Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
India Cements Ltd.
NSE: INDIACEMBasic MaterialsBuilding Materials
- Last close
- ₹315.80
- Day change
- −₹15.95 (−4.81%)vs
- Market cap
- ₹14,052 crIndian rupees
- Research updated
- 3 reports
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About India Cements
India Cements Ltd. is a prominent player in the cement industry, operating primarily out of India. Its primary function is the production and supply of cement, which serves as a critical component in construction, infrastructure development, and a variety of industrial applications. The company has a widespread presence across the southern states of India and has expanded its reach with a network that allows efficient distribution throughout the country. India Cements Ltd. is influential in sectors such as real estate, public infrastructure projects, and various industries requiring durable building materials. By leveraging modern technology and sustainable practices, it aims to enhance production efficiency and reduce environmental impacts, aligning itself with the growing emphasis on green and sustainable development. Within the financial markets, India Cements Ltd. holds significant importance as a barometer of construction sector health, influencing investor perceptions and market dynamics related to infrastructure and development prospects in one of the world’s fastest-growing economies. Established in 1946, the company's resilience and adaptability highlight its role in bolstering industrial growth and supporting economic development.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: INDIACEM
- Chief executive
- Mr. Narayanaswamy Srinivasan BCom, Esq., FCA
- Employees
- 1,420
- Headquarters
- Chennai, India
- ISIN
- INE383A01012
- Website
- indiacements.co.in
Public research · Report of
Business model & financial foundation
India Cements (NSE: INDIACEM), Cement: revenue of ₹4,485 crore in FY26 (+8.3% on FY25), an EBITDA margin of 8.8%, net profit of ₹-67.3 crore and net debt of ₹1,238 crore.
- Revenue, FY26 (₹ crore)
- 4,485
- consolidated
- Revenue growth, FY26
- +8.3%
- on FY25
- EBITDA margin, FY26
- 8.8%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- -67.3
- to owners
- Return on equity, FY26
- -0.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,238
- Borrowings less cash, banks and current mutual funds
- Market capitalisation (₹ crore)
- 14,052
- at the close of 17 Oct 2026
Company profile
Cement industrial company controlled by UltraTech Cement, with retained non-core subsidiaries. FY26 annual report records capacity14.75million tonnes, cement/clinker sales10.45million tonnes and consolidated revenue4484.6923crore INR. Post-control related-party sales, non-core disposals, common-control amalgamation and FY25 PPE revaluation limit historical comparability.
| Item | Value |
|---|---|
| Legal name | The India Cements Limited |
| Exchange and ticker | NSE: INDIACEM; BSE: 530005 |
| ISIN | INE383A01012 |
| CIN | L26942TN1946PLC000931 |
| Sector | Basic Materials |
| Industry | Cement |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Brahmayya & Co.; S. Viswanathan LLP |
| Market capitalisation | ₹14,052 crore (17 Oct 2026) |
| Shares outstanding | 30.99 crore shares (FY26) |
| Price | ₹302.3 (close, 17 Oct 2026) |
| 52-week range | ₹289.2 - ₹485.8 (to 17 Oct 2026) |
| Website | https://www.indiacements.co.in |
Corporate structure and shareholding
Parent: UltraTech Cement Limited.
| Entity | Holding | Business |
|---|---|---|
| Industrial Chemicals and Monomers Limited | 98.59% | Subsidiary classified held for sale; detailed activity not retrieved. |
| Coromandel Minerals Pte Limited | 100% | Singapore subsidiary; detailed activity not retrieved. |
| Raasi Minerals Pte Limited | 100% | Singapore subsidiary; detailed activity not retrieved. |
| PT Coromandel Minerals Resources | 100% | Indonesia subsidiary; detailed activity not retrieved. |
Group ownership percentages per CFS schedule; direct/indirect chain not conclusively established. UltraTech74.998% FY26, Grasim ultimate parent. Four Indian WOS amalgamated28Mar2026; PT Adcoal and PT Mitra associate ceased2Dec2025; ICML sale completion unconfirmed. Source S95:p53 and p237.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.40% | 3.49% | 3.40% | |
