Loading…
South India cement manufacturer recently taken over by UltraTech Cement, becoming part of the Aditya Birla Group.
South India cement manufacturer recently taken over by UltraTech Cement, becoming part of the Aditya Birla Group.
Sells cement mainly through dealers in southern states, where freight makes cement a regional business, so profit depends on southern pricing, fuel (coal and petroleum coke) costs and plant utilization. A founding-family business until 2024, it now runs as part of UltraTech's network.
Moat: none (scale). Now backed by UltraTech's balance sheet and distribution, but has historically been a smaller, financially stretched regional player.
Headquarters: Chennai, India · Founded: 1946 · Employees: 3,662
Size India Cements (INDIACEM.NS) is an India Industrials company (Construction Materials) with a market value of $1.14B, the 559th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹349.25 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -16.3% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 14 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +8.0%); the operating margin is 5.3% (peer median 9.0%).
Valuation It trades at 25.6× forward earnings against a peer median of 23.4× (7th most expensive of 14).
Capital Return on invested capital runs 16.3 points below its cost of capital (17.9% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹45.0B | ₹44.7B | ₹41.4B | ₹50.0B | ₹56.1B |
| Revenue growth | — | +8% | -17% | -11% | — |
| Gross profit | ₹11.3B | ₹8.48B | ₹8.16B | ₹13.7B | ₹13.3B |
| EBITDA | ₹5.32B | ₹3.85B | -₹3.64B | ₹972M | -₹1.40B |
| Net income | ₹1.23B | -₹673M | -₹1.44B | -₹2.27B | -₹1.27B |
| Free cash flow | n/a | -₹3.29B | -₹5.78B | ₹27.7M | -₹2.81B |
| Capital expenditure | n/a | ₹2.23B | ₹624M | ₹1.27B | ₹577M |
| Total debt | ₹16.2B | ₹13.0B | ₹11.7B | ₹26.3B | ₹29.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| India Cements INDIACEM.NS | $1.14B | -15% | +5% | 5% | 25.6× | n/a |
| Ramco Cements RAMCOCEM.NS | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% |
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDIACEM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.2% | +0.5% | highest of 14 |
| 6-month return | -15.1% | -16.3% | 7th highest of 14 |
| Distance from 52-week high | -28.1% | -34.9% | 5th highest of 14 |
| Revenue growth (TTM) | +5.2% | +8.0% | 6th lowest of 14 |
| Operating margin | 5.3% | 9.0% | 3rd lowest of 14 |
| Forward P/E | 25.6× | 23.4× | 7th most expensive of 14 |
| ROIC minus cost of capital | -16.3 pp | -4.8 pp | lowest of 14 |
| EV / EBITDA | 23.2× | 12.2× | 2nd most expensive of 14 |
| Net debt / EBITDA | 2.9× | 1.6× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| Midwest MIDWESTLTD.NS | India | $383M | -29% | +3% | 21% | 23.4× | 39.8% | +8.7% |
| Monolithisch India MONOLITH.NS | India | $307M | +136% | +39% | 26% | 48.2× | n/a | n/a |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |