The India Cements financials and balance sheet

NSE: INDIACEMBSE: 530005Cement & Cement ProductsSmall Cap

₹315.80₹15.95 (4.81%)BSE ₹315.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹331.75.

52-week range of traded prices to 23 Oct 2026

₹286.50Low, 19 Oct 2026₹485.80High, 8 Jan 2026

Market cap: ₹9,787 Cr490th largest listed
P/E: 79.9
P/E without one-offs: 58.5
P/B: 1.0
Dividend yield: Nonein the last 12 months
ROE: 1.2%
ROE without one-offs: 1.7%
ROCE: 2.0%
Debt to equity: 0.16
Volume, NSE: 99,06,3245.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The India Cements annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹4,149 Cr, differs from its quarters added, ₹4,197 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,485
Materials and goods−995
Employee costs−243
Other expenses−2,850
Operating profit397
Depreciation−299
Other income+88
One-off items−149
Finance costs−99
Profit before tax−63
Tax−2.2
Joint ventures−1.5
Net profit−67

What the company owns

Plant, investments and other assets₹12,358 Cr
Inventory₹734 Cr
Receivables₹248 Cr
Cash and bank₹61 Cr
Current investments₹2 Cr

What pays for it: net worth and liabilities

Net worth₹10,124 Cr
Borrowings₹1,305 Cr
Other liabilities₹1,108 Cr
Owed to suppliers₹866 Cr

Profit and loss

Consolidated, ₹ crore, years to March.The India Cements quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 25 Apr
Revenue from operations	5,880	5,432	5,770	5,186	4,511	4,858	5,608	5,112	4,149	4,485
	4,973	4,723	5,145	4,592	3,723	4,374	5,751	5,013	4,531	4,088
Materials and goods bought	913	981	1,078	985	809	837	1,110	1,087	907	995
Employee costs	–	–	365	359	338	340	365	382	377	243
Other expenses	–	–	3,701	3,247	2,576	3,197	4,276	3,544	3,247	2,850
Operating profit before depreciation	908	709	626	595	788	484	−143	99	−382	397
Operating margin	15.4%	13.1%	10.8%	11.5%	17.5%	10.0%	−2.6%	1.9%	−9.2%	8.8%
Materials, % of revenue	–	–	18.7%	19.0%	17.9%	17.2%	19.8%	21.3%	21.9%	22.2%
Employee costs, % of revenue	–	–	6.3%	6.9%	7.5%	7.0%	6.5%	7.5%	9.1%	5.4%
Other expenses, % of revenue	–	–	64.1%	62.6%	57.1%	65.8%	76.2%	69.3%	78.3%	63.6%
Depreciation and amortisation	276	365	265	256	247	226	219	226	239	299
Operating profit after depreciation	632	344	361	339	541	259	−362	−127	−622	97
Other income	0	25	39	42	40	24	40	65	209	88
Finance costs	380	279	350	343	271	198	242	244	266	99
Profit before one-off items and tax	252	90	50	37	311	85	−564	−305	−679	86
One-off items	0	0	0	−14	0	0	186	42	508	−149
Profit before tax	252	90	50	24	311	85	−378	−263	−171	−63
	94	19	25	−30	102	19	−208	−48	−58	2
Current tax	–	24	36	10	55	45	11	6	68	0
Deferred tax	–	−5	−11	−40	48	−26	−219	−54	−127	2
Share of profit of joint ventures and associates	–	–	−6	−3	−2	12	43	−12	−12	−2
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−19	–
Net profit	151	66	19	50	207	78	−127	−227	−144	−67
Other comprehensive income	–	–	−10	234	10	198	2	0	4,892	−3
Total comprehensive income	–	–	9	284	217	277	−125	−227	4,749	−70
Net margin	2.6%	1.2%	0.3%	1.0%	4.6%	1.6%	−2.3%	−4.4%	–	−1.5%
Net margin without joint ventures and associates	–	–	0.4%	1.0%	4.6%	1.4%	−3.0%	−4.2%	–	−1.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 26 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 25 Apr	Sep 2026Half yearFiled 17 Oct
	5,300	5,554	5,772	6,023	5,827	5,599	10,196	10,124	10,189
	5,246	5,498	5,707	5,947	5,776	5,575	10,194	10,124	10,189
Share capital	310	310	310	310	310	310	310	310	310
Reserves	4,936	5,188	5,397	5,637	5,466	5,265	9,884	9,814	9,879
Belonging to outside owners of subsidiaries	54	56	66	76	50	25	2	0	–
	3,048	3,163	2,470	3,086	2,940	2,618	1,165	1,305	1,624
Repayable after a year	2,691	2,411	1,998	1,939	1,801	1,420	1,071	976	1,059
Repayable within a year	356	752	472	1,147	1,138	1,198	95	329	564
	2,508	2,878	2,579	2,731	2,827	2,797	1,250	1,576	1,771
Trade payables	1,352	1,324	1,081	1,296	1,332	1,245	982	866	869
Other financial liabilities	595	642	776	79	88	85	41	234	251
Other liabilities	203	141	248	162	199	187	127	129	72
Provisions	0	0	0	44	58	79	4	19	15
Tax owed	2	20	1	2	11	4	2	0	0
	3,492	3,238	2,738	3,289	2,814	2,305	2,384	1,703	1,793
Other financial liabilities	–	7	5	3	5	0	–	–	–
Other liabilities	29	104	84	631	550	498	585	–	–
Provisions	141	123	96	186	173	155	135	133	116
Deferred tax	631	593	555	531	284	231	593	594	617
	11,300	11,670	11,090	12,043	11,467	10,701	13,830	13,403	13,753
Held for sale or for a demerger	–	–	–	43	67	47	118	128	128
	8,969	9,287	9,252	9,501	8,040	7,914	12,120	11,819	12,284
Plant in use, after depreciation	6,886	6,968	6,811	6,841	6,672	6,746	11,572	11,179	–
Plant being built	196	235	300	386	313	190	177	344	–
Intangible assets	33	56	72	59	62	58	22	9	6
Goodwill	153	182	182	202	69	69	44	0	0
Investments	369	381	379	404	331	318	78	81	94
Stakes in joint ventures and associates	–	–	–	–	–	0	41	–	–
Loans given	957	1,010	1,084	1,190	136	118	8	10	7
Other financial assets	55	79	59	58	99	134	129	106	102
Deferred tax	3	–	–	–	–	0	–	–	–
Other assets	318	377	364	362	358	281	49	90	88
	2,331	2,382	1,838	2,499	3,360	2,740	1,592	1,457	1,342
Inventories	847	842	597	844	785	631	556	734	715
Trade receivables	746	736	564	931	825	699	659	248	139
Cash and cash equivalents	49	43	40	46	65	84	103	14	8
Other bank balances	0	0	0	0	0	0	1	47	47
Current investments	2	1	2	4	4	1	1	2	2
Loans given	42	44	44	31	1,085	796	0	3	2
Other financial assets	–	–	–	54	61	42	32	56	54
Tax paid in advance	99	145	38	39	16	21	58	64	65
Other assets	547	571	553	550	520	465	182	289	310
Net debt	2,997	3,119	2,428	3,035	2,871	2,533	1,060	1,242	1,566

