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Last Updated: April 2, 2026, 3:24 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 502168 | NSE: NCLIND

NCL Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹58.90Overvalued by 62.48%vs CMP ₹157.00

P/E (10.7) × ROE (3.4%) × BV (₹198.00) × DY (1.91%)

₹177.74Undervalued by 13.21%vs CMP ₹157.00
MoS: +11.7% (Thin)Confidence: 48/100 (Moderate)Models: 5 Under, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹53.3122%Over (-66%)
Graham NumberEarnings₹242.3216%Under (+54.3%)
Earnings PowerEarnings₹35.7411%Over (-77.2%)
DCFCash Flow₹73.4713%Over (-53.2%)
Net Asset ValueAssets₹197.637%Under (+25.9%)
EV/EBITDAEnterprise₹241.359%Under (+53.7%)
Earnings YieldEarnings₹131.807%Over (-16.1%)
ROCE CapitalReturns₹524.939%Under (+234.4%)
Revenue MultipleRevenue₹397.255%Under (+153%)
Consensus (9 models)₹177.74100%Undervalued
Key Drivers: ROE 3.4% is below cost of equity. | Wide model spread (₹36–₹525) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -9.5%

*Investments are subject to market risks

Investment Snapshot

57
NCL Industries Ltd scores 57/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health53/100 · Moderate
ROCE 6.7% WeakROE 3.4% WeakD/E 0.40 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money30/100 · Weak
FII holding down -1.29% (6mo) SellingPromoter holding at 41.0% Stable
Earnings Quality60/100 · Moderate
OPM stable around 8% SteadyWorking capital: 6 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): -2% YoY FlatProfit (4Q): +37% YoY StrongOPM: 11.0% (up 5.0% YoY) Margin expansion
Industry Rank45/100 · Moderate
P/E 10.7 vs industry 274.7 Cheaper than peersROCE 6.7% vs industry 8.9% AverageROE 3.4% vs industry 85.5% Below peers3Y sales CAGR: -4% 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, 3:24 am

Market Cap 711 Cr.
Current Price 157
Intrinsic Value₹177.74
High / Low 239/148
Stock P/E10.7
Book Value 198
Dividend Yield1.91 %
ROCE6.71 %
ROE3.41 %
Face Value 10.0
PEG Ratio-1.13

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

View Share Price Target for NCL Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
NCL Industries Ltd 711 Cr. 157 239/14810.7 1981.91 %6.71 %3.41 % 10.0
Deccan Cements Ltd 823 Cr. 588 1,184/53625.9 5330.10 %1.53 %0.75 % 5.00
Shree Digvijay Cement Co. Ltd 946 Cr. 64.0 108/53.926.7 24.72.34 %8.73 %6.77 % 10.0
Andhra Cements Ltd 395 Cr. 42.8 110/40.4 8.270.00 %10.5 %68.4 % 10.0
Anjani Portland Cement Ltd 308 Cr. 105 161/98.4 69.90.00 %9.07 %31.8 % 10.0
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of NCL Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 419435441391433419355330341383338345343
Expenses 366396378352376370319297322362288296307
Operating Profit 53396339574936342021514936
OPM % 13%9%14%10%13%12%10%10%6%5%15%14%11%
Other Income 3854364-7584-28
Interest 7657656555655
Depreciation 13131313131613151415131315
Profit before tax 36274923423421769362923
Tax % 45%60%37%39%40%28%40%62%41%28%44%32%43%
Net Profit 20113114252413336202013
EPS in Rs 4.412.396.873.065.555.352.860.590.741.424.474.362.93

Last Updated: March 3, 2026, 5:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5515347508688809809381,7492,0462,0442,1041,7991,409
Expenses 5214636287537468437971,4651,8381,8951,8951,6861,252
Operating Profit 2970122115134137140284208149209113157
OPM % 5%13%16%13%15%14%15%16%10%7%10%6%11%
Other Income 552476371119181018
Interest 41373132323732222527242421
Depreciation 31262525354542414548565657
Profit before tax -38126762746169228150931484397
Tax % 8%28%21%11%34%23%27%35%34%51%36%41%
Net Profit -41953554947511499846942560
EPS in Rs -11.682.5514.4514.8810.8610.3611.2432.8721.7010.1720.835.6113.18
Dividend Payout % -9%0%14%17%23%24%1%12%14%30%19%36%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)121.95%488.89%3.77%-10.91%-4.08%8.51%192.16%-34.23%-53.06%104.35%-73.40%
Change in YoY Net Profit Growth (%)0.00%366.94%-485.12%-14.68%6.83%12.59%183.65%-226.39%-18.83%157.41%-177.75%

