NCLIND

NCL Industries Limited

Cement and building materials manufacturer with RMC, doors and energy divisions

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

nclind.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹164.93
Market cap
747 Cr
Stock P/E
8.1
P/B
0.79
Dividend yield
2.1%
ROE (FY26)
10.1%
ROCE (FY26)
10.5%
Operating margin (FY26)
9.5%
Debt / equity (FY26)
0.25
OCF / EBITDA (FY26)
76.3%
OCF / EBITDA (3Y)
81.8%

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

NCL Industries makes cement, sold under the Nagarjuna Cement brand mainly to dealers and builders in South India, and also makes cement-bonded particle boards, ready-mix concrete and captive renewable power.

Company snapshot

24thBy market cap

Ranked among 32 companies in Cement & Cement Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 109.3% of revenue

SegmentRevenue shareRevenuePBTAssets
BOARDS DIVISION
14.6%
50 Cr3 Cr149 Cr
CEMENT DIVISION
109.3%
373 Cr6 Cr1,065 Cr
Doors
4.7%
16 Cr-2 Cr110 Cr
ENERGY DIVISION
0.9%
3 Cr2 Cr23 Cr
ReadyMix Concrete Division
10.8%
37 Cr0 Cr50 Cr
Taxes&Duties—-93 Cr1 Cr0 Cr

Shares add up to 140% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.25x — the company is largely funded by its own money, not borrowed funds.

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

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales431 Cr505 Cr495 Cr355 Cr330 Cr341 Cr383 Cr338 Cr345 Cr343 Cr400 Cr344 Cr
Operating expenses (approx.)392 Cr448 Cr447 Cr319 Cr297 Cr322 Cr363 Cr288 Cr296 Cr307 Cr349 Cr304 Cr
EBITDA39 Cr57 Cr48 Cr36 Cr34 Cr19 Cr20 Cr51 Cr49 Cr36 Cr51 Cr40 Cr
OPM %9.1%11.3%9.7%10.2%10.2%5.7%5.3%15.0%14.2%10.5%12.8%11.5%
Other income4 Cr3 Cr7 Cr4 Cr3 Cr5 Cr9 Cr4 Cr8 Cr8 Cr12 Cr4 Cr
Interest7 Cr6 Cr5 Cr6 Cr5 Cr5 Cr5 Cr5 Cr4 Cr5 Cr5 Cr6 Cr
Depreciation14 Cr13 Cr16 Cr13 Cr15 Cr14 Cr15 Cr13 Cr13 Cr15 Cr15 Cr15 Cr
Profit before tax23 Cr41 Cr33 Cr21 Cr7 Cr5 Cr9 Cr36 Cr29 Cr23 Cr16 Cr24 Cr
Tax %39.5%40.2%28.6%39.8%63.1%44.0%26.6%43.8%31.7%43.3%-166.9%26.1%
Net profit14 Cr25 Cr24 Cr13 Cr3 Cr3 Cr7 Cr20 Cr20 Cr13 Cr42 Cr17 Cr
EPS (₹)₹3.01₹5.47₹5.19₹2.82₹0.56₹0.66₹1.48₹4.48₹4.40₹2.93₹9.81₹3.84

Profit & loss (annual)