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 25 Apr	Sep 2026Half yearFiled 17 Oct
	1,046	439	−19	344	−256	−27	308
	1,101	484	−12	363	−120	−19	309
	295	−7	111	190	273	−438	2
Receivables	172	−367	107	125	25	458	110
Inventories	244	−247	60	154	74	−178	20
Payables	−243	215	36	−88	−255	−116	−52
Other working capital	122	392	−91	−2	429	−601	−76
Tax paid	−55	−45	−8	−19	−105	−8	−2
Capital spending	165	168	58	127	62	223	633
Free cash flow	881	271	−77	217	−319	−249	−325
	−189	−250	435	248	2,015	−103	−582
Plant and property sold	0	18	219	38	350	135	56
Interest received	22	12	15	16	12	20	5
Dividends received	0	0	0	11	0	0	0
	−860	−183	−397	−572	−1,738	40	269
Borrowings raised	137	1,091	458	114	0	234	319
Borrowings repaid	−716	−1,042	−607	−446	−1,467	−93	0
Interest paid	−271	−188	−219	−241	−271	−99	−50
Lease payments	0	0	0	0	0	−2	0
Dividends paid	18	29	29	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−3	6	19	19	20	−89	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.The India Cements dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 25 Apr
Earnings per share	₹5.29	₹2.29	₹0.28	–	₹7.01	–	−₹4.04	−₹7.32	–	−₹2.17
Diluted earnings per share	₹5.29	₹2.29	₹0.28	–	₹7.01	–	−₹4.04	−₹7.32	–	−₹2.17
Dividend per share	₹1.00	₹0.80	₹0.80	₹0.60	₹1.00	₹1.00	–	–	–	–
Book value per share	–	–	₹169.28	₹177.41	₹184.15	₹191.90	₹186.39	₹179.89	₹328.95	₹326.69
Dividend payout	20.3%	37.1%	129.8%	37.1%	15.0%	39.5%	–	–	–	–
Shareholder yield	–	–	–	–	0.3%	0.4%	0.5%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	4,990	4,368	3,354	3,280	5,186	6,492	5,735	6,582	8,584	10,654

