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India Cements

INDIACEM NSE
₹332.40 +17.35 (+5.51%)
P/E
84.15
View as Markdown
MCP
Close 4 Nov 2026 ₹332.40 −56.60 −14.6% 1Y
Start ₹389.00

Key Fundamentals

MicrocapCement & Cement ProductsConstruction Materials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
1.24%
Debt to Equity
0.16
EPS (TTM)
₹3.95
Book Value
₹157.32
Market Cap
—
P/E (TTM)
84.15
P/B
2.11
ROE
0.37%
Dividend Yield
0.32%
EBITDA
₹484 Cr
52W High
₹485.80
52W Low
₹286.50
Day Range
₹314.00 – ₹334.20
Volume
4,10,942

Peer Comparison

Commodities › Construction › Cement › Cement & Cement Products

India Cements peer comparison
UltraTech Cement
₹11,816.0039.56₹3,46,219 Cr4.732.05%11.10%12.70%₹95,572 Cr₹8,834 Cr
Grasim Industries
₹3,138.0037.92₹2,11,790 Cr2.050.32%4.98%8.01%₹1,84,029 Cr₹11,261 Cr
Ambuja Cements
₹375.9521.09₹92,920 Cr1.570.54%8.85%5.61%₹39,867 Cr₹5,222 Cr
Shree Cement
₹24,175.0053.51₹86,846 Cr3.660.63%7.51%10.30%₹21,896 Cr₹1,637 Cr
JK Cement
₹5,076.3041.48₹39,409 Cr5.340.39%15.60%15.10%₹14,401 Cr₹939 Cr
Dalmia Bharat
₹1,407.0028.29₹26,437 Cr1.480.29%6.11%7.59%₹15,058 Cr₹953 Cr
ACC
₹1,185.3011.66₹22,384 Cr1.080.64%10.90%11.20%₹25,442 Cr₹1,908 Cr
India Cements (this company)
₹332.4084.15₹9,867 Cr2.110.32%0.37%1.24%₹4,504 Cr₹123 Cr
Median 8 companies₹2,272.5038.74₹63,128 Cr2.080.47%8.18%9.16%₹23,669 Cr₹1,773 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

32 Poor

Data confidence 100/100

Category scores

Quality
29
Poor
Returns, margins, earnings quality 22% weight
Valuation
29
Poor
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
41
Weak
Solvency, leverage, coverage 9% weight
Momentum
21
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Stock is trading at 0.90 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish559
OscillatorsBullish153
Moving AveragesStrong Bullish406

Key readings

RSI (14)
58.50
Neutral
MACD (12,26,9)
−1.69
Bullish
SMA (50)
328.33
Bullish
SMA (200)
381.94
Bearish

As of

Analyst Rating

Based on 3 analysts
BUY67%

2 of 3 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
2
67%
HOLD
0
0%
SELL
1
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y−0.84%
5Y−0.12%
3Y−7.18%
1Y+8.31%
TTM+5.23%

Net profit

Net profit growth by window
10YTurned to loss
5YTurned to loss
3YLoss narrowed by ₹58 Cr
1YLoss narrowed by ₹77 Cr
TTM+846.15%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YOutflow widened by ₹8 Cr
1YOutflow narrowed by ₹229 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−9.08 pp
5Y−8.84 pp
3Y+11.32 pp
1Y+17.26 pp
TTM+12.46 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,158 Cr
Mar 2018₹5,267 Cr
Mar 2019₹5,770 Cr
Mar 2020₹5,186 Cr
Mar 2021₹4,511 Cr
Mar 2022₹4,858 Cr
Mar 2023₹5,608 Cr
Mar 2024₹4,998 Cr
Mar 2025₹4,141 Cr
Mar 2026₹4,485 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹159 Cr
Mar 2018₹69.00 Cr
Mar 2019₹26.00 Cr
Mar 2020₹51.00 Cr
Mar 2021₹209 Cr
Mar 2022₹87.00 Cr
Mar 2023−₹125 Cr
Mar 2024−₹227 Cr
Mar 2025−₹144 Cr
Mar 2026−₹67.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹849 Cr +75.3% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 3 Aug 2026
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 7
  • 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

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

AI News Digest

92d ago

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.

