KCP financials and balance sheet

NSE: KCPBSE: 590066Cement & Cement ProductsSmall Cap

₹142.18₹3.77 (2.58%)BSE ₹141.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹145.95.

52-week range of traded prices to 23 Oct 2026

₹125.00Low, 30 Mar 2026₹207.80High, 10 Nov 2025

Next results date: the board meets on 6 Nov 2026 to consider: financial results.

Market cap: ₹1,833 Cr1,136th largest listed
P/E: 10.8
P/B: 1.0
Dividend yield: 0.70%
ROE: 10.3%
ROCE: 7.1%
Debt to equity: 0.29
Volume, NSE: 1,64,00347.1% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,847 Cr, year to Mar 2024

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 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue2,576
Materials and goods−994
Employee costs−170
Other expenses−1,070
Operating profit343
Depreciation−85
Other income+73
One-off items−8.6
Finance costs−33
Profit before tax288
Tax−12
Joint ventures−0.1
Net profit276

What the company owns

Plant, investments and other assets₹1,644 Cr
Cash and bank₹1,167 Cr
Inventory₹615 Cr
Receivables₹156 Cr

What pays for it: net worth and liabilities

Net worth₹2,261 Cr
Borrowings₹662 Cr
Other liabilities₹545 Cr
Owed to suppliers₹114 Cr

KCP business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.KCP segment results by quarter

Revenue by segment

₹2,575 CrTotal

Cement₹1,401 Cr54.4% of total
Sugar₹1,021 Cr39.7% of total
Heavy Engineering₹112 Cr4.3% of total
Hotel₹41 Cr1.6% of total

