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The India Cements Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹351.26Fairly Valued by 1.61%vs CMP ₹357.00

P/E (15.0) × ROE (8.8%) × BV (₹325.00) × DY (2.00%)

Defaults: P/E=15

₹235.04Overvalued by 34.16%vs CMP ₹357.00
MoS: -51.9% (Negative)Confidence: 48/100 (Moderate)Models: 1 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹236.9441%Over (-33.6%)
Net Asset ValueAssets₹324.8524%Fair (-9%)
ROCE CapitalReturns₹209.4916%Over (-41.3%)
Revenue MultipleRevenue₹133.8018%Over (-62.5%)
Consensus (4 models)₹235.04100%Overvalued
Key Drivers: EPS CAGR -32.5% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -32.5% · Defaults: P/E=15

*Investments are subject to market risks

Analyst Summary

The India Cements Ltd operates in the Cement segment, NSE: INDIACEM | BSE: 530005, current market price is ₹357.00, market cap is 11,070 Cr.. At a glance, ROE is 8.83 %, ROCE is 5.49 %, book value is 325, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹235.04, around 34.2% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4,149 Cr versus the prior period change of -17.0%, while latest net profit is about ₹-144 Cr with a prior-period change of 36.6%. The 52-week range shown on this page is 490/253, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisIndia 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 L269…

This summary is generated from the stock page data available for The India Cements Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

45
The India Cements Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health40/100 · Moderate
ROCE 5.5% WeakROE 8.8% AverageD/E 0.43 ModerateInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money45/100 · Moderate
FII holding down -1.53% (6mo) SellingDII holding up 9.11% MF buyingPromoter holding at 75.0% Stable
Earnings Quality40/100 · Moderate
OPM contracting (4% → -4%) Declining
Quarterly Momentum70/100 · Strong
Revenue (4Q): +5% YoY GrowingOPM: 7.1% (up 27.3% YoY) Margin expansion
Industry Rank30/100 · Weak
ROCE 5.5% vs industry 8.9% AverageROE 8.8% vs industry 85.5% Below peers3Y sales CAGR: -5% 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, 3:48 am

Market Cap 11,070 Cr.
Current Price 357
Intrinsic Value₹235.04
High / Low 490/253
Stock P/E
Book Value 325
Dividend Yield0.00 %
ROCE5.49 %
ROE8.83 %
Face Value 10.0
PEG Ratio0.00

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

View Share Price Target for The India Cements Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
The India Cements Ltd 11,070 Cr. 357 490/253 3250.00 %5.49 %8.83 % 10.0
Star Cement Ltd 8,319 Cr. 206 309/19722.3 74.40.97 %8.39 %6.05 % 1.00
JK Lakshmi Cement Ltd 7,316 Cr. 589 1,021/55015.3 2991.10 %10.5 %8.72 % 5.00
Birla Corporation Ltd 6,871 Cr. 892 1,537/77012.0 9281.12 %7.08 %4.79 % 10.0
Prism Johnson Ltd 6,276 Cr. 125 176/110859 29.00.00 %2.22 %4.00 % 10.0
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of The India Cements Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,281.001,485.731,436.741,264.391,113.061,235.741,026.761,021.84939.841,197.301,024.741,117.041,114.26
Expenses 1,340.621,532.811,428.461,259.981,066.681,199.011,051.431,184.571,129.931,200.30941.551,035.911,035.20
Operating Profit -59.62-47.088.284.4146.3836.73-24.67-162.73-190.09-3.0083.1981.1379.06
OPM % -4.65%-3.17%0.58%0.35%4.17%2.97%-2.40%-15.93%-20.23%-0.25%8.12%7.26%7.10%
Other Income 311.26-105.907.138.0255.5434.33256.19-64.29395.77110.97-114.6723.0015.23
Interest 61.6349.9358.1860.3959.4063.7582.3673.3373.3838.0626.5825.2724.10
Depreciation 55.3854.9154.4554.9956.6256.6256.4555.1255.2574.8574.0674.4774.73
Profit before tax 134.63-257.82-97.22-102.95-14.10-49.3192.71-355.4777.05-4.94-132.124.39-4.54
Tax % 17.39%-5.45%-24.32%-16.91%-53.33%1.52%23.06%-4.59%-51.23%-487.45%-0.57%-100.68%-41.19%
Net Profit 132.80-229.15-87.18-79.790.99-60.7358.39-338.72118.6318.02-132.908.81-2.67
EPS in Rs 4.30-7.32-2.82-2.580.02-1.951.89-10.943.950.47-4.290.28-0.09

