Heidelbergcement India Limited (HEIDELBERG)

Loading page…

Heidelbergcement India Limited (HEIDELBERG) · mywealthgrid

About

Heidelbergcement India manufactures cement and cement products in the Materials sector. With market cap ₹3,585.72 Cr and quarterly revenues around ₹600 Cr, the company operates debt-free and has maintained consistent profitability.

Face value: ₹10

Market cap

₹2,959 Cr

P/E

25.4×

P/B

2.2×

Dividend yield

10.7%

ROE

9.7%

ROCE

13.1%

Debt / equity

OPM

12.3%

EPS (TTM)

₹5.1

Book value

₹60.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM compressed from 14.8% (Mar 2025) to 10.64% (Jun 2026), suggesting sensitivity to input costs or demand swings. Verify what drove the compression and whether it's temporary or structural.

Elevated valuation: PE of 30.83 is high relative to recent earnings; verify whether justified by growth expectations or if the market is skeptical of the business.

Modest growth: YoY revenue growth ~5% (Jun 2026 ₹628 Cr vs ₹597 Cr Jun 2025). Verify sustainability of this pace in a potentially cyclical sector.

Low FII participation: FII stake at 1.07% is significantly below DII (13.87%) and public (15.67%). Verify whether this reflects sector bias, liquidity concerns, or other factors.

Generated analysis · source review pending

Growth drivers

YoY revenue growth of 5% (Jun 2026 ₹628 Cr vs Jun 2025 ₹597 Cr); verify drivers—sector demand, market share, pricing, or volume.

Margin recovery potential: OPM at 10.64% (Jun 2026) vs 13-14% in prior quarters (Mar 2026 13.6%, Mar 2025 14.8%); verify if input cost pressures are temporary.

Zero debt (D/E 0) provides balance sheet flexibility; verify whether company plans capex for capacity expansion.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹130.6+0.2%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 11.8×
+Dividend yield of 10.7%
+High promoter holding of 69.4% with no pledge

Cons

−Low return on equity of 9.5% (3-yr avg)
−Profit declined 15.7% a year over the last 5 years
−Modest revenue growth of 1.9% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 49
Growth: 19

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Ambuja Cements LimitedAMBUJACEMAMBUJACEM	₹90,012 Cr	₹90,065 Cr	₹39,867 Cr	₹6,167 Cr	16.1%	₹4,377 Cr	13.9%	5.3%	8.4%	37
Shree Cement LimitedSHREECEMSHREECEM	₹79,059 Cr	₹80,653 Cr	₹21,896 Cr	₹4,577 Cr	22.1%	₹1,630 Cr	8.4%	10.6%	7.8%	227
Jk Cement LimitedJKCEMENTJKCEMENT	₹38,279 Cr	₹44,353 Cr	₹14,401 Cr	₹2,334 Cr	17.3%	₹946 Cr	7.2%	14.3%	15.1%	71
Dalmia Bharat LimitedDALBHARATDALBHARAT	₹31,556 Cr	₹38,308 Cr	₹15,058 Cr	₹3,005 Cr	20.8%	₹409 Cr	7.8%	7.4%	6.4%	5
Acc LimitedACCACC	₹22,213 Cr	₹22,213 Cr	₹25,369 Cr	₹2,629 Cr	11.4%	₹1,909 Cr	8.2%	10.8%	10.9%	32
The Ramco Cements LimitedRAMCOCEMRAMCOCEM	₹19,633 Cr	₹23,485 Cr	₹9,228 Cr	₹1,345 Cr	15.9%	₹645 Cr	7.7%	6.1%	9%	-0
Jsw Cement LimitedJSWCEMENTJSWCEMENT	₹15,216 Cr	₹19,297 Cr	₹6,849 Cr	₹1,216 Cr	19%	₹760 Cr	-12.3%	10.1%	-11.5%	-140
Nuvoco Vistas Corporation LimitedNUVOCONUVOCO	₹11,505 Cr	₹16,046 Cr	₹11,594 Cr	₹1,907 Cr	16.4%	₹386 Cr	3.2%	7.1%	3.7%	-130
The India Cements LimitedINDIACEMINDIACEM	₹9,147 Cr	₹10,452 Cr	₹4,479 Cr	₹469 Cr	8.8%	₹92 Cr	-1.5%	1.5%	-0.7%	-28
Star Cement LimitedSTARCEMENTSTARCEMENT	₹7,211 Cr	₹7,797 Cr	₹3,807 Cr	₹902 Cr	24.8%	₹370 Cr	10.3%	17%	13%	177
Birla Corporation LimitedBIRLACORPNBIRLACORPN	₹6,383 Cr	₹9,658 Cr	₹9,848 Cr	₹1,450 Cr	15.1%	₹554 Cr	5.8%	8.8%	7.8%	63
Jk Lakshmi Cement LimitedJKLAKSHMIJKLAKSHMI	₹5,915 Cr	₹8,406 Cr	₹6,926 Cr	₹958 Cr	15%	₹370 Cr	6.1%	12.1%	11.2%	57

