India Cements Ltd.

NSE: INDIACEM · Construction Materials

₹349.25+0.78%06 Nov 2026

Ask the data

Instant answers about India Cements Ltd. — computed from its filings, no language model

Market cap₹10,823 cr

Current price₹349.25

High / Low₹479 / ₹294

P/E88.4

P/B1.06

Book value₹328.8

ROE1.2%

ROCE2.1%

Debt / equity0.16

Dividend yield—

EPS (TTM)₹3.95

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5,186	4,511	4,858	5,608	5,112	4,149	4,485
EBITDA	595	788	484	-143	99	-382	397
Operating margin	11.5%	17.5%	10.0%	-2.6%	1.9%	-9.2%	8.8%
Interest	343	271	198	242	244	266	99
Depreciation	256	247	226	219	226	239	299
Profit before tax	24	311	85	-378	-263	-171	-63
Tax	-30	102	19	-208	-48	-58	2
Net profit	0	207	78	-127	-227	-144	-67
EPS ₹	9.18	7.01	8.92	-4.04	-7.32	153.23	-2.17
Operating cash flow	—	—	439	-19	344	-256	-27
Capex	—	—	168	58	127	62	223
Dividend paid	—	—	29	29	0	0	0
Total assets	11,670	11,090	12,043	11,467	10,701	13,830	13,403
Equity	5,498	5,707	5,947	5,776	5,575	10,194	10,124

Quarterly performance

last 29 quarters · ₹ crore

showing latest 8 of 29 periods

	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	1,269	1,244	1,176	763	1,090	1,185	1,472	1,045	1,235	1,161	1,418	1,514	1,327	1,281	1,486	1,437	1,264	1,144	1,267	1,027	1,032	941	1,197	1,025	1,117	1,114	1,229	1,019	1,142
Operating profit	150	130	72	156	243	223	166	165	142	115	63	40	-76	-60	-47	8	4	49	38	-25	-163	-190	-3	83	81	79	153	156	144
Operating margin	11.8%	10.4%	6.1%	20.5%	22.3%	18.8%	11.3%	15.8%	11.5%	9.9%	4.4%	2.6%	-5.7%	-4.7%	-3.2%	0.6%	0.3%	4.3%	3.0%	-2.4%	-15.8%	-20.2%	-0.3%	8.1%	7.3%	7.1%	12.5%	15.3%	12.6%
Other income	6	7	22	8	5	5	23	3	7	7	7	10	11	11	8	7	8	29	20	16	159	46	26	9	29	24	26	3	4
Interest	88	87	82	75	72	70	54	47	51	51	49	61	70	62	50	58	60	60	65	82	73	73	38	27	25	24	23	26	24
Depreciation	63	64	67	61	61	62	63	56	58	56	56	54	55	55	55	54	55	58	58	56	55	55	75	74	74	75	76	72	72
Profit before tax	4	-14	-69	29	114	96	72	65	40	15	-34	-64	-190	135	-258	-97	-103	-14	-49	93	-355	94	1	-132	4	-5	69	36	52
Tax	-1	-5	-57	9	38	27	28	19	7	2	-8	-148	-69	23	-14	-24	-17	-8	1	21	-16	-39	-24	-1	-4	-2	9	9	13
Net profit	5	-9	0	0	69	68	50	0	30	16	-11	0	-113	133	-227	-87	0	1	-61	58	-339	0	15	-133	0	-3	60	27	39
EPS ₹	0.17	-0.24	7.16	0.65	2.23	2.25	1.88	1.60	0.87	0.24	6.21	2.74	-3.62	4.24	-7.40	-2.86	-2.56	0.00	-1.91	1.87	-11.55	162.41	0.51	-4.21	0.28	-0.09	1.92	0.87	1.25
Revenue YoY	—	—	—	—	-14.1%	-4.8%	25.2%	36.9%	13.3%	-2.0%	-3.7%	44.9%	7.5%	10.4%	4.8%	-5.1%	-4.7%	-10.7%	-14.7%	-28.5%	-18.4%	-17.8%	-5.5%	-0.2%	8.3%	18.4%	2.6%	-0.5%	2.2%
Profit YoY	—	—	—	—	1265.1%	—	—	—	-57.0%	-76.1%	-121.1%	—	-480.7%	720.8%	—	—	—	-99.5%	—	—	—	-100.0%	—	-327.3%	—	—	305.3%	—	—

