NCL Industries Limited
NSE: NCLIND · Cement & Cement Products · sector
₹159.85NSE close 2026-10-26
Key numbers
Market cap₹723 cr
Price₹159.85
52w high / low₹215 / ₹148
P/E7.6xSector median 21.5x
P/B0.8xSector median 1.4x
Book value₹207.9
Dividend yield2.19%Sector median 0.64%
ROE10.3%Sector median 7.3%
ROCE11.8%Sector median 6.3%
OPM11.6%Sector median 10.9%
Debt / equity0.25xSector median 0.48x
EV/EBITDA5.7xSector median 14.1x
Interest cover7.0x
Current ratio1.13x
Sales growth 3y-4.0%Sector median +1.9%
Profit growth 3y+29.1%Sector median +16.8%
PEG0.24x
Last 12 months to Jun 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 ₹10 cr vs borrowings ₹237 cr (FY26): borrowings are higher by ₹226 cr.
- Operating profit covered interest 7.0x in the last 12 months.
- 4.72% of the promoters' shares are pledged (2.0% of all shares).
- Promoter holding rose by 1.57 percentage points in a year, to 42.49% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 34% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹159.85 on 2026-10-26: -25.6% from the 52-week high, +8.4% 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 ₹234.23 · low ₹157.15
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 330 | 341 | 383 | 338 | 345 | 343 | 400 | 344 |
| EBITDA | 23 | 19 | 20 | 51 | 39 | 36 | 51 | 40 |
| OPM % | 7.1% | 5.7% | 5.3% | 15.0% | 11.4% | 10.5% | 12.8% | 11.5% |
| Other income | 3 | 5 | 9 | 4 | 8 | 8 | 12 | 4 |
| Net profit | 3 | 3 | 7 | 20 | 20 | 13 | 42 | 17 |
| EPS (₹) | 0.56 | 0.66 | 1.48 | 4.48 | 4.40 | 2.93 | 9.81 | 3.84 |
| Revenue YoY | +4.4% | +0.5% | +4.4% | +1.5% | ||||
| Profit YoY | +692.8% | +344.3% | +505.8% | -14.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,633 | 1,610 | 1,871 | 1,411 | 1,422 | 1,431 |
| EBITDA | 206 | 148 | 207 | 99 | 180 | 166 |
| Net profit | 94 | 44 | 93 | 25 | 95 | 92 |
| EPS (₹) | 20.69 | 9.40 | 20.50 | 5.52 | 21.62 | 20.98 |
| Revenue growth | -1.5% | +16.3% | -24.6% | +0.8% | +2.7% | |
| Profit growth | -53.1% | +110.3% | -72.9% | +278.5% | +182.9% | |
| Dividend / share (₹) | 4.00 | 3.00 | 3.00 | 3.50 | 3.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -4.0% | +0.5% | +2.7% |
| Net profit | +29.1% | -8.1% | +182.9% |
| EPS | +32.0% | -7.9% | – |
| Share price | – | -9.7% (2y) | -17.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 770 | 849 | 858 | 940 |
| Borrowings | – | 292 | 218 | 249 | 237 |
| Cash & equivalents | – | 40 | 54 | 22 | 10 |
| Total assets | – | 1,520 | 1,539 | 1,635 | 1,574 |
| Fixed assets | – | 1,006 | 990 | 939 | 1,109 |
| Capital work in progress | – | 28 | 39 | 148 | 2 |
| Investments | – | 5 | 4 | 4 | 0 |
| Receivables | – | 155 | 143 | 136 | 118 |
| Inventory | – | 150 | 177 | 248 | 148 |
| Payables | – | 90 | 93 | 151 | 63 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 72 | 182 | 183 | 86 | 145 |
| Cash from investing | -139 | -96 | -59 | -111 | -108 |
| Cash from financing | 10 | -57 | -110 | -5 | -49 |
| Capex | 140 | 103 | 62 | 118 | 110 |
| Free cash flow | -68 | 79 | 121 | -32 | 35 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 5.8% | 11.0% | 2.9% | 10.1% |
| ROCE % | – | 11.1% | 15.9% | 5.8% | 13.3% |
| Debtor days | – | 35 | 28 | 35 | 30 |
| Inventory days | – | 110 | 128 | 183 | 177 |
| Payable days | – | 66 | 67 | 111 | 75 |
| Cash conversion cycle (days) | – | 79 | 89 | 107 | 132 |