Profit by segment

Cement₹66 Cr24.8% of total
Sugar₹191 Cr71.7% of total
Hotel₹9 Cr3.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cement
Revenue, ₹ crore
1,018
844
1,200
1,483
1,524
1,583
1,233
1,401
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
69
26
237
187
−34
55
−63
66
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Sugar
Revenue, ₹ crore
519
480
376
478
582
1,144
1,136
1,021
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
97
96
68
146
132
239
286
191
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Heavy Engineering
Revenue, ₹ crore
117
81
119
112
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−20
2
−5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hotel
Revenue, ₹ crore
16
18
6
14
29
37
40
41
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−7
−4
−10
−4
3
8
10
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,805	1,528	1,808	2,222	2,252	2,846	2,528	2,575
Company revenue, as in its results	1,661	1,424	1,714	2,108	2,254	2,847	2,529	2,576
Revenue	1,018	844	1,200	1,483	1,524	1,583	1,233	1,401
Revenue growth	–	−17.1%	42.2%	23.6%	2.8%	3.8%	−22.1%	13.6%
Profit	69	26	237	187	−34	55	−63	66
Profit growth	–	−61.9%	795.1%	−21.0%	–	–	–	–
Margin	6.8%	3.1%	19.7%	12.6%	−2.2%	3.5%	−5.1%	4.7%
Return on capital	–	7.2%	64.5%	44.1%	−6.3%	9.6%	−10.0%	8.8%
Assets	–	869	839	875	979	934	1,079	1,271
Liabilities	–	502	472	451	439	358	446	519
Capital employed	–	367	367	424	540	576	633	752
Revenue	519	480	376	478	582	1,144	1,136	1,021
Revenue growth	–	−7.5%	−21.8%	27.2%	21.6%	–	−0.8%	−10.0%
Profit	97	96	68	146	132	239	286	191
Profit growth	–	−0.2%	−29.1%	113.2%	−9.4%	–	19.7%	−33.3%
Margin	18.6%	20.1%	18.2%	30.5%	22.7%	20.9%	25.2%	18.7%
Return on capital	–	34.8%	23.4%	38.8%	22.4%	32.3%	34.7%	19.9%
Assets	–	580	634	794	1,240	1,506	1,650	1,939
Liabilities	–	303	342	419	649	767	825	981
Capital employed	–	277	292	375	590	740	824	958
Revenue	–	–	–	–	117	81	119	112
Revenue growth	–	–	–	–	–	−30.6%	45.8%	−6.1%
Profit	–	–	–	–	−6	−20	2	−5
Margin	–	–	–	–	−5.0%	−24.3%	2.1%	−4.2%
Return on capital	–	–	–	–	−11.6%	−42.3%	4.9%	−9.1%
Assets	–	–	–	–	141	122	132	147
Liabilities	–	–	–	–	91	75	83	96
Capital employed	–	–	–	–	50	47	49	51
Revenue	16	18	6	14	29	37	40	41
Revenue growth	–	–	−68.2%	–	–	29.3%	8.0%	3.8%
Profit	−7	−4	−10	−4	3	8	10	9
Profit growth	–	–	–	–	–	127.4%	30.2%	−6.1%
Margin	−40.4%	−23.1%	−166.9%	−31.1%	11.6%	20.4%	24.5%	22.2%
Return on capital	–	−6.2%	−14.2%	−6.0%	5.1%	13.0%	17.7%	18.0%
Assets	–	88	78	72	66	61	58	54
Liabilities	–	21	10	2	2	3	3	3
Capital employed	–	67	67	70	64	58	55	51
Revenue	18	2	5	1	–	–	–	–
Profit	0	0	0	0	–	–	–	–
Margin	0.2%	−2.8%	−1.7%	1.6%	–	–	–	–
Return on capital	–	−2.5%	−0.3%	1.1%	–	–	–	–
Assets	–	2	226	2	–	–	–	–
Liabilities	–	0	200	0	–	–	–	–
Capital employed	–	2	26	2	–	–	–	–
Revenue	129	110	133	162	–	–	–	–
Revenue growth	–	−14.3%	20.7%	21.3%	–	–	–	–
Profit	2	−5	−4	−2	–	–	–	–
Margin	1.5%	−4.2%	−2.8%	−1.5%	–	–	–	–
Return on capital	–	−2.4%	−2.1%	−1.2%	–	–	–	–
Assets	–	233	220	217	–	–	–	–
Liabilities	–	42	38	18	–	–	–	–
Capital employed	–	192	182	199	–	–	–	–
Revenue	105	73	89	84	–	–	–	–
Revenue growth	–	−30.7%	22.2%	−5.1%	–	–	–	–
Profit	1	−24	−10	−21	–	–	–	–
Margin	0.6%	−32.3%	−10.8%	−25.2%	–	–	–	–
Return on capital	–	−67.0%	−15.7%	−38.8%	–	–	–	–
Assets	–	134	115	144	–	–	–	–
Liabilities	–	99	54	90	–	–	–	–
Capital employed	–	35	61	55	–	–	–	–
Revenue	–	–	–	–	2	1	1	1
Profit	–	–	–	–	0	0	0	0
Assets	–	–	–	–	191	2	2	1
Liabilities	–	–	–	–	212	0	1	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.KCP quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue from operations	1,282	1,520	1,661	1,424	1,714	2,108	2,254	2,847	2,529	2,576
	–	1,265	1,431	1,227	1,324	1,734	2,080	2,492	2,198	2,234
Materials and goods bought	543	479	584	486	502	559	684	1,100	999	994
Employee costs	–	–	107	103	117	125	117	136	137	170
Other expenses	–	–	740	639	705	1,050	1,279	1,256	1,062	1,070
Operating profit before depreciation	–	255	229	196	390	374	174	354	331	343
Operating margin	–	16.8%	13.8%	13.8%	22.8%	17.8%	7.7%	12.4%	13.1%	13.3%
Materials, % of revenue	–	–	35.1%	34.1%	29.3%	26.5%	30.3%	38.6%	39.5%	38.6%
Employee costs, % of revenue	–	–	6.5%	7.2%	6.8%	5.9%	5.2%	4.8%	5.4%	6.6%
Other expenses, % of revenue	–	–	44.6%	44.9%	41.2%	49.8%	56.8%	44.1%	42.0%	41.5%
Depreciation and amortisation	65	71	76	96	92	87	90	89	85	85
Operating profit after depreciation	–	184	154	100	298	287	84	265	246	257
Other income	11	10	9	4	6	39	38	69	61	73
Finance costs	50	42	39	59	46	34	38	41	32	33
Profit before one-off items and tax	–	151	124	45	258	292	84	294	275	297
One-off items	0	−9	0	−6	−6	0	0	−1	−25	−9
Profit before tax	114	143	124	39	252	292	84	293	250	288
	20	31	15	−19	63	53	−6	17	−3	12
Current tax	–	32	2	0	20	53	4	12	1	51
Deferred tax	–	0	13	−19	43	0	−10	5	−3	−38
Share of profit of joint ventures and associates	–	–	2	0	−4	1	1	4	0	0
	73	90	110	58	185	240	91	280	253	276
Belonging to the company's shareholders	73	90	82	–	–	188	42	189	147	197
Belonging to outside owners of subsidiaries	–	–	28	–	–	52	49	92	106	79
Other comprehensive income	–	–	9	23	−7	29	29	−2	−12	87
Total comprehensive income	–	–	119	82	178	268	120	278	241	363
Net margin	5.7%	5.9%	6.6%	4.1%	10.8%	11.4%	4.0%	9.9%	10.0%	10.7%
Net margin without joint ventures and associates	–	–	6.5%	4.1%	11.0%	11.3%	4.0%	9.7%	10.0%	10.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: revenue, other income and exceptional items less the total expenses stated do not come to the profit before tax the same statement states, so the operating expenses cannot be told apart from the rest. Belonging to the company's shareholders is left blank for the years to Mar 2020 and Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	977	1,031	1,193	1,412	1,519	1,780	1,951	2,261
	811	838	996	1,177	1,224	1,410	1,532	1,782
Share capital	13	13	13	13	13	13	13	13
Reserves	798	825	983	1,164	1,211	1,397	1,520	1,769
Belonging to outside owners of subsidiaries	167	193	197	235	295	370	419	479
	471	411	351	434	558	478	540	662
Repayable after a year	357	280	248	179	133	84	146	289
Repayable within a year	114	131	104	255	424	394	394	373
	466	509	485	626	792	756	763	795
Trade payables	95	130	114	102	112	110	106	114
Other financial liabilities	230	232	228	225	209	209	227	274
Other liabilities	23	13	36	36	39	36	24	20
Provisions	4	4	5	8	7	7	12	14
	514	434	434	343	306	292	385	526
Other financial liabilities	78	88	100	62	76	105	138	149
Provisions	14	18	13	14	14	16	18	18
Deferred tax	62	45	71	88	82	88	83	70
Trade payables	3	3	3	0	0	0	0	0
	1,957	1,973	2,112	2,382	2,618	2,829	3,099	3,582
Held for sale or for a demerger	–	–	–	0	–	–	–	–
	1,272	1,226	1,153	1,158	1,106	1,081	1,190	1,355
Plant in use, after depreciation	1,183	1,174	1,090	1,052	993	931	901	872
Plant being built	42	15	23	8	10	14	169	401
Intangible assets	3	6	5	5	5	5	5	4
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	15	15	19	11	10	15	12	24
Other financial assets	0	0	0	67	63	79	45	19
Trade receivables	3	6	5	2	4	3	2	1
Other assets	25	10	10	11	19	33	57	33
	685	747	959	1,224	1,512	1,748	1,908	2,227
Inventories	349	289	278	360	553	470	511	615
Trade receivables	80	89	119	114	157	175	190	156
Cash and cash equivalents	16	20	3	4	3	11	4	21
Other bank balances	110	255	434	568	638	905	974	1,146
Other financial assets	29	2	7	13	1	2	7	4
Tax paid in advance	8	17	12	8	13	11	14	6
Other assets	92	76	105	157	147	175	208	279
Net debt	345	137	−85	−138	−84	−438	−438	−505

