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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500292 | NSE: HEIDELBERG

Heidelberg Cement India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹84.09Overvalued by 42.40%vs CMP ₹146.00

P/E (23.2) × ROE (7.5%) × BV (₹57.80) × DY (4.80%)

₹80.60Overvalued by 44.79%vs CMP ₹146.00
MoS: -81.1% (Negative)Confidence: 66/100 (Moderate)Models: 1 Fair, 9 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹74.6920%Over (-48.8%)
Graham NumberEarnings₹89.4315%Over (-38.7%)
Earnings PowerEarnings₹39.2810%Over (-73.1%)
DCFCash Flow₹57.2112%Over (-60.8%)
Net Asset ValueAssets₹57.927%Over (-60.3%)
EV/EBITDAEnterprise₹151.358%Fair (+3.7%)
Dividend DiscountDividends₹81.608%Over (-44.1%)
Earnings YieldEarnings₹61.507%Over (-57.9%)
ROCE CapitalReturns₹117.198%Over (-19.7%)
Revenue MultipleRevenue₹95.025%Over (-34.9%)
Consensus (10 models)₹80.60100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -11.2%

*Investments are subject to market risks

Investment Snapshot

56
Heidelberg Cement India Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health66/100 · Strong
ROCE 11.4% AverageROE 7.5% AverageD/E 0.19 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.09% (6mo) SellingDII holding up 0.97% MF buyingPromoter holding at 69.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 12% SteadyWorking capital: -67 days (improving) Efficient
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 3% YoY FlatProfit (4Q): -2% YoY Declining
Industry Rank60/100 · Moderate
P/E 23.2 vs industry 274.7 Cheaper than peersROCE 11.4% vs industry 8.9% Above peersROE 7.5% vs industry 85.5% Below peers3Y sales CAGR: -2% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 3,302 Cr.
Current Price 146
Intrinsic Value₹80.60
High / Low 225/136
Stock P/E23.2
Book Value 57.8
Dividend Yield4.80 %
ROCE11.4 %
ROE7.48 %
Face Value 10.0
PEG Ratio-2.07

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Heidelberg Cement India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Heidelberg Cement India Ltd 3,302 Cr. 146 225/13623.2 57.84.80 %11.4 %7.48 % 10.0
Rain Industries Ltd 3,864 Cr. 115 176/99.890.9 2210.87 %8.26 %0.60 % 2.00
Orient Cement Ltd 2,696 Cr. 131 362/1228.22 1000.38 %8.83 %5.12 % 1.00
Sagar Cements Ltd 2,152 Cr. 165 300/149 1290.00 %2.19 %10.3 % 2.00
KCP Ltd 1,721 Cr. 134 230/12511.1 1270.19 %13.0 %11.0 % 1.00
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of Heidelberg Cement India Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 506540602596566607597532461543612598512
Expenses 458503533503497542508454424510522509454
Operating Profit 48376993696589783733918958
OPM % 9%7%11%16%12%11%15%15%8%6%15%15%11%
Other Income 11111313141314121391199
Interest 211179989997566
Depreciation 28292727272728282628272727
Profit before tax 108497048436653158706533
Tax % 28%30%28%25%26%26%27%25%26%31%27%25%26%
Net Profit 76355236314840115504825
EPS in Rs 0.310.251.542.311.581.392.131.760.490.232.232.131.10

Last Updated: January 1, 2026, 11:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:46 am

MetricDec 2013Mar 2015n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2092,0441,6481,7171,8892,1332,1702,1172,2972,2382,3662,1492,296
Expenses 1,1071,7831,4171,4391,5261,6501,6421,6101,8621,9892,0491,9092,006
Operating Profit 102261231279363483528507435249317240290
OPM % 8%13%14%16%19%23%24%24%19%11%13%11%13%
Other Income 121352224203553464945554531
Interest 10613910890747574513646352922
Depreciation 8913810099101102109111112112110110109
Profit before tax -8112045114208342398391335136227146190
Tax % -50%50%22%33%36%35%33%20%25%27%26%27%
Net Profit -4160357613322126831525299168107139
EPS in Rs -1.802.631.563.365.889.7411.8313.9011.134.387.404.716.15
Dividend Payout % 0%0%0%59%43%41%63%58%81%160%108%149%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)117.14%75.00%66.17%21.27%17.54%-20.00%-60.71%69.70%-36.31%
Change in YoY Net Profit Growth (%)0.00%-42.14%-8.83%-44.90%-3.73%-37.54%-40.71%130.41%-106.01%

