The India Cements Limited
NSE: INDIACEM · Cement & Cement Products · sector
₹306.00NSE close 2026-10-26
Key numbers
Market cap₹9,483 cr
Price₹306.00
52w high / low₹486 / ₹286
P/E77.5xSector median 21.5x
P/B0.9xSector median 1.4x
Book value₹328.8
Dividend yield–Sector median 0.64%
ROE1.2%Sector median 7.3%
ROCE2.1%Sector median 6.3%
OPM10.8%Sector median 10.9%
Debt / equity0.16xSector median 0.48x
EV/EBITDA22.7xSector median 14.1x
Interest cover2.6x
Current ratio0.76x
Sales growth 3y-7.2%Sector median +1.9%
Profit growth 3y–Sector median +16.8%
PEG0.09x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 38 companies in Cement & Cement Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹63 cr vs borrowings ₹1,305 cr (FY26): borrowings are higher by ₹1,242 cr.
- Operating profit covered interest 2.6x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 0.60 percentage points in a year, to 75.00% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY25).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 46% of net profit in the last 12 months.
- Debtor days went from 50 (FY24) to 20 (FY26).
- Dividend paid in 2 of the last 5 financial years.
- Price ₹306.00 on 2026-10-26: -37.0% from the 52-week high, +6.8% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹473.60 · low ₹256.55
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 941 | 1,197 | 1,025 | 1,117 | 1,114 | 1,229 | 1,019 | 1,142 |
| EBITDA | 176 | 87 | -41 | 75 | 71 | 142 | 130 | 144 |
| OPM % | 18.7% | 7.3% | -4.0% | 6.7% | 6.3% | 11.6% | 12.8% | 12.6% |
| Other income | 46 | 26 | 9 | 29 | 24 | 26 | 3 | 4 |
| Net profit | 122 | 15 | -133 | 9 | -3 | 60 | 27 | 39 |
| EPS (₹) | 162.41 | 0.51 | -4.21 | 0.28 | -0.09 | 1.92 | 0.87 | 1.25 |
| Revenue YoY | +18.4% | +2.6% | -0.5% | +2.2% | ||||
| Profit YoY | -102.2% | +305.3% | – | +340.6% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 4,858 | 5,608 | 5,112 | 4,149 | 4,485 | 4,504 |
| EBITDA | 484 | 43 | 141 | 126 | 247 | 488 |
| Net profit | 78 | -127 | -227 | -144 | -67 | 122 |
| EPS (₹) | 8.92 | -4.04 | -7.32 | 153.23 | -2.17 | 3.95 |
| Revenue growth | +15.4% | -8.8% | -18.8% | +8.1% | +5.2% | |
| Profit growth | -261.7% | – | – | – | +851.1% | |
| Dividend / share (₹) | 1.00 | 1.00 | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -7.2% | -0.1% | +5.2% |
| Net profit | – | – | +851.1% |
| EPS | – | – | – |
| Share price | – | -4.5% (2y) | -15.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 5,776 | 5,575 | 10,194 | 10,124 |
| Borrowings | – | 2,940 | 2,618 | 1,165 | 1,305 |
| Cash & equivalents | – | 69 | 85 | 105 | 63 |
| Total assets | – | 11,467 | 10,701 | 13,830 | 13,403 |
| Fixed assets | – | 6,672 | 6,746 | 11,572 | 11,179 |
| Capital work in progress | – | 313 | 190 | 177 | 344 |
| Investments | – | 330 | 318 | 78 | 81 |
| Receivables | – | 825 | 699 | 659 | 248 |
| Inventory | – | 785 | 631 | 556 | 734 |
| Payables | – | 1,332 | 1,245 | 982 | 866 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 439 | -19 | 344 | -256 | -27 |
| Cash from investing | -250 | 435 | 248 | 2,015 | -103 |
| Cash from financing | -183 | -397 | -572 | -1,738 | 40 |
| Capex | 168 | 58 | 127 | 62 | 223 |
| Free cash flow | 271 | -77 | 217 | -319 | -249 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -2.2% | -4.1% | -1.4% | -0.7% |
| ROCE % | – | -1.6% | -0.2% | 0.8% | 0.3% |
| Debtor days | – | 54 | 50 | 58 | 20 |
| Inventory days | – | 258 | 212 | 224 | 269 |
| Payable days | – | 438 | 418 | 395 | 318 |
| Cash conversion cycle (days) | – | -126 | -156 | -113 | -29 |
| Working capital days | – | 35 | -4 | 30 | -10 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 75.00% |
| FIIs | 3.42% |
| DIIs | 12.43% |
| of which Mutual funds | 9.20% |
| of which Insurance | 2.77% |
| Public (non-institutions) | 9.15% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 55.49% | 81.49% | 81.49% | 75.60% | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter group | % |
|---|---|
| UltraTech Cement Limited | 75.00% |
| Public holders above 1% | % |
|---|---|
| Kotak Large & Midcap Fund & Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund | 4.25% |
| Lici ASM NON PAR | 2.64% |
| Franklin India Small CAP Fund | 1.39% |
1,55,972 shareholders. Pledged: 0.00% of promoter shares.
