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India Cements

INDIACEM NSE

Key Fundamentals

MicrocapCementConstruction
Market Cap
₹10,664 Cr
Volatility
Low Risk
P/E Ratio
116.41
EBITDA
₹484 Cr
Return on Equity
-0.66%
Debt to Equity
0.13
Book Value
₹155.23
EPS
₹0
52W High
₹485.8
52W Low
₹342.35

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 1.06 times its book value
  • Debtor days have improved from 44.5 to 20.2 days.

Weaknesses

2
  • The company has delivered a poor sales growth of -0.11% over past five years.
  • Company has a low return on equity of -4.51% over last 3 years.

Growth Rate

Revenue Growth
5.33% higher than 3Y
Net Income Growth
-45.9% lower than 3Y
Cash Flow Change
89.57% higher than 3Y
ROE
-45.9% lower than 3Y
ROCE
-57.97% higher than 3Y
EBITDA Margin (Avg.)
-365% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 41d ago
AI opinion · based on fundamentals
Risk high

India Cements Ltd trades at a market cap of ₹12,339 Cr with a PE of 134x and price-to-book of 2.57x. The company has seen negligible sales growth over 5 years at -0.11% CAGR, though TTM profit growth of 133% signals a recent turnaround from losses, while 3-year average ROE remains deeply negative at -5%.

Bull Case 7
  • TTM profit growth of 133% indicates a sharp recovery from prior losses, suggesting operational improvements are taking hold
  • Debtor days improved significantly from 44.5 to 20.2 days, reflecting better working capital management and faster collections
  • Stock CAGR of 21% over 3 years shows sustained market confidence despite weak fundamentals, possibly pricing in sector consolidation or strategic value
  • TTM sales growth of 7% marks a reversal from the negative 3-year sales CAGR of -7%, indicating demand recovery in the South Indian cement market
  • Last year ROE improved to 0% from a 3-year average of -5%, showing the company is approaching breakeven on equity returns
  • 10-year stock CAGR of 12% demonstrates long-term wealth creation despite operational challenges during the period
  • 3-year compounded profit growth of 28% shows a consistent trajectory of narrowing losses and moving toward sustained profitability
Bear Case 8
  • PE ratio of 134x is extremely elevated, implying the stock prices in significant future earnings growth that may not materialize
  • 5-year compounded sales growth of virtually 0% (-0.11%) indicates persistent inability to grow the top line over a meaningful period
  • 3-year average ROE of -5% and 5-year average of -4% reflect chronic destruction of shareholder value
  • 10-year compounded profit decline of -11% CAGR shows a decade of earnings deterioration
  • 5-year compounded profit decline of -29% CAGR indicates severe profitability challenges even in recent history
  • Dividend yield of just 0.25% offers negligible income return to shareholders given the risk profile
  • 10-year sales CAGR of -1% demonstrates the company has failed to grow revenue even over a full business cycle
  • Price-to-book of 2.57x is high for a company with negative historical ROE, suggesting limited margin of safety

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 40d ago
Headwinds 1
  • ₹18.95 cr environmental demand notice Jul 22

    District Collector, Tirunelveli issued a ₹18.95 crore demand notice over alleged environmental clearance violations at eight limestone mining leases.

Positives 3
  • Q1 FY27 profit turnaround Jul 18

    India Cements posted ₹26.62 crore standalone net profit in Q1 FY27, reversing a ₹7.53 crore loss in Q1 FY26. Revenue stood at ₹1,019.42 crore with 21% like-for-like revenue growth.

  • FY26 annual profit recovery Jul 17

    Full-year FY26 standalone PAT of ₹65.31 crore versus a massive ₹655.64 crore loss in FY25; revenue rose to ₹4,484.69 crore.

  • UltraTech parent reports record Q1 Jul 23

    Parent UltraTech Cement posted record Q1 FY27 results with 13.1% volume growth and ₹2,604 crore PAT, reinforcing India Cements turnaround narrative.

Neutral 2
  • 80th AGM on August 10 Jul 18

    India Cements scheduled its 80th AGM for August 10, 2026 via video conferencing. Remote e-voting open August 6-9, 2026.

  • BRSR filed for FY26 Jul 17

    India Cements filed its Business Responsibility and Sustainability Report for FY26, reporting turnover of ₹4,484.69 crore and net worth of ₹2,689.16 crore.