Heidelberg Cement India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:1%
5 Years:0%
3 Years:-2%
TTM:-4%
Compounded Profit Growth
10 Years:12%
5 Years:-17%
3 Years:-25%
TTM:-26%
Stock Price CAGR
10 Years:11%
5 Years:3%
3 Years:5%
1 Year:-8%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:8%
Last Year:7%

Last Updated: September 5, 2025, 5:55 am

Balance Sheet

Last Updated: December 10, 2025, 2:47 am

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 227227227227227227227227227227227227227
Reserves 6076456687408209451,0881,2671,3391,2351,2431,1691,083
Borrowings 1,3571,2991,0397056195174133061991821377577
Other Liabilities 5686506817358671,0081,0651,0451,0601,0221,0541,0711,051
Total Liabilities 2,7592,8202,6152,4082,5332,6962,7932,8452,8242,6652,6612,5422,437
Fixed Assets 1,7871,7941,9011,8771,8061,7371,6931,6181,5621,4901,4101,3461,292
CWIP 167127566817161927628110133
Investments 0000000055142020
Other Assets 8048996575247199411,0841,2081,2301,1641,2091,065991
Total Assets 2,7592,8202,6152,4082,5332,6962,7932,8452,8242,6652,6612,5422,437

Reserves and Borrowings Chart

Cash Flow

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 119238257361377393459439302226350265
Cash from Investing Activity + -1956-108-40-14-26-14-173-35144-48-73
Cash from Financing Activity + 117-212-287-315-165-242-314-304-328-267-242-271
Net Cash Flow 4132-1386198125131-38-6110460-79
Free Cash Flow -8365135317359351415394255199277165
CFO/OP 119%95%117%138%116%96%101%100%82%109%130%131%

Free Cash Flow

MonthDec 2013Mar 2015n n 15mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow101.00261.00230.00-426.00-256.00-34.00115.00201.00236.0067.00180.00165.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 9363444665810
Inventory Days 288168195141125158137157147160139141
Days Payable 276168204194223262243265225239235245
Cash Conversion Cycle 223-3-50-95-100-101-102-71-75-88-94
Working Capital Days -44-62-93-36-79-62-63-61-5-37-49-67
ROCE %1%9%7%11%17%25%28%25%21%11%16%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%
FIIs 4.76%4.73%3.91%4.33%4.48%4.42%3.13%2.31%2.27%1.35%1.42%1.18%
DIIs 10.32%9.04%8.97%10.01%10.82%10.81%11.89%12.67%13.27%13.98%14.08%14.24%
Government 0.14%0.14%0.14%0.14%0.14%0.14%0.14%0.14%0.14%0.14%0.34%0.00%
Public 15.38%16.70%17.58%16.12%15.16%15.25%15.43%15.49%14.91%15.13%14.76%15.18%
No. of Shareholders 1,02,7211,02,9991,02,65091,10189,34589,80592,03987,64785,19083,55680,78179,806

