7563-27-124
Interest765655555556
Depreciation131316131514141313141515
Profit before tax2342342176103729241923
Tax %39%40%28%40%62%41%38%45%32%44%-121%26%
Net Profit142524133362020134217
EPS in Rs3.065.555.352.860.590.741.424.474.362.939.313.81
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7508688809809381,7492,0462,0442,1041,7421,7471,431
Expenses6287537468437971,4651,8381,8951,8951,6191,5551,254
Operating Profit122115134137140284208149209123192177
OPM %16%13%15%14%15%16%10%7%10%7%11%12%
Other Income2476371119181-7-3
Interest313232373222252724232120
Depreciation252535454241454856545558
Profit before tax6762746169228150931484810995
Tax %21%11%34%23%27%35%34%51%36%47%13%
Net Profit5355494751149984694259592
EPS in Rs14.4514.8810.8610.3611.2432.8721.7010.1720.835.6121.0720.41
Dividend Payout %14%17%23%24%1%12%14%30%19%36%17%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%0%-5%4%
Compounded Profit Growth7%-7%31%191%
Stock Price CAGR4%-4%-9%-10%
Return on Equity12%9%9%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital353737454545454545454545
Reserves118160190416454483620699730810819901
Borrowings179202347278336347320335292218252239
Other Liabilities258224210224260278314392441469532403
Total Liabilities5906237849621,0951,1531,2991,4721,5081,5421,6481,588
Fixed Assets4073923856936586957897739869699221,091
CWIP2111523390906117128391482
Investments000000305035515046
Other Assets181221246237346368419477459484528449
Total Assets5906237849621,0951,1531,2991,4721,5081,5421,6481,588
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity56130181567110623710620818396146
Cash from Investing Activity4-18-161-223-69-78-136-139-101-64-111-108
Cash from Financing Activity-57-97133704-31-52-25-83-110-5-50
Net Cash Flow315-946-449-58249-20-12
Free Cash Flow55112-142-66227101-33105118-1838
CFO/OP79%107%28%128%64%89%107%73%168%103%87%96%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days302620325656223025252825
Inventory Days242256199240214327173186240217327215
Days Payable1919912614618419712110314411020091
Cash Conversion Cycle82183931278718675114122132156148
Working Capital Days-63-582-5-4-16-8171011611
ROCE %14%27%19%16%12%12%27%17%11%16%8%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters44.48%44.48%43.71%42.31%42.08%42.11%42.27%41.02%40.93%40.95%41.56%41.67%
FIIs4.23%4.88%5.17%5.41%5.33%5.14%5.24%5.77%4.45%3.95%3.87%3.45%
DIIs0.03%0.03%0.03%0.39%0.03%0.03%0.04%0.09%0.09%0.16%0.20%0.03%
Government0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.01%
Public51.25%50.59%51.07%51.88%52.53%52.69%52.43%53.11%54.53%54.92%54.38%54.84%
No. of Shareholders54,34952,98153,74356,14258,85558,12156,55853,41250,91049,40348,81748,540