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.

Quarterly Results

₹ Cr
INDIACEM quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,264
1,113
1,236
1,027
1,022
940
1,197
1,025
1,117
1,114
1,229
1,019
1,142
Expenses
1,260
1,067
1,199
1,051
1,185
1,130
1,200
942
1,036
1,035
1,076
864
998
Operating Profit
4
46
37
−25
−163
−190
−2
83
81
79
153
156
144
OPM %
0.3%
4.2%
3%
−2.4%
−16%
−20%
−0.2%
8%
7%
7%
12%
15%
13%
Other Income
8
56
34
256
−64
396
110
−115
23
15
15
−22
4
Interest
60
59
64.69
82
73
73
38
27
25
24
23
26
24
Depreciation
55
57
57
56
55
55
75
74
74
75
76
72
72
PBT
−103
−14
−49
93
−355
77
−5
−132
4
−5
69
36
52
Tax %
−17%
−53%
2%
23%
−5%
−51%
−486%
−1%
−101%
−41%
13%
25%
26%
Net Profit
−80
1
−61
58
−339
119
18
−133
9
−3
60
27
39
EPS (₹)
−2.58
0.02
−1.95
1.89
−10.94
3.95
0.47
−4.29
0.28
−0.09
1.92
0.87
1.25

Profit & Loss

₹ Cr
INDIACEM profit and loss, annual, ₹ crore
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
4,504
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
3,972
Operating Profit
763
873
891
720
639
599
796
486
−141
86
−350
395
532
OPM %
15%
18%
17%
14%
11%
12%
18%
10%
−2.5%
1.7%
−8%
9%
12%
Other Income
22
21
17
14
26
24
32
23
224
99
654
−62
12
Interest
478
440
380
365
350
343
271
198
242
240
266
99
98
Depreciation
303
291
276
279
265
256
247
226
219
220
239
299
294
PBT
4
164
252
90
50
24
311
85
−378
−275
−202
−65
152
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
122
EPS (₹)
−0.11
3.8
5.41
2.11
0.68
1.62
6.67
2.53
−4.09
−7.34
−4.64
−2.17
3.95
Div. Payout %
0%
26%
19%
38%
118%
37%
15%
40%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
INDIACEM balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
307
308
308
308
310
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
9,879
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
1,624
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
1,940
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
13,753
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
11,040
CWIP
98
99
134
176
196
235
300
386
313
190
177
344
952
Investments
440
357
358
358
371
382
381
408
334
319
120
83
96
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
1,665
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
13,753

Cash Flow

₹ Cr
INDIACEM cash flow, annual, ₹ crore
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/EBITDA
90
112
94
84
61
70
138
100
8
422
43
−5

Ratios

INDIACEM financial ratios, annual
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

Log in to view India Cements insights

73 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.00%
  • DIIs 12.43%
  • Public 7.65%
  • FIIs 3.42%
  • Others 1.50%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of India Cements Ltd?
India Cements Ltd trades at a PE ratio of 84.15 as of 4 Nov 2026, on earnings per share of ₹3.95, against a book value of ₹157.32 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 ₹286.5 and ₹485.8 as of 4 Nov 2026.
Does India Cements Ltd pay dividends?
India Cements Ltd has a dividend yield of 0.32%.
What is the Return on Equity (ROE) of India Cements Ltd?
India Cements Ltd reported a return on equity of 0.37%. Its debt-to-equity ratio is 0.16.

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”.

Website indiacements.co.in
CEO Mr. Suresh Vasant Patil B. Tech., MBA
Employees 1,719
Listed 31 May 2000
Face Value ₹10

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