Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep - Newspaper Publication of Postal Ballot Notice dated 09.09.2026
Source: Bse
The India Cements Limited (INDIACEM)
Large CapMaterials stocks · Large cap · NSE
UltraTech Cement Limited is a leading Indian cement manufacturer with a substantial capacity base of 205.5 million tons. The company operates an extensive network of 76 facilities, 477 RMC plants, and 150,000 channel partners across India. It is expanding into the Cables and Wires business.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result17 Oct, 05:30 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
34BearishSMA20 -13.6% / mo · MACD + · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 41
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDIACEMD candles · FIT view-24.2%Latest close ₹329.80 on 2026-10-21
Bar
+10.5%
RSI
57
MACD hist
3.80
52W pos
22%
2026-10-21O ₹298.40H ₹348.70L ₹296.55C ₹329.80Vol 2.9Cr sh
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
INDIACEMNifty CommoditiesNifty 500
- INDIACEM
- -18.6%
- Nifty 500
- -6.5%
- Nifty Commodities
- -10.2%
- Vs Nifty 500
- -12.1 pp
Chart stats
21 Oct 2026- From 52W high
- -32.1%
- 52W range position
- 22%
- ATR (14)
- 4.3%
- Volume vs 20D
- 91.90x
- Avg traded value
- ₹56.2 Cr
- 20D price channel
- ₹286.5 - ₹348.7
₹485.8
₹286.5 - ₹485.8
₹14.3
Latest completed session
20-session average
51.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +2.2% · PAT +331.3% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-4899.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
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 Sept 2026
Excellent · 80/100Rev +2% YoY · PAT +331% YoY · margin expansion · +12% QoQ · operating leverage
Filed 17 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,142 Cr | +2.2% | +12.0% |
| EBITDA | ₹144.3 Cr | +78.2% | -7.3% |
| Operating margin | 12.6% | +564 bps | -264 bps |
| PAT | ₹38.8 Cr | +331.3% | +44.6% |
| PAT margin | 3.4% | +259 bps | +77 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 58.90
- P/B
- 0.92
- EV/EBITDA
- 13.31
- Market Cap
- 9368.00Cr
Profitability
- ROE
- 0.37%
- ROCE
- 1.24%
- ROA
- 0.89%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -0.96%
- EPS 5Y
- -29.00%
- Revenue 3Y
- -7.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 5.43×
- Altman Z
- 3.30
- Book Value
- 329.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- -27.00 Cr
- EPS TTM
- 3.95
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 4,485+8.3% vs prev
Net Profit
₹ CrLatest: -67.0+53.5% vs prev
Return on Equity
%Latest: -0.7+53.2% vs prev
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
Mixed signalsSignals are conflicting — long-term trend down. RSI 57. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~15.7% over last month) — short-term momentum negative.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 32% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 4 Downtrend
1M return
-4.4%
3M return
-18.6%
6M return
-22.2%
1Y return
-15.7%
RS 1D
+19
RS 20D
0
Sector rank
#18
Industry rank
#22
Stage evidence
- Price is 11.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 89.7+13.09%
RS vs Nifty 50090
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth2/25
Quality0/20
Balance Sheet11/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Fair-value margin of safety is negative at -4899.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 2/25; 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
58.9
PB
0.9
EV/EBITDA
13.3
ROE
0.4%
ROCE
1.2%
FCF Yield
—
Debt/Equity
0.2
MoS
-4899.4%
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
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-4899.4%
Previous: -4362.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
22
22
22
22
21
23
23
23
23
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
₹171
-92.9% MoS
Growth-justified P/E
1.7
Growth-justified Value
₹6.6
-4899.4% 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 160
50
15.4
10.7%
+63%
FAIR VALUE
NUVOCO
Large
Nuvoco Vistas Corporation Limited
Cement
match 160
46
27.6
4.2%
+27%
FAIR VALUE
JKCEMENT
Large
JK Cement Limited
Cement
match 157
38
38.7
15.6%
-143%
WATCHLIST
AMBUJACEM
Large
Ambuja Cements Limited
Cement
match 156
48
18.4
8.8%
+53%
FAIR VALUE
BIRLACORPN
Micro
Birla Corporation Limited
Cement
match 153
48
11.1
7.8%
-101%
FAIR VALUE
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 2026-07-24T07:16:03.811Z
Management commentary snapshot
UltraTech Cement reported its highest-ever Q1 performance with domestic volumes up 13.1% and PAT rising 17.2% YoY. Capacity utilization improved to 81% on an enlarged 200-million-ton base, while acquired assets like India Cements showed significant sequential EBITDA per ton improvement.
The company's strong Q1 FY27 results, driven by robust demand and effective integration of acquired assets, reinforce its market leadership. Continued capacity expansion and cost discipline, despite fuel cost shocks, support the long-term growth thesis.
Current business mix
Sales by Customer Type
Latest issuer-disclosed distribution across 2 reported categories.
Retail65.5%
Institutional35.0%
Growth engines
Infrastructure Demand
Demand pipeline across infrastructure, housing, and urban real estate is rich. Government planning strategies supporting industry.
