The India Cements Limited (INDIACEM)

Loading page…

The India Cements Limited (INDIACEM) · mywealthgrid

About

India Cements manufactures cement and cement products in materials sector, serving Indian construction and infrastructure markets. Market cap ₹11,630 crore. Returned to profitability in Jun 2026 after late 2025 losses, with operating margins at 15.28%. Conservative capital structure: D/E ratio 0.13.

Founded: 1946
Face value: ₹10

Market cap

₹9,147 Cr

P/E

98.9×

P/B

0.9×

Dividend yield

ROE

-0.7%

ROCE

1.5%

Debt / equity

0.13

OPM

8.8%

EPS (TTM)

₹3.0

Book value

₹326.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme valuation risk: PE 125.75 with negative ROE −0.66% and recent losses (Sep–Dec 2025) leaves no margin for earnings disappointment; verify normalized profitability trajectory and capital returns.
Margin volatility: OPM swung 116% from peak 15.28% (Jun 2026) to trough 7.1% (Dec 2025) in six months; verify underlying drivers and resilience to input-cost or demand shocks.
Earnings instability: net profit ranged from −₹6.86 crore (Sep 2025) to ₹59.5 crore (Mar 2026); verify if recent recovery durable or cyclical.
Thin institutional participation: FII 3.4%, DII 12.6% limits analyst depth; verify liquidity and information dissemination quality.

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM 15.28% in Jun 2026, up from 7.1% in Dec 2025; verify if sustainable structural improvement in costs or temporary demand recovery.
Profitability turnaround: Jun 2026 net profit ₹26.62 crore after Sep–Dec 2025 losses; verify if reflects volume recovery, price realisation, or cost containment.
Balance-sheet flexibility: D/E 0.13 well below sector levels, providing capacity to invest or manage downside; verify management's deployment strategy.

Generated analysis · source review pending

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

₹295.2-2.8%1Y

Quick read

rule-based

Pros

+High promoter holding of 75% with no pledge

Cons

−Low return on equity of -2.2% (3-yr avg)
−Revenue shrank over the last 5 years (-0.1% a year)
−Weak interest coverage of 1.9×
−Expensive at 98.9× trailing earnings
−Promoter holding fell 6.5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

22/100

Business quality: 23
Growth: 7
Valuation

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.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,186	4,511	4,858	5,608	5,112	4,149	4,485
COGS	985	809	837	1,110	1,087	907	995
Gross profit	4,201	3,702	4,021	4,498	4,025	3,242	3,490
	3,610	2,916	3,525	4,598	3,938	3,636	3,095
	592	786	497	-100	87	-394	395
OPM %	11.4%	17.4%	10.2%	-1.8%	1.7%	-9.5%	8.8%
Depreciation	256	247	226	219	226	239	299
Interest	343	271	198	242	244	266	99
	28	40	24	226	107	697	-62
Profit before tax	20	309	98	-335	-275	-202	-65
Tax	-30	102	19	-208	-48	-58	2
Tax %	-147%	33.1%	19.9%	-62.1%	-17.3%	-28.9%	3.5%
	50	207	78	-127	-227	-144	-67
PAT margin %	1%	4.6%	1.6%	-2.3%	-4.5%	-3.5%	-1.5%
EPS (₹)	9.2	7	8.9	-4	-7.3	153.2	-2.2
EPS adjusted (₹)	—	6.7	2.5	-4.1	-7.3	-4.6	-2.2
	6.5%	14.3%	11.2%	—	—	0%	—
Annual report	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	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	310	310	310	310	310	310
Reserves	5,397	5,637	5,466	5,265	9,884	9,814
Minority interest	66	76	50	25	2	—
	3,036	3,086	2,940	2,618	1,165	1,305
	2,281	2,934	2,701	2,483	2,469	1,974
Total equity & liabilities	11,090	12,043	11,467	10,701	13,830	13,403
	7,065	7,101	6,803	6,874	11,639	11,187
CWIP	300	386	313	190	177	344
Investments	381	408	334	319	120	83
	3,344	4,147	4,016	3,318	1,895	1,788
Total assets	11,090	12,043	11,467	10,701	13,830	13,403

