The India Cements Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 26, 2024, 9:34 pm

Market Cap	11,589 Cr.
Current Price	374
High / Low	386/173
Stock P/E
Book Value	170
Dividend Yield	0.00 %
ROCE	0.78 %
ROE	4.81 %
Face Value	10.0
PEG Ratio	0.00

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for The India Cements Ltd

Competitors of The India Cements Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Bheema Cements Ltd	71.7 Cr.	22.0	35.3/20.3		13.2	0.00 %	11.8 %	56.4 %	10.0
UltraTech Cement Ltd	3,30,716 Cr.	11,461	12,145/9,250	50.3	2,126	0.61 %	15.1 %	12.2 %	10.0
The Ramco Cements Ltd	23,089 Cr.	977	1,060/700	83.7	302	0.26 %	8.17 %	5.63 %	1.00
The India Cements Ltd	11,589 Cr.	374	386/173		170	0.00 %	0.78 %	4.81 %	10.0
Star Cement Ltd	9,301 Cr.	230	256/170	47.0	67.9	0.00 %	16.5 %	11.5 %	1.00
Industry Average	33,525.89 Cr	1,871.10		36.99	530.04	0.60%	11.09%	16.06%	7.13

All Competitor Stocks of The India Cements Ltd

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	1,045	1,235	1,161	1,418	1,514	1,327	1,281	1,486	1,437	1,264	1,144	1,267	1,027
Expenses	881	1,093	1,046	1,355	1,475	1,403	1,341	1,533	1,428	1,260	1,096	1,229	1,051
Operating Profit	165	142	115	63	40	-76	-60	-47	8	4	49	38	-25
OPM %	16%	12%	10%	4%	3%	-6%	-5%	-3%	1%	0%	4%	3%	-2%
Other Income	3	7	7	7	10	11	311	-106	7	8	56	36	256
Interest	47	51	51	49	61	70	62	50	58	60	60	65	82
Depreciation	56	58	56	56	54	55	55	55	54	55	58	58	56
Profit before tax	65	40	15	-34	-64	-190	135	-258	-97	-103	-14	-49	93
Tax %	29%	18%	13%	-24%	-230%	-36%	17%	-5%	-24%	-17%	-53%	2%	23%
Net Profit	44	34	20	-10	82	-110	133	-229	-87	-80	1	-61	58
EPS in Rs	1.39	0.96	0.52	-0.34	2.58	-3.65	4.30	-7.32	-2.82	-2.58	0.02	-1.95	1.89

Last Updated: September 28, 2024, 9:58 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: September 28, 2024, 9:58 am

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	5,157	5,082	5,057	4,879	5,158	5,267	5,770	5,186	4,511	4,858	5,608	5,112	4,702
Expenses	4,219	4,458	4,294	4,006	4,267	4,548	5,131	4,588	3,715	4,373	5,749	5,008	4,636
Operating Profit	937	624	763	873	891	720	639	599	796	486	-141	104	66
OPM %	18%	12%	15%	18%	17%	14%	11%	12%	18%	10%	-3%	2%	1%
Other Income	23	-135	22	21	17	14	26	24	32	23	224	102	356
Interest	369	411	478	440	380	365	350	343	271	198	242	244	268
Depreciation	324	320	303	291	276	279	265	256	247	226	219	226	228
Profit before tax	267	-241	4	164	252	90	50	24	311	85	-378	-263	-73
Tax %	33%	0%	127%	29%	37%	21%	49%	-126%	33%	23%	-55%	-18%
Net Profit	192	-239	-1	119	159	69	26	51	209	87	-125	-227	-81
EPS in Rs	6.12	-7.92	-0.11	3.80	5.41	2.11	0.68	1.62	6.67	2.53	-4.09	-7.34	-2.62
Dividend Payout %	33%	0%	0%	26%	19%	38%	118%	37%	15%	40%	-24%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-224.48%	99.58%	12000.00%	33.61%	-56.60%	-62.32%	96.15%	309.80%	-58.37%	-243.68%	-81.60%
Change in YoY Net Profit Growth (%)	0.00%	324.06%	11900.42%	-11966.39%	-90.22%	-5.72%	158.47%	213.65%	-368.18%	-185.30%	162.08%

