India Cements Ltd.

NSE: INDIACEM · Cement & Cement Products

52W Range₹342 ₹486

Snapshot

Unlock India Cements Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

The India Cements Limited is a prominent manufacturer of cement and allied products, operating under established brands such as Sankar Super Power and Coromandel King. Beyond its core cement business, the company diversifies into power generation through windmills and thermal plants, ship hiring services, and coal mine operations.

Business Model

The company generates revenue primarily through the domestic sale and international export of cement and clinker, supplemented by ready-mix concrete offerings. Additional income streams are derived from its diversified portfolio in energy generation and logistics services.

Growth Outlook

Growth is expected to be driven by sustained demand in the Indian infrastructure and housing sectors, alongside potential expansion in export markets. The company's integrated operations, including captive power and coal assets, provide a foundation for operational efficiency.

Key Risks

  • Input Cost Volatility. Fluctuations in the prices of coal and power significantly impact the production costs and profit margins of cement manufacturing.
  • Cyclical Demand. The cement industry is highly sensitive to cyclical downturns in the construction and infrastructure sectors, which can lead to reduced sales volumes.
  • Logistics and Transportation Costs. As cement is a low-value, high-volume commodity, the company faces significant exposure to rising fuel prices and transportation logistics.
  • Regulatory and Environmental Compliance. Stringent environmental regulations regarding emissions and mining operations pose ongoing compliance risks and potential operational constraints.

Price

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Key Metrics

REVENUE

₹4,485 Cr

TTM · consolidated

+6.9%YoY

NET PROFIT

₹-67 Cr

TTM · consolidated

+53.2%YoY

EPS

₹-2.10

TTM · consolidated

-101.4%YoY

RETURN ON EQUITY

-0.7%

TTM · consolidated

+1.4 ppYoY

RETURN ON CAPITAL EMPLOYED

0.3%

TTM · consolidated

-0.8 ppYoY

P/E

-189.5x

Q4 FY26 · consolidated

-189.5 vs -1.9x5Y avg

EV/EBITDA

28.1x

Q4 FY26 · consolidated

28.1 vs 54.9x5Y avg

EBITDA MARGIN

10.8%

TTM · consolidated

+14.0 ppYoY

NET PROFIT MARGIN

4.8%

Q4 FY26 · consolidated

+3.6 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

+0.02xYoY

Peers · Cement & Cement Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
India Cements Ltd.INDIACEM
11,066-189.4528.136.9%10.8%-0.7%0.3%+15.4%
Jsw Cement Ltd.JSWCEMENT
15,7197.7816.3121.4%29.5%20.5%
Nuvoco Vistas Corporation Ltd.NUVOCO
10,27035.559.169.5%16.6%3.9%7.1%-4.9%
Star Cement LimitedSTARCEMENT
8,47721.289.3619.4%25.3%13.2%17.3%-2.1%
JK Lakshmi Cement LimitedJKLAKSHMI
7,42017.378.539.2%16.6%11.5%11.9%-40.6%
Birla Corporation LimitedBIRLACORPN
6,41714.207.044.8%16.3%7.9%8.8%-26.7%

As of Q4 FY26

Financials