Housing & Urban Real Estate
55% to 60% of India cement consumption, with strong start to calendar '26 in property registrations and unit sales.
Acquired Assets Turnaround
Kesoram and India Cements brands converted to 100% UltraTech, showing sequential EBITDA per ton improvement.
Capacity Expansion
Projects under execution for capacity growth backed by INR17,000 crores capex to reach beyond 242 million tons.
Capacity and execution
Cement Capacity Commissioned
8.7 million tons commissioned by UltraTech in April '26 (Shahjahanpur, Visakhapatnam, Patratu), tweaking domestic capacity to 200.1 million tons and total to 205.5 million tons.
Future Cement Capacity
Consolidated capacity to go beyond 242 million tons, with grey cement reaching 212.7 million tons by end of FY27 and balance in next year.
Green Power Capacity
71 megawatts of renewables and 19 megawatts of WHRS commissioned this quarter, reaching 1,897 megawatts total.
Cables and Wires Project
Facility setup complete, trial runs commenced. Reaffirm commissioning and product launch in Q3 fiscal '27 (October - December '26 quarter).
Tailwinds
Robust Demand Pipeline
Double-digit volume growth and demand pipeline across infrastructure, housing, and urban real estate is as rich as it can be.
Government Support & Macro Resilience
Indian government managing strategies supporting industry, benchmark lending rates attractive, improving housing affordability.
Urbanization Trend
India's urbanization at 35% is expected to reach 39% by 2030, indicating long-term construction development potential.
Brand Power & Premiumization
UltraTech's brand is trusted, enabling premiumization and conversion of B/C category customers to A category.
Headwinds
West Asia Conflict
Q1 '27 opened with disruptive situation, Strait of Hormuz effectively closed, crude crossed $100, coal cost hit the roof.
Imported Fuel Cost Shock
Absorbed the sharpest imported fuel cost shock in recent memory during the quarter.
Monsoon Season Slowdown
Q2 fiscal '27 may look optically softer as seasonal monsoon slowdown and cost effects weigh on the quarter.
Industrial Diesel Price Hike
Industrial diesel went up almost 50% from INR100 per liter to INR157, impacting limestone raising costs.
Risk radar
Demand Slowdown
The biggest challenge for the industry and for us would be if demand slows down, which I don't foresee happening.
Geopolitical Volatility
West Asia crisis situation is still fluid, impacting crude and coal costs, with insurance premiums for ocean routes increasing.
Cost Escalations
Fuel and packing bags were biggest cost impacts in Q1; Q2 expected to see INR130-INR140 per ton increase in costs.
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
YoY comparison is primary for headline financial metrics like PAT and overall volume growth, reflecting annual business cycles. QoQ is crucial for tracking sequential momentum in acquired asset performance (India Cements EBITDA/ton) and cost absorption trends.
Sector KPIs management disclosed
Domestic Grey Cement Volume Growth
Grew about 13.1% in volume terms for the domestic markets, well ahead of industry's growth.
Capacity Utilization
Stronger at 81% as compared to 76% in the last year same period, on an enlarged 200-million-ton base.
EBITDA
Highest ever first quarter EBITDA of INR5,146 crores, up 12% YoY.
PAT
INR2,604 crores, up 17.2% over the last year same period.
Management forward view
FY27 Volume Growth Target
We are targeting double-digit volume growth this year.
Net Debt to EBITDA Outlook
We are confident that this year also, we'll end the net debt to EBITDA below 1x.
India Cements Turnaround Target
EBITDA of INR1,000 per ton for India Cements remains very much in sight with full benefit of capex program flowing through P&L from Q4 fiscal '28.
Cables and Wires Launch
Reaffirm commissioning and product launch in Q3 fiscal '27, October - December '26 quarter, precisely as committed.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Cements EBITDA per ton | INR603 per ton (Q1 FY27) | Progress towards INR1,000 per ton by Q4 FY28, driven by cost improvement capex and green power ramp-up. |
| Capacity Utilization | 81% (Q1 FY27) | Sustained high utilization rates on the enlarged capacity base, indicating continued strong demand absorption. |
| Net Debt to EBITDA | 0.87x (Q1 FY27 end) | Maintenance of net debt to EBITDA below 1x, demonstrating effective capital management amidst capex. |
| Cables and Wires Business Launch | Trial runs commenced, regulatory approvals in place. | Successful commissioning and product launch in Q3 FY27 (Oct-Dec '26) as committed, and initial market reception. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited 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 28th percentile of the scored universe and 5th percentile within Materials. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
46 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Materials: 5th pctile, median 70 · Large: 16th pctile, median 73
Evidence depth
Financial-only
46 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-27 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 1.2%.
- ▸ROE is low at 0.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching The India Cements Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 2 Sep - India Cements to acquire 26% of Amplus TN One Energy for Rs 14.06 crore; 41.8 MW solar+BESS captive projects.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Aug - SES ESG assigned India Cements an ESG rating of 62.1 for FY2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 18 Jul - Investor Presentation on performance of the Company for the quarter ended 30.06.2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.