---
title: "Gujarat Sidhee Cement Ltd(Merged) (GSCLCEMENT) — Share Price, Financials & Analysis"
symbol: "GSCLCEMENT"
company: "Gujarat Sidhee Cement Ltd(Merged)"
canonical: "https://tapetide.com/stocks/GSCLCEMENT"
sector: "Commodities"
industry: "Cement & Cement Products"
generated_at: "2026-09-13T18:19:39.517Z"
---

# Gujarat Sidhee Cement Ltd(Merged) (GSCLCEMENT)

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

## Company

- **Sector:** Commodities
- **Industry:** Cement & Cement Products
- **Macro Sector:** Commodities
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** gujaratsidheecementlimited.com; www.mehtagroup.com

## About

Gujarat Sidhee Cement Ltd is engaged in the business of cement under the brand name 'Sidhee'.
It was incorporated in 1973, as a wholly owned subsidiary of Gujarat Industrial Investment Corporation and was later joined by Mehta Group.[1]

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.63 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 10.1% over past five years.
- Company has a low return on equity of 7.26% over last 3 years.
- Earnings include an other income of Rs.5.28 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -109% | 70% | 21% |
| revenue growth | 9% | 8% | 10% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 165.48 | 89.59 | 127.65 | 154.04 | 194.41 | 155.93 | 166.35 | 178.17 | 202.99 | 188.39 | 142.2 | 223.06 |
| Expenses | 139.15 | 80.47 | 116.73 | 152.43 | 160.56 | 135.4 | 166.03 | 167.14 | 196.29 | 177.89 | 162.22 | 215.05 |
| Operating Profit | 26.33 | 9.12 | 10.92 | 1.61 | 33.85 | 20.53 | 0.32 | 11.03 | 6.7 | 10.5 | -20.02 | 8.01 |
| OPM % | 15.91 | 10.18 | 8.55 | 1.05 | 17.41 | 13.17 | 0.19 | 6.19 | 3.3 | 5.57 | -14.08 | 3.59 |
| Other Income | 1.33 | 2.05 | 1.45 | 2.54 | 2.71 | 1.1 | 2.91 | 1.03 | 1.99 | 1.11 | 1.1 | 1.08 |
| Interest | 1.78 | 1.23 | 1.2 | 1.34 | 1.25 | 1.26 | 0.9 | 1.26 | 0.88 | 0.79 | 1.2 | 0.97 |
| Depreciation | 2.77 | 2.65 | 2.65 | 2.65 | 2.61 | 2.64 | 2.65 | 2.64 | 2.52 | 2.98 | 3.02 | 3.03 |
| Profit before tax | 23.11 | 7.29 | 8.52 | 0.16 | 32.7 | 17.73 | -0.32 | 8.16 | 5.29 | 7.84 | -23.14 | 5.09 |
| Tax % | 35.53 | 31.55 | 42.72 | 175 | 36.39 | 33.05 | -68.75 | 36.52 | 39.32 | 29.85 | -33.32 | 35.36 |
| Net Profit | 14.9 | 4.99 | 4.88 | -0.12 | 20.8 | 11.86 | -0.09 | 5.18 | 3.22 | 5.49 | -15.43 | 3.29 |
| EPS in Rs | 1.7 | 0.57 | 0.55 | -0.01 | 2.36 | 1.33 | -0.01 | 0.58 | 0.36 | 0.61 | -1.73 | 0.37 |

### Profit & Loss

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

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 410 | 484 | 469 | 434 | 536 | 563 | 585 | 566 | 703 | 757 |
| Expenses | 407 | 475 | 474 | 467 | 503 | 574 | 506 | 510 | 665 | 751 |
| Operating Profit | 3 | 9 | -5 | -33 | 33 | -11 | 79 | 56 | 39 | 5 |
| OPM % | 0.7 | 1.8 | -1.1 | -8 | 6 | -2 | 14 | 10 | 5 | 0.7 |
| Other Income | 8 | 1 | 7 | 12 | 12 | 15 | 4 | 9 | 7 | 5 |
| Interest | 3 | 5 | 5 | 3 | 3 | 7 | 7 | 5 | 4 | 4 |
| Depreciation | 8 | 11 | 9 | 9 | 10 | 10 | 11 | 11 | 10 | 12 |
| Profit before tax | 0 | -7 | -12 | -34 | 32 | -13 | 65 | 49 | 31 | -5 |
| Tax % | 763 | -34 | -39 | -4 | -4 | -44 | 35 | 37 | 35 | — |
| Net Profit | -3 | -4 | -7 | -32 | 33 | -7 | 42 | 31 | 20 | -3 |
| EPS in Rs | -0.75 | -0.52 | -0.84 | -3.73 | 3.86 | -0.8 | 4.85 | 3.46 | 2.26 | -0.39 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 21 | 0 | 0 | — |

