---
title: "Nirman Cements Ltd (531954) — Share Price, Financials & Analysis"
symbol: "531954"
company: "Nirman Cements Ltd"
canonical: "https://tapetide.com/stocks/531954"
isin: "INE162E01012"
bse_code: "531954"
sector: "Commodities"
industry: "Cement & Cement Products"
generated_at: "2026-09-13T18:38:11.035Z"
---

# Nirman Cements Ltd (531954)

Canonical page: https://tapetide.com/stocks/531954

## Company

- **BSE Code:** 531954
- **ISIN:** INE162E01012
- **Sector:** Commodities
- **Industry:** Cement & Cement Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** nirmancements.com

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of 0.32% over last 3 years.

## Growth Rates

| Metric | 1Y | 5Y |
| --- | --- | --- |
| net income growth | -252% | -6% |
| revenue growth | -23% | -6% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 1384 | 1543 | 1305 | 1391 | 1660 | 1632 | 1505 | 1454 | 1749 | 1764 | 1948 | 1873 |
| Expenses | 1196 | 1277 | 1103 | 1133 | 1357 | 1307 | 1207 | 1199 | 1437 | 1437 | 1567 | 1541 |
| Operating Profit | 188 | 266 | 201 | 258 | 303 | 325 | 298 | 255 | 312 | 327 | 382 | 331 |
| OPM % | 14 | 17 | 15 | 19 | 18 | 20 | 20 | 18 | 18 | 19 | 20 | 18 |
| Other Income | 11 | 7 | 8 | -24 | 23 | 18 | 19 | 11 | 36 | 39 | 13 | -13 |
| Interest | 64 | 76 | 74 | 82 | 97 | 101 | 118 | 133 | 131 | 139 | 136 | 128 |
| Depreciation | 26 | 27 | 30 | 31 | 31 | 30 | 33 | 37 | 39 | 40 | 42 | 43 |
| Profit before tax | 109 | 170 | 105 | 122 | 198 | 211 | 166 | 95 | 179 | 187 | 216 | 148 |
| Tax % | 27 | 26 | 26 | 26 | 26 | 26 | 25 | 28 | 29 | 26 | 26 | 26 |
| Net Profit | 79 | 126 | 78 | 89 | 147 | 156 | 125 | 68 | 127 | 139 | 159 | 109 |
| EPS in Rs | 5.45 | 8.67 | 5.38 | 6.2 | 10.25 | 10.98 | 8.79 | 4.91 | 9.03 | 9.77 | 11.18 | 7.66 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- |
| Sales | 0.65 | 1.88 | 2.95 | 1.82 | 1.41 |
| Expenses | 1.46 | 2.39 | 2.17 | 1.76 | 1.31 |
| Operating Profit | -0.81 | -0.51 | 0.78 | 0.06 | 0.1 |
| OPM % | -124.62 | -27.13 | 26.44 | 3.3 | 7.09 |
| Other Income | 0.4 | 0.59 | 0.11 | 0.84 | 0.23 |
| Interest | 0.12 | 0.15 | 0.31 | 0.18 | 0.39 |
| Depreciation | 0.21 | 0.26 | 0.37 | 0.39 | 0.43 |
| Profit before tax | -0.74 | -0.33 | 0.21 | 0.33 | -0.49 |
| Tax % | 0 | 0 | 0 | 0 | 2.04 |
| Net Profit | -0.74 | -0.33 | 0.21 | 0.33 | -0.5 |
| EPS in Rs | -1.78 | -0.79 | 0.5 | 0.79 | -1.2 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 |
| Reserves | -1.13 | -1.46 | -0.56 | 0.07 | -0.43 |
| Borrowings | 1.39 | 3.58 | 3.56 | 3.23 | 3.61 |
| Other Liabilities | 1.79 | 2.17 | 1.16 | 0.79 | 0.95 |
| Total Liabilities | 6.57 | 8.81 | 8.68 | 8.61 | 8.65 |
| Fixed Assets | 3.26 | 5.28 | 5.16 | 4.97 | 5.38 |
| CWIP | 0.83 | 0 | 0 | 0.66 | 0 |
| Investments | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 |
| Other Assets | 2.46 | 3.51 | 3.49 | 2.96 | 3.25 |
| Total Assets | 6.57 | 8.81 | 8.68 | 8.61 | 8.65 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | — | 0.49 | 0.82 | 0.72 |
| Cash from Investing Activity | — | — | -0.11 | -0.85 | -0.84 |
| Cash from Financing Activity | — | — | -0.14 | -0.21 | 0.19 |
| Net Cash Flow | — | — | 0.24 | -0.24 | 0.07 |
| Free Cash Flow | — | — | 0.39 | -0.04 | -0.12 |
| CFO/OP | — | — | 63 | 1367 | 720 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2010 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 297.62 | 225.21 | 33.41 | 24.07 | 2.59 |