Loading financials…

Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81%	82.1%	82.8%	80.2%	78.7%	78.1%	77.8%
EBITDA margin %	11.5%	17.5%	10%	-2.6%	1.9%	-9.2%	8.8%
EBIT margin %	6.5%	12%	5.3%	-6.5%	-2.5%	-15%	2.2%
PAT margin %	1%	4.6%	1.6%	-2.3%	-4.5%	-3.5%	-1.5%
Working capital
Receivable days	—	46	70	54	50	58	20
Inventory days	—	270	368	258	212	224	269
Payable days	—	488	565	438	418	395	318
NWC days	—	-173	-127	-126	-156	-113	-28
Leverage
Current ratio	—	0.73	0.92	1.19	0.98	1.27	0.92
Debt to EBITDA	—	3.85	6.37	—	26.44	—	3.29
Debt to equity	—	0.53	0.52	0.51	0.47	0.11	0.13
Interest coverage	1.1	2.1	1.4	-1.3	-0.3	-1.6	1.9
Asset turnover	—	0.41	0.4	0.49	0.48	0.3	0.33
Return ratios
Return on assets %	—	1.9%	0.7%	-1.1%	-2.1%	-1%	-0.5%
Return on capital employed %	—	6.8%	3.2%	-3.6%	-0.7%	-4%	1.5%
Return on equity %	—	3.6%	1.3%	-2.2%	-4.1%	-1.4%	-0.7%

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
	28.42%	28.42%	28.42%	28.42%	28.42%	55.49%	81.49%	81.49%	75.6%	75%	75%	75%
	13.42%	13.58%	13.27%	17.63%	16.17%	14.5%	4.94%	2.97%	3.11%	3.41%	3.48%	3.4%
	10.04%	8.94%	8.47%	5.85%	6.05%	6.68%	3.69%	5.77%	12.25%	12.8%	12.9%	12.6%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	48.12%	49.06%	49.84%	48.1%	49.36%	23.33%	9.88%	9.77%	9.04%	8.79%	8.62%	9%
No. of shareholders	—	—	—	—	—	—	—	—	1,63,090	1,63,480	1,56,567	1,57,402

Promoter holding up 46.58 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
UltraTech Cement LimitedPromoters	SellMarket Sale	12,231	₹49.56 L	75.52% → 75.51%	7 Nov 20257(2)
UltraTech Cement LimitedPromoters	SellMarket Sale	2,56,907	₹10.38 cr

140 deals · 14 Oct 2021 – 20 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Jun 2025	FRANKLIN TEMPLETON MUTUAL FUND	Bulk	NSE	Buy	20,37,333	₹310.17	₹63.19 Cr
4 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	16,56,109	₹287.76	₹47.66 Cr
4 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	16,56,109	₹287.40	₹47.60 Cr
23 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,43,987	₹368.54	₹64.27 Cr
23 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,43,987	₹368.36	₹64.24 Cr
29 Aug 2024	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Sell	15,74,700	₹364.21	₹57.35 Cr
29 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	26,29,875	₹376.42	₹98.99 Cr
29 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	26,29,875	₹376.40	₹98.99 Cr
29 Jul 2024	SOCIETE GENERALE	Bulk	NSE	Sell	20,61,506	₹378.15	₹77.96 Cr
26 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	19,78,873	₹369.59	₹73.14 Cr

1–10 of 140

1 / 14

Mr. KAILASH CHANDRA JHANWARNon-Executive - Non Independent Director-Chairperson
Mr. VIVEK AGRAWALNon-Executive - Non Independent Director
Mr. RAJ NARAYANAN RAGHAVAN EACHAMBADINon-Executive - Non Independent Director
Mrs. ALKA MAREZBAN BHARUCHANon-Executive - Independent Director
Mr. VIKAS BALIANon-Executive - Independent Director
Mrs. SUKANYA ANAND KRIPALUNon-Executive - Independent Director
Mr. VISWANATHA GOWD YERURNon-Executive - Nominee Director
Mr. K SKANDANNon-Executive - Independent Director
Mr. Suresh Vasant PatilChief Executive Officer
Mr. Krishnagopal LadsariaChief Financial 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 10 fund houses

Held by these funds

8.61%

of the company's equity

All mutual funds

9.4%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

41 schemes · 10 fund houses

		Shares
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	82 L	303.93	0.94%	2.646%	—
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	49.65 L	184.03	0.6%	1.602%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	42.96 L	159.25	1.08%	1.386%	-0
Midcap Fund	SBI Mutual Fund	21.74 L	80.58	0.33%	0.701%	-6.82 L
Infrastructure Fund	SBI Mutual Fund	12.5 L	46.33	0.96%	0.403%	-0
Portfolio of Kotak Manufacture In India Fund	Kotak Mahindra Mutual Fund	12 L	44.48	1.42%	0.387%	-0
Portfolio of Kotak Large Cap Fund	Kotak Mahindra Mutual Fund	10.01 L	37.09	0.34%	0.323%	-0
Multi Cap Fund	Baroda BNP Paribas Mutual Fund	9.6 L	35.58	1.02%	0.31%	-0

1–8 of 41

1 / 6

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.