Borrowings are counted again inside the liabilities due within a year and after a year. 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.

₹ crore	Mar 2021Filed 25 Jun	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	133	138	−72	105	160	206
	166	169	−67	113	163	223
	−193	−241	−273	−248	−80	−211
Receivables	−30	5	−33	−16	−14	35
Inventories	11	−82	−193	82	−41	−104
Payables	−16	2	10	−2	−3	9
Other working capital	−158	−166	−57	−312	−21	−151
Tax paid	−33	−31	−5	−8	−3	−17
Capital spending	17	35	34	33	202	273
Free cash flow	116	103	−106	72	−42	−67
	−5	−26	3	71	−83	−126
Plant and property sold	2	1	0	1	1	0
Interest received	19	30	33	63	52	69
Dividends received	−1	1	2	45	65	90
	−145	−111	68	−169	−84	−63
Borrowings raised	0	48	169	0	146	181
Borrowings repaid	−83	−79	−48	−78	−84	−59
Interest paid	−45	−30	−39	−41	−31	−33
Lease payments	−1	−1	0	0	0	0
Dividends paid	16	50	13	50	115	152
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−17	1	−1	8	−7	17

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.KCP dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Earnings per share	₹5.64	₹6.94	₹6.38	₹2.10	₹12.64	₹14.59	₹3.24	₹14.63	₹11.41	₹15.29
Diluted earnings per share	₹5.64	₹6.94	₹6.38	₹2.10	₹12.64	₹14.59	₹3.24	₹14.63	₹11.41	₹15.29
Dividend per share	₹2.00	₹1.00	₹1.00	₹0.15	₹2.00	₹1.00	₹0.10	₹1.00	₹0.25	₹0.50
Book value per share	–	–	₹62.87	₹65.03	₹77.23	₹91.30	₹94.97	₹109.38	₹118.88	₹138.24
Dividend payout	35.4%	14.4%	15.7%	–	–	6.9%	3.1%	6.8%	2.2%	3.3%
Shareholder yield	–	–	–	–	1.5%	3.3%	1.0%	2.2%	4.4%	9.4%
Market cap at the year end (₹ crore)	1,337	1,679	1,131	552	1,080	1,494	1,334	2,241	2,595	1,619