| Inventory Days | 300.88 | 188.62 | 435.05 | 533.46 | 927.1 |
| Days Payable | 310.74 | 188.62 | 261.77 | 131.03 | 262.8 |
| Cash Conversion Cycle | 287.75 | 225.21 | 206.69 | 426.5 | 666.89 |
| Working Capital Days | 292 | 238.8 | 256.12 | 433.19 | 574.68 |
| ROCE % | — | -4.2 | — | 6.65 | -1.29 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 59.33% | 59.33% | 59.34% | 59.44% | 59.44% | 59.44% | 41.25% | 41.21% | 41.14% | 41.09% |
| FIIs | 3.22% | 10.21% | 10.21% | 10.29% | 6.23% | 1.04% | 6.04% | 9.77% | 9.14% | 8.45% |
| DIIs | 19.41% | 13.69% | 13.44% | 12.66% | 14.08% | 16.7% | 27.95% | 25.17% | 26.59% | 28.21% |
| Government | 0% | 0.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 18.04% | 16.51% | 17.01% | 17.6% | 20.24% | 22.82% | 24.76% | 23.86% | 23.11% | 22.26% |
| No. of Shareholders | 36265 | 31646 | 33913 | 34410 | 42041 | 52717 | 56261 | 77565 | 109948 | 102516 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 41.25% | 41.23% | 41.23% | 41.22% | 41.21% | 41.18% | 41.17% | 41.17% | 41.14% | 41.13% | 41.12% | 41.09% |
| FIIs | 6.04% | 6.17% | 7.79% | 9.06% | 9.77% | 9.98% | 10.79% | 10.99% | 9.14% | 8.47% | 8.34% | 8.45% |
| DIIs | 27.95% | 28.57% | 24.28% | 24.37% | 25.17% | 25.42% | 24.93% | 25.04% | 26.59% | 27.21% | 28% | 28.21% |
| Public | 24.76% | 24.03% | 26.69% | 25.36% | 23.86% | 23.4% | 23.11% | 22.81% | 23.11% | 23.2% | 22.56% | 22.26% |
| No. of Shareholders | 56261 | 55394 | 72798 | 68891 | 77565 | 107323 | 121481 | 112540 | 109948 | 109607 | 103209 | 102516 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Kirloskar Oil Engines schedules investor meetings on 12 Mar 2026 with Prabhudas Liladhar, Nippon Mutual Fund, EastLane Capital. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9h - Kirloskar Oil Engines schedules investor meetings on 12 Mar 2026 with Prabhudas Liladhar, Nippon Mutual Fund, EastLane Capital.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/66d5956b-2bf0-4412-9a29-cd72d190e635.pdf) |
| 9h - Investor meetings on 12 Mar 2026: Prabhudas Liladhar (10:30–11:30), Nippon MF (15:00–15:45), EastLane (15:45–16:30) | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9h - Investor meetings on 12 Mar 2026: Prabhudas Liladhar (10:30–11:30), Nippon MF (15:00–15:45), EastLane (15:45–16:30)](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1dd48022-3a42-4fce-ab56-a60a3d2b0786.pdf) |
| 9h - 1x1 virtual meeting with Baron Funds on 4 Mar 2026; no UPSI discussed. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 9h - 1x1 virtual meeting with Baron Funds on 4 Mar 2026; no UPSI discussed.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/36f7824d-9d2e-4a23-ac01-8a00ed852b2a.pdf) |
| 7h - 12 Mar meetings cancelled; meetings scheduled 13 Mar with Philip Capital, Bandhan MF, Goldman Sachs. | [Update 7h - 12 Mar meetings cancelled; meetings scheduled 13 Mar with Philip Capital, Bandhan MF, Goldman Sachs.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/c15b816c-fcc4-4940-a8d1-e1d3e8673204.pdf) |
| 26 Feb - 1x1 virtual meeting with Baron Funds on 4 March 2026, 6:30–7:00 PM IST. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Feb - 1x1 virtual meeting with Baron Funds on 4 March 2026, 6:30–7:00 PM IST.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/00184617-86f4-4889-8122-d5b18288acfa.pdf) |
