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India Cements Ltd.
(INDIACEM)
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Rating:48Neutral
Price Target:
₹326.00
▼(-16.53% Downside)
Action:Reiterated
Date:10/22/26
The score is held down primarily by weak financial performance (ongoing losses and negative operating/free cash flow despite balance-sheet improvement) and mixed technicals (below key longer-term moving averages with negative MACD). These are partially offset by a strongly optimistic earnings call emphasizing pricing improvement, demand momentum, and progress toward profitability and deleveraging targets, but valuation remains a notable headwind due to the high P/E and no dividend yield provided.
Positive Factors
Meaningful Deleveraging
Substantial debt reduction and a large equity base improve financial resilience and reduce balance-sheet risk. This gives India Cements greater capacity to withstand cyclical cement demand, support operations, and pursue necessary investment over the next several quarters.
Negative Factors
Persistent Net Losses
Several consecutive years of net losses show that the operating recovery has not yet translated into durable bottom-line profitability. Continued earnings volatility can constrain reinvestment, weaken return generation, and leave the turnaround dependent on further margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Meaningful Deleveraging
Substantial debt reduction and a large equity base improve financial resilience and reduce balance-sheet risk. This gives India Cements greater capacity to withstand cyclical cement demand, support operations, and pursue necessary investment over the next several quarters.
Read all positive factors
India Cements Ltd. (INDIACEM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹96.83B
Dividend Yield0.35%
Average Volume (3M)270.85K
Price to Earnings (P/E)78.9
Beta (1Y)1.00
Revenue Growth5.24%
EPS Growth850.22%
CountryIN
Employees1,420
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)3.95
Shares Outstanding309,897,220
10 Day Avg. Volume694,667
30 Day Avg. Volume270,852
Financial Highlights & Ratios
PEG Ratio3.09
Price to Book (P/B)1.09
Price to Sales (P/S)2.46
P/FCF Ratio-44.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.37
Revenue Forecast (FY)₹48.85B
India Cements Ltd. Business Overview & Revenue Model
Company Description
Established in 1946 and headquartered in Chennai, India, The India Cements Limited is a key player in the Indian market, primarily engaged in the production and sale of cement and related building materials. The company's diverse product range fea...
How the Company Makes Money
India Cements primarily makes money by manufacturing cement and selling it to customers in domestic markets through a mix of trade channels (dealers/retail distribution serving individual consumers and small contractors) and bulk/institutional cha...
India Cements Ltd. Earnings Call Summary
Earnings Call Date:Oct 17, 2026
(Q2-2027)
| Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was strongly optimistic overall. UltraTech reported 13.8% volume growth, a 21% increase in net profit, improved utilization, rising cement prices, significant capacity expansion, and strong demand commentary. Management also highlighted positive momentum in South India, renewable power additions, and the initial response to Ultravolt. These positives were tempered by elevated fuel and raw material costs, constrained domestic coal availability, rainfall-related weakness in the East, higher interest expense and leverage, and uncertainty around future cost inflation. Management nevertheless maintained its profitability, capacity, and deleveraging targets.Positive Updates
Net Profit Increased 21% Despite Higher Costs
UltraTech achieved a 21% increase in net profits despite increases in fuel and raw material costs. Management also cited improved operating performance, higher capacity utilization on a higher base, higher or stable realizations, and efficiency improvements.
Negative Updates
Fuel and Raw Material Costs Increased
Fuel and raw material costs rose about 13%, or INR 3 per quarter-on-quarter, according to management. Fuel cost increased from INR 45 per bag to INR 51.5 per bag, with fuel rates at about INR 2.09 per kcal and potentially around INR 2.2 per kcal.
Read all updates
Q2-2027 Updates
Positive
Negative
Net Profit Increased 21% Despite Higher Costs
UltraTech achieved a 21% increase in net profits despite increases in fuel and raw material costs. Management also cited improved operating performance, higher capacity utilization on a higher base, higher or stable realizations, and efficiency improvements.