| Domestic institutions | 12.80% | 12.90% | 12.60% | |
| of which mutual funds | 9.53% | 9.74% | 9.40% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
India Cements is a South India cement producer controlled by UltraTech. The listed entity’s earnings depend on domestic cement dispatches, net realisation, fuel/power intensity and the pace at which the parent-funded capacity/process programme is commissioned. The relevant reporting basis is consolidated, INR crore, with operating KPI history on the company’s domestic-cement perimeter. FY26 sales to UltraTech were INR2,472.7 crore, 55.1% of group revenue, so integration gains and parent concentration coexist.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement | |
| Dalmia Bharat | Analyst-selected cement operating/capital-allocation benchmark; test geographic mix before comparing. |
| The Ramco Cements | Analyst-selected cement operating benchmark; test regional mix and utilisation comparability. |
| Shree Cement | Analyst-selected cement efficiency and capital-allocation benchmark; normalise product/geographic mix. |
| Ambuja Cements | Analyst-selected cement scale/consolidation benchmark; distinguish group scope. |
| Sagar Cements | Analyst-selected cement turnaround and capacity-utilisation benchmark; normalise leverage and scope. |
| Nuvoco Vistas | Analyst-selected cement leverage/operating-recovery benchmark; normalise regional and acquisition mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,858 | 5,600 | 4,998 | 4,141 | 4,485 |
| Cost of revenue (vendor classification) * | 2,504 | 3,701 | 3,065 | 906.5 | 2,957 |
| Other operating costs (vendor classification) * | 1,528 | 1,681 | 1,561 | 3,304 | 877.0 |
| EBITDA (vendor classification) * | 522.3 | -143.1 | 113.5 | -173.7 | 395.7 |
| EBIT * | 299.4 | -167.1 | -64.3 | 94.7 | 34.3 |
| Finance costs | 213.9 | 210.7 | 240.0 | 266.0 | 99.3 |
| Profit before tax (as presented) | 85.5 | -377.8 | -278.4 | -182.9 | -65.0 |
| Total income tax expense | 19.5 | -208.0 | -47.6 | -58.5 | 2.24 |
| Profit for year including discontinued operations | 87.2 | -125.0 | -226.7 | -143.7 | -67.3 |
| Diluted earnings per share (₹) | 8.98 | -4.04 | -7.32 | -4.64 | -2.17 |
| Materials, traded goods and inventory change | 996.2 | 906.5 | 995.0 | ||
| Power and fuel | 1,809 | 1,641 | 1,627 | ||
| Freight and forwarding | 1,011 | 912.6 | 584.9 | ||
| Employee benefits expense | 372.3 | 303.7 | 242.8 | ||
| Other expenses excluding fuel and freight | 717.8 | 751.2 | 638.7 | ||
| Operating EBITDA excluding other income | 92.1 | -374.0 | 396.5 | ||
| Other income | 58.2 | 200.3 | 87.7 | ||
| Depreciation and amortisation | 219.8 | 239.4 | 299.1 | ||
| Exceptional income/(expense) | 42.1 | 507.8 | -149.2 | ||
| Share of profit/(loss) of associates | -10.9 | -11.5 | -1.54 | ||
| Profit attributable to non-controlling interests | 0.64 | -0.00 | 0.00 | ||
| Profit attributable to owners | -227.3 | -143.7 | -67.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 6,023 | 5,827 | 5,599 | 10,196 | 10,124 |
| Borrowings including current maturities, excluding leases | 3,091 | 2,945 | 2,612 | 1,159 | 1,301 |
| Cash, other bank balances and current mutual funds | 45.7 | 64.3 | 85.2 | 124.0 | 62.5 |
| Net trade receivables | 931.1 | 824.5 | 699.4 | 706.0 | 248.5 |
| Inventories | 844.4 | 784.7 | 630.5 | 556.2 | 734.2 |
| Trade payables | 1,296 | 1,332 | 1,245 | 982.0 | 865.8 |
| Net tangible property, plant and equipment | 6,841 | 6,672 | 6,746 | 11,572 | 11,179 |
| Capital work in progress | 386.0 | 671.5 | 190.1 | 176.6 | 344.2 |
| Total assets | 12,043 | 11,467 | 10,701 | 13,877 | 13,403 |
| Equity attributable to owners | 5,575 | 10,194 | 10,124 | ||
| Borrowings less cash, banks and current mutual funds | 2,527 | 1,035 | 1,238 | ||
| Assets held for sale | 47.3 | 118.3 | 127.9 | ||
| Cash and cash equivalents as balance sheet presented | 84.2 | 103.1 | 13.8 | ||
| Other bank balances separately presented | n.a. | 19.8 | 46.8 | ||
| Current mutual fund investments | 1.03 | 1.07 | 1.95 | ||
| Current and non-current lease liabilities | 6.33 | 6.05 | 4.03 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -425.3 | -244.3 | 343.9 | -256.2 | -26.7 |