Ratios

Consolidated, years to March.KCP PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 19 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 23 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue growth	18.5%	9.3%	−14.3%	20.4%	23.0%	6.9%	26.3%	−11.2%	1.9%
Operating profit growth	–	−10.0%	−14.3%	98.6%	−4.1%	−53.6%	104.1%	−6.5%	3.4%
Net profit growth	23.0%	22.7%	−46.9%	217.3%	29.6%	−62.0%	207.7%	−9.7%	8.9%
Earnings per share growth	23.0%	−8.1%	−67.1%	501.9%	15.5%	−77.8%	351.7%	−22.0%	34.0%
	–	10.1%	–	–	17.3%	3.5%	14.3%	10.0%	11.9%
	–	–	–	–	–	−13.8 pts	10.8 pts	−4.3 pts	1.9 pts
From the net margin	–	–	–	–	–	−13.7 pts	9.0 pts	−1.7 pts	3.2 pts
From asset turnover	–	–	–	–	–	−0.1 pts	2.0 pts	−2.3 pts	−1.3 pts
From borrowing	–	–	–	–	–	0.0 pts	−0.1 pts	−0.3 pts	0.0 pts
Return on capital employed	–	10.6%	7.0%	19.3%	15.6%	4.0%	11.7%	9.9%	8.8%
Cash conversion	–	–	–	72.1%	57.6%	−79.2%	37.5%	63.2%	74.8%
Interest cover	4.4	4.0	1.7	6.4	8.5	2.2	6.5	7.7	7.7
Debt to equity	–	0.48	0.40	0.29	0.31	0.37	0.27	0.28	0.29
Receivable days	–	18	23	25	20	25	22	27	22
Inventory days	–	218	217	203	235	295	156	187	226
Payable days	–	59	97	83	67	60	37	39	42
Cash conversion cycle, days	–	177	143	145	188	260	142	175	206
Working capital days	–	46	24	30	49	81	60	81	90
Asset turnover	–	0.85	0.72	0.84	0.94	0.90	1.05	0.85	0.77
Assets per rupee of net worth	–	2.41	2.38	2.23	2.07	2.08	2.07	2.01	2.02
Sales per rupee of plant	–	1.40	1.21	1.57	2.00	2.27	3.06	2.81	2.95
Capital spending to depreciation	–	–	–	0.19	0.41	0.37	0.37	2.38	3.21
Plant being built, % of plant in use	–	3.5%	1.3%	2.1%	0.8%	1.0%	1.6%	18.8%	46.0%

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: 5.9%
Cash from operations against operating profit: 60.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	8.5%	4.6%
Profit growth, yearly rate	–	–	67.8%
Return on equity, average	–	11.4%	12.1%
Return on capital employed, average	–	10.0%	10.1%
Operating margin, average	14.6%	12.9%	12.9%
Net margin, average	7.9%	9.2%	10.2%
Asset turnover, average	–	0.90	0.89
Cash conversion cycle, days, average	–	194	174
Interest cover, average	5.4	6.5	7.3
Debt to equity, average	–	0.30	0.28

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	538	472	206
Cash from investing	−161	−138	−126
Cash from financing	−358	−315	−63
Capital spending	577	508	273
Dividends paid	379	316	152
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	544	327	181
Borrowings repaid	348	220	59

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	–	–	–	–	8	6	3	7	4	5
Altman Z-scorePublished threshold 1.81	–	–	2.52	1.97	2.90	3.25	2.72	3.79	3.60	2.92
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.00	−2.00	−1.92	−1.83	−1.85	−2.38
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.79	5.67	6.41	3.82	5.95	5.86
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.39	0.28	0.31	0.58
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	24.38	13.46	−26.99	30.59	−14.85	20.10	−19.78
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.40	−6.98	17.84	31.24	−75.80	17.78	20.93
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.42	1.75	2.50	−0.72	0.91	1.65	2.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	3.08	0.17	0.34	0.52	3.12	7.05
Effective tax ratePublished threshold 17.16 per cent	17.71	21.80	12.37	−47.31	25.15	18.08	−6.75	5.69	−1.16	4.31
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.37	−13.13	2.98	−2.42	−1.60

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
12 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Fixed Deposits	Crisil A+Review, Re-affirm	Stable	125
12 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+Review, Re-affirm	Stable	143.90
12 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Re-affirm		131

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