Earlier results (standalone, Sep '07 – Jun '19)

₹ crore · from BSE, before the NSE XBRL filings begin

India Cements Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 10 periods

	FY09†	FY10†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	3,938	3,805	4,215	4,614	4,497	4,447	4,249	5,315	5,341	5,628
Operating profit	1,027	861	915	860	593	706	803	819	693	638
Operating margin	26.1%	22.6%	21.7%	18.6%	13.2%	15.9%	18.9%	15.4%	13.0%	11.3%
Other income	16	—	8	—	1	—	—	—	19	31
Interest	112	143	287	308	354	420	370	338	340	324
Depreciation	203	233	251	282	276	258	218	219	256	251
Profit before tax	648	531	381	252	-36	29	200	263	116	93
Tax	216	177	88	89	0	0	62	87	15	24
Net profit	432	354	293	164	-36	29	138	176	101	69

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†
Revenue	890	855	978	974	1,097	878	991	960	995	876	974	883	843	784	1,061	1,092	944	1,118	1,205	1,126	1,084	1,199	1,241	1,094	1,038	1,125	1,228	1,136	1,040	1,043	1,075	1,082	937	1,154	1,206	1,314	1,271	1,524	1,462	1,268	1,213	1,398	1,361	1,387	1,316	1,564	1,469
Operating profit	307	245	263	298	299	194	236	293	303	128	136	102	30	129	246	254	197	218	281	208	194	176	193	135	145	119	160	183	163	200	199	232	154	218	205	231	192	192	186	181	167	159	156	155	135	192	242
Operating margin	34.5%	28.7%	26.9%	30.6%	27.3%	22.1%	23.8%	30.5%	30.5%	14.7%	14.0%	11.6%	3.6%	16.4%	23.2%	23.3%	20.9%	19.5%	23.4%	18.5%	17.9%	14.7%	15.6%	12.4%	14.0%	10.6%	13.0%	16.1%	15.7%	19.2%	18.5%	21.4%	16.4%	18.9%	17.0%	17.6%	15.1%	12.6%	12.7%	14.3%	13.8%	11.3%	11.5%	11.2%	10.2%	12.3%	16.5%
Other income	6	3	33	13	0	0	3	—	—	—	3	26	1	4	1	0	2	4	0	0	2	—	0	0	1	0	0	0	0	—	—	—	—	0	—	—	—	—	5	7	4	4	6	4	4	17	3
Interest	28	27	23	23	25	29	35	38	37	30	37	30	28	41	58	90	75	64	95	67	82	64	100	99	77	78	97	109	109	105	93	95	91	91	82	88	86	82	87	89	92	72	73	95	73	83	80
Depreciation	30	31	39	49	50	51	53	57	57	57	62	60	61	62	62	63	62	65	69	70	71	72	68	68	69	72	66	66	66	59	55	55	55	52	51	52	52	64	63	63	63	66	62	62	63	65	60
Profit before tax	255	189	234	217	195	100	135	219	207	53	53	27	-47	32	123	103	62	94	97	72	43	40	26	-31	0	-31	-3	7	-12	37	40	77	8	75	71	92	54	46	40	36	15	24	27	1	3	62	105
Tax	32	62	129	75	61	38	42	74	70	18	14	2	-13	11	21	33	6	29	35	23	17	14	9	-9	0	0	0	0	0	0	0	36	2	24	27	29	19	11	14	13	0	-11	6	0	0	18	33
Net profit	223	127	104	142	134	62	94	144	137	35	38	25	-34	21	102	70	56	65	62	49	26	26	17	-23	0	-31	-3	7	-12	37	40	41	5	51	44	62	35	34	26	24	15	35	21	1	3	44	72
EPS ₹	8.55	4.86	3.71	5.04	4.77	2.20	3.32	5.11	4.85	1.23	1.33	0.81	-1.09	0.70	3.32	2.27	1.83	—	2.02	1.60	0.85	0.86	0.55	-0.73	0.01	-0.99	-0.10	0.24	-0.38	1.19	1.31	1.34	0.18	1.67	1.43	2.03	1.15	0.93	0.86	0.77	0.49	1.35	0.68	0.05	0.10	1.24	2.34
Revenue YoY	—	—	—	—	23.2%	2.7%	1.3%	-1.4%	-9.3%	-0.2%	-1.6%	-8.1%	-15.3%	-10.6%	20.2%	29.5%	20.5%	—	13.6%	3.1%	14.8%	7.2%	3.0%	-2.8%	-4.3%	-6.2%	-1.0%	3.8%	0.2%	-7.3%	-12.5%	-4.7%	-9.9%	10.6%	12.1%	21.4%	35.6%	32.1%	21.2%	-3.5%	-4.6%	-8.3%	-6.9%	9.4%	8.5%	11.9%	7.9%
Profit YoY	—	—	—	—	-39.7%	-51.3%	-10.1%	1.5%	2.0%	-43.8%	-59.2%	-82.7%	-124.6%	-38.3%	308.4%	—	162.3%	—	-39.2%	-29.6%	-53.6%	-59.5%	-72.9%	-145.9%	-98.4%	-216.3%	-117.6%	—	-2881.0%	—	—	447.9%	—	39.9%	9.7%	52.1%	547.3%	-33.1%	-39.9%	-62.1%	-56.9%	2.9%	-20.5%	-94.0%	-79.5%	24.3%	243.4%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 26 periods

