India Cements Ltd
India Cements Ltd is a leading cement manufacturing company headquartered in Chennai. It was incorporated in the year 1946 by Shri S N N Sankaralinga Iyer and Sri T S Narayanaswami. While retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining that have purposeful synergy to the core business. The co is also a sponsor of the IPL franchise “Chennai Super Kings”. [1]
- Market Cap ₹ 9,543 Cr.
- Current Price ₹ 308
- High / Low ₹ 386 / 173
- Stock P/E
- Book Value ₹ 329
- Dividend Yield 0.00 %
- ROCE -4.22 %
- ROE -7.15 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Stock is trading at 0.94 times its book value
- Promoter holding has increased by 26.0% over last quarter.
- Company's working capital requirements have reduced from 75.7 days to 39.6 days
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -4.37% over past five years.
- Company has a low return on equity of -5.96% over last 3 years.
- Company's cost of borrowing seems high
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Cement Industry: Cement - South India
Part of BSE Allcap Nifty 500 BSE 250 SmallCap Index BSE Commodities BSE 400 MidSmallCap Index
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
5,082 | 5,057 | 4,879 | 5,158 | 5,267 | 5,770 | 5,186 | 4,511 | 4,858 | 5,608 | 5,112 | 4,149 | |
4,458 | 4,294 | 4,006 | 4,267 | 4,548 | 5,131 | 4,588 | 3,715 | 4,373 | 5,749 | 5,008 | 4,531 | |
Operating Profit | 624 | 763 | 873 | 891 | 720 | 639 | 599 | 796 | 486 | -141 | 104 | -382 |
OPM % | 12% | 15% | 18% | 17% | 14% | 11% | 12% | 18% | 10% | -3% | 2% | -9% |
-135 | 22 | 21 | 17 | 14 | 26 | 24 | 32 | 23 | 224 | 102 | 697 | |
Interest | 411 | 478 | 440 | 380 | 365 | 350 | 343 | 271 | 198 | 242 | 244 | 266 |
Depreciation | 320 | 303 | 291 | 276 | 279 | 265 | 256 | 247 | 226 | 219 | 226 | 239 |
Profit before tax | -241 | 4 | 164 | 252 | 90 | 50 | 24 | 311 | 85 | -378 | -263 | -191 |
Tax % | 0% | 127% | 29% | 37% | 21% | 49% | -126% | 33% | 23% | -55% | -18% | -31% |
-239 | -1 | 119 | 159 | 69 | 26 | 51 | 209 | 87 | -125 | -227 | -144 | |
EPS in Rs | -7.92 | -0.11 | 3.80 | 5.41 | 2.11 | 0.68 | 1.62 | 6.67 | 2.53 | -4.09 | -7.34 | -4.64 |
Dividend Payout % | 0% | 0% | 26% | 19% | 38% | 118% | 37% | 15% | 40% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | -2% |
5 Years: | -4% |
3 Years: | -5% |
TTM: | -19% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | -106% |
Stock Price CAGR | |
---|---|
10 Years: | 13% |
5 Years: | 24% |
3 Years: | 15% |
1 Year: | 37% |
Return on Equity | |
---|---|
10 Years: | -1% |
5 Years: | -3% |
3 Years: | -6% |
Last Year: | -7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 307 | 307 | 308 | 308 | 308 | 310 | 310 | 310 | 310 | 310 | 310 | 310 |
Reserves | 3,364 | 3,073 | 4,742 | 4,867 | 4,961 | 4,936 | 5,188 | 5,388 | 5,637 | 5,466 | 5,265 | 9,884 |
3,498 | 3,502 | 3,296 | 3,100 | 3,197 | 3,356 | 3,593 | 3,052 | 3,091 | 2,945 | 2,618 | 1,165 | |
1,962 | 1,805 | 2,345 | 2,674 | 2,479 | 2,696 | 2,579 | 2,340 | 3,005 | 2,746 | 2,508 | 2,471 | |
Total Liabilities | 9,132 | 8,687 | 10,692 | 10,950 | 10,946 | 11,297 | 11,670 | 11,090 | 12,043 | 11,467 | 10,701 | 13,830 |
5,210 | 4,599 | 7,488 | 7,260 | 7,146 | 7,072 | 7,206 | 7,065 | 7,101 | 6,803 | 6,874 | 11,638 | |
CWIP | 112 | 98 | 99 | 134 | 176 | 196 | 235 | 300 | 386 | 313 | 190 | 177 |
Investments | 442 | 440 | 357 | 358 | 358 | 371 | 382 | 381 | 408 | 334 | 319 | 120 |
3,368 | 3,550 | 2,748 | 3,198 | 3,265 | 3,659 | 3,847 | 3,344 | 4,147 | 4,016 | 3,318 | 1,895 | |
Total Assets | 9,132 | 8,687 | 10,692 | 10,950 | 10,946 | 11,297 | 11,670 | 11,090 | 12,043 | 11,467 | 10,701 | 13,830 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
516 | 645 | 964 | 765 | 556 | 377 | 387 | 1,046 | 439 | -19 | 344 | -256 | |
-184 | -124 | -220 | -158 | -306 | -202 | -282 | -189 | -250 | 435 | 248 | 2,015 | |
-335 | -520 | -757 | -605 | -235 | -180 | -110 | -860 | -183 | -397 | -572 | -1,738 | |
Net Cash Flow | -3 | 1 | -14 | 2 | 16 | -5 | -6 | -3 | 6 | 19 | 19 | 20 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 33 | 37 | 42 | 37 | 45 | 47 | 52 | 46 | 70 | 54 | 50 | 58 |
Inventory Days | 281 | 287 | 267 | 306 | 258 | 287 | 312 | 270 | 368 | 258 | 212 | 224 |
Days Payable | 459 | 402 | 447 | 522 | 441 | 458 | 490 | 488 | 565 | 438 | 418 | 395 |
Cash Conversion Cycle | -145 | -78 | -138 | -178 | -138 | -124 | -127 | -173 | -127 | -126 | -156 | -113 |
Working Capital Days | -20 | -3 | -42 | -12 | 8 | 8 | 15 | 28 | 68 | 109 | 79 | 40 |
ROCE % | 4% | 7% | 8% | 8% | 5% | 5% | 4% | 7% | 3% | -4% | -1% | -4% |
Documents
Announcements
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
24h - India Cements reports Rs.1071.15 Cr borrowings, CARE AAA rating, confirms Large Corporate status.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Audio recording of Q4 and FY25 earnings call available on company website.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Apr
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Announcement under Regulation 30 (LODR)-Retirement
26 Apr - Appointment of Mrs. E.Jayashree as Company Secretary from 01.06.2025 replacing retiring Mr. S. Sridharan.
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Appointment of Company Secretary and Compliance Officer
26 Apr - Appointment of Mrs. E. Jayashree as Company Secretary from 01.06.2025 replacing retiring Mr. S. Sridharan.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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May 2024TranscriptPPT
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Feb 2024TranscriptPPT
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Nov 2023TranscriptPPT
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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Jun 2022TranscriptPPT
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Jan 2021TranscriptPPT
Product Offerings
The company primarily manufactures two standard types of cement including Ordinary Portland Cement and Portland Pozzolana Cement, the mix being 35:65. [1]