INDIACEM

The India Cements Limited

Cement manufacturer under UltraTech/Aditya Birla Group platform

Commodities›Construction Materials›Cement & Cement Products›Cement & Cement Products

indiacements.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹302.30
Market cap
9,368 Cr
Stock P/E
76.5
P/B
0.92
Dividend yield
0.0%
ROE (FY26)
-0.7%
ROCE (FY26)
0.3%
Operating margin (FY26)
2.2%
Debt / equity (FY26)
0.13
OCF / EBITDA (FY26)
-6.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

India Cements makes cement and is a subsidiary of UltraTech Cement, which is the source of much of the operating commentary in its filings.

Company snapshot

11thBy market cap

Ranked among 32 companies in Cement & Cement Products.

What we see

Positives
  • ✓Debt-to-equity of 0.13x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales1,144 Cr1,267 Cr1,027 Cr1,032 Cr941 Cr1,197 Cr1,025 Cr1,117 Cr1,114 Cr1,229 Cr1,019 Cr1,142 Cr
Operating expenses (approx.)1,096 Cr1,229 Cr1,051 Cr1,195 Cr1,131 Cr1,200 Cr942 Cr1,036 Cr1,035 Cr1,076 Cr864 Cr998 Cr
EBITDA49 Cr38 Cr-25 Cr-163 Cr-190 Cr-3 Cr83 Cr81 Cr79 Cr153 Cr156 Cr144 Cr
OPM %4.3%3.0%-2.4%-15.8%-20.2%-0.3%8.1%7.3%7.1%12.5%15.3%12.6%
Other income29 Cr20 Cr16 Cr159 Cr46 Cr26 Cr9 Cr29 Cr24 Cr26 Cr3 Cr4 Cr
Interest60 Cr65 Cr82 Cr73 Cr73 Cr38 Cr27 Cr25 Cr24 Cr23 Cr26 Cr24 Cr
Depreciation58 Cr58 Cr56 Cr55 Cr55 Cr75 Cr74 Cr74 Cr75 Cr76 Cr72 Cr72 Cr
Profit before tax-7 Cr-60 Cr80 Cr-355 Cr80 Cr-7 Cr-134 Cr4 Cr-5 Cr69 Cr36 Cr52 Cr
Tax %109.8%-1.6%26.8%4.6%-51.9%307.6%0.6%-100.7%41.2%13.5%25.0%25.7%
Net profit0.67 Cr-61 Cr58 Cr-339 Cr122 Cr15 Cr-133 Cr9 Cr-3 Cr60 Cr27 Cr39 Cr
EPS (₹)—₹-1.91₹1.87₹-11.55₹162.41₹0.51₹-4.21₹0.28₹-0.09₹1.92₹0.87₹1.25