	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	-0.1%	1.1%	2.5%	3.3%	3.3%	2.6%	1.7%	0.6%	0.6%	-1.8%	0.2%	-3.6%	-5.1%	-3.2%	-5.6%	-2.6%	-0.0%	-6.5%	-6.5%	-2.6%	-4.5%	-1.2%	-1.2%	-0.8%	0.8%	1.2%
ROCE	3.3%	4.3%	5.4%	6.7%	6.8%	5.7%	4.5%	3.1%	1.9%	-0.5%	1.0%	-1.6%	-2.0%	-1.1%	-2.9%	-0.2%	2.4%	-0.6%	1.0%	0.9%	-1.6%	1.1%	-0.2%	0.3%	1.8%	2.1%
Net margin	-0.1%	1.4%	3.3%	4.2%	3.9%	3.0%	2.0%	0.7%	0.7%	-2.0%	0.2%	-3.7%	-5.3%	-3.3%	-5.9%	-2.9%	-0.0%	-7.6%	-8.0%	-6.3%	-10.9%	-2.8%	-2.7%	-1.7%	1.9%	2.7%
EBITDA margin	11.4%	14.1%	16.5%	17.5%	16.6%	14.1%	11.9%	10.0%	6.7%	2.6%	-0.6%	-2.6%	-3.2%	-1.7%	0.3%	1.9%	1.4%	-2.3%	-8.0%	-9.1%	-6.5%	-0.7%	5.4%	8.8%	10.5%	11.8%
Debt / equity	0.58	0.58	0.58	0.53	0.53	0.53	0.53	0.52	0.52	0.50	0.50	0.51	0.51	0.50	0.50	0.47	0.47	0.41	0.41	0.11	0.11	0.13	0.13	0.13	0.13	0.16
Interest coverage	0.85	1.19	1.57	2.15	2.43	2.23	1.94	1.43	0.79	-0.19	0.36	-0.56	-0.72	-0.41	-1.06	-0.08	0.73	-0.16	0.26	0.37	-0.86	0.80	-0.16	0.36	2.06	2.56
Asset turnover	0.38	0.37	0.36	0.41	0.43	0.45	0.44	0.40	0.44	0.45	0.46	0.49	0.48	0.49	0.47	0.48	0.44	0.46	0.44	0.30	0.30	0.31	0.33	0.33	0.33	0.33