NCL Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:9%
3 Years:-12%
TTM:-13%
Compounded Profit Growth
10 Years:13%
5 Years:-9%
3 Years:-31%
TTM:-49%
Stock Price CAGR
10 Years:10%
5 Years:16%
3 Years:6%
1 Year:-3%
Return on Equity
10 Years:12%
5 Years:11%
3 Years:7%
Last Year:4%

Last Updated: September 5, 2025, 11:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:42 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 35353737454545454545454545
Reserves 108118160190416454483620699730810819850
Borrowings 217179202347278336347320335292218252259
Other Liabilities 247258224210224260278314392441469532493
Total Liabilities 6075906237849621,0951,1531,2991,4721,5081,5421,6481,647
Fixed Assets 430407392385693658695789773986969922921
CWIP 7211152339090611712839148220
Investments 0000000305035515046
Other Assets 170181221246237346368419477459484528460
Total Assets 6075906237849621,0951,1531,2991,4721,5081,5421,6481,647

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -256130181567110623710620818396
Cash from Investing Activity + -54-18-161-223-69-78-136-139-101-64-111
Cash from Financing Activity + 7-57-97133704-31-52-25-83-110-5
Net Cash Flow -0315-946-449-58249-20
Free Cash Flow -1055112-142-66227101-33105118-18
CFO/OP -7%79%107%28%128%64%89%107%73%168%103%94%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-188.00-109.00-80.00-232.00-144.00-199.00-207.00-36.00-127.00-143.00-9.00-139.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 293026203256562230252528
Inventory Days 261242256199240214327173186240217290
Days Payable 22619199126146184197121103144110177
Cash Conversion Cycle 6482183931278718675114122132141
Working Capital Days -62-63-582-5-4-16-81710116
ROCE %1%14%27%19%16%12%12%27%17%11%16%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.13%47.27%44.48%44.48%43.71%42.31%42.08%42.11%42.27%41.02%40.93%40.95%
FIIs 2.38%3.49%4.23%4.88%5.17%5.41%5.33%5.14%5.24%5.77%4.45%3.95%
DIIs 0.03%0.03%0.03%0.03%0.03%0.39%0.03%0.03%0.04%0.09%0.09%0.16%
Government 0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Public 50.43%49.19%51.25%50.59%51.07%51.88%52.53%52.69%52.43%53.11%54.53%54.92%
No. of Shareholders 58,05853,82354,34952,98153,74356,14258,85558,12156,55853,41250,91049,403