Peers in Cement & Cement Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ULTRACEMCO | ₹3,29,452 cr | 37.4x | 4.5x | 12.1% | 13.5% | 19.0% | +11.9% | 0.69% |
| GRASIM | ₹2,00,762 cr | 35.1x | 1.9x | 5.7% | 5.9% | 14.2% | +14.2% | 0.83% |
| AMBUJACEM | ₹91,448 cr | 20.8x | 1.5x | 7.8% | 4.8% | 14.6% | +1.4% | 0.62% |
| SHREECEM | ₹84,932 cr | 52.1x | 3.6x | 7.3% | 9.6% | 20.9% | +5.5% | 0.60% |
| JKCEMENT | ₹38,133 cr | 40.3x | 5.4x | 14.4% | 13.7% | 15.9% | +12.2% | 0.30% |
| DALBHARAT | ₹30,890 cr | 32.6x | 1.7x | 2.3% | 6.9% | 18.5% | +3.0% | 0.55% |
| ACC | ₹21,934 cr | 11.5x | 1.1x | 9.8% | 9.2% | 10.4% | +5.3% | 0.64% |
| RAMCOCEM | ₹17,620 cr | 27.3x | 2.2x | 8.3% | 10.1% | 20.7% | +3.4% | 0.27% |
| JSWCEMENT | ₹15,880 cr | 20.5x | 2.4x | 11.6% | 9.8% | 17.2% | – | – |
| INDIACEM | ₹9,483 cr | 77.5x | 0.9x | 1.2% | 2.1% | 10.8% | -7.2% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-13 | Other | Annual General Meeting |
| 2023-09-14 | Other | Annual General Meeting |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2021-08-31 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2020-09-18 | Dividend | Annual General Meeting/Dividend - Rs 0.60 Per Share |
| 2019-09-04 | Dividend | Annual General Meeting/Dividend - Rs 0.80 Per Share |
| 2018-09-11 | Dividend | Annual General Meeting/Dividend- Re 0.80 Per Share |
| 2017-08-24 | Dividend | Annual General Meeting/Dividend - Re 1/- Per Share |
| 2016-08-19 | Dividend | Annual General Meeting/Dividend Re 1/- Per Share |
| 2015-11-27 | Other | Annual General Meeting |
| 2015-10-08 | Other | For Distribution Of Chennai Super Kings Cricket Limited Shares To The Shareholders Of India Cements |
| 2014-12-15 | Other | Annual General Meeting |
| 2013-09-06 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share (Bc Dates Revised) |
| 2012-08-06 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share |
| 2011-08-16 | Dividend | Dividend-Rs.1.50 Per Share |
| 2010-07-26 | Dividend | Dividend-Rs.2/- Per Share |
| 2009-07-31 | Other | Agm/Div-Rs.2/- Per Share |
| 2008-08-14 | Dividend | Agm/Dividend - 20% |
| 2007-09-14 | Dividend | Agm/Dividend-10% |
| 2006-07-28 | Other | Agm |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacture and sale of Cement
| Sector | Commodities |
| Industry | Cement & Cement Products |
| Sub-industry | Cement & Cement Products |
| Symbol | INDIACEM |
| BSE code | 530005 |
| ISIN | INE383A01012 |
| Face value | ₹10.0 |
| Incorporated | 1946-02-21 |
| Website | www.indiacements.co.in |
| Plants (India / abroad) | 16 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.