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 16 periods

	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	308	308	308	310	310	310	310	310	310	310	310	310	310	310	310	310
Other equity / reserves	4,742	4,867	4,961	4,936	5,188	5,397	5,637	5,610	5,466	5,324	5,265	4,953	9,884	9,763	9,814	9,879
Total equity	5,050	5,175	5,269	5,246	5,498	5,707	5,947	5,920	5,776	5,634	5,575	5,263	10,194	10,073	10,124	10,189
Borrowings	2,685	2,811	3,034	2,951	3,163	3,036	3,086	2,968	2,940	2,826	2,618	2,137	1,165	1,335	1,305	1,624
Current liabilities	2,666	2,436	1,929	2,508	2,878	2,493	2,731	2,993	2,827	2,993	2,797	2,304	1,250	1,739	1,576	1,771
Non-current liabilities	2,949	3,303	3,708	3,492	3,238	2,825	3,289	3,112	2,814	2,586	2,305	2,076	2,384	1,851	1,703	1,793
Total assets	10,692	10,950	10,946	11,300	11,670	11,090	12,043	12,105	11,467	11,238	10,701	9,679	13,830	13,663	13,403	13,753
Property, plant & equipment	7,435	7,213	7,018	6,864	6,968	6,811	6,841	6,890	6,672	6,591	6,746	6,381	11,572	11,290	11,179	11,035
Capital work-in-progress	99	134	176	196	235	300	386	320	313	371	190	178	177	214	344	952
Investments	357	358	358	371	382	381	408	414	334	325	319	297	120	118	83	96
Inventories	626	774	695	847	842	597	844	738	785	715	631	492	556	623	734	715
Receivables	560	523	645	746	736	564	931	995	825	852	699	695	659	462	248	139
Cash & equivalents	36	38	54	49	43	40	46	64	65	72	84	74	103	39	14	8

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 12 periods

	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	645	957	757	563	280	387	1,046	439	-19	344	-256	-27
Cash from investing	-124	-171	-155	-313	-202	-282	-189	-250	435	248	2,015	-103
Cash from financing	-520	-757	-599	-235	-83	-110	-860	-183	-397	-572	-1,738	40
Capex	258	168	98	203	304	250	165	168	58	127	62	223
Free cash flow	387	789	659	360	-24	136	881	271	-77	217	-319	-249
Dividends paid	1	0	35	35	32	28	18	29	29	0	0	0

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹11,035 cr80%

CWIP

₹952 cr7%

Investments

₹96 cr1%

Inventories

₹715 cr5%

Receivables

₹139 cr1%

Cash & equivalents

₹8 cr0%

Other assets

₹809 cr6%

Peer comparison

largest in Construction Materials · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
UltraTech Cement Ltd.	3,66,877	12,450.00	41.7	4.99	12.0%
Grasim Industries Ltd.	2,19,613	3,227.00	38.6	2.12	5.5%
Ambuja Cements Ltd.	97,064	390.60	34.6	1.63	4.7%
Shree Cement Ltd.	90,561	25,100.00	57.2	3.80	6.6%
J.K. Cement Ltd.	40,488	5,239.80	42.3	5.51	13.0%
Dalmia Bharat Ltd.	27,936	1,470.30	57.0	1.55	2.7%
ACC Ltd.	23,241	1,236.20	26.3	1.12	4.3%
The Ramco Cements Ltd.	19,314	817.35	31.8	2.38	7.5%
JSW Cement Ltd.	16,693	123.41	22.0	2.46	11.2%
Nuvoco Vistas Corporation Ltd.	12,251	343.00	29.5	1.28	4.3%
India Cements Ltd.	10,823	349.25	88.4	1.06	1.2%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+15.2%

6 months-15.1%

1 year-10.8%

3Y CAGR+17.5%

5Y CAGR+9.9%

10Y CAGR+8.7%

50-day avg₹327.61

200-day avg₹380.90

RSI (14)67

Compare India Cements Ltd. with

ACC vs India Cements The Ramco Cements vs India Cements JSW Cement vs India Cements Nuvoco Vistas Corporation vs India Cements

FAQs

What is the share price of India Cements Ltd.?

India Cements Ltd. (INDIACEM) closed at ₹349.25 on NSE on 06 Nov 2026.

What is the market cap of India Cements Ltd.?

₹10,823 crore at the latest close.

What is the P/E ratio of India Cements Ltd.?

88.4, on trailing-twelve-month earnings from its filings.

How fast is India Cements Ltd. growing?

India Cements Ltd.: revenue has compounded at -7.2% a year over three years. Latest-quarter revenue is up 2.2% year on year.

How profitable is India Cements Ltd.?

On a trailing-twelve-month basis return on equity is 1.2%, return on capital employed 2.1%, operating margin 11.8%, net margin 2.7%.

How much debt does India Cements Ltd. have?

India Cements Ltd. is lightly geared: debt to equity is 0.16 with borrowings of ₹1,624 cr against cash of ₹8 cr (balance sheet of 2026-09-30). Operating profit covers interest 2.6 times.

Financials parsed from India Cements Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '19, annual from FY20, balance sheet from Mar '16. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.