| Working capital days | – | 21 | 22 | 15 | 10 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 42.49% |
| FIIs | 3.42% |
| DIIs | 0.03% |
| of which Mutual funds | 0.01% |
| Government | 0.02% |
| Public (non-institutions) | 54.05% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 42.11% | 42.27% | 41.01% | 40.92% | 40.95% | 41.56% | 41.67% | 42.49% |
| Promoter group | % |
|---|---|
| Ravi Kalidindi | 7.31% |
| Gautam Kalidindi | 6.16% |
| Roopa Kalidindi | 5.98% |
| Kalidindi Pooja | 4.20% |
| Anuradha Kalidindi | 3.31% |
| Kakatiya Industries Private Limited | 1.47% |
| Goradia Vinodrai Vachharaj Goradia Charulata Vinodrai | 1.38% |
| Divya Penumacha | 1.28% |
| NCL Holdings (A&S) Limited | 1.15% |
| NCL Buildtek Limited | 1.08% |
| Goradia Charulata Vinodrai Goradia Vinodrai Vachharaj | 0.83% |
| Narasimha Raju Penmetsa | 0.83% |
| Bimal Vinodrai Goradia Meera Bimal Goradia | 0.77% |
| Ashven Datla | 0.74% |
| NCL Homes Limited | 0.65% |
| Public holders above 1% | % |
|---|---|
| Anand Rathi Global Finance Limited | 2.79% |
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 2.27% |
| Integrated Insurance Broking Services Private | 1.57% |
| Bharat C Jain | 1.12% |
| Byna Murali | 1.11% |
48,577 shareholders. Pledged: 4.72% 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% | – | – |
| NCLIND | ₹723 cr | 7.6x | 0.8x | 10.3% | 11.8% | 11.6% | -4.0% | 2.19% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Cement Division | ₹1,500 cr | 83.3% | ₹140 cr | 9.3% |
| Boards Division | ₹163 cr | 9.1% | ₹11 cr | 6.6% |
| Ready mix concrete Division | ₹131 cr | 7.3% | ₹4 cr | 2.7% |
| Energy Division | ₹7 cr | 0.4% | ₹3 cr | 46.3% |
| Unallocable | ₹0 cr | – | ₹9 cr | – |
| Discontinued Operations - Doors Division | ₹-5 cr | -0.3% | ₹32 cr | -649.7% |
| Less : Taxes & Duties | ₹-325 cr | -18.0% | ₹0 cr | 0.0% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-11 | Dividend | Dividend - Rs 2 Per Share |
| 2026-02-20 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2025-09-18 | Dividend | Dividend - Rs 2 Per Share |
| 2025-02-18 | Dividend | Interim Dividend - Re 1 Per Share |
| 2024-09-13 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2024-02-21 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2023-09-15 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2023-02-23 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2022-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2022-02-22 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Rs 1 Per Share |
| 2021-05-12 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2020-11-19 | Dividend | Interim Dividend - Rs 1.50 Per Share |
| 2020-09-17 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2020-03-19 | Dividend | Interim Dividend - Rs 1.5 Per Share |
| 2019-09-19 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2018-09-17 | Dividend | Annual General Meeting/Dividend Rs 1.50 Per Share |
| 2018-02-21 | Dividend | Interim Dividend - Re 1 Per Share |
| 2017-09-14 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2017-02-22 | Dividend | Interim Dividend Re 1/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Commodities |
| Industry | Cement & Cement Products |
| Sub-industry | Cement & Cement Products |
| Symbol | NCLIND |
| BSE code | 502168 |
| ISIN | INE732C01016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.