Last Updated: February 3, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:11 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5,0825,0574,8795,1585,2675,7705,1864,5114,8585,6084,9984,1494,453
Expenses 4,4584,2944,0064,2674,5485,1314,5883,7154,3735,7494,9124,5074,213
Operating Profit 624763873891720639599796486-14186-358240
OPM % 12%15%18%17%14%11%12%18%10%-3%2%-9%5%
Other Income -13522211714262432232249966235
Interest 411478440380365350343271198242240266114
Depreciation 320303291276279265256247226219220239298
Profit before tax -241416425290502431185-378-275-202-137
Tax % 0%127%29%37%21%49%-126%33%23%-55%-17%-29%
Net Profit -239-111915969265120987-125-227-144-109
EPS in Rs -7.92-0.113.805.412.110.681.626.672.53-4.09-7.34-4.64-3.63
Dividend Payout % 0%0%26%19%38%118%37%15%40%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)99.58%12000.00%33.61%-56.60%-62.32%96.15%309.80%-58.37%-243.68%-81.60%36.56%
Change in YoY Net Profit Growth (%)0.00%11900.42%-11966.39%-90.22%-5.72%158.47%213.65%-368.18%-185.30%162.08%118.16%

The India Cements 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:-2%
5 Years:-4%
3 Years:-5%
TTM:-10%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-22%
Stock Price CAGR
10 Years:19%
5 Years:29%
3 Years:20%
1 Year:10%
Return on Equity
10 Years:-1%
5 Years:-3%
3 Years:-7%
Last Year:-9%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:06 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 307307308308308310310310310310310310310
Reserves 3,3643,0734,7424,8674,9614,9365,1885,3885,6375,4665,2659,8849,763
Borrowings 3,4983,5023,2963,1003,1973,3563,5933,0523,0912,9452,6331,1651,340
Other Liabilities 1,9621,8052,3452,6742,4792,6962,5792,3403,0052,7462,4932,4712,250
Total Liabilities 9,1328,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,83013,663
Fixed Assets 5,2104,5997,4887,2607,1467,0727,2067,0657,1016,8036,87411,63811,307
CWIP 1129899134176196235300386313190177214
Investments 442440357358358371382381408334319120118
Other Assets 3,3683,5502,7483,1983,2653,6593,8473,3444,1474,0163,3181,8952,024
Total Assets 9,1328,68710,69210,95010,94611,29711,67011,09012,04311,46710,70113,83013,663

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 5166459647655563773871,046439-19344-256
Cash from Investing Activity + -184-124-220-158-306-202-282-189-2504352482,015
Cash from Financing Activity + -335-520-757-605-235-180-110-860-183-397-572-1,738
Net Cash Flow -31-14216-5-6-36191920
Free Cash Flow 29250779668536116114089728814225531
CFO/OP 90%90%112%94%84%61%70%138%100%8%422%42%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow621.00760.00870.00888.00717.00636.00596.00793.00483.00-143.0084.00-359.00

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 333742374547524670545158
Inventory Days 281287267306258287312270368258231224
Days Payable 459402447522441458490488565438456395
Cash Conversion Cycle -145-78-138-178-138-124-127-173-127-126-174-113
Working Capital Days -69-41-84-37-3-14-38-56-1835-1021
ROCE %4%7%8%8%5%5%4%7%3%-4%-1%-5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 28.42%28.42%28.42%28.42%28.42%28.42%28.42%55.49%81.49%81.49%75.60%75.00%
FIIs 13.15%13.65%13.43%13.58%13.27%17.64%16.17%14.50%4.94%2.97%3.11%3.41%
DIIs 9.38%9.43%10.04%8.94%8.47%5.84%6.05%6.68%3.69%5.76%12.25%12.80%
Public 49.04%48.52%48.12%49.06%49.83%48.08%49.36%23.32%9.87%9.77%9.03%8.80%
No. of Shareholders 1,95,9741,94,2541,85,7581,96,4262,06,6672,11,2622,06,2851,87,3271,75,9171,69,8441,63,0901,63,480

