INDIACEM - India Cements Ltd. Share Price

Cement & Cement Products

₹290.40+2.60(+0.90%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does India Cements Ltd. do?

Cement & Cement Products•Construction Materials•Small Cap

The India Cements Limited produces and sells cement and cement related products in India. It offers cement and allied products under the Conkrete Super King, Coromandel King, Sankar Super Power, Raasi Gold, Halo Super King brands; and ready mix concrete. The company also engages in the sale of coal; real estate activities; and construction and infrastructure projects; generation of power from windmills and thermal power plants; and provision of ship hiring services; as well as production and sale of clinker products. It exports its products. The company was incorporated in 1946 and is based in Chennai, India.

Industry Group:Cement & Cement Products

Employees:1,875

Website:www.indiacements.co.in

Summary of Latest Earnings Report from India Cements

Summary of India Cements's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: May 24

The management of India Cements highlighted a strategic focus on cost optimization, operational efficiency, and debt reduction to improve profitability. Key points include:

Cost Reduction: Achieved significant savings in coal costs (down from Rs.3,500 to Rs.3,050/ton) and plans to further reduce costs through initiatives like a waste heat recovery system at Chilamakuru (8 MW capacity) and a vertical roller mill at Sankari (enabling cheaper fly ash usage). These measures aim to lower power costs and boost output.
Capacity Utilization: Targeting higher plant utilization (currently ~61%) by addressing working capital constraints, with a goal to increase volumes and earnings.
Non-Core Asset Monetization: Sold the Parli Grinding Unit (Rs.315 crore) and plans to sell land parcels strategically, ruling out further plant sales.
CAPEX Plans: Allocating Rs.700 crore over two years (Rs.500 crore for efficiency upgrades like cooler/burner upgrades, WHR, and VRM installations; Rs.200 crore for maintenance). Expected savings: Rs.150"“175/ton post-implementation (6"“15 months).
Market Outlook: Demand in South India grew ~10% in FY24, but volumes were impacted by working capital issues. Prices saw volatility post-March (up in April, down in May) but anticipate recovery post-elections.
Volume Growth: Focus on expanding grinding capacity in Malkapur to offset Parli's sale, targeting higher utilization and improved margins.
The outlook emphasizes operational turnaround, cost leadership, and balanced growth leveraging efficiency gains and market recovery.

Q&A Session

Last updated: May 24

Question 1: Sir, could you share the rupees per kilo cal costing in Q4 and the housekeeping numbers for revenue and EBITDA for shipping, wind and concrete?
Answer: The cost per Kcal was Rs.1.95. Shipping revenue was Rs.7.4 crore (EBITDA Rs.1.7 crore), RMC revenue Rs.27 crore (EBITDA Rs.2.2 crore), and windmill revenue Rs.0.5 crore (negative EBITDA of Rs.1 crore).

Question 2: What is the plan for non-core asset monetization, and how much profit is expected from the sale of the Parli grinding unit?
Answer: Parli Grinding Unit was sold for Rs.315 crore (profit to reflect in Q1 FY25). Land monetization will occur opportunistically based on pricing and buyer interest.

Question 3: What is the pricing trend post-March 2024 in your operating regions?
Answer: Prices rose in April but dipped in May. Current prices are marginally better than March exit levels, with expectations of a June uptick post-elections.

Question 4: What was the trade/non-trade mix in Q4?
Answer: Trade sales accounted for 57% of volumes, non-trade 43%.

Question 5: What is the CAPEX plan for FY25/26 and expected benefits?
Answer: Rs.700 crore total CAPEX (Rs.500 crore for efficiency projects like waste heat recovery, VRM installation, and plant upgrades; Rs.200 crore routine). Targets Rs.150"“175/ton cost reduction post-implementation.

Question 6: How did regional demand and India Cements' volume perform in Q4?
Answer: South India's industry grew ~10% annually, but India Cements' volumes fell due to working capital constraints. Post-June demand recovery is expected.

Question 7: What operational impact will selling Parli Grinding Unit have?
Answer: Minimal impact: Parli contributed low EBITDA. Capacity will be replaced via Malkapur grinding expansion, focusing on higher-margin markets.

Question 8: Will more plants be sold, or only non-core assets?
Answer: Only non-core assets (e.g., land parcels) will be monetized; no further plant sales planned.

Question 9: What savings were achieved in FY24 from efficiency programs?
Answer: BCG-led initiatives saved Rs.184/ton across three plants. FY25 efficiency CAPEX aims for broader savings (Rs.150"“175/ton).

