India Cements (INDIACEM) had a P/E of 88.4× on 6 Nov 2026, above the industry P/E of 27.3×, and the shares are 28% below their 52-week high. Its ROCE of 0.3% is the lowest among the 7 largest Building Materials peers, and sales fell 7.3% a year over 3 years. Debt is 0.16× equity. It is a small-cap company with a market cap of ₹16,235 Cr, ranked 10th of 58 Building Materials companies by market cap; the shares fell 13% over the past year.
- ₹342.25
- ₹351.00
- ₹337.75
- ₹346.55
- 4.2 L
Health check
- ReturnsIn line
−13.0% over a year, better than 3 of 7 peers.
- Price tagPricier
P/E 88.4 vs industry 27.3.
- GrowthShrinking
Sales −7.3% a year over 3 years.
- ProfitabilityWeak
ROCE 0.3% vs peer median 10.2%.
- Balance sheetStretched
Debt 0.16× equity, interest covered 0.3×, Piotroski 7 of 9.
- Red flags2 to check
Return on equity is low at 1.2%.
Small cap
Defensive
Key metrics
- Market cap
- ₹16,235 Cr
- Small cap
- P/E
- 88.4
- Industry 27.3
- Price to book
- 1.06
- Peers 2.12
- Dividend yield
- 0.00%
- ROE
- 1.2%
- Peers 4.9%
- ROCE
- 0.3%
- Peers 10.2%
- Debt to equity
- 0.16
- Debt ₹1,624 Cr
- EPS (TTM)
- ₹3.95
- Face value ₹10
- OPM (TTM)
- 11.8%
- Net margin 2.7%
- Sales growth
- +2.2%
- Latest quarter vs a year ago
- Profit growth
- +346.4%
- Latest quarter vs a year ago
- Price to sales
- 3.60
- EV/EBITDA 24.2
Strengths and risks
Strengths
- Quarterly profit up 346.4% on a year ago.
Risks to check
- Return on equity is low at 1.2%.
- P/E of 88.4 against an industry P/E of 27.3.
About India Cements
The India Cements Limited manufactures and sells cement and cement-related products in India. The company offers grey and white cement, ready mix concrete, and clinkers. It also engages in the generation of power from windmills and thermal power plants; and provision of freight services, including ship hiring and chartering services. The company was incorporated in 1946 and is based in Chennai, India. The India Cements Limited operates as a subsidiary of…
- Headquarters
- Chennai
- Employees
- 1,420
- Sector
- Basic Materials
- ISIN
- INE383A01012
- Website
- indiacements.co.in
Price range
- Avg volume (3M)
- 18.2 L
- 1-year return
- minus 13.0%
- From 52-week high
- minus 28.1%
Peers · Building Materials
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ULTRACEMCOUltraTech Cement | 12,450.00 | plus 1.63% | 3,66,110 | 41.6 | 22.8 | 11.8% | 19.1% | 0.38 | 11.9% | plus 3.6% |
| GRASIMGrasim Industries | 3,227.00 | minus 0.02% | 2,18,884 | 38.5 | 16.8 | 4.0% | 15.0% | 1.35 | 14.3% | plus 12.0% |
| AMBUJACEMAmbuja Cements | 390.60 | plus 0.67% | 97,057 | 34.7 | 14.6 | 4.6% | 14.3% | 0.01 | – | minus 31.6% |
| SHREECEMShree Cement | 25,100.00 | plus 0.82% | 90,563 | 57.2 | 18.0 | 10.2% | 20.1% | 0.09 | 5.7% | minus 9.8% |
| JKCEMENTJ.K. Cement | 5,239.80 | minus 0.20% | 40,487 | 42.3 | 19.2 | 13.3% | 15.8% | 1.01 | 12.1% | minus 9.1% |
| DALBHARATDalmia Bharat | 1,470.30 | plus 0.27% | 27,602 | 56.3 | 9.6 | 7.0% | 16.5% | 0.57 | 3.0% | minus 28.5% |
| ACCACC | 1,236.20 | plus 0.77% | 23,214 | 26.4 | 7.9 | 10.4% | 8.7% | 0.02 | – | minus 33.1% |
| INDIACEMIndia Cements | 349.25 | plus 0.78% | 16,235 | 88.4 | 44.1 | 0.3% | 11.8% | 0.16 | −7.3% | minus 13.0% |
| Median of 7 peers | – | 0.67% | 90,563 | 41.6 | 16.8 | 10.2% | 15.8% | 0.38 | 11.9% | −9.8% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 1,025 | 1,114 | 1,229 | 1,019 | 1,142 | |
| 942 | 1,035 | 1,076 | 864 | 998 | |
| 83.2 | 79.1 | 153 | 156 | 144 | |
| 8.1% | 7.1% | 12.5% | 15.3% | 12.6% | |
| 9.1 | 23.7 | 25.9 | 3.5 | 3.7 | |
| 26.6 | 24.1 | 23.4 | 26.2 | 24.1 | |
| 74.1 | 74.7 | 75.9 | 71.9 | 71.6 | |
| −124 | −8.5 | −10.9 | −25.3 | – | |
| −132 | −4.5 | 68.8 | 35.8 | 52.3 | |
| 0.6% | 41.2% | 13.5% | 25.0% | 25.7% | |
| −133 | −2.7 | 59.5 | 26.9 | 38.8 | |
| -4.29 | -0.09 | 1.92 | 0.87 | 1.25 |
Profit & loss
- Sales CAGR 3Y
- −7.3%
- ROE
- 1.2%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5,600 | 4,998 | 4,132 | 4,454 | |
| – | minus 10.8% | minus 17.3% | +7.8% | |
| 5,741 | 4,895 | 4,471 | 4,058 | |
| −141 | 103 | −339 | 396 | |
| −2.5% | 2.1% | −8.2% | 8.9% | |
| −2 | 33.3 | 30.9 | −0.7 | |
| 211 | 236 | 263 | 99.3 | |
| 219 | 226 | 239 | 299 | |
| 195 | 47.7 | 627 | −62.2 | |
| −378 | −278 | −183 | −65 | |
| 55.0% | 17.2% | 32.0% | −3.4% | |
| −127 | −227 | −144 | −67.3 | |
| -4.04 | -7.32 | -4.64 | -2.17 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 310 | 310 | 310 | 310 | |
| 5,466 | 5,265 | 9,884 | 9,814 | |
| 2,945 | 2,633 | 1,165 | 1,305 | |
| 2,746 | 2,493 | 2,518 | 1,974 | |
| 11,467 | 10,701 | 13,877 | 13,403 | |
| 7,375 | 7,248 | 11,802 | 11,583 | |
| 672 | 471 | 225 | 401 | |
| 193 | 228 | 78 | 81.4 | |
| 68.2 | 84.6 | 124 | 62.2 | |
| 3,160 | 2,669 | 1,648 | 1,275 | |
| 11,467 | 10,701 | 13,877 | 13,403 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −19.5 | 344 | −256 | −26.7 | |
| 435 | 248 | 2,014 | −103 | |
| −397 | −572 | −1,738 | 40.3 | |
| 18.6 | 19.4 | 18.9 | −89.3 | |
| −57.7 | −127 | −62.4 | −223 | |
| −77.1 | 217 | −319 | −249 | |
| −29 | −0.1 | – | – |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 11.2% (Yahoo estimate).
Major shareholders
Filings & events
News
No recent news coverage found.