Shareholding Pattern Chart

No. of Shareholders

NCL Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 5.5220.509.4020.6932.65
Diluted EPS (Rs.) 5.5220.509.4020.6932.65
Cash EPS (Rs.) 18.0933.0020.6631.1841.94
Book Value[Excl.RevalReserv]/Share (Rs.) 189.74187.72170.20163.78146.95
Book Value[Incl.RevalReserv]/Share (Rs.) 189.74187.72170.20163.78146.95
Revenue From Operations / Share (Rs.) 311.90413.72355.86361.11305.90
PBDIT / Share (Rs.) 28.8249.8936.8348.0964.02
PBIT / Share (Rs.) 16.3037.5025.9637.7754.24
PBT / Share (Rs.) 9.4632.4220.1732.2949.64
Net Profit / Share (Rs.) 5.5720.619.7920.8632.16
NP After MI And SOA / Share (Rs.) 5.5720.619.7920.8632.16
PBDIT Margin (%) 9.2412.0510.3513.3120.92
PBIT Margin (%) 5.229.067.2910.4517.73
PBT Margin (%) 3.037.835.668.9416.22
Net Profit Margin (%) 1.784.982.755.7710.51
NP After MI And SOA Margin (%) 1.784.982.755.7710.51
Return on Networth / Equity (%) 2.9310.975.7512.7321.88
Return on Capital Employeed (%) 5.9914.029.8815.2024.72
Return On Assets (%) 1.546.052.916.4111.19
Long Term Debt / Equity (X) 0.170.170.260.370.35
Total Debt / Equity (X) 0.280.250.370.420.40
Asset Turnover Ratio (%) 0.881.221.081.181.13
Current Ratio (X) 1.141.341.281.211.11
Quick Ratio (X) 0.520.800.830.830.76
Inventory Turnover Ratio (X) 6.641.891.642.161.91
Dividend Payout Ratio (NP) (%) 62.8314.5530.6419.177.77
Dividend Payout Ratio (CP) (%) 19.349.0914.5212.825.96
Earning Retention Ratio (%) 37.1785.4569.3680.8392.23
Cash Earning Retention Ratio (%) 80.6690.9185.4887.1894.04
Interest Coverage Ratio (X) 6.249.836.368.9913.92
Interest Coverage Ratio (Post Tax) (X) 2.695.062.694.927.99
Enterprise Value (Cr.) 1052.13998.621057.691111.76971.27
EV / Net Operating Revenue (X) 0.740.530.650.680.70
EV / EBITDA (X) 8.074.426.355.113.35
MarketCap / Net Operating Revenue (X) 0.580.440.500.490.56
Retention Ratios (%) 37.1685.4469.3580.8292.22
Price / BV (X) 0.960.981.051.091.17
Price / Net Operating Revenue (X) 0.580.440.500.490.56
EarningsYield 0.030.110.050.110.18

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

NCL Industries Ltd. is a Public Limited Listed company incorporated on 10/09/1979 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L33130TG1979PLC002521 and registration number is 002521. Currently Company is involved in the business activities of Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement. Company's Total Operating Revenue is Rs. 1410.84 Cr. and Equity Capital is Rs. 45.23 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Cement10-3-162, NCL Pearl, 7th Floor, Opp Hyderabad Bhavan, Secunderabad Telangana 500026Contact not found
Management
NamePosition Held
Mrs. Renu ChalluChairperson
Mr. K RaviExecutive Vice Chairman
Mr. K GautamManaging Director
Mr. N G V S G PrasadExecutive Director & CFO
Mrs. Roopa BhupatirajuExecutive Director
Mr. Utkal B GoradiaExecutive Director
Mrs. Pooja KalidindiNon Executive Director
Mr. SK SubramanianIndependent Director
Mrs. P Sudha ReddyIndependent Director
Mr. P Rajagopal ReddyIndependent Director

FAQ

What is the intrinsic value of NCL Industries Ltd and is it undervalued?

As of 14 April 2026, NCL Industries Ltd's intrinsic value is ₹177.74, which is 13.21% higher than the current market price of ₹157.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (3.41 %), book value (₹198), dividend yield (1.91 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of NCL Industries Ltd?

NCL Industries Ltd is trading at ₹157.00 as of 14 April 2026, with a FY2026-2027 high of ₹239 and low of ₹148. The stock is currently near its 52-week low. Market cap stands at ₹711 Cr..

How does NCL Industries Ltd's P/E ratio compare to its industry?

NCL Industries Ltd has a P/E ratio of 10.7, 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 NCL Industries Ltd financially healthy?

Key indicators for NCL Industries Ltd: ROCE of 6.71 % is on the lower side compared to the industry average of 8.92%; ROE of 3.41 % is below ideal levels (industry average: 85.54%). Dividend yield is 1.91 %.

Is NCL Industries Ltd profitable and how is the profit trend?

NCL Industries Ltd reported a net profit of ₹25 Cr in Mar 2025 on revenue of ₹1,799 Cr. Compared to ₹98 Cr in Mar 2022, the net profit shows a declining trend.

Does NCL Industries Ltd pay dividends?

NCL Industries Ltd has a dividend yield of 1.91 % at the current price of ₹157.00. The company pays dividends, though the yield is modest.

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 NCL Industries 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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