Question 10: What is the volume outlook post-Parli sale?
Answer: FY24 volume was 9.46 million tons. FY25 targets higher utilization (61% currently) with capacity upgrades, offsetting Parli's loss.

The Good, Bad and Ugly

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Category	INDIACEM	Cement
PE	-40.74	40.02
PS	1.98	2.60
Growth	-16.3 %	1.7 %

Balance Sheet for India Cements

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	30.8%	18	14	14	16	14	1.82
Current investments	903233%	272	1.03	3.61	3.97	3.91	3.96
Loans, current	-55.1%	358	796	976	1,085	157	31
Total current financial assets	4.2%	1,610	1,545	1,946	1,980	1,264	1,012
Inventories	-22.2%	484	622	705	775	728	834
Current tax assets	20%	25	21	17	15	13	38
Total current assets	-6.1%	2,373	2,528	2,997	3,143	2,678	2,351
Property, plant and equipment	-5.5%	6,202	6,565	6,406	6,484	6,563	6,629
Capital work-in-progress	-6.3%	178	190	371	313	322	272
Non-current investments	-55.3%	220	491	491	490	623	776
Loans, non-current	-26.1%	120	162	176	180	1,090	1,252
Total non-current financial assets	-40.6%	468	787	795	769	1,802	2,085
Total non-current assets	-11.8%	6,950	7,881	7,909	7,987	9,120	9,403
Total assets	-8.8%	9,523	10,445	10,962	11,186	11,798	11,785
Borrowings, non-current	-14%	1,222	1,420	1,617	1,799	2,010	1,929
Total non-current financial liabilities	-14%	1,222	1,420	1,623	1,804	2,013	1,932
Provisions, non-current	9.2%	168	154	173	173	172	185
Total non-current liabilities	-9.9%	2,076	2,305	2,582	2,811	3,093	3,277
Borrowings, current	-23.6%	907	1,187	1,190	1,119	926	1,134
Total current financial liabilities	-20%	1,982	2,478	2,632	2,520	2,659	2,485
Provisions, current	-15.6%	66	78	59	58	51	44
Total current liabilities	-17.9%	2,251	2,741	2,936	2,776	2,943	2,690
Total liabilities	-14.3%	4,327	5,046	5,518	5,587	6,036	5,967
Equity share capital	0%	310	310	310	310	310	310
Total equity	-3.8%	5,196	5,399	5,444	5,599	5,761	5,818
Total equity and liabilities	-8.8%	9,523	10,445	10,962	11,186	11,798	11,785

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-12%	74	84	72	65	64	46
Current investments	366.7%	1.14	1.03	3.61	3.97	3.91	3.96
Loans, current	-39.2%	484	796	976	1,085	31	31
Total current financial assets	-20.1%	1,297	1,623	2,010	2,039	1,202	1,066
Inventories	-22.1%	492	631	715	785	738	844
Current tax assets	10%	23	21	18	16	14	39
Total current assets	-19.8%	2,198	2,740	3,219	3,360	2,620	2,499
Property, plant and equipment	-5.4%	6,381	6,746	6,591	6,672	6,890	6,841
Capital work-in-progress	-6.3%	178	190	371	313	320	386
Goodwill	-8.8%	63	69	69	69	232	202
Non-current investments	-6.9%	296	318	321	330	410	404
Loans, non-current	6%	125	118	135	136	1,108	1,190
Total non-current financial assets	-3.3%	550	569	585	566	1,608	1,652
Total non-current assets	-8.1%	7,274	7,914	7,952	8,040	9,485	9,501
Total assets	-9.6%	9,679	10,701	11,238	11,467	12,105	12,043
Borrowings, non-current	-14%	1,222	1,420	1,620	1,801	2,027	1,939
Total non-current financial liabilities	-14%	1,222	1,420	1,626	1,806	2,030	1,942
Provisions, non-current	9.1%	169	155	173	173	173	186
Total non-current liabilities	-9.9%	2,076	2,305	2,586	2,814	3,112	3,289
Borrowings, current	-23.6%	916	1,198	1,205	1,138	941	1,147
Total current financial liabilities	-20.9%	1,999	2,528	2,683	2,559	2,703	2,522
Provisions, current	-15.4%	67	79	59	58	52	44
Current tax liabilities	608.7%	19	3.54	4.23	11	2.66	2.43
Total current liabilities	-17.6%	2,304	2,797	2,993	2,827	2,993	2,731
Total liabilities	-14.1%	4,380	5,101	5,580	5,640	6,104	6,020
Equity share capital	0%	310	310	310	310	310	310
Non controlling interest	45.8%	36	25	24	50	81	76
Total equity	-5.4%	5,299	5,599	5,658	5,827	6,001	6,023
Total equity and liabilities	-9.6%	9,679	10,701	11,238	11,467	12,105	12,043