Earnings per share is left blank for the years to Mar 2020 and Mar 2022: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period. Earnings per share is left blank for the year to Mar 2025: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.The India Cements PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 25 Apr
Revenue growth	20.3%	−7.6%	6.2%	−10.1%	−13.0%	7.7%	15.4%	−8.8%	–	8.1%
Operating profit growth	1.9%	−21.9%	−11.8%	−4.9%	32.4%	−38.5%	–	–	–	–
Net profit growth	12.4%	−56.0%	−71.3%	162.6%	312.2%	−62.1%	–	–	–	–
Earnings per share growth	–	−56.7%	−87.8%	–	–	–	–	–	–	–
	–	–	0.4%	0.9%	3.7%	1.3%	−2.2%	−4.0%	−1.8%	−0.7%
	–	–	–	0.6 pts	2.8 pts	−2.3 pts	−3.5 pts	−1.8 pts	2.2 pts	1.2 pts
From the net margin	–	–	–	0.7 pts	3.5 pts	−2.4 pts	−3.2 pts	−2.1 pts	–	–
From asset turnover	–	–	–	−0.1 pts	−0.5 pts	0.1 pts	−0.3 pts	0.1 pts	–	–
From borrowing	–	–	–	0.0 pts	−0.2 pts	0.0 pts	0.0 pts	0.1 pts	–	–
Return on capital employed	–	–	4.3%	3.9%	6.6%	2.8%	−4.1%	−1.5%	−5.5%	0.9%
Cash conversion	–	–	–	–	506.0%	559.5%	–	–	–	–
Interest cover	1.7	1.2	1.0	1.0	2.0	1.3	–	–	–	1.0
Debt to equity	–	–	0.58	0.57	0.43	0.51	0.50	0.47	0.11	0.13
Receivable days	–	–	47	52	46	70	54	50	58	20
Inventory days	–	–	287	312	270	368	258	212	224	269
Payable days	–	–	458	490	488	565	438	418	395	318
Cash conversion cycle, days	–	–	−124	−127	−173	−127	−126	−156	−113	−28
Working capital days	–	–	8	15	−25	65	104	75	29	12
Asset turnover	–	–	0.51	0.45	0.40	0.42	0.48	0.46	0.34	0.33
Assets per rupee of net worth	–	–	2.15	2.14	2.03	1.99	2.01	1.95	1.56	1.34
Sales per rupee of plant	–	–	0.84	0.74	0.66	0.71	0.84	0.76	0.36	0.40
Capital spending to depreciation	–	–	–	–	0.67	0.75	0.26	0.56	0.26	0.74
Plant being built, % of plant in use	–	–	2.8%	3.4%	4.4%	5.6%	4.7%	2.8%	1.5%	3.1%

Interest cover is left blank for the years to Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth is left blank for the year to Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.5%
Cash from operations against operating profit: −6.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−0.9%	−0.1%	−7.2%
Return on equity, average	–	−1.5%	−2.2%
Return on capital employed, average	–	−1.5%	−2.1%
Operating margin, average	7.7%	1.8%	0.5%
Net margin, average	0.3%	−1.6%	−3.0%
Asset turnover, average	–	0.41	0.38
Cash conversion cycle, days, average	–	−110	−99
Debt to equity, average	–	0.35	0.24

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	480	61	−27
Cash from investing	2,344	2,160	−103
Cash from financing	−2,850	−2,271	40
Capital spending	639	412	223
Dividends paid	58	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,898	349	234
Borrowings repaid	3,655	2,006	93

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	8	5	4	4	4
Altman Z-scorePublished threshold 1.81	–	–	1.56	1.44	1.77	1.76	1.78	1.93	2.77	3.31
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.96	−2.09	−2.84	−2.90	−2.39	−3.00
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.71	−0.95	−4.61	−7.39	−15.51	0.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	9.26	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	8.86	−10.36	57.40	−26.88	−6.33	13.10	−70.40
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	7.99	−11.09	37.86	−39.74	−17.56	4.83	22.25
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.35	−2.78	1.05	−0.82	−1.33	−6.18	3.06
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.69	3.37	1.51	6.27	0.63	0.03	–
Effective tax ratePublished threshold 17.16 per cent	37.37	21.44	49.24	−126.43	32.90	22.80	–	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−30.34	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE AAA / CARE A1+Review, Re-affirm	Stable	723.82
25 Jun 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		250
25 Jun 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAAReview, Re-affirm	Stable	1,891.28
25 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AAA / CARE A1+Review, Re-affirm	Stable	1,252.15

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.