Fundamentals

Market Cap₹ 799 Cr.
Current Price₹ 177
Stock P/E6.45
Book Value₹ 209
ROCE14.6 %
ROE11.3 %
Dividend Yield1.98 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)4%
Compounded Profit Growth (TTM)191%
Standalone figures.
Valuation
Market capRs 769 Cr
Enterprise valueRs 999 Cr
P/E (TTM)8.33x
Price to book0.81x
Price to sales0.54x
EV / EBITDA5.76x
EV / EBIT8.63x
EV / sales0.70x
Price to cash flow5.28x
Earnings yield12.01%
Dividend yield2.06%
P/E, 3-year average16.13x
P/B, 3-year average0.88x
P/E, 5-year average14.83x
P/B, 5-year average0.95x
Profitability
Operating margin (excl. other income)10.99%
Operating margin (incl. other income)10.62%
EBITDA margin12.12%
Pre-tax margin6.66%
Net profit margin6.45%
Net margin, latest quarter5.02%
ROE10.53%
ROCE11.32%
ROA5.89%
ROE, 3-year average8.35%
ROCE, 3-year average11.27%
ROA, 3-year average4.55%
ROE, 5-year average9.01%
ROCE, 5-year average12.39%
ROA, 5-year average4.77%
ROIC (approx.)8.61%
Tax rate12.51%
Other income / net worth-0.69%
Growth
Sales growth (latest year)0.31%
Profit growth (latest year)275.45%
Sales CAGR, 3 years-5.10%
Sales CAGR, 5 years-0.02%
Profit CAGR, 3 years27.48%
Profit CAGR, 5 years-8.51%
Sales growth QoQ-14.00%
Profit growth QoQ-59.04%
Sales growth YoY (latest quarter)2.49%
Profit growth YoY (latest quarter)-14.70%
Per share
EPS (TTM)Rs 20.41
EPS (latest year)Rs 21.07
EPS (latest quarter)Rs 3.81
EPS, 3-year averageRs 15.83
EPS, 5-year averageRs 15.87
Book value per shareRs 209.19
Sales per shareRs 316.35
Cash flow per shareRs 32.21
Free cash flow per shareRs 8.40
Dividend per share (latest year)Rs 3.50
Dividend per share, 3-year averageRs 3.17
Dividend per share, 5-year averageRs 3.10
Dividends
Dividend payout16.61%
Dividend payout, 3-year average23.82%
Dividend payout, 5-year average22.96%
Efficiency
Asset turnover1.10x
Fixed asset turnover1.60x
Inventory turnover5.41x
Inventory days67 days
Debtor days25 days
Debtors turnover14.77x
Creditor days91 days
Cash conversion cycle148 days
Working capital days11 days
Leverage
Total debtRs 239 Cr
Cash and bankRs 10 Cr
Net debtRs 230 Cr
Debt to equity0.25x
Net debt / EBITDA1.32x
Interest coverage5.69x
Current ratio (filing 2026-03-31)1.10x
Quick ratio (filing 2026-03-31)0.61x
Trade payables (filing 2026-03-31)Rs 63 Cr
Owners' fund to total sources59.57%
Debt to assets15.08%
Cash flow
Cash from Operating Activity (latest year)Rs 146 Cr
Cash from Investing Activity (latest year)Rs -108 Cr
Cash from Financing Activity (latest year)Rs -50 Cr
Net Cash Flow (latest year)Rs -12 Cr
Free cash flow (latest year)Rs 38 Cr
FCFE (approx.: FCF + change in debt)Rs 25 Cr
Cash from ops / profit, 5 years2.06x
Sales to cash flow11.99x
Statement figures
Net sales (TTM)Rs 1,431 Cr
Net sales (latest year)Rs 1,747 Cr
Sales (latest quarter)Rs 344 Cr
Operating profit excl. other income (latest year)Rs 192 Cr
Operating profit (latest quarter)Rs 40 Cr
Other income (TTM)Rs -3 Cr
EBITDA (TTM)Rs 173 Cr
PBDT (TTM)Rs 153 Cr
Profit before tax (TTM)Rs 95 Cr
Tax (latest year)Rs 14 Cr
Net profit (TTM)Rs 92 Cr
Net profit (latest year)Rs 95 Cr
Net profit (latest quarter)Rs 17 Cr
Depreciation (TTM)Rs 58 Cr
Depreciation (latest quarter)Rs 15 Cr
Interest (TTM)Rs 20 Cr
Cost of goods sold (latest year)Rs 802 Cr
Total expenditure (latest year)Rs 1,555 Cr
Total income (latest year)Rs 1,741 Cr
Share capitalRs 45 Cr
ReservesRs 901 Cr
Shareholders' fundsRs 946 Cr
Total assetsRs 1,588 Cr
Net blockRs 1,091 Cr
Capital work in progressRs 2 Cr
InvestmentsRs 46 Cr
ReceivablesRs 118 Cr
InventoryRs 148 Cr
Other liabilitiesRs 403 Cr
Shares outstanding (crore)4.52
Ownership
Promoter holding41.67% (+0.65 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 8.3 is at the 23th percentile of its own 9.4-year range (median 11.5, low 5.0, high 41.7).
P/B 0.81 is at the 9th percentile (median 1.17).
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.
PeriodNCLINDNifty 50Difference
1 week-3.4%-2.8% -0.7 pts
1 month-2.4%-6.8% +4.4 pts
3 months-10.6%-7.6% -3.0 pts
6 months+14.8%+0.4% +14.3 pts
1 year-18.0%-9.9% -8.0 pts
2 years-20.3%-13.6% -6.7 pts
3 years-26.6%+14.2% -40.8 pts
5 years-27.2%+27.9% -55.1 pts