TL;DR: India Cements is in a clear turnaround phase under UltraTech ownership, swinging from a ₹655 crore loss in FY25 to ₹65 crore profit in FY26 and continuing with a profitable Q1 FY27. The ₹18.95 crore environmental demand notice is a minor regulatory risk but manageable relative to scale. Revenue growth of 21% on a like-for-like basis signals improving operational momentum. The trend is firmly improving, though investors should watch for further regulatory or environmental compliance costs.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,437
1,264
1,113
1,236
1,027
1,022
940
1,198
1,025
1,117
1,114
1,229
1,019
Expenses
1,428
1,260
1,067
1,199
1,051
1,185
1,130
1,200
942
1,036
1,035
1,076
864
Operating Profit
8
4
46
37
-25
-163
-190
-2
83
81
79
153
156
OPM %
0.6%
0.3%
4.2%
3%
-2.4%
-16%
-20%
-0.2%
8%
7%
7%
12%
15%
Other Income
7
8
56
34
256
-64
396
110
-115
23
15
15
-22
Interest
58
60
59
64
82
73
73
38
27
25
24
23
26
Depreciation
54
55
57
57
56
55
55
75
74
74
75
76
72
PBT
-97
-103
-14
-49
93
-355
77
-5
-132
4
-5
69
36
Tax %
-24%
-17%
-53%
2%
23%
-5%
-51%
-486%
-1%
-101%
-41%
13%
25%
Net Profit
-87
-80
1
-61
58
-339
119
18
-133
9
-3
60
27
EPS in Rs
-2.82
-2.58
0.02
-1.95
1.89
-10.94
3.95
0.47
-4.29
0.28
-0.09
1.92
0.87
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,057
4,879
5,158
5,267
5,770
5,186
4,511
4,858
5,608
4,998
4,141
4,485
4,479
Expenses
4,294
4,006
4,267
4,548
5,131
4,588
3,715
4,373
5,749
4,912
4,491
4,090
4,010
Operating Profit
763
873
891
720
639
599
796
486
-141
86
-350
395
469
OPM %
15%
18%
17%
14%
11%
12%
18%
10%
-2.5%
1.7%
-8%
9%
10%
Other Income
22
21
17
14
26
24
32
23
224
99
654
-62
31
Interest
478
440
380
365
350
343
271
198
242
240
266
99
99
Depreciation
303
291
276
279
265
256
247
226
219
220
239
299
297
PBT
4
164
252
90
50
24
311
85
-378
-275
-202
-65
104
Tax %
127%
29%
37%
21%
49%
-126%
33%
23%
-55%
-17%
-29%
3%
—
Net Profit
-1
119
159
69
26
51
209
87
-125
-227
-144
-67
92
EPS in Rs
-0.11
3.8
5.41
2.11
0.68
1.62
6.67
2.53
-4.09
-7.34
-4.64
-2.17
2.98
Div. Payout %
0%
26%
19%
38%
118%
37%
15%
40%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
307
308
308
308
310
310
310
310
310
310
310
310
Reserves
3,073
4,742
4,867
4,961
4,936
5,188
5,388
5,637
5,466
5,265
9,884
9,814
Borrowings
3,502
3,296
3,100
3,197
3,356
3,593
3,052
3,091
2,945
2,633
1,165
1,305
Other Liabilities
1,805
2,345
2,674
2,479
2,696
2,579
2,340
3,005
2,746
2,493
2,518
1,974
Total Liabilities
8,687
10,692
10,950
10,946
11,297
11,670
11,090
12,043
11,467
10,701
13,877
13,403
Fixed Assets
4,599
7,488
7,260
7,146
7,072
7,206
7,065
7,101
6,803
6,874
11,638
11,187
CWIP
98
99
134
176
196
235
300
386
313
190
177
344
Investments
440
357
358
358
371
382
381
408
334
319
120
83
Other Assets
3,550
2,748
3,198
3,265
3,659
3,847
3,344
4,147
4,016
3,318
1,942
1,788
Total Assets
8,687
10,692
10,950
10,946
11,297
11,670
11,090
12,043
11,467
10,701
13,877
13,403
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
645
964
765
556
377
387
1,046
439
-19
344
-256
-27
Investing
-124
-220
-158
-306
-202
-282
-189
-250
435
248
2,014
-103
Financing
-520
-757
-605
-235
-180
-110
-860
-183
-397
-572
-1,738
40
Net Cash Flow
1
-14
2
16
-5
-6
-3
6
19
19
19
-89
Free Cash Flow
507
796
685
361
161
140
897
288
142
255
31
-115
CFO/OP
90
112
94
84
61
70
138
100
8
422
43
-5
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
37
42
37
45
47
52
46
70
54
51
62
20
Inventory Days
287
267
306
258
287
312
270
368
258
231
224
269
Days Payable
402
447
522
441
458
490
488
565
438
456
395
318
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
-18
35
-10
-32
-15
ROCE %
7%
8%
8%
5%
5%
4%
7%
3%
-4%
-1%
-5%
1%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.51%Promot.75.00%FIIs3.40%Public7.49%DIIs12.60%As ofJun 2026

Documents

Frequently Asked Questions about India Cements

What does India Cements Ltd do?
India Cements Ltd is a leading cement manufacturing company headquartered in Chennai. It was incorporated in the year 1946 by Shri S N N Sankaralinga Iyer and Sri T S Narayanaswami. While retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping...
Where is India Cements Ltd (INDIACEM) listed?
India Cements Ltd trades as INDIACEM on the NSE and under code 530005 on the BSE.
Which sector does India Cements Ltd belong to?
India Cements Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of India Cements Ltd?
India Cements Ltd has a market capitalisation of ₹10,664 Cr, which places it in the Mid Cap band.
What is the PE ratio of India Cements Ltd?
India Cements Ltd trades at a PE ratio of 116.41, on earnings per share of ₹0, against a book value of ₹155.23 per share.
What is the 52-week high and low of India Cements Ltd?
Over the last 52 weeks India Cements Ltd has traded between ₹342.35 and ₹485.8.
Does India Cements Ltd pay dividends?
India Cements Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of India Cements Ltd?
India Cements Ltd reported a return on equity of -0.66%. Its debt-to-equity ratio is 0.13.

Company Information

India Cements Ltd is a leading cement manufacturing company headquartered in Chennai. It was incorporated in the year 1946 by Shri S N N Sankaralinga Iyer and Sri T S Narayanaswami. While retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining that have purposeful synergy to the core business. The co is also a sponsor of the IPL franchise “Chennai Super Kings”. [1]

Website indiacements.co.in
CEO Mr. Suresh Vasant Patil B. Tech., MBA
Employees 1,719
Listed 2000-05-31
Face Value ₹ 10
Issued Size 30,98,97,201

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