---
title: "Ultratech Nathdwara Cement Ltd (BINANICEM) — Share Price, Financials & Analysis"
symbol: "BINANICEM"
company: "Ultratech Nathdwara Cement Ltd"
canonical: "https://tapetide.com/stocks/BINANICEM"
sector: "Commodities"
industry: "Cement & Cement Products"
generated_at: "2026-09-13T18:49:19.627Z"
---

# Ultratech Nathdwara Cement Ltd (BINANICEM)

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

## Company

- **Sector:** Commodities
- **Industry:** Cement & Cement Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2004-08-24
- **Face Value:** ₹10
- **F&O Eligible:** No

## About

Binani Cement (BCL) was incorporated in 1996 is engaged in manufacturing cement.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -3.61% over past five years.
- Company has a low return on equity of -34.4% over last 3 years.
- Debtor days have increased from 92.2 to 142 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -50% | — | — |
| revenue growth | -7% | -9% | -4% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 15 | 24 | 46 | 56 | 72 | 69 | 87 |
| Expenses | 12 | 19 | 37 | 47 | 57 | 59 | 71 |
| Operating Profit | 3 | 5 | 9 | 9 | 15 | 10 | 16 |
| OPM % | 18 | 21 | 20 | 16 | 21 | 14 | 18 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 2 | 2 | 3 | 3 | 3 | 5 | 3 |
| Profit before tax | 1 | 2 | 5 | 5 | 11 | 3 | 12 |
| Tax % | 51 | 22 | 25 | 36 | 29 | 23 | 21 |
| Net Profit | 0 | 2 | 4 | 3 | 8 | 3 | 9 |
| EPS in Rs | — | 2.72 | 4.6 | 3.51 | 8.77 | 3.04 | 10.5 |

### Profit & Loss

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

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 962 | 1961 | 2260 | 1904 | 2273 | 2669 | 2476 | 2294 | 2038 | 1892 |
| Expenses | 622 | 1599 | 1640 | 1641 | 2001 | 2250 | 2310 | 2094 | 1965 | 1755 |
| Operating Profit | 339 | 362 | 619 | 264 | 272 | 419 | 167 | 201 | 72 | 137 |
| OPM % | 35 | 18 | 27 | 14 | 12 | 16 | 7 | 9 | 3.6 | 7 |
| Other Income | 8 | 27 | 27 | 4 | 32 | 64 | -33 | 130 | 10 | 19 |
| Interest | 46 | 100 | 118 | 139 | 189 | 248 | 313 | 393 | 404 | 476 |
| Depreciation | 56 | 92 | 108 | 118 | 125 | 154 | 166 | 135 | 144 | 129 |
| Profit before tax | 245 | 195 | 420 | 11 | -11 | 80 | -345 | -197 | -465 | -449 |
| Tax % | 28 | 24 | 30 | -62 | 70 | 42 | -27 | -21 | -29 | -18 |
| Net Profit | 176 | 149 | 292 | 18 | -19 | 47 | -253 | -156 | -332 | -370 |
| EPS in Rs | 8.66 | 7.24 | 14.4 | 0.93 | -1.01 | 2.48 | -13.21 | -8.04 | -17.13 | -19.47 |
| Dividend Payout % | 29 | 47 | 24 | 268 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 203 | 203 | 203 | 189 | 189 | 189 | 189 | 189 | 189 | 189 |
| Reserves | 217 | 296 | 501 | 344 | 440 | 544 | 399 | 287 | 635 | 227 |
| Borrowings | 792 | 1408 | 1716 | 1829 | 2151 | 2020 | 2893 | 3465 | 3695 | 3976 |
| Other Liabilities | 581 | 907 | 829 | 851 | 1090 | 1243 | 1442 | 1198 | 1333 | 1422 |
| Total Liabilities | 1794 | 2814 | 3248 | 3212 | 3870 | 3995 | 4922 | 5139 | 5852 | 5814 |
| Fixed Assets | 1048 | 1541 | 1903 | 1865 | 2593 | 2608 | 2654 | 2604 | 3364 | 3164 |
| CWIP | 171 | 239 | 274 | 346 | 133 | 158 | 226 | 239 | 204 | 170 |
| Investments | 62 | 165 | 124 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Other Assets | 512 | 870 | 947 | 1001 | 1143 | 1230 | 2042 | 2295 | 2282 | 2478 |
| Total Assets | 1794 | 2814 | 3248 | 3212 | 3870 | 3995 | 4922 | 5139 | 5852 | 5814 |

### Cash Flow

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

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 373 | 452 | 643 | 427 | 124 | 374 | -629 | -168 | -50 | 68 |
| Cash from Investing Activity | -313 | -798 | -803 | -738 | -438 | -40 | -112 | 15 | 24 | 52 |
| Cash from Financing Activity | -11 | 431 | 330 | 292 | 128 | -362 | 678 | 220 | -11 | -125 |
| Net Cash Flow | 48 | 85 | 170 | -20 | -186 | -29 | -63 | 67 | -37 | -4 |
| Free Cash Flow | 123 | 182 | 366 | -4 | -323 | 274 | -768 | -205 | -101 | 102 |
| CFO/OP | 115 | 131 | 110 | 185 | 49 | 93 | -359 | -89 | -69 | 50 |