Read all positive updates
Company Guidance
Management expects “more price improvement” in “the next couple of months,” with the “full benefit” of price increases reflected in Q3 earnings; industry cement demand is expected to grow “closer to 10% year-on-year,” while UltraTech expects to “grow stronger” with capacity additions and market reach. Capacity is planned to reach 240 million tons, and full-year CapEx guidance remains INR 10,000, with “INR ±10,000.” Fuel cost is expected to be INR 2.2 per kcal in Q3 and Q4 “if nothing else happens” and “$180 remains $180.” Management said it will deliver its INR 1,400 EBITDA per ton commitment by March 2028, expects net-debt EBITDA to be below 1x by the end of March, and expects “very strong momentum in cement consumption” through March 2029. Ultravolt has planned investment of INR 1,800 crore, with no change beyond that amount, should see “matured performance for fiscal 2028,” and is expected to reach 10,000 UBS stores in “the next two or three years,” specifically “2028, 2029.”India Cements Ltd. Financial Statement Overview
Summary
Income Statement
41
Neutral
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.04B | 44.85B | 41.49B | 49.98B | 56.08B | 48.58B |
| Gross Profit | 28.43B | 34.90B | 14.59B | 20.84B | 19.07B | 23.54B |
| EBITDA | 5.41B | 3.35B | -3.46B | 1.03B | -1.42B | 4.91B |
| Net Income | 1.23B | -672.50M | -1.44B | -2.27B | -1.27B | 784.63M |
Balance Sheet | ||||||
| Total Assets | 137.53B | 134.03B | 138.30B | 107.15B | 114.67B | 120.43B |
| Cash, Cash Equivalents and Short-Term Investments | 574.10M | 625.50M | 1.05B | 998.05M | 688.40M | 496.64M |
| Total Debt | 16.20B | 13.05B | 11.65B | 26.33B | 29.45B | 30.91B |
| Total Liabilities | 35.64B | 32.79B | 36.36B | 51.01B | 56.40B | 60.20B |
| Stockholders Equity | 101.89B | 101.24B | 101.94B | 55.75B | 57.76B | 59.47B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -2.49B | -3.19B | 2.17B | -771.30M | 2.71B |
| Operating Cash Flow | 0.00 | -267.40M | -2.56B | 3.44B | -194.60M | 4.39B |
| Investing Cash Flow | 0.00 | -1.03B | 20.15B | 2.48B | 4.35B | -2.50B |
| Financing Cash Flow | 0.00 | 403.30M | -17.38B | -5.72B | -3.97B | -1.83B |
India Cements Ltd. Technical Analysis
Neutral
390.55
Price Trends
331.16
Negative
359.27
Negative
384.20
Negative
Market Momentum
-5.61
Negative
48.89
Neutral
24.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDIACEM, the sentiment is Neutral. The current price of 390.55 is above the 20-day moving average (MA) of 304.03, above the 50-day MA of 331.16, and above the 200-day MA of 384.20, indicating a neutral trend. The MACD of -5.61 indicates Negative momentum. The RSI at 48.89 is Neutral, neither overbought nor oversold. The STOCH value of 24.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:INDIACEM.
India Cements Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | ₹68.97B | 18.72 | ― | 1.17% | 14.53% | 56.37% | |
59 Neutral | ₹114.50B | 27.57 | ― | ― | 10.62% | 51.52% | |
57 Neutral | ₹56.36B | 15.23 | ― | 1.43% | 8.74% | -7.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹169.61B | 26.38 | ― | 0.35% | 8.58% | 101.19% | |
48 Neutral | ₹96.83B | 78.94 | ― | 0.35% | 5.24% | 850.22% | |
48 Neutral | ₹157.47B | 20.44 | ― | 0.43% | ― | ― |
* General Sector Average
IN:INDIACEM
India Cements Ltd.
312.45
-90.25
-22.41%
IN:JKLAKSHMI
JK Lakshmi Cement Limited
454.00
-405.00
-47.15%
IN:NUVOCO
Nuvoco Vistas Corporation Limited
320.60
-93.90
-22.65%
IN:RAMCOCEM
Ramco Cements Limited
717.80
-322.50
-31.00%
IN:STARCEMENT
Star Cement Ltd.
170.65
-86.10
-33.53%
IN:JSWCEMENT
JSW Cement Limited
115.50
-20.44
-15.04%
India Cements Ltd. Corporate Events
India Cements Publishes Q2FY27 Investor Presentation for Stakeholders
Oct 17, 2026
India Cements Limited has released an investor presentation detailing its performance for the quarter ended 30 September 2026, complementing previously submitted unaudited financial results for the quarter and half-year. The presentation, covering...
India Cements files chairman’s AGM speech with stock exchanges
Aug 10, 2026
India Cements Limited has notified stock exchanges and the Luxembourg Stock Exchange that its chairman delivered a speech at the company’s 80th Annual General Meeting. The meeting was held on 10 August 2026 at 3 p.m. IST via video conference...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.