Shareholding Pattern Chart

No. of Shareholders

The India Cements 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
Kotak Large & Midcap Fund 7,500,000 0.99 304.57,000,0002026-01-26 03:08:057.14%
SBI Midcap Fund 6,000,000 1.05 243.6N/AN/AN/A
Kotak Multicap Fund 4,965,090 0.84 201.58N/AN/AN/A
Franklin India Small Cap Fund 2,088,375 0.66 84.79N/AN/AN/A
Baroda BNP Paribas Multi Cap Fund 1,400,000 1.84 56.841,250,0002026-02-23 02:53:0512%
SBI Infrastructure Fund 1,250,000 1.09 50.75N/AN/AN/A
Kotak Manufacture in India Fund 1,200,000 1.84 48.72N/AN/AN/A
Kotak Large Cap Fund 974,386 0.36 39.561,322,0482026-01-26 03:08:05-26.3%
Baroda BNP Paribas Mid Cap Fund 700,000 1.21 28.42N/AN/AN/A
JM Flexicap Fund 414,059 0.33 16.81N/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.) 153.23-7.32-4.048.987.01
Diluted EPS (Rs.) 153.23-7.32-4.048.987.01
Cash EPS (Rs.) 3.460.311.609.4114.68
Book Value[Excl.RevalReserv]/Share (Rs.) 328.95180.68188.02180.07184.75
Book Value[Incl.RevalReserv]/Share (Rs.) 328.95180.68188.02194.37184.75
Revenue From Operations / Share (Rs.) 133.88164.97180.97156.77145.55
PBDIT / Share (Rs.) -5.605.28-3.3216.4126.73
PBIT / Share (Rs.) -13.33-1.99-10.409.1318.77
PBT / Share (Rs.) -5.53-8.50-12.192.7610.02
Net Profit / Share (Rs.) -4.26-6.96-5.482.136.73
NP After MI And SOA / Share (Rs.) -4.64-7.34-4.032.536.67
PBDIT Margin (%) -4.183.20-1.8310.4618.36
PBIT Margin (%) -9.95-1.20-5.745.8212.89
PBT Margin (%) -4.12-5.15-6.731.756.88
Net Profit Margin (%) -3.18-4.22-3.021.354.62
NP After MI And SOA Margin (%) -3.46-4.44-2.221.614.58
Return on Networth / Equity (%) -1.40-4.07-2.161.423.65
Return on Capital Employeed (%) -3.28-0.78-3.723.046.83
Return On Assets (%) -1.03-2.12-1.090.651.86
Long Term Debt / Equity (X) 0.100.250.310.350.35
Total Debt / Equity (X) 0.110.460.500.560.43
Asset Turnover Ratio (%) 0.330.460.470.410.39
Current Ratio (X) 1.370.991.210.930.71
Quick Ratio (X) 0.920.770.930.620.48
Inventory Turnover Ratio (X) 6.991.381.291.100.98
Dividend Payout Ratio (NP) (%) 0.000.00-23.1936.958.41
Dividend Payout Ratio (CP) (%) 0.000.0030.769.533.83
Earning Retention Ratio (%) 0.000.00123.1963.0591.59
Cash Earning Retention Ratio (%) 0.000.0069.2490.4796.17
Interest Coverage Ratio (X) -0.650.67-0.422.573.06
Interest Coverage Ratio (Post Tax) (X) -1.33-0.05-0.471.331.77
Enterprise Value (Cr.) 9628.829137.608655.129604.907686.09
EV / Net Operating Revenue (X) 2.321.791.541.981.70
EV / EBITDA (X) -55.4455.80-84.0418.889.28
MarketCap / Net Operating Revenue (X) 2.071.291.021.341.15
Retention Ratios (%) 0.000.00123.1963.0491.58
Price / BV (X) 0.841.180.991.180.91
Price / Net Operating Revenue (X) 2.071.291.021.341.15
EarningsYield -0.01-0.03-0.020.010.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 4088.47 Cr. and Equity Capital is Rs. 309.90 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
CementDhun Building Chennai (Madras) Tamil Nadu 600002Contact not found
Management
NamePosition Held
Mr. K C JhanwarManaging Director
Mr. Vivek AgrawalWhole Time Director
Mr. E R Raj NarayananDirector
Mr. Ashok RamchandranDirector
Ms. Alka BharuchaDirector
Ms. Sukanya KripaluDirector
Dr. Vikas BaliaDirector
Mr. K SkandanDirector
Mr. V ManickamDirector
Mr. Y Viswanatha GowdNominee Director

FAQ

What is the intrinsic value of The India Cements Ltd and is it undervalued?

As of 22 April 2026, The India Cements Ltd's intrinsic value is ₹235.04, which is 34.16% lower than the current market price of ₹357.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (8.83 %), book value (₹325), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of The India Cements Ltd?

The India Cements Ltd is trading at ₹357.00 as of 22 April 2026, with a FY2026-2027 high of ₹490 and low of ₹253. The stock is currently in the middle of its 52-week range. Market cap stands at ₹11,070 Cr..

How does The India Cements Ltd's P/E ratio compare to its industry?

The India Cements Ltd has a P/E ratio of , which is below the industry average of 274.74. This is broadly in line with or below the industry average.

Is The India Cements Ltd financially healthy?

Key indicators for The India Cements Ltd: ROCE of 5.49 % is on the lower side compared to the industry average of 8.92%. Dividend yield is 0.00 %.

Is The India Cements Ltd profitable and how is the profit trend?

The India Cements Ltd reported a net profit of ₹-144 Cr in Mar 2025 on revenue of ₹4,149 Cr. Compared to ₹87 Cr in Mar 2022, the net profit shows a declining trend.

Does The India Cements Ltd pay dividends?

The India Cements Ltd has a dividend yield of 0.00 % at the current price of ₹357.00. The company is currently not paying meaningful dividends.

Last Updated: April 2, 2026, 3:48 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 530005 | NSE: INDIACEM
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 The India Cements 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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