### Balance Sheet

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

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 36 | 71 | 86 | 86 | 86 | 87 | 87 | 88 | 89 | 89 |
| Reserves | 108 | 98 | 91 | 260 | 294 | 292 | 326 | 367 | 386 | 378 |
| Borrowings | 21 | 19 | 21 | 28 | 46 | 54 | 48 | 39 | 42 | 40 |
| Other Liabilities | 133 | 139 | 126 | 216 | 199 | 201 | 193 | 196 | 192 | 197 |
| Total Liabilities | 298 | 328 | 324 | 590 | 626 | 634 | 655 | 691 | 710 | 705 |
| Fixed Assets | 121 | 100 | 100 | 358 | 416 | 419 | 420 | 416 | 411 | 414 |
| CWIP | 3 | 4 | 5 | 22 | 6 | 0 | 1 | 1 | 6 | 1 |
| Investments | 8 | 60 | 74 | 79 | 79 | 79 | 79 | 87 | 86 | 87 |
| Other Assets | 167 | 164 | 145 | 131 | 125 | 136 | 155 | 187 | 208 | 203 |
| Total Assets | 298 | 328 | 324 | 590 | 626 | 634 | 655 | 691 | 710 | 705 |

### Cash Flow

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

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 49 | 9 | 28 | 1 | 21 | 37 | -3 | 43 | 41 | 0 |
| Cash from Investing Activity | -15 | -47 | -51 | -24 | -32 | -45 | -7 | -10 | -6 | -9 |
| Cash from Financing Activity | -7 | 20 | 30 | 8 | 9 | 14 | 3 | -34 | -33 | 6 |
| Net Cash Flow | 27 | -18 | 8 | -15 | -2 | 6 | -7 | -1 | 2 | -4 |
| Free Cash Flow | 32 | -34 | 30 | -9 | -11 | -8 | -10 | 33 | 33 | -10 |
| CFO/OP | 114 | 493 | 300 | -5 | -60 | 112 | -3 | 68 | 83 | 20 |

### Ratios

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 13 | 15 | 13 | 10 | 7 | 8 | 9 | 13 | 11 | 13 |
| Inventory Days | 685 | 377 | 477 | 233 | 260 | 221 | 256 | 321 | 304 | 474 |
| Days Payable | 743 | 478 | 497 | 239 | 418 | 344 | 381 | 315 | 204 | 191 |
| Cash Conversion Cycle | -44 | -86 | -7 | 3 | -151 | -115 | -116 | 19 | 112 | 296 |
| Working Capital Days | -4 | -25 | -27 | -26 | -87 | -66 | -69 | -43 | -38 | -19 |
| ROCE % | 40 | 2 | 3 | -4 | -11 | 9 | -1 | 16 | 11 | 7 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 71.94% | 71.94% | 71.3% | 70.88% | 70.26% | 69.53% | 69.38% |
| FIIs | 0.03% | 0.03% | 0.03% | 0.02% | 0% | 0% | 0% |
| DIIs | 0.34% | 0.29% | 0.13% | 0.14% | 0.09% | 0.37% | 0.02% |
| Public | 27.69% | 27.74% | 28.53% | 28.96% | 29.65% | 30.11% | 30.58% |
| No. of Shareholders | 62814 | 57812 | 56120 | 54407 | 52900 | 56015 | 55625 |

### Quarterly

| Category | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 70.36% | 70.33% | 70.26% | 70.26% | 69.7% | 69.7% | 69.53% | 69.53% | 69.49% | 69.42% | 69.4% | 69.38% |
| FIIs | 0.02% | 0.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.01% | 0% | 0% |
| DIIs | 0.13% | 0.13% | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% | 0.37% | 0.36% | 0.25% | 0.02% | 0.02% |
| Public | 29.48% | 29.51% | 29.65% | 29.65% | 30.2% | 30.2% | 30.38% | 30.11% | 30.14% | 30.33% | 30.58% | 30.58% |
| No. of Shareholders | 56285 | 57317 | 50726 | 52900 | 55095 | 58406 | 56557 | 56015 | 56913 | 56902 | 56447 | 55625 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 32.99 | Buy |
| EMA (10) | 33.51 | Sell |
| SMA (20) | 36.52 | Sell |
| EMA (20) | 35.08 | Sell |
| SMA (50) | 38.58 | Sell |
| EMA (50) | 38.05 | Sell |
| SMA (100) | 41.86 | Sell |
| EMA (100) | 41.02 | Sell |
| SMA (200) | 44.99 | Sell |
| EMA (200) | 44.02 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.86 | Neutral |
| MACD (12,26,9) | -1.94 | Sell |
| Stochastic (14,3,3) | 27.67 | Neutral |
| ADX (14) | 20.82 | Neutral |
| Williams %R (14) | -67.58 | Neutral |
| ATR (14) | 2.34 | High Volatility |
| ROC (12) | -16.19 | Sell |
| Stoch RSI (14) | 60.61 | Neutral |
| UO (7,14,28) | 44.62 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2011 from nse](https://archives.nseindia.com/annual_reports/AR_GUJSIDHCEM_2010_2011_20062012100255.zip) |
| from nse | [Annual Report 2010 from nse](https://archives.nseindia.com/annual_reports/AR_GUJSIDHCEM_2009_2010_29092010120000.zip) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport//73325518029_01_07_22.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport//69694518029.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport//65132518029.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport//5180290319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport//5180290318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport//5180290317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport//5180290316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport//5180290315.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 2026-09-13T18:19:39.517Z.