Red flags

F-score 8 of 8
No red flags in the latest statements and filings.
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.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-24Kalidindi RaviPromoter groupbuy1,200SAST Open Market
2026-09-24Kakatiya Industies Private LtdPromoter groupbuy3,000SAST Open Market
2026-09-23Kalidindi RaviPromoter groupbuy2,000SAST Open Market
2026-09-23Kakatiya Industies Private LtdPromoter groupbuy1,760SAST Open Market
2026-09-22Kakatiya Industies Private LtdPromoter groupbuy3,700SAST Open Market
2026-09-22Kalidindi RaviPromoter groupbuy4,230SAST Open Market
2026-09-18Kakatiya Industies Private LtdPromoter groupbuy5,888SAST Open Market
2026-09-18NCL HOLDINGS (A&S) LTDPromoter groupbuy28,455SAST Open Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹344 Cr +2.7% vs Jun 2025. Net profit ₹17 Cr -15.0%.
Against our estimate for Jun 2026: sales -0.9%, profit -16.8% in line. Our estimate for Sep 2026: sales Rs 361 Cr, profit Rs 19 Cr (how).

Activity

Compare
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J K Cements Ltd37,27838.215.1 %
Dalmia Bharat Ltd30,71228.07.59 %
ACC Ltd22,58311.911.2 %
The Ramco Cements Ltd19,9491056.13 %
JSW Cement Ltd15,34919.511.1 %
Nuvoco Vistas Corporation Ltd11,79328.46.99 %
India Cements Ltd9,41269.71.24 %
Star Cement Ltd7,19819.016.6 %
Birla Corporation Ltd6,54511.79.78 %
JK Lakshmi Cement Ltd6,08515.812.0 %
Prism Johnson Ltd5,50046.95.92 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-09-11Dividend - Rs 2 Per Share
2026-02-20Interim Dividend - Rs 1.50 Per Share
2025-09-18Dividend - Rs 2 Per Share
2025-02-18Interim Dividend - Re 1 Per Share
2024-09-13Annual General Meeting/Dividend - Rs 2.50 Per Share
2024-02-21Interim Dividend - Rs 1.50 Per Share
2023-09-15Annual General Meeting/Dividend - Rs 1.50 Per Share
2023-02-23Interim Dividend - Rs 1.50 Per Share
2022-09-19Annual General Meeting/Dividend - Rs 1.50 Per Share
2022-02-22Interim Dividend - Rs 1.50 Per Share
2021-09-17 Annual General Meeting/Dividend - Rs 1 Per Share
2021-05-12 Interim Dividend - Rs 1.50 Per Share
2020-11-19 Interim Dividend - Rs 1.50 Per Share
2020-09-17 Annual General Meeting/Dividend - Re 1 Per Share
2020-03-19 Interim Dividend - Rs 1.5 Per Share
2019-09-19 Annual General Meeting/Dividend - Rs 2.50 Per Share
2018-09-17 Annual General Meeting/Dividend Rs 1.50 Per Share
2018-02-21 Interim Dividend - Re 1 Per Share
2017-09-14 Annual General Meeting/Dividend - Rs 1.50 Per Share
2017-02-22 Interim Dividend Re 1/- Per Share
2016-09-09 Annual General Meeting/Dividend Re 1/- Per Share
2016-02-09 Interim Dividend Re 1/- Per Share
2015-09-21 Annual General Meeting
2014-09-19Annual General Meeting
2013-09-19Annual General Meeting
2012-09-05Annual General Meeting And Dividend Rs.2/- Per Share
2011-09-21Annual General Meeting And Dividend Rs.1.50 Per Share
2010-09-21Annual General Meeting And Dividend Re.1/- Per Share
2009-09-17Agm/Div-Rs.2.50 Per Share
2008-09-18Agm/Dividend - 25%
2007-09-17Agm/Dividend-20%
No announcements in our files yet.
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
2020-03-11NCLTNCL Industries Ltd Vs Navayuga Engineering Company Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of NCL Industries Ltd?

NCL Industries Ltd (NCLIND) has a market capitalisation of Rs 799 Cr. at the 2026-10-01 close.

What is the P/E ratio of NCL Industries Ltd?

NCL Industries Ltd trades at a P/E of 6.45 on trailing twelve-month profit, at the 2026-10-01 close.

What were NCL Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, NCL Industries Ltd sales was Rs 344 Cr (+2.7% vs Jun 2025) and net profit was Rs 17 Cr.

What is the 52-week high and low of NCL Industries Ltd?

The 52-week high is Rs 214.80 and the 52-week low is Rs 147.50.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03