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,655	1,942	1,962	2,133	2,170	2,117	2,297	2,238	2,366	2,149	2,330
COGS	9	-129	-370	236	389	372	429	401	462	442	464
Gross profit	—	—	—	1,897	1,781	1,744	1,868	1,837	1,904	1,707	1,866
	1,408	1,775	1,969	1,414	1,253	1,238	1,434	1,588	1,587	1,468	1,579
	238	296	363	483	528	507	435	249	317	239	287
OPM %	14.4%	15.3%	18.5%	22.7%	24.3%	23.9%	18.9%	11.1%	13.4%	11.1%	12.3%
Depreciation	94	99	101	102	109	111	112	112	110	110	109
Interest	109	90	74	75	74	51	36	46	35	29	18
	15	6	20	35	53	46	49	45	55	45	24
Profit before tax	50	114	208	342	398	391	335	136	227	146	184
Tax	12	37	74	121	130	76	83	37	59	39	50
Tax %	23.3%	32.9%	35.9%	35.4%	32.7%	19.5%	24.7%	27%	26%	26.8%	27.1%
	39	76	133	221	268	315	252	99	168	107	134
PAT margin %	2.3%	3.9%	6.8%	10.3%	12.4%	14.9%	11%	4.4%	7.1%	5%	5.8%
EPS (₹)	1.7	3.4	5.9	9.7	11.8	13.9	11.1	4.4	7.4	4.7	5.9
EPS adjusted (₹)	1.7	3.4	—	9.7	—	13.9	11.1	4.4	7.4	4.7	5.9
	0%	59.5%	42.5%	41.1%	63.4%	57.6%	80.9%	159.8%	108.1%	148.6%	118.4%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	227	227	227	227	227	227	227	227	227
Reserves	640	668	945	1,267	1,339	1,235	1,243	1,169	1,145
	995	672	392	294	190	174	125	65	0
	935	1,048	970	1,057	1,068	1,029	1,066	1,082	1,066
Total equity & liabilities	2,796	2,615	2,533	2,845	2,824	2,665	2,661	2,542	2,438
	1,791	1,901	1,737	1,618	1,562	1,483	1,399	1,337	1,379
CWIP	127	56	17	19	27	6	28	110	10
Investments	—	—	—	0	5	5	14	20	20
	878	657	779	1,208	1,230	1,171	1,220	1,074	1,029
Total assets	2,796	2,615	2,533	2,845	2,824	2,665	2,661	2,542	2,438

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	88.9%	82.1%	82.4%	81.3%	82.1%	80.5%	79.4%	80.1%
EBITDA margin %	22.7%	24.3%	23.9%	18.9%	11.1%	13.4%	11.1%	12.3%
EBIT margin %	17.9%	19.3%	18.7%	14%	6.1%	8.8%	6%	7.6%
PAT margin %	10.3%	12.4%	14.9%	11%	4.4%	7.1%	5%	5.8%
Working capital
Receivable days	4	—	6	6	5	8	10	9
Inventory days	259	—	157	147	159	139	141	125
Payable days	—	—	265	225	239	245	245	244
NWC days	—	—	-102	-71	-75	-98	-94	-109
Leverage
Current ratio	0.77	—	1.09	1.42	1.31	1.25	1.09	1.1
Debt to EBITDA	0.81	—	0.58	0.44	0.7	0.39	0.27	0
Debt to equity	0.33	—	0.2	0.12	0.12	0.09	0.05	0
Interest coverage	5.6	6.4	8.7	10.2	3.9	7.5	6	11.8
Asset turnover	0.84	—	0.74	0.81	0.84	0.89	0.85	0.96
Return ratios
Return on assets %	8.7%	—	11.1%	8.9%	3.7%	6.3%	4.2%	5.5%
Return on capital employed %	24.9%	—	22.9%	19%	9.6%	14.7%	10.4%	13.1%
Return on equity %	18.8%	—	21.1%	16.1%	6.8%	11.4%	7.7%	9.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%	69.39%
	3.91%	4.33%	4.48%	4.42%	3.13%	2.31%	2.27%	1.35%	1.43%	1.18%	1.15%	1.07%
	9.9%	10.94%	11.04%	10.81%	11.9%	12.67%	13.28%	13.99%	14.08%	14.24%	14.21%	13.87%
	0%	0%	0%	0%	0%	0%	0%	0%	0.34%	0%	0%	0%
	16.8%	15.34%	15.09%	15.38%	15.58%	15.63%	15.06%	15.27%	14.76%	15.19%	15.25%	15.67%
No. of shareholders	—	—	—	—	—	—	—	—	80,781	79,806	78,433	78,468