1

Board meeting to consider results17 Oct 2026 · in 16 daysresults

14

Dividend dividend20 Sept 2022 · ex-date₹1
Dividend dividend31 Aug 2021 · ex-date₹1
Dividend dividend18 Sept 2020 · ex-date₹0.6
Dividend dividend4 Sept 2019 · ex-date₹0.8
Dividend dividend11 Sept 2018 · ex-date₹0.8
Dividend dividend24 Aug 2017 · ex-date₹1
Dividend dividend19 Aug 2016 · ex-date₹1
Dividend dividend6 Sept 2013 · ex-date₹2
Dividend dividend6 Aug 2012 · ex-date₹2
Dividend dividend16 Aug 2011 · ex-date₹1.5
Dividend dividend26 Jul 2010 · ex-date₹2
Dividend dividend31 Jul 2009 · ex-date₹2
Dividend dividend14 Aug 2008 · ex-date₹2
Dividend dividend14 Sept 2007 · ex-date₹1

2

Board meeting to consider results17 Oct 2026
Board meeting to consider results18 Jul 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

48 announcementsExport CSV

1 Oct 2026, 5:28 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81%	82.1%	82.8%	80.2%	78.7%	78.1%	77.8%
EBITDA margin %	11.5%	17.5%	10%	-2.6%	1.9%	-9.2%	8.8%
EBIT margin %	6.5%	12%	5.3%	-6.5%	-2.5%	-15%	2.2%
PAT margin %	1%	4.6%	1.6%	-2.3%	-4.5%	-3.5%	-1.5%
Working capital
Receivable days	—	46	70	54	50	58	20
Inventory days	—	270	368	258	212	224	269
Payable days	—	488	565	438	418	395	318
NWC days	—	-173	-127	-126	-156	-113	-28
Leverage
Current ratio	—	0.73	0.92	1.19	0.98	1.27	0.92
Debt to EBITDA	—	3.85	6.37	—	26.44	—	3.29
Debt to equity	—	0.53	0.52	0.51	0.47	0.11	0.13
Interest coverage	1.1	2.1	1.4	-1.3	-0.3	-1.6	1.9
Asset turnover	—	0.41	0.4	0.49	0.48	0.3	0.33
Return ratios
Return on assets %	—	1.9%	0.7%	-1.1%	-2.1%	-1%	-0.5%
Return on capital employed %	—	6.8%	3.2%	-3.6%	-0.7%	-4%	1.5%
Return on equity %	—	3.6%	1.3%	-2.2%	-4.1%	-1.4%	-0.7%

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

Date	Category	Subject	Filing
1 Oct 2026, 5:28 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
12 Sept 2026, 10:10 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Sept 2026, 4:30 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
2 Sept 2026, 5:44 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
1 Sept 2026, 5:41 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
1 Sept 2026, 5:35 pm	Board Meeting	Board Meeting Intimation for Considering And Approving The Standalone And Consolidated Unaudited Financial Results Of The Company For The Quarter And Half Year Ending 30Th September, 2026	PDF
25 Aug 2026, 2:44 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Aug 2026, 6:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	468	377	387	1,046	439	-19	344	-256	-27
	-294	-202	-282	-189	-250	435	248	2,015	-103
	-173	-180	-110	-860	-183	-397	-572	-1,738	40
Net cash flow	—	—	—	-3	6	19	19	20	-89
Free cash flow	271	73	136	881	271	-77	217	-319	-249
CFO / Operating profit %	—	—	65%	132.8%	90.7%	—	347.3%	—	-6.7%

The India Cements 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

1

14

2

Announcements

1

14

2

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Return on equity

The India Cements 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

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Upcoming and recent1

Dividends14

Board meetings2

Announcements

Upcoming and recent1

Dividends14

Board meetings2

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

14

2

1

14

2