NCL Industries

NSE: NCLIND · Cement & Cement Products

52W Range₹148 ₹225

Snapshot

Unlock NCL Industries's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NCL Industries Limited is an Indian building materials manufacturer operating across five segments: cement, boards, readymade doors, energy, and ready-mix concrete. The company markets its products primarily under the Nagarjuna and Bison Panel brand names.

Business Model

The company generates revenue through the manufacturing and sale of construction materials, including ordinary Portland and pozzolana Portland cement, cement-bonded particleboards, and readymade doors. Additionally, it operates a hydel power generation business to support its energy requirements.

  • Hydel Power Capacity:15.75 MW

Growth Outlook

Growth is driven by the expansion of its diverse building material portfolio and the continued demand for infrastructure and housing products in India. The company leverages its established brand presence to maintain market share in the cement and construction materials sector.

Key Risks

  • Cyclicality of Construction Sector. The company's performance is highly sensitive to fluctuations in the Indian real estate and infrastructure development cycles.
  • Input Cost Volatility. Profit margins are susceptible to price volatility in raw materials and energy costs required for cement production.
  • Regulatory and Environmental Risks. Strict environmental regulations regarding cement manufacturing and power generation could lead to increased compliance costs.
  • Competitive Intensity. The building materials market in India is highly fragmented and competitive, which may exert pressure on pricing power.

Price

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Key Metrics

REVENUE

₹1,426 Cr

TTM · consolidated

+1.2%YoY

NET PROFIT

₹95 Cr

TTM · consolidated

+278.7%YoY

EPS

₹22.55

TTM · consolidated

+308.5%YoY

RETURN ON EQUITY

10.9%

TTM · consolidated

+7.9 ppYoY

RETURN ON CAPITAL EMPLOYED

12.2%

TTM · consolidated

+7.0 ppYoY

P/E

8.4x

Q4 FY26 · consolidated

8.4 vs 15.1x5Y avg

EV/EBITDA

5.0x

Q4 FY26 · consolidated

5.0 vs 5.9x5Y avg

EBITDA MARGIN

15.3%

TTM · consolidated

+6.0 ppYoY

NET PROFIT MARGIN

10.5%

Q4 FY26 · consolidated

+8.7 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

-0.04xYoY

Peers · Cement & Cement Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NCL IndustriesNCLIND
7318.354.971.2%15.3%10.9%12.2%-17.5%
Deccan CementsDECCANCE
85628.5617.5420.6%13.3%3.9%4.6%-45.8%
Sh. Digvijay CemSHREDIGCEM
84128.0015.9830.3%10.6%10.6%11.0%-12.2%
BIGBLOC Const.BIGBLOC
660-392.0037.8726.2%8.1%-6.2%2.3%-24.7%
Saurashtra Cem.SAURASHCEM
62112.225.868.4%7.4%6.0%7.6%-34.9%
Visaka IndustrieVISAKAIND
4908.356.808.7%8.7%11.2%15.0%-5.2%

As of Q4 FY26

Financials