Ncl Industries Limited (NCLIND)

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Ncl Industries Limited (NCLIND) · mywealthgrid

About

Ncl Industries is a small-cap cement producer operating in India's Materials sector. With a market cap of ₹780 Cr and quarterly standalone revenue around ₹343–400 Cr, the company operates at modest scale relative to industry majors. The business generates positive returns (ROE 10.61%) with regular dividend distributions while maintaining conservative leverage (D/E 0.25).

Face value: ₹10

Market cap

₹769 Cr

P/E

8.3×

P/B

0.8×

Dividend yield

3.2%

ROE

10.6%

ROCE

13.3%

Debt / equity

0.25

OPM

13.4%

EPS (TTM)

₹20.5

Book value

₹207.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: Net profit ranged from ₹13.24 Cr (Dec 2025) to ₹42.09 Cr (Mar 2026), a 218% swing, indicating operational sensitivity to demand or input cost cycles.
Margin thinness: OPM fluctuates between 10.54%–14.25% across recent quarters; limited buffer means even modest cost pressures quickly erode profitability.
Market skepticism: Stock declined 17.83% YoY despite regular dividend payments, suggesting the market questions earnings sustainability or growth prospects.
Institutional participation minimal: FII 3.45% and domestic institutions 0.03%; verify whether this reflects liquidity constraints, analyst coverage gaps, or other concerns.

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM peaked at 14.25% in Sep 2025 vs. recent 11.53% (Jun 2026); if input cost headwinds ease or operational efficiency improves, margins could expand, lifting quarterly net profit from ₹17 Cr toward ₹48–50 Cr on stable revenue.
Revenue stability with margin improvement: Recent quarters maintained ₹343–399 Cr revenue; if margins recover to Sep 2025 levels (14.25% OPM) while volumes hold, profit would scale proportionally; verify whether Mar 2026's ₹42 Cr profit was cyclical peak or structural gain.
Balance sheet investment capacity: D/E of 0.25 is low for cement; verify whether management plans capex for cost reduction, capacity optimization, or strategic investments to drive growth.

Generated analysis · source review pending

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

₹170.0-3.9%1Y

Quick read

rule-based

Pros

+Dividend yield of 3.2%
+Dividend payout of 26.9% of profit

Cons

−Low return on equity of 8.4% (3-yr avg)
−Profit declined 8.1% a year over the last 5 years
−Modest revenue growth of 0.5% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 44
Growth: 30
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.

Screen this industry Compare top 5 side-by-side

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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
	938	1,384	1,633	1,610	1,871	1,411	1,422
COGS	260	406	460	495	507	496	306
Gross profit	678	978	1,173	1,114	1,365	915	1,116
	538	696	967	967	1,158	806	926
	139	282	206	148	207	109	190
OPM %	14.9%	20.4%	12.6%	9.2%	11%	7.7%	13.4%
Depreciation	42	44	47	49	56	57	55
Interest	31	21	24	26	23	21	19
	3	8	11	19	19	11	-7
Profit before tax	69	225	146	91	147	43	109
Tax	18	79	52	47	53	18	14
Tax %	26.5%	35.2%	35.4%	51.5%	36.5%	41.1%	12.4%
	51	145	94	44	93	25	95
PAT margin %	5.4%	10.5%	5.8%	2.8%	5%	1.8%	6.7%
EPS (₹)	11.3	32.7	20.7	9.4	20.5	5.5	21.6
EPS adjusted (₹)	11.2	32.2	20.9	9.8	20.6	5.6	21.1
	22.2%	7.7%	21.7%	31.9%	19.5%	54.3%	16.2%
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	—

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	45	45	45	45	45	45	45	45
Reserves	454	483	619	696	725	804	813	895
	266	287	266	335	292	218	249	237
	329	338	368	394	458	472	528	398
Total equity & liabilities	1,095	1,153	1,299	1,471	1,520	1,539	1,635	1,574
	658	695	820	802	1,006	1,000	953	1,121
CWIP	90	90	61	171	28	39	148	2
Investments	—	—	—	20	5	4	4	0
	346	368	419	477	480	496	529	451
Total assets	1,095	1,153	1,299	1,471	1,520	1,539	1,635	1,574

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cement Division	1,500.08	139.65	1,154.31	323.76	830.55	16.81
Boards Division	163.4	10.82

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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 %	72.2%	70.7%	71.8%	69.2%	72.9%	64.9%	78.5%
EBITDA margin %	14.9%	20.4%	12.6%	9.2%	11%	7.7%	13.4%
EBIT margin %	10.4%	17.2%	9.8%	6.1%	8%	3.7%	9.5%
PAT margin %	5.4%	10.5%	5.8%	2.8%	5%	1.8%	6.7%
Working capital
Receivable days	56	42	38	35	28	35	30
Inventory days	154	94	102	110	128	183	177
Payable days	0	0	0	66	67	111	75
NWC days	210	137	140	79	88	106	132
Leverage
Current ratio	—	—	—	1.28	1.34	1.14	1.13
Debt to EBITDA	2.06	0.95	1.63	1.98	1.05	2.28	1.25
Debt to equity	0.54	0.4	0.45	0.38	0.26	0.29	0.25
Interest coverage	3.3	11.8	7.1	4.5	7.4	3.5	8.7
Asset turnover	0.81	1.07	1.11	1.06	1.22	0.86	0.9
Return ratios
Return on assets %	4.4%	11.2%	6.4%	2.9%	6.1%	1.5%	6.1%
Return on capital employed %	—	—	—	9.9%	14.1%	6%	13.3%
Return on equity %	9.6%	21.9%	12.7%	5.8%	11%	2.9%	10.1%

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.