| 1h - Investor meetings on 11 March 2026: Jefferies-hosted group; Aditya Birla MF, DSP Equity, Catamaran 1x1s. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1h - Investor meetings on 11 March 2026: Jefferies-hosted group; Aditya Birla MF, DSP Equity, Catamaran 1x1s.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/252da204-8ef3-4415-aa10-7d320fa4bbd8.pdf) |
| 1h - Investor meetings on 11 Mar 2026: Jefferies group (10–11am); 1x1s with Aditya Birla MF, DSP Equity, Catamaran (3–5:15pm). | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1h - Investor meetings on 11 Mar 2026: Jefferies group (10–11am); 1x1s with Aditya Birla MF, DSP Equity, Catamaran (3–5:15pm).](https://www.bseindia.com/xml-data/corpfiling/AttachLive/c3a4c388-7f77-4792-9a5b-398d50417b68.pdf) |
| 17 Feb - Q3 FY26 transcript uploaded; standalone revenue INR1,371cr, EBITDA INR169cr, net profit INR102cr. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 17 Feb - Q3 FY26 transcript uploaded; standalone revenue INR1,371cr, EBITDA INR169cr, net profit INR102cr.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/969c2154-bd36-4d4d-a700-e3fe905fa515.pdf) |
| 12 Feb - Conference call held 12-Feb-2026 on unaudited Q3 and nine-month results; audio on company website. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 12 Feb - Conference call held 12-Feb-2026 on unaudited Q3 and nine-month results; audio on company website.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1b61aa63-2cf1-49d7-879c-252cc753b147.pdf) |
| 11h - Atul Kirloskar to retire March 31, 2026; Rahul named Chairperson; Gauri becomes Vice Chairperson and continues as MD. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 11h - Atul Kirloskar to retire March 31, 2026; Rahul named Chairperson; Gauri becomes Vice Chairperson and continues as MD.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/b1f1bc6f-6d76-4a39-b47d-9b55b50dafea.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cc62b28a-bf64-47cd-b5d9-2b23c07626f7.pdf) |
| May 2025 | [Concall - May 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6a47c09f-3ed7-46bb-b2a1-fa5aa98ee636.pdf) |
| Feb 2026 | [Concall - Feb 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/18badb60-e67a-4e7a-b629-d6137a77b574.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8b4b242a-de64-4484-8fd4-3f73a7975f2d.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2cd642d5-73d7-4567-b54a-427571f3541e.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2013 from nse](https://archives.nseindia.com/annual_reports/AR_109_KIRLOSENG_2012_2013_18062013160708.zip) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f8cb151c-64fc-426f-ae49-88251cf2647b.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/246d6865-123f-4200-97c9-c969e9199b80.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/40c6fa0d-6c50-4d8a-83ac-7483ffae5b0e.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/73712533293.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/68909533293.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/5332930320.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/5332930319.pdf) |
| from bse | [Financial Year 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/5332930318.pdf) |
| from bse | [Financial Year 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/533293/5332930317.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:38:11.035Z.