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India Cements Ltd.
(INDIACEM)
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Rating:44Neutral
Price Target:
₹380.00
▼(-2.70% Downside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak financial performance—ongoing net losses and negative operating/free cash flow—despite a stronger balance sheet from deleveraging and improving EBIT. Technicals are broadly neutral with modest near-term support but lack long-term strength, and valuation is a major headwind due to the very high P/E with no dividend yield provided.
Positive Factors
Improved leverage and equity base
Meaningful deleveraging and a large equity base materially improve balance-sheet resilience. Lower debt reduces refinancing and interest burden risk, giving management flexibility to fund working capital or capex and better absorb demand swings, supporting medium-term stability.
Negative Factors
Persistent net losses
Multi-year net losses erode retained capital and constrain reinvestment capacity. Even with EBIT improvement, recurring bottom-line deficits limit ability to rebuild reserves or return capital, increasing reliance on operational improvement and cash flow recovery to achieve durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage and equity base
Meaningful deleveraging and a large equity base materially improve balance-sheet resilience. Lower debt reduces refinancing and interest burden risk, giving management flexibility to fund working capital or capex and better absorb demand swings, supporting medium-term stability.
Read all positive factors
India Cements Ltd. (INDIACEM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹110.21B
Dividend Yield0.35%
Average Volume (3M)21.75K
Price to Earnings (P/E)118.5
Beta (1Y)0.89
Revenue Growth6.79%
EPS GrowthN/A
CountryIN
Employees1,420
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)2.98
Shares Outstanding309,897,220
10 Day Avg. Volume6,705
30 Day Avg. Volume21,750
Financial Highlights & Ratios
PEG Ratio3.09
Price to Book (P/B)1.64
Price to Sales (P/S)3.70
P/FCF Ratio-66.57
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)14.7
Revenue Forecast (FY)₹52.37B
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. 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 | 44.79B | 44.85B | 41.49B | 49.98B | 56.08B | 48.58B |
| Gross Profit | 23.61B | 34.90B | 14.59B | 20.84B | 19.07B | 23.54B |
| EBITDA | 5.00B | 3.35B | -4.81B | -232.65M | -1.42B | 4.78B |
| Net Income | 924.90M | -672.50M | -1.44B | -2.27B | -1.27B | 784.63M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 134.03B | 138.30B | 107.15B | 114.67B | 120.43B |
| Cash, Cash Equivalents and Short-Term Investments | 622.19M | 625.50M | 1.05B | 998.05M | 688.40M | 496.64M |
| Total Debt | 0.00 | 13.05B | 11.65B | 26.33B | 29.45B | 30.91B |
| Total Liabilities | -101.24B | 32.79B | 36.36B | 51.01B | 56.40B | 60.20B |
| Stockholders Equity | 101.24B | 101.24B | 101.94B | 55.75B | 57.76B | 59.47B |
Cash Flow | ||||||
| Free Cash Flow | -2.52B | -2.49B | -3.19B | 2.17B | -771.30M | 2.71B |
| Operating Cash Flow | -1.95B | -267.40M | -2.56B | 3.44B | -194.60M | 4.39B |
| Investing Cash Flow | 71.30M | -1.03B | 20.15B | 2.48B | 4.35B | -2.50B |
| Financing Cash Flow | 1.23B | 403.30M | -17.38B | -5.72B | -3.97B | -1.83B |
India Cements Ltd. Technical Analysis
Negative
390.55
Price Trends
382.45
Negative
389.34
Negative
402.45
Negative
Market Momentum
-7.49
Positive
34.35
Neutral
20.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDIACEM, the sentiment is Negative. The current price of 390.55 is above the 20-day moving average (MA) of 369.67, above the 50-day MA of 382.45, and below the 200-day MA of 402.45, indicating a bearish trend. The MACD of -7.49 indicates Positive momentum. The RSI at 34.35 is Neutral, neither overbought nor oversold. The STOCH value of 20.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹78.57B | 21.32 | ― | 1.02% | 14.53% | 56.37% | |
68 Neutral | ₹123.25B | 31.44 | ― | ― | 9.45% | 153.65% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹205.53B | 31.94 | ― | 0.29% | 8.58% | 101.19% | |
48 Neutral | ₹63.00B | 16.74 | ― | 1.30% | 8.74% | -7.52% | |
48 Neutral | ₹166.13B | 21.23 | ― | 0.41% | ― | ― | |
44 Neutral | ₹110.21B | 118.46 | ― | 0.35% | 6.79% | ― |
* General Sector Average
IN:INDIACEM
India Cements Ltd.
354.00
-37.50
-9.58%
IN:JKLAKSHMI
JK Lakshmi Cement Limited
498.60
-401.83
-44.63%
IN:NUVOCO
Nuvoco Vistas Corporation Limited
339.80
-112.15
-24.81%
IN:RAMCOCEM
Ramco Cements Limited
870.95
-180.82
-17.19%
IN:STARCEMENT
Star Cement Ltd.
195.00
-83.20
-29.91%
IN:JSWCEMENT
JSW Cement Limited
121.60
-26.40
-17.84%
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.