The India Cements Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	0%
5 Years:	-2%
3 Years:	4%
TTM:	-18%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	12%

Stock Price CAGR
10 Years:	16%
5 Years:	40%
3 Years:	25%
1 Year:	45%

Return on Equity
10 Years:	0%
5 Years:	-1%
3 Years:	-3%
Last Year:	-5%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 7:30 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	307	307	307	308	308	308	310	310	310	310	310	310	310
Reserves	3,684	3,364	3,073	4,742	4,867	4,961	4,936	5,188	5,388	5,637	5,466	5,265	4,953
Borrowings	3,316	3,498	3,502	3,296	3,100	3,197	3,356	3,593	3,052	3,091	2,945	2,618	2,137
Other Liabilities	1,916	1,962	1,805	2,345	2,674	2,479	2,696	2,579	2,340	3,005	2,746	2,508	2,279
Total Liabilities	9,223	9,132	8,687	10,692	10,950	10,946	11,297	11,670	11,090	12,043	11,467	10,701	9,679
Fixed Assets	5,199	5,210	4,599	7,488	7,260	7,146	7,072	7,206	7,065	7,101	6,803	6,874	6,498
CWIP	356	112	98	99	134	176	196	235	300	386	313	190	178
Investments	446	442	440	357	358	358	371	382	381	408	334	319	297
Other Assets	3,221	3,368	3,550	2,748	3,198	3,265	3,659	3,847	3,344	4,147	4,016	3,318	2,707
Total Assets	9,223	9,132	8,687	10,692	10,950	10,946	11,297	11,670	11,090	12,043	11,467	10,701	9,679

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	732	516	645	964	765	556	377	387	1,046	439	-19	344
Cash from Investing Activity +	-544	-184	-124	-220	-158	-306	-202	-282	-189	-250	435	248
Cash from Financing Activity +	-190	-335	-520	-757	-605	-235	-180	-110	-860	-183	-397	-572
Net Cash Flow	-2	-3	1	-14	2	16	-5	-6	-3	6	19	19

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	934.00	621.00	760.00	870.00	888.00	717.00	636.00	596.00	793.00	483.00	-143.00	102.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	35	33	37	42	37	45	47	52	46	70	54	50
Inventory Days	289	281	287	267	306	258	287	312	270	368	258	212
Days Payable	460	459	402	447	522	441	458	490	488	565	438	418
Cash Conversion Cycle	-137	-145	-78	-138	-178	-138	-124	-127	-173	-127	-126	-156
Working Capital Days	-6	-20	-3	-42	-12	8	8	15	28	68	109	79
ROCE %	9%	4%	7%	8%	8%	5%	5%	4%	7%	3%	-4%	-1%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%
FIIs	13.22%	13.20%	13.29%	13.42%	13.86%	13.07%	13.15%	13.65%	13.43%	13.58%	13.27%	17.64%
DIIs	6.30%	7.91%	8.84%	7.69%	9.50%	9.90%	9.38%	9.43%	10.04%	8.94%	8.47%	5.84%
Public	52.07%	50.47%	49.46%	50.47%	48.24%	48.62%	49.04%	48.52%	48.12%	49.06%	49.83%	48.08%
No. of Shareholders	1,65,884	1,81,498	1,85,649	1,95,551	1,82,623	1,89,447	1,95,974	1,94,254	1,85,758	1,96,426	2,06,667	2,11,262

