Birla Corporation Limited (BIRLACORPN)
Micro CapMaterials stocks · Micro cap · NSE
Birla Corporation Limited is an Indian cement and building materials company. It focuses on increasing blended and value-added cement production, premiumization, and strategic capacity expansion, while also operating in jute, RMC, and construction chemicals. The company aims for consistent strategy adherence despite market volatility.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -3% YoY · margin compression · Rev +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,646 Cr | +7.8% | -6.7% |
| EBITDA | ₹342 Cr | -1.4% | -32.9% |
| Operating margin | 13.0% | -100 bps | -500 bps |
| PAT | ₹116 Cr | -3.3% | -60.7% |
| PAT margin | 4.4% | -51 bps | -602 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Birla Corp reports healthy Q4 and FY26 results, achieving highest-ever volume with existing capacity. FY26 volume grew 4%, with Q4 EBITDA near INR1,000 crores and full-year EBITDA near INR800 crores.
Management is consistently executing its strategy of increasing blended and premium cement volumes, which has driven record performance with existing capacity. While debt is projected to rise for capex, the company maintains a conservative debt-to-EBITDA outlook. Cost reduction from captive coal is a key lever.
Blended & Value-Added Cement
Strategy of moving progressively towards almost 100% capacity of blended cement, making steady progress despite market composition changes.
Premiumization
Composition of our premium volume is systematically increasing across units and regions, led by flagship brand Perfect Plus.
Mukutban Volume Growth
Mukutban volumes are progressing, acquiring greater market share in core markets through blended cement.
Kundanganj Unit
Installed third line in Kundanganj, which will give play in core and profitable UP market with value-added blended cement.
Maihar Line-II & Grinding Units
Maihar Line-II is work in progress, along with new grinding units linked to it in Eastern UP around Prayagraj, reaching 27.5 million tons by FY29.
Kundanganj Third Line
Installed our third line in Kundanganj, which will add 1.4 million tons capacity.
Prayagraj and Gaya Phase 1
1.4 million tons each for Prayagraj and Gaya Phase 1, expected to start by Q3/Q4 FY28.
Market Tailwinds
Able to make the most of the tailwinds which one observed during the last quarter.
Brand Acceptance
Greater acceptance of our blended and value-added cement due to investment in brands.
Strong Brand Equity
Uttar Pradesh is a core market where we have a strong brand equity for Perfect Plus.
Operational Setbacks
Had during the year a few challenges and marginal setbacks, especially with regard to the operations of a couple of our plants.
Market Volatility & Uncertainty
Staring at many uncertainties and variables; in a very dynamic and volatile situation.
Rising Fuel Costs
Rising crude and pet coke prices, and even domestic fuel costs are going up due to demand and switching by other players.
Jute Business Challenges
Jute prices reached abnormal highs last year due to multiplicity of factors, including stoppage of imports from Bangladesh.
Geopolitical Situation
Consciously started building up stocks because of the geopolitical situation, anticipating tightness in coal and fuel prices.
RMC Segment Outstanding
A lot of issues in the RMC segment, particularly relating to outstanding's, recovery and commercial aspects.
Jute Industry Structural Issues
A lot of structural systemic issues in the jute industry, with center and state governments not always working in sync.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The earnings call discusses both Q4 and full-year FY26 results. Full-year trends are crucial for assessing strategic shifts like blended cement and trade segment mix, while Q4 provides insight into recent operational momentum and cost impacts.
Volume Growth (FY26)
We have done a growth of about 4% in volume for this financial year.
EBITDA (FY26)
Our EBITDA for the year was close to about INR800 crores and for the quarter ended March was close to INR1,000 crores.
Blended Cement Share (FY26)
In the blended cement we have moved from 82% in last financial year to 88% in the current financial year.
Trade Segment Share (FY26)
The trade segment from 70% in the last financial year we have moved to 77% in this financial year.
Cautious Guidance
Will be cautious in our guidance for the months ahead due to uncertainties and variables.
Consistent Strategy
Sticking to our strategy of moving progressively towards almost 100% capacity of blended cement and premiumization.
Capital Allocation for Capex
Most of our internal accrual is going to be allocated towards the INR4,000-INR4,500 crores capex program.
Debt Outlook
Debt is going to go up in absolute terms, though in terms of debt to EBITDA it will not exceed 2.5.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume Growth (FY27) | Mid-single digit | Achievement of mid-single digit volume growth, primarily from Kundanganj and Mukutban headroom. |
| Debt to EBITDA | INR2,100 crores net debt (FY26) | Peak net debt in the range of INR4,000 crores, with debt to EBITDA not exceeding 2.5x. |
| Bikram Coal Block Production | 1.2 lakh tons expected this year | Full capacity production from Bikram coal block next financial year for cost reduction (landed cost INR1-1.05 vs market INR1.45). |
| Incentive Realization | INR500 crores receivable pertaining to incentives | Realization of accrued incentives, particularly from Maharashtra, starting from the current financial year. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
39Bearishfull bear SMA stack · SMA20 -6.1% / mo · MACD +
Technical chart
BIRLACORPNdaily · 1Y · AUTO+0.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.6%.
- Piotroski is strong at 7/9.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -125.2%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 89th percentile within Materials. Main check: financial discipline is weak at 52/100.
High Trust Lite: Promoter holding is 62.9%. Key concern: ROE is low at 7.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Materials: 89th pctile, median 70 · Micro: 70th pctile, median 73
33 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.6%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROE is low at 7.8%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.30
- P/B
- 0.93
- EV/EBITDA
- 5.13
- Market Cap
- 6833.00Cr
Profitability
- ROE
- 7.83%
- ROCE
- 9.78%
- ROA
- 3.81%
- Dividend Y
- 1.41%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 5.56×
- Altman Z
- 2.46
- Book Value
- 956.00
Cash Flow
- FCF Yield
- 6.64%
- FCF Positive Y
- 11/5
- OCF
- 950.00 Cr
- EPS TTM
- 71.91
Shareholding
- Promoter Hold
- 62.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.