### Ratios

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 0 | 34 | 17 | 5 | 7 | 6 | 10 | 40 | 95 | 142 |
| Inventory Days | — | 261 | 162 | 278 | 205 | 221 | 220 | 193 | 100 | 96 |
| Days Payable | — | 321 | 197 | 330 | 463 | 666 | 447 | 437 | 510 | 622 |
| Cash Conversion Cycle | 0 | -26 | -18 | -47 | -251 | -439 | -217 | -204 | -315 | -384 |
| Working Capital Days | -7 | 7 | -6 | -39 | -10 | -8 | 67 | 141 | 158 | 173 |
| ROCE % | — | 19 | 24 | 7 | 7 | 12 | 4 | 6 | -1 | 1 |

## Shareholding Pattern

### annual

| Category | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- |
| Promoters | 51.19% | 51.19% | 51.19% |
| FIIs | 0% | 0.06% | 0% |
| Public | 48.81% | 48.76% | 48.81% |
| No. of Shareholders | 399 | 1674 | 1818 |

### Quarterly

| Category | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 51.19% | 51.19% | 51.19% | 51.19% | 51.19% | 51.19% | 51.19% | 51.19% | 51.19% | 51% | 51.19% |
| FIIs | 0.03% | 0.03% | 0% | 0% | 0% | 0.06% | 0.06% | 0.06% | 0.02% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 48.78% | 48.78% | 48.81% | 48.81% | 48.79% | 48.76% | 48.76% | 48.76% | 48.79% | 49% | 48.81% |
| No. of Shareholders | 529 | 539 | 341 | 399 | 722 | 1261 | 1412 | 1674 | 1978 | 1911 | 1818 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 January 2026 - 10-month municipal solid waste contract from Tirora Council worth ₹1,30,00,148.28, received 09-Jan-2026. | [Bagging/Receiving of orders/contracts 9 January 2026 - 10-month municipal solid waste contract from Tirora Council worth ₹1,30,00,148.28, received 09-Jan-2026.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_09012026154614_Letter_NSE_work_order_Tiroda_New.pdf) |
| 5 January 2026 - Investor grievances report for quarter ended Dec 31, 2025: no complaints. | [Updates 5 January 2026 - Investor grievances report for quarter ended Dec 31, 2025: no complaints.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_05012026163144_Letter_NSE_IG.pdf) |
| 5 January 2026 - Certificate under Reg 74(5) for quarter ended Dec 31, 2025; no rematerialisation requests. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 5 January 2026 - Certificate under Reg 74(5) for quarter ended Dec 31, 2025; no rematerialisation requests.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_05012026164544_Letter_NSE_REG74.pdf) |
| 29 January 2026 - Regulation 29 disclosure (29-Jan-2026) reporting acquisition/purchase of equity shares in Urban Enviro Waste Management. | [Updates 29 January 2026 - Regulation 29 disclosure (29-Jan-2026) reporting acquisition/purchase of equity shares in Urban Enviro Waste Management.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_29012026114607_Letter_NSE_Reg_29_1__28012026.pdf) |
| 27 February 2026 - Work order: MSW collection for Karamsad Anand Municipal Corporation, ₹2,96,46,094.20/year, 2 years plus one-year extension. | [Bagging/Receiving of orders/contracts 27 February 2026 - Work order: MSW collection for Karamsad Anand Municipal Corporation, ₹2,96,46,094.20/year, 2 years plus one-year extension.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_27022026174050_Letter_NSE_work_order_KARAMSAD.pdf) |
| 2 March 2026 - Trading window closed 03.03.2026–13.03.2026 for proposed equity/other securities fundraising. | [Trading Window 2 March 2026 - Trading window closed 03.03.2026–13.03.2026 for proposed equity/other securities fundraising.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_02032026160404_Letter_Closure_trading_window_02032026.pdf) |
| 19 January 2026 - Reconciliation for quarter ended 31/12/2025: total 8,660,000 shares (NSDL 1,134,932; CDSL 7,525,068); 1,852 holders. | [Updates 19 January 2026 - Reconciliation for quarter ended 31/12/2025: total 8,660,000 shares (NSDL 1,134,932; CDSL 7,525,068); 1,852 holders.](https://nsearchives.nseindia.com/corporate/URBANENVIRO_19012026145739_Letter_NSE_RECO_31122025.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28159_URBAN_2024_2025_A_3653691_02092025165550.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25166_URBAN_2023_2024_27082024145720.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2024 | [Concall - Sep 2024](https://nsearchives.nseindia.com/corporate/URBAN_06092024131053_Letter_NSE_Investor_presenatation.pdf) |

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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 2026-09-13T18:49:19.627Z.