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Tata Hybrid Equity Fund - Regular Plan	1,134,466	0.96	41.15	118,747	2024-12-24	855.36%
Tata Infrastructure Fund - Regular Plan	1,000,000	1.41	36.27	118,747	2024-12-24	742.13%
Tata Resources & Energy Fund	691,600	2.55	25.08	118,747	2024-12-24	482.41%
Baroda BNP Paribas Midcap Fund	650,000	1.06	23.58	118,747	2024-12-24	447.38%
Nippon India Nifty Smallcap 250 Index Fund	118,747	0.24	4.31	118,747	2024-12-24	0%
Motilal Oswal Nifty Smallcap 250 Index Fund	54,214	0.24	1.97	118,747	2024-12-24	-54.34%
Motilal Oswal Nifty 500 Index Fund	12,996	0.02	0.47	118,747	2024-12-24	-89.06%
ICICI Prudential BSE 500 ETF	2,085	0.03	0.08	118,747	2024-12-24	-98.24%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	-7.32	-4.04	8.98	7.01	9.18
Diluted EPS (Rs.)	-7.32	-4.04	8.98	7.01	9.18
Cash EPS (Rs.)	0.31	1.60	9.41	14.68	9.98
Book Value[Excl.RevalReserv]/Share (Rs.)	180.68	188.02	180.07	184.75	179.23
Book Value[Incl.RevalReserv]/Share (Rs.)	180.68	188.02	194.37	184.75	179.23
Revenue From Operations / Share (Rs.)	164.97	180.97	156.77	145.55	167.36
PBDIT / Share (Rs.)	5.28	-3.32	16.41	26.73	20.54
PBIT / Share (Rs.)	-1.99	-10.40	9.13	18.77	12.28
PBT / Share (Rs.)	-8.50	-12.19	2.76	10.02	0.76
Net Profit / Share (Rs.)	-6.96	-5.48	2.13	6.73	1.73
NP After MI And SOA / Share (Rs.)	-7.34	-4.03	2.53	6.67	1.62
PBDIT Margin (%)	3.20	-1.83	10.46	18.36	12.27
PBIT Margin (%)	-1.20	-5.74	5.82	12.89	7.33
PBT Margin (%)	-5.15	-6.73	1.75	6.88	0.45
Net Profit Margin (%)	-4.22	-3.02	1.35	4.62	1.03
NP After MI And SOA Margin (%)	-4.44	-2.22	1.61	4.58	0.96
Return on Networth / Equity (%)	-4.07	-2.16	1.42	3.65	0.91
Return on Capital Employeed (%)	-0.78	-3.72	3.04	6.83	4.32
Return On Assets (%)	-2.12	-1.09	0.65	1.86	0.42
Long Term Debt / Equity (X)	0.25	0.31	0.35	0.35	0.43
Total Debt / Equity (X)	0.46	0.50	0.56	0.43	0.57
Asset Turnover Ratio (%)	0.46	0.47	0.41	0.39	0.44
Current Ratio (X)	0.99	1.21	0.93	0.71	0.82
Quick Ratio (X)	0.77	0.93	0.62	0.48	0.53
Inventory Turnover Ratio (X)	1.38	1.29	1.10	0.98	1.11
Dividend Payout Ratio (NP) (%)	0.00	-23.19	36.95	8.41	56.40
Dividend Payout Ratio (CP) (%)	0.00	30.76	9.53	3.83	9.24
Earning Retention Ratio (%)	0.00	123.19	63.05	91.59	43.60
Cash Earning Retention Ratio (%)	0.00	69.24	90.47	96.17	90.76
Interest Coverage Ratio (X)	0.67	-0.42	2.57	3.06	1.85
Interest Coverage Ratio (Post Tax) (X)	-0.05	-0.47	1.33	1.77	1.20
Enterprise Value (Cr.)	9137.60	8655.12	9604.90	7686.09	6459.47
EV / Net Operating Revenue (X)	1.79	1.54	1.98	1.70	1.25
EV / EBITDA (X)	55.80	-84.04	18.88	9.28	10.15
MarketCap / Net Operating Revenue (X)	1.29	1.02	1.34	1.15	0.63
Retention Ratios (%)	0.00	123.19	63.04	91.58	43.59
Price / BV (X)	1.18	0.99	1.18	0.91	0.59
Price / Net Operating Revenue (X)	1.29	1.02	1.34	1.15	0.63
EarningsYield	-0.03	-0.02	0.01	0.03	0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of The India Cements Ltd as of December 26, 2024 is: 125.11