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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
	44.48%	44.48%	43.71%	42.31%	42.08%	42.11%	42.27%	41.01%	40.92%	40.95%	41.56%	41.67%
	4.23%	4.88%	5.17%	5.41%	5.33%	5.14%	5.25%	5.77%	4.45%	3.95%	3.87%	3.45%
	0.03%	0.03%	0.03%	0.39%	0.03%	0.03%	0.03%	0.09%	0.08%	0.16%	0.19%	0.03%
	0%	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.02%	0.02%
	51.26%	50.61%	51.09%	51.89%	52.56%	52.72%	52.45%	53.13%	54.53%	54.92%	54.36%	54.83%
No. of shareholders	—	—	—	—	—	—	—	—	50,910	49,403	48,817	48,540

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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.

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Fund holders

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

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Ncl Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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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.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

54 announcementsExport CSV

1 Oct 2026, 8:53 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	72.2%	70.7%	71.8%	69.2%	72.9%	64.9%	78.5%
EBITDA margin %	14.9%	20.4%	12.6%	9.2%	11%	7.7%	13.4%
EBIT margin %	10.4%	17.2%	9.8%	6.1%	8%	3.7%	9.5%
PAT margin %	5.4%	10.5%	5.8%	2.8%	5%	1.8%	6.7%
Working capital
Receivable days	56	42	38	35	28	35	30
Inventory days	154	94	102	110	128	183	177
Payable days	0	0	0	66	67	111	75
NWC days	210	137	140	79	88	106	132
Leverage
Current ratio	—	—	—	1.28	1.34	1.14	1.13
Debt to EBITDA	2.06	0.95	1.63	1.98	1.05	2.28	1.25
Debt to equity	0.54	0.4	0.45	0.38	0.26	0.29	0.25
Interest coverage	3.3	11.8	7.1	4.5	7.4	3.5	8.7
Asset turnover	0.81	1.07	1.11	1.06	1.22	0.86	0.9
Return ratios
Return on assets %	4.4%	11.2%	6.4%	2.9%	6.1%	1.5%	6.1%
Return on capital employed %	—	—	—	9.9%	14.1%	6%	13.3%
Return on equity %	9.6%	21.9%	12.7%	5.8%	11%	2.9%	10.1%

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

5 disclosures

Person	Deal	Shares	Value	Holding	Filed
G T SandeepPromoter Group	Pledge InvokeInvocation of pledge	11,000	₹21.39 L	0.35% → 0.33%	3 Oct 20257(2)
KALIDINDI RAVIDirector	SellMarket Sale	17,133	₹33.89 L	0.98% → 0.94%	30 Sept 20257(2)
KALIDINDI RAVIDirector	SellOff Market	7,014	₹14.99 L	3.09% → 3.08%	15 Sept 20257(2)
Kakatiya Industries (P) LtdPromoter Group	BuyMarket Purchase	5,366	₹11.37 L	0.18% → 0.19%	2 Sept 20257(2)
KALIDINDI RAVIPromoters	BuyOff Market	15,386	₹34 L	0.15% → 0.18%	22 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

20 deals · 29 Oct 2021 – 9 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Mar 2026	SANDHYA G PARIKH	Bulk	NSE	Buy	2,62,679	₹177.50	₹4.66 Cr
9 Mar 2026	CHINMAY G PARIKH	Bulk	NSE	Sell	2,62,679	₹177.50	₹4.66 Cr
5 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,03,493	₹239.94	₹7.28 Cr
5 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,03,483	₹239.44	₹7.27 Cr
18 Jun 2024	NARASIMHA RAJU PENMETSA	Bulk	NSE	Sell	2,50,000	₹240.29	₹6.01 Cr
13 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,28,535	₹249.57	₹8.20 Cr
13 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,28,535	₹250.00	₹8.21 Cr
28 Sept 2023	SHILPA DATLA	Block	NSE	Sell	27,60,833	₹225.00	₹62.12 Cr
28 Sept 2023	SHILPA DATLA	Bulk	NSE	Sell	27,60,833	₹225.00	₹62.12 Cr
28 Sept 2023	NCL HOLDINGS(A&S)LIMITED	Block	NSE	Buy	22,40,000	₹225.00	₹50.40 Cr

1–10 of 20

1 / 2

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.

Date	Category	Subject	Filing
1 Oct 2026, 8:53 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
30 Sept 2026, 5:01 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
30 Sept 2026, 10:56 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
21 Sept 2026, 4:58 pm	Company Update General	Submission Of Newspaper Publication - Advertisement For Acceptance Of Deposits	PDF
21 Sept 2026, 11:30 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
18 Sept 2026, 2:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 2:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Sept 2026, 1:25 pm	Others Outcome without intimation	Board Meeting Outcome for Outcome Of Board Meeting	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	71	106	241	72	182	183	86	145
	-69	-79	-136	-139	-96	-59	-111	-108
	4	-31	-52	10	-57	-110	-5	-49
Net cash flow	6	-4	52	-58	30	13	-30	-12
Free cash flow	—	—	95	-68	79	121	-32	35
CFO / Operating profit %	—	75.9%	85.4%	34.7%	123.1%	88.5%	78.9%	76.3%

Ncl Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

28

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

BOARDS DIVISION · revenue

Ncl Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Quarterly record

Annual reports

Credit ratings

Dividends28

Board meetings1

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

BOARDS DIVISION · revenue

28

1