Shareholding Pattern Chart

No. of Shareholders

Heidelberg Cement India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI ELSS Tax Saver Fund 7,655,191 0.41 130.38N/AN/AN/A
Axis Small Cap Fund 5,040,690 0.34 85.855,040,6902025-04-22 17:25:330%
SBI Multi Asset Allocation Fund 3,044,266 0.33 50.641,300,0002025-12-08 06:03:04134.17%
ICICI Prudential Dividend Yield Equity Fund 2,373,196 0.63 40.422,348,6652025-12-15 01:35:141.04%
ICICI Prudential Smallcap Fund 2,299,622 0.48 39.162,499,6222025-12-08 06:18:25-8%
ICICI Prudential Infrastructure Fund 1,286,961 0.27 21.921,286,9612025-04-22 17:25:330%
ICICI Prudential Multi Asset Fund 1,216,705 0.03 20.721,216,7052025-04-22 17:25:330%
Aditya Birla Sun Life MNC Fund 1,129,090 0.56 19.23N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4.717.404.3811.1313.90
Diluted EPS (Rs.) 4.717.404.3811.1313.90
Cash EPS (Rs.) 9.5512.249.3316.0718.80
Book Value[Excl.RevalReserv]/Share (Rs.) 61.5664.8664.4969.0765.92
Book Value[Incl.RevalReserv]/Share (Rs.) 61.5664.8664.4969.0765.92
Dividend / Share (Rs.) 7.008.007.009.008.00
Revenue From Operations / Share (Rs.) 94.82104.3998.76101.3693.40
PBDIT / Share (Rs.) 12.5716.3812.9821.3424.41
PBIT / Share (Rs.) 7.7311.548.0216.4019.51
PBT / Share (Rs.) 6.4310.015.9914.7917.26
Net Profit / Share (Rs.) 4.717.404.3811.1313.90
PBDIT Margin (%) 13.2515.6913.1421.0526.13
PBIT Margin (%) 8.1411.058.1216.1720.88
PBT Margin (%) 6.789.586.0614.5918.48
Net Profit Margin (%) 4.967.094.4310.9814.87
Return on Networth / Equity (%) 7.6511.416.7816.1121.08
Return on Capital Employeed (%) 10.8414.8910.0218.6922.93
Return On Assets (%) 4.196.303.728.9311.06
Long Term Debt / Equity (X) 0.000.030.070.100.11
Total Debt / Equity (X) 0.040.080.110.120.19
Asset Turnover Ratio (%) 0.820.880.810.810.75
Current Ratio (X) 1.091.261.311.421.09
Quick Ratio (X) 0.901.071.101.210.91
Inventory Turnover Ratio (X) 12.392.472.372.702.41
Dividend Payout Ratio (NP) (%) 169.8294.56205.6571.8643.17
Dividend Payout Ratio (CP) (%) 83.7257.1896.4349.7631.91
Earning Retention Ratio (%) -69.825.44-105.6528.1456.83
Cash Earning Retention Ratio (%) 16.2842.823.5750.2468.09
Interest Coverage Ratio (X) 9.7310.686.3913.2710.88
Interest Coverage Ratio (Post Tax) (X) 4.645.833.157.927.19
Enterprise Value (Cr.) 4072.654015.473322.474101.415144.22
EV / Net Operating Revenue (X) 1.901.701.481.792.43
EV / EBITDA (X) 14.3010.8211.308.489.30
MarketCap / Net Operating Revenue (X) 2.091.881.631.872.50
Retention Ratios (%) -69.825.43-105.6528.1356.82
Price / BV (X) 3.223.022.492.743.54
Price / Net Operating Revenue (X) 2.091.881.631.872.50
EarningsYield 0.020.030.020.050.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Heidelberg Cement India Ltd. is a Public Limited Listed company incorporated on 13/05/1958 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L26942HR1958FLC042301 and registration number is 042301. Currently Company is involved in the business activities of Manufacture of clinkers and cement. Company's Total Operating Revenue is Rs. 2148.88 Cr. and Equity Capital is Rs. 226.62 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Cement2 Floor, Block-B, DLF Cyber Greens, Gurgaon Haryana 122002Contact not found
Management
NamePosition Held
Ms. Jyoti NarangChairperson & Independent Director
Mr. Joydeep MukherjeeManaging Director
Mr. Vimal Kumar JainWhole Time Director
Mr. Roberto CallieriNon Executive Director
Mr. Atul KhoslaIndependent Director
Mr. Vimal Kumar ChoudharyNon Executive Director

FAQ

What is the intrinsic value of Heidelberg Cement India Ltd and is it undervalued?

As of 19 April 2026, Heidelberg Cement India Ltd's intrinsic value is ₹80.60, which is 44.79% lower than the current market price of ₹146.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.48 %), book value (₹57.8), dividend yield (4.80 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Heidelberg Cement India Ltd?

Heidelberg Cement India Ltd is trading at ₹146.00 as of 19 April 2026, with a FY2026-2027 high of ₹225 and low of ₹136. The stock is currently near its 52-week low. Market cap stands at ₹3,302 Cr..

How does Heidelberg Cement India Ltd's P/E ratio compare to its industry?

Heidelberg Cement India Ltd has a P/E ratio of 23.2, which is below the industry average of 274.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Heidelberg Cement India Ltd financially healthy?

Key indicators for Heidelberg Cement India Ltd: ROCE of 11.4 % is moderate; ROE of 7.48 % is below ideal levels (industry average: 85.54%). Dividend yield is 4.80 %.

Is Heidelberg Cement India Ltd profitable and how is the profit trend?

Heidelberg Cement India Ltd reported a net profit of ₹107 Cr in Mar 2025 on revenue of ₹2,149 Cr. Compared to ₹252 Cr in Mar 2022, the net profit shows a declining trend.

Does Heidelberg Cement India Ltd pay dividends?

Heidelberg Cement India Ltd has a dividend yield of 4.80 % at the current price of ₹146.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Heidelberg Cement India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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