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 26, 2024, The India Cements Ltd is Overvalued by 66.55% compared to the current share price 374.00

Default values used*: Default value of 15 for Stock P/E is used

Intrinsic Value of The India Cements Ltd as of December 26, 2024 is: 78.49

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 26, 2024, The India Cements Ltd is Overvalued by 79.01% compared to the current share price 374.00

Default values used*: Default value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -37.26%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of 19.33, which is a positive sign. The stock has a low average Cash Conversion Cycle of -137.25, which is a positive sign. The company has higher reserves (4,732.62 cr) compared to borrowings (3,130.85 cr), indicating strong financial stability. The company has shown consistent growth in sales (4.69 cr) and profit (22.46 cr) over the years.	The stock has a low average ROCE of 4.58%, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in The India Cements Ltd:
1. Net Profit Margin: -4.22%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: -0.78% (Industry Average ROCE: 11.09%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: -4.07% (Industry Average ROE: 16.06%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): -0.05
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.77
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 0 (Industry average Stock P/E: 36.99)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.46
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

India Cements Ltd. is a Public Limited Listed company incorporated on 21/02/1946 and has its registered office in the State of Tamil Nadu, India. Company’s Corporate Identification Number(CIN) is L26942TN1946PLC000931 and registration number is 000931. Currently Company is involved in the business activities of Manufacture of clinkers and cement. Company’s Total Operating Revenue is Rs. 4713.11 Cr. and Equity Capital is Rs. 309.90 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Cement	Dhun Building 827, Anna Salai, Chennai (Madras) Tamil Nadu 600002	investor@indiacements.co.in http://www.indiacements.co.in

Management
Name	Position Held
Mr. N Srinivasan	Vice Chairman & Mng.Director
Mrs. Rupa Gurunath	Whole Time Director
Mrs. Chitra Srinivasan	Director
Mr. S Balasubramanian Adityan	Director
Mrs. Lakshmi Aparna Sreekumar	Director
Mr. V Ranganathan	Director
Mrs. Sandhya Rajan	Director
Mr. K Skandan	Director
Mr. Sanjay Shantilal Patel	Director
Mr. V Manickam	Director
Mr. Y Viswanatha Gowd	Nominee Director
Mr. Krishna Srivastava	Director
Mr. V M Mohan	Director

FAQ

What is the latest intrinsic value of The India Cements Ltd?

The latest intrinsic value of The India Cements Ltd as on 26 December 2024 is ₹125.11, which is 66.55% lower than the current market price of ₹374.00. The stock has a market capitalization of 11,589 Cr. and recorded a high/low of 386/173 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹4,953 Cr and total liabilities of ₹9,679 Cr.

What is the Market Cap of The India Cements Ltd?

The Market Cap of The India Cements Ltd is 11,589 Cr..

What is the current Stock Price of The India Cements Ltd as on 26 December 2024?

The current stock price of The India Cements Ltd as on 26 December 2024 is 374.

What is the High / Low of The India Cements Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of The India Cements Ltd stocks is 386/173.

What is the Stock P/E of The India Cements Ltd?

The Stock P/E of The India Cements Ltd is .

What is the Book Value of The India Cements Ltd?

The Book Value of The India Cements Ltd is 170.

What is the Dividend Yield of The India Cements Ltd?

The Dividend Yield of The India Cements Ltd is 0.00 %.

What is the ROCE of The India Cements Ltd?

The ROCE of The India Cements Ltd is 0.78 %.

What is the ROE of The India Cements Ltd?

The ROE of The India Cements Ltd is 4.81 %.

What is the Face Value of The India Cements Ltd?

The Face Value of The India Cements Ltd is 10.0.