| Free cash flow (vendor definition) * | 270.5 | -77.1 | 216.6 | -318.7 | -249.4 |
| Cash fixed asset purchases, positive expenditure | -150.8 | 161.6 | 127.3 | 62.4 | 222.7 |
| Cash dividends paid, positive expenditure | -28.9 | -29.0 | 0.09 | 0.00 | 0.00 |
| Cash acquisitions separately identified | n.d. | n.d. | n.d. | ||
| Cash fixed asset disposal proceeds | 38.0 | 349.8 | 134.7 | ||
| Cash investment purchases, positive expenditure | 1.14 | 0.04 | 15.1 | ||
| Cash investment disposal proceeds | 4.20 | 809.2 | 3.25 | ||
| CFO less positive cash capex | 216.6 | -318.6 | -249.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares at year end | 30.99 | 30.99 | 30.99 | 30.99 | 30.99 |
| Company reported net debt with varying liquidity definition | 2,528 | 1,056 | 1,240 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 939.8 | 1,197 | 1,025 | 1,117 | 1,114 | 1,229 | 1,019 | 1,142 |
| Cost of revenue (vendor classification) * | 236.4 | 227.2 | 158.1 | 241.1 | 338.0 | 233.7 | ||
| Other operating costs (vendor classification) * | 823.9 | 904.9 | 721.2 | 734.3 | 674.7 | 582.4 | ||
| EBITDA (vendor classification) * | -177.8 | 23.3 | 92.3 | 102.8 | 179.0 | 159.2 | ||
| EBIT * | 167.2 | 38.6 | -105.5 | 19.6 | 92.2 | 62.0 | ||
| Finance cost | 73.4 | 38.1 | 26.6 | 25.3 | 24.1 | 23.4 | 26.2 | 24.0 |
| Profit before tax (as presented) | 93.8 | 0.51 | -132.1 | 4.39 | -4.54 | 68.8 | 35.8 | 52.3 |
| Tax expense | -41.8 | -21.7 | -0.74 | -4.42 | -1.87 | 9.27 | 8.95 | 13.5 |
| Profit for period including discontinued operations | 116.5 | 19.1 | -131.4 | 8.81 | -2.67 | 59.5 | 26.9 | 38.8 |
| Diluted earnings per share (₹) | 3.95 | 0.47 | -4.29 | 0.28 | -0.09 | 1.92 | 0.87 | 1.25 |
| Materials, traded goods and inventory movement | 236.4 | 227.2 | 158.1 | 257.9 | 241.1 | 338.0 | 233.7 | 301.0 |
| Power and fuel expense | 411.2 | 475.4 | 379.6 | 367.0 | 413.6 | 466.5 | 423.6 | 448.0 |
| Logistics cost / residual freight | 216.8 | 243.3 | 199.6 | 198.1 | 152.6 | 34.7 | 20.2 | 40.0 |
| Employee expense | 69.6 | 88.7 | 62.3 | 57.8 | 59.9 | 62.9 | 47.6 | 45.0 |
| Other operating expenses | 196.0 | 165.8 | 142.0 | 155.1 | 168.1 | 173.5 | 138.6 | 164.0 |
| Operating EBITDA excluding other income | -190.1 | -3.00 | 83.2 | 81.1 | 79.1 | 153.1 | 155.7 | 144.0 |
| Other income | 12.3 | 26.3 | 9.11 | 29.0 | 23.7 | 25.9 | 3.45 | 4.30 |
| Depreciation and amortisation | 55.3 | 74.9 | 74.1 | 74.5 | 74.7 | 75.9 | 71.9 | 72.0 |
| Exceptional income/(expense) | 400.3 | 90.1 | -123.8 | -6.01 | -8.47 | -10.9 | -25.3 | 0.00 |
| Share of profit or loss of associates | 2.11 | -1.12 | -1.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interests | -3.67 | 3.34 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 122.3 | 14.7 | -132.9 | 8.81 | -2.67 | 59.5 | 26.9 | 38.8 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 7.7% | 15.3% | -10.8% | -17.2% | 8.3% |
| EBITDA margin | 1.8% | -9.0% | 8.8% | ||
| Net margin | -4.5% | -3.5% | -1.5% | ||
| Return on equity | -4.0% | -1.8% | -0.7% | ||
| Return on capital employed | 3.3% | -1.9% | -0.8% | 1.0% | 0.3% |
| Return on assets | -2.1% | -1.2% | -0.5% | ||
| Net debt (₹ crore) | 2,527 | 1,035 | 1,238 | ||
| Net debt / EBITDA | 27.4x | -2.77x | 3.12x | ||
| Interest cover | 1.40x | -0.79x | -0.27x | 0.36x | 0.35x |
| Asset turnover | 0.42x | 0.48x | 0.45x | 0.34x | 0.33x |
| Receivable days | 70 | 54 | 51 | 62 | 20 |
| Inventory days (on revenue) | 63 | 51 | 46 | 49 | 60 |
| Payable days (on revenue) | 97 | 87 | 91 | 87 | 70 |
| Cash conversion | -1.51x | 1.78x | 0.40x | ||
| Capex intensity | 3.1% | 2.9% | 2.5% | 1.5% | 5.0% |
| Free cash flow (₹ crore) | -576.1 | -405.9 | 216.6 | -318.6 | -249.4 |
| Dividend payout | -0.0% | -0.0% | -0.0% | ||
| EPS, diluted (₹) | 8.98 | -4.04 | -7.32 | -4.64 | -2.17 |
| Book value per share (₹) | 194.4 | 188.0 | 180.7 | 329.0 | 326.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, banks and current mutual funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on India Cements includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on India Cements
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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