Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Oct - CARE reaffirmed Birla Corporation’s CARE AA/Stable and CARE A1+ ratings on ₹1,656 crore bank facilities.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:45 am ISTDetails
Quote21 Oct, 11:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result25 Jul, 07:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
21Bearishfull bear SMA stack · SMA20 -4.6% / mo · MACD − · near 52W low · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 26
Sector 3M: -9.1% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BIRLACORPND candles · FIT view-13.7%TODAY · PROVISIONALLatest price ₹795.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.7%
RSI
40
MACD hist
-0.10
52W pos
5%
2026-10-21O ₹800.80H ₹802.50L ₹791.45C ₹795.00Vol 90,569 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BIRLACORPNNifty CommoditiesNifty 500
- BIRLACORPN
- -22.2%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- -16.6 pp
Chart stats
19 Oct 2026- From 52W high
- -36.4%
- 52W range position
- 5%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹4.9 Cr
- 20D price channel
- ₹790 - ₹857.8
₹1,244.3
₹769.6 - ₹1,244.3
₹21.7
Latest completed session
20-session average
24.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +7.8% · PAT -3.3% YoY
Technical
Bearish21
Price trend and sector-relative-strength timing.
Valuation
Legacy model-101.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -3% YoY · margin compression · Rev +8% YoY
Filed 25 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 11.10
- P/B
- 0.84
- EV/EBITDA
- 4.80
- Market Cap
- 6190.00Cr
Profitability
- ROE
- 7.83%
- ROCE
- 9.78%
- ROA
- 3.81%
- Dividend Y
- 1.55%
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
- 2.41
- Book Value
- 956.00
Cash Flow
- FCF Yield
- 7.33%
- FCF Positive Y
- 11/5
- OCF
- 950.00 Cr
- EPS TTM
- 71.91
Shareholding
- Promoter Hold
- 62.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,646-6.7% vs prev
Net Profit
₹ CrLatest: 116-60.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
21
RS percentile
Stage 4 Downtrend
1M return
-3.9%
3M return
-22.2%
6M return
-16.5%
1Y return
-32.3%
RS 1D
0
RS 20D
+5
Sector rank
#19
Industry rank
#76
Stage evidence
- Price is 14.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 66.99-0.68%
RS vs Nifty 50067
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation19/30
Growth4/25
Quality1/20
Balance Sheet10/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 7.3%.
- Piotroski is strong at 7/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -101.8%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
11.1
PB
0.8
EV/EBITDA
4.8
ROE
7.8%
ROCE
9.8%
FCF Yield
7.3%
Debt/Equity
0.5
MoS
-101.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-101.8%
Previous: -100.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,243.7
+36.1% MoS
Growth-justified P/E
5.5
Growth-justified Value
₹394.07
-101.8% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JKLAKSHMI
Micro
JK Lakshmi Cement Limited
Cement
match 159
50
15.4
10.7%
+63%
FAIR VALUE
INDIACEM
Large
The India Cements Limited
Cement
match 151
23
58.9
0.4%
-4362%
OVERVALUED
NUVOCO
Large
Nuvoco Vistas Corporation Limited
Cement
match 149
46
27.6
4.2%
+27%
FAIR VALUE
ACC
Large
ACC Limited
Cement
match 143
57
11.2
10.9%
+30%
FAIR VALUE
DALBHARAT
Large
Dalmia Bharat Limited
Cement
match 142
24
28.8
6.1%
-417%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-02T20:22:46.278Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
33 docs text-extracted · 25 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Materials: 89th pctile, median 70 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
33 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
74
acceptable · quarterly consistency
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.
Continue researching Birla Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Issue of Securities 15 Sep - Issued and allotted ₹50 crore commercial paper on 15 Sep 2026, maturing 14 Dec 2026 at 6.50%.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 9 Sep - CMO Kalidas Pramanik retires early from 9 Sept 2026; Tamal Kumar Pal becomes National Sales Head.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 19 Sep - RCCPL received GST SCN for alleged ₹15.03 crore ITC irregularity for FY2022-23.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Copies of Newspaper Advertisement published on 14th August, 2026 regarding opening of a special window for re-lodgement of transfer and dematerialisation of ....
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 12 Aug - RCCPL received GST SCN for ₹10.3 crore ITC demand, plus penalty and interest, on 11 August 2026.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Rating 25 Aug - CRISIL assigned Birla Corporation an independent ESG rating of 'Crisil ESG 58' on publicly available information.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Rating 18 Aug - Independent ESG review assigned Birla Corporation an ESG score of 63.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 10 Jul - CARE reaffirmed RCCPL’s ratings at CARE AA/stable and CARE A1+ on ₹1,750.44 crore bank facilities.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Jul - CARE reaffirmed Birla Corporation’s ratings at CARE AA; Stable for ₹1,586 crore facilities and NCDs.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Jun - India Ratings affirmed RCCPL Private Limited’s IND AA/Stable rating on INR17,180 million bank loan facilities.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.