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

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales980 Cr938 Cr1,384 Cr1,633 Cr1,610 Cr1,871 Cr1,411 Cr1,422 CrSign in free for the trailing twelve months
Operating expenses (approx.)845 Cr798 Cr1,102 Cr1,427 Cr1,462 Cr1,665 Cr1,302 Cr1,232 CrSign in free for the trailing twelve months
EBITDA135 Cr139 Cr282 Cr206 Cr148 Cr207 Cr109 Cr190 CrSign in free for the trailing twelve months
OPM %13.8%14.9%20.4%12.6%9.2%11.0%7.7%13.4%Sign in free for the trailing twelve months
Other income6 Cr3 Cr8 Cr11 Cr19 Cr19 Cr21 Cr32 CrSign in free for the trailing twelve months
Interest35 Cr31 Cr21 Cr24 Cr26 Cr23 Cr21 Cr19 CrSign in free for the trailing twelve months
Depreciation45 Cr42 Cr44 Cr47 Cr49 Cr56 Cr57 Cr55 CrSign in free for the trailing twelve months
Profit before tax61 Cr69 Cr225 Cr146 Cr91 Cr147 Cr43 Cr104 CrSign in free for the trailing twelve months
Tax %23.3%26.5%35.2%35.4%51.5%36.5%41.1%8.5%Sign in free for the trailing twelve months
Net profit47 Cr51 Cr145 Cr94 Cr44 Cr93 Cr25 Cr95 CrSign in free for the trailing twelve months
EPS (₹)₹10.34₹11.26₹32.65₹20.69₹9.40₹20.50₹5.52₹21.62Sign in free for the trailing twelve months
Dividend payout %——7.8%19.2%30.6%14.6%62.8%16.6%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 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital45 Cr45 Cr45 Cr45 Cr45 Cr45 Cr45 Cr45 Cr
Reserves454 Cr483 Cr619 Cr696 Cr725 Cr804 Cr813 Cr895 Cr
Borrowings266 Cr287 Cr266 Cr318 Cr292 Cr218 Cr249 Cr237 Cr
Other liabilities329 Cr338 Cr368 Cr411 Cr458 Cr472 Cr528 Cr398 Cr
Total liabilities1,095 Cr1,153 Cr1,299 Cr1,471 Cr1,520 Cr1,539 Cr1,635 Cr1,574 Cr
Fixed assets (net)658 Cr695 Cr820 Cr802 Cr1,006 Cr990 Cr939 Cr1,109 Cr
CWIP90 Cr90 Cr61 Cr171 Cr28 Cr39 Cr148 Cr2 Cr
Investments—0 Cr0 Cr0 Cr5 Cr4 Cr4 Cr0 Cr
Loans & advances—0 Cr0 Cr20 Cr6 Cr2 Cr10 Cr0 Cr
Inventories85 Cr110 Cr105 Cr129 Cr150 Cr177 Cr248 Cr148 Cr
Trade receivables151 Cr143 Cr104 Cr118 Cr155 Cr143 Cr136 Cr118 Cr
Cash & bank5 Cr0.81 Cr67 Cr2 Cr31 Cr45 Cr15 Cr3 Cr
Other assets106 Cr114 Cr142 Cr229 Cr138 Cr139 Cr135 Cr193 Cr
Total assets1,095 Cr1,153 Cr1,299 Cr1,471 Cr1,520 Cr1,539 Cr1,635 Cr1,574 Cr

Cash flows

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

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity71 Cr106 Cr241 Cr72 Cr182 Cr183 Cr86 Cr145 Cr
Cash from investing-69 Cr-78 Cr-136 Cr-139 Cr-96 Cr-59 Cr-111 Cr-108 Cr
Cash from financing4 Cr-31 Cr-52 Cr10 Cr-57 Cr-110 Cr-5 Cr-49 Cr
Net cash flow6 Cr-4 Cr52 Cr-58 Cr30 Cr13 Cr-30 Cr-12 Cr
Free cash flow (OCF − Capex)2 Cr27 Cr95 Cr-68 Cr79 Cr121 Cr-32 Cr35 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.5%12.2%26.4%16.1%11.1%15.9%5.8%10.5%
ROE %9.4%9.6%21.9%12.7%5.8%11.0%2.9%10.1%
Debtor days5656272635283530
Inventory days20714098102110125182180
Days payable177846956666511177
Cash conversion cycle8611157727987106134
OCF / EBITDA %52.5%75.9%85.4%34.7%123.1%88.4%78.9%76.3%
OCF / EBITDA % (3 years)——75.1%66.6%77.7%77.8%97.2%81.8%
Debt / equity0.530.540.400.430.380.260.290.25
Current ratio—0.941.111.211.281.341.141.13
Net debt / EBITDA1.942.050.711.531.770.842.141.23