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,861 Cr5,432 Cr5,770 Cr5,186 Cr4,511 Cr4,858 Cr5,608 Cr5,112 Cr4,149 Cr4,485 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,973 Cr4,723 Cr5,145 Cr4,592 Cr3,723 Cr4,374 Cr5,751 Cr5,013 Cr4,531 Cr4,088 CrSign in free for the trailing twelve months
EBITDA888 Cr709 Cr626 Cr595 Cr788 Cr484 Cr-143 Cr99 Cr-382 Cr397 CrSign in free for the trailing twelve months
OPM %15.2%13.1%10.8%11.5%17.5%10.0%-2.6%1.9%-9.2%8.8%Sign in free for the trailing twelve months
Other income19 Cr25 Cr39 Cr42 Cr40 Cr24 Cr40 Cr65 Cr209 Cr88 CrSign in free for the trailing twelve months
Interest380 Cr365 Cr350 Cr343 Cr271 Cr198 Cr242 Cr244 Cr266 Cr99 CrSign in free for the trailing twelve months
Depreciation276 Cr279 Cr265 Cr256 Cr247 Cr226 Cr219 Cr226 Cr239 Cr299 CrSign in free for the trailing twelve months
Profit before tax252 Cr89 Cr50 Cr20 Cr309 Cr98 Cr-335 Cr-275 Cr-202 Cr-65 CrSign in free for the trailing twelve months
Tax %37.4%21.7%49.2%-147.0%33.1%19.9%62.1%17.3%28.9%-3.4%Sign in free for the trailing twelve months
Net profit158 Cr69 Cr19 Cr50 Cr207 Cr78 Cr-127 Cr-227 Cr-144 Cr-67 CrSign in free for the trailing twelve months
EPS (₹)₹5.29₹2.29₹0.28₹9.18₹7.01₹8.92₹-4.04₹-7.32₹153.23₹-2.17Sign in free for the trailing twelve months
Dividend payout %————8.5%37.0%————Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital308 Cr308 Cr310 Cr310 Cr310 Cr310 Cr310 Cr310 Cr310 Cr310 Cr
Reserves4,867 Cr4,961 Cr4,936 Cr5,188 Cr5,397 Cr5,637 Cr5,466 Cr5,265 Cr9,884 Cr9,814 Cr
Borrowings2,811 Cr3,055 Cr3,048 Cr3,163 Cr2,470 Cr3,086 Cr2,940 Cr2,618 Cr1,165 Cr1,305 Cr
Other liabilities2,928 Cr2,613 Cr2,952 Cr2,952 Cr2,848 Cr2,934 Cr2,701 Cr2,483 Cr2,469 Cr1,974 Cr
Total liabilities10,950 Cr10,978 Cr11,300 Cr11,670 Cr11,090 Cr12,043 Cr11,467 Cr10,701 Cr13,830 Cr13,403 Cr
Fixed assets (net)7,213 Cr7,018 Cr6,886 Cr6,968 Cr6,811 Cr6,841 Cr6,672 Cr6,746 Cr11,572 Cr11,179 Cr
CWIP134 Cr176 Cr196 Cr235 Cr300 Cr386 Cr313 Cr190 Cr177 Cr344 Cr
Investments358 Cr358 Cr371 Cr382 Cr381 Cr408 Cr334 Cr319 Cr120 Cr83 Cr
Loans & advances——42 Cr44 Cr44 Cr31 Cr1,085 Cr796 Cr0 Cr3 Cr
Inventories774 Cr695 Cr847 Cr842 Cr597 Cr844 Cr785 Cr631 Cr556 Cr734 Cr
Trade receivables523 Cr645 Cr746 Cr736 Cr564 Cr931 Cr825 Cr699 Cr659 Cr248 Cr
Cash & bank38 Cr54 Cr49 Cr43 Cr40 Cr46 Cr65 Cr84 Cr103 Cr14 Cr
Other assets1,910 Cr2,032 Cr2,165 Cr2,420 Cr2,353 Cr2,555 Cr1,388 Cr1,235 Cr642 Cr798 Cr
Total assets10,950 Cr10,978 Cr11,300 Cr11,670 Cr11,090 Cr12,043 Cr11,467 Cr10,701 Cr13,830 Cr13,403 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity765 Cr563 Cr—387 Cr1,046 Cr439 Cr-19 Cr344 Cr-256 Cr-27 Cr
Cash from investing-158 Cr-313 Cr—-282 Cr-189 Cr-250 Cr435 Cr248 Cr2,015 Cr-103 Cr
Cash from financing-605 Cr-235 Cr—-110 Cr-860 Cr-183 Cr-397 Cr-572 Cr-1,738 Cr40 Cr
Net cash flow2 Cr16 Cr—-6 Cr-3 Cr6 Cr19 Cr19 Cr20 Cr-89 Cr
Free cash flow (OCF − Capex)685 Cr360 Cr—136 Cr881 Cr271 Cr-77 Cr217 Cr-319 Cr-249 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %7.9%5.4%4.8%4.2%7.0%3.2%-1.1%-0.4%0.6%0.3%
ROE %3.0%1.3%0.4%0.9%3.6%1.3%-2.2%-4.1%-1.4%-0.7%
Debtor days32434752467054505820
Inventory days302269280313297371271236243266
Days payable515459448493538570460467430314
Cash conversion cycle-180-147-120-128-195-129-136-180-128-28
OCF / EBITDA %86.1%79.5%—65.0%132.8%90.6%—n.m.—-6.7%
OCF / EBITDA % (3 years)—————100.3%129.8%n.m.—n.m.
Debt / equity0.540.580.580.580.430.520.510.470.110.13
Current ratio0.801.020.930.830.710.921.190.981.270.92
Net debt / EBITDA3.12—4.795.253.086.28—25.59—3.26