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 7 Oct 2024 – 7 Oct 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,85,180	₹243.09	₹36.10 Cr
7 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	14,85,180	₹242.69	₹36.04 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. Jyoti NarangNon-Executive - Independent Director-Chairperson-Shareholder Director
Mr. Atul KhoslaNon-Executive - Independent Director-Shareholder Director
Mr. Roberto CallieriNon-Executive - Non Independent Director
Mr. Anil Kumar SharmaChief Financial Officer
Mr. Joydeep MukherjeeExecutive Director-MD
Mr. Vimal Kumar JainExecutive Director
Mr. Vimal Kumar ChoudharyNon-Executive - Non Independent Director
Mr. Ravi AroraCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

9.67%

of the company's equity

All mutual funds

10.3%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
ELSS Tax Saver Fund	SBI Mutual Fund	76.55 L	120.5	0.38%	3.378%	-0
Small Cap Fund	Axis Mutual Fund	47.4 L	74.62	0.24%	2.092%	-72,794
Multi Asset Allocation Fund	SBI Mutual Fund	30.44 L	47.92	0.23%	1.343%	-0
Dividend Yield FundNEW	ICICI Prudential Mutual Fund	30.16 L	47.47	0.71%	1.331%	—
Small Cap FundNEW	ICICI Prudential Mutual Fund	21.6 L	34	0.35%	0.953%	—
Infrastructure Fund	ICICI Prudential Mutual Fund	12.87 L	20.26	0.24%	0.568%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	202	0	0.01%	0%	+1

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

30 Sept 2026, 7:15 pmCompany Update

Monthly Reporting Regarding Request For Re-Lodgement Of Transfer Request Of Physical Form

General PDF

28 Sept 2026, 3:35 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

13 Sept 2026, 10:20 pmCompany Update

Disclosure Under Regulation 30 Of SEBI LODR 2015

General PDF

3 Sept 2026, 5:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 10:25 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

2 Sept 2026, 10:15 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

2 Sept 2026, 8:59 pmCorp. Action

Record Date For Final Dividend

Record Date PDF

2 Sept 2026, 8:50 pmAGM/EGM

Notice Of AGM Dated 24.09.2026

AGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 7:15 pm	Company Update General	Monthly Reporting Regarding Request For Re-Lodgement Of Transfer Request Of Physical Form	PDF
28 Sept 2026, 3:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	88.9%	82.1%	82.4%	81.3%	82.1%	80.5%	79.4%	80.1%
EBITDA margin %	22.7%	24.3%	23.9%	18.9%	11.1%	13.4%	11.1%	12.3%
EBIT margin %	17.9%	19.3%	18.7%	14%	6.1%	8.8%	6%	7.6%
PAT margin %	10.3%	12.4%	14.9%	11%	4.4%	7.1%	5%	5.8%
Working capital
Receivable days	4	—	6	6	5	8	10	9
Inventory days	259	—	157	147	159	139	141	125
Payable days	—	—	265	225	239	245	245	244
NWC days	—	—	-102	-71	-75	-98	-94	-109
Leverage
Current ratio	0.77	—	1.09	1.42	1.31	1.25	1.09	1.1
Debt to EBITDA	0.81	—	0.58	0.44	0.7	0.39	0.27	0
Debt to equity	0.33	—	0.2	0.12	0.12	0.09	0.05	0
Interest coverage	5.6	6.4	8.7	10.2	3.9	7.5	6	11.8
Asset turnover	0.84	—	0.74	0.81	0.84	0.89	0.85	0.96
Return ratios
Return on assets %	8.7%	—	11.1%	8.9%	3.7%	6.3%	4.2%	5.5%
Return on capital employed %	24.9%	—	22.9%	19%	9.6%	14.7%	10.4%	13.1%
Return on equity %	18.8%	—	21.1%	16.1%	6.8%	11.4%	7.7%	9.8%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	257	361	93	57	39	439	302	226	350	265	198
	-108	-40	-26	-14	-173	-173	-35	144	-48	-73	-341
	-287	-315	-242	-312	-304	-304	-328	-267	-242	-271	-244
Net cash flow	-138	6	25	31	-38	-38	-61	104	60	-79	-386
Free cash flow	—	—	70	15	-4	391	255	199	276	155	146
CFO / Operating profit %	108.1%	122%	25.6%	11.8%	7.5%	86.7%	69.5%	90.9%	110.4%	110.5%	69%

Heidelbergcement India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

12

1

Compounded sales growth

Compounded profit growth

Return on equity

Heidelbergcement India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Dividends12

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

12

1