Cash Flow for India Cements

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	0.9%	236	234	195
Change in inventories	157.6%	153	60	-250.63
Depreciation	3.3%	220	213	220
Unrealised forex losses/gains	84%	0	-5.25	0
Dividend income	1543.3%	15	0.03	0
Adjustments for interest income	53.1%	10	6.88	4.82
Net Cashflows from Operations	4351%	316	-6.41	410
Income taxes paid (refund)	64.8%	6.29	4.21	40
Net Cashflows From Operating Activities	2759.2%	310	-10.62	370
Cashflows used in obtaining control of subsidiaries	-103.4%	0	30	31
Proceeds from sales of PPE	15.6%	38	33	18
Purchase of property, plant and equipment	-11.9%	127	144	147
Dividends received	1543.3%	15	0.03	0
Interest received	53.1%	10	6.88	4.82
Other inflows (outflows) of cash	368.2%	310	67	-50.78
Net Cashflows From Investing Activities	-42.8%	246	429	-206.46
Proceeds from borrowings	-75.3%	114	458	1,074
Repayments of borrowings	-28%	436	605	1,010
Dividends paid	-103%	0.09	31	31
Interest paid	4.9%	237	226	195
Other inflows (outflows) of cash	-	0	0	-6.28
Net Cashflows from Financing Activities	-37.7%	-557.98	-404.93	-168.33
Net change in cash and cash eq.	-124.3%	-2.16	14	-4.94

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-0.8%	240	242	188
Change in inventories	159.3%	154	60	-246.93
Depreciation	3.2%	226	219	226
Unrealised forex losses/gains	95.2%	0	-19.85	0
Dividend income	1223.6%	11	0.11	0.1
Adjustments for interest income	7.1%	16	15	12
Net Cashflows from Operations	2930.3%	363	-11.79	484
Income taxes paid (refund)	169.9%	19	7.67	45
Net Cashflows From Operating Activities	1776.4%	344	-19.46	439
Proceeds from sales of PPE	-83%	38	219	18
Purchase of property, plant and equipment	121.1%	127	58	168
Dividends received	1223.6%	11	0.11	0.1
Interest received	7.1%	16	15	12
Other inflows (outflows) of cash	819.8%	310	-41.93	-110.93
Net Cashflows From Investing Activities	-43.1%	248	435	-250.12
Proceeds from borrowings	-75.3%	114	458	1,091
Repayments of borrowings	-26.6%	446	607	1,042
Dividends paid	-103.2%	0.09	29	29
Interest paid	10.1%	241	219	188
Other inflows (outflows) of cash	-	0	0	-15.01
Net Cashflows from Financing Activities	-44.2%	-572.46	-396.82	-182.7
Net change in cash and cash eq.	0%	19	19	6.16

Income Statement for India Cements

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-8.2%	4,942	5,381	4,713	4,437	5,058	5,628
Other Income	60.6%	54	34	17	23	28	31
Total Income	-7.7%	4,997	5,415	4,730	4,460	5,085	5,659
Cost of Materials	-6.9%	883	948	785	702	926	1,044
Purchases of stock-in-trade	-99.7%	1.11	39	0.03	0.06	0.4	0.38
Employee Expense	4.8%	375	358	332	331	350	357
Finance costs	2.6%	240	234	204	265	334	324
Depreciation and Amortization	3.3%	220	213	220	242	247	251
Other expenses	-17%	3,534	4,260	3,163	2,521	3,221	3,610
Total Expenses	-11.8%	5,294	6,002	4,676	4,137	5,054	5,566
Profit Before exceptional items and Tax	49.4%	-296.76	-587.36	54	323	32	93
Exceptional items before tax	-77.1%	42	180	0	0	-100.04	0
Total profit before tax	37.3%	-254.67	-406.91	54	323	-68.41	93
Current tax	-	0	0	39	50	6.88	32
Deferred tax	75.8%	-52.15	-218.36	-24.26	50	-39.78	-8.47
Total tax	75.8%	-52.15	-218.36	15	101	-32.9	24
Total profit (loss) for period	-7.4%	-202.52	-188.55	39	222	-35.51	69
Other comp. income net of taxes	347.8%	2.66	0.33	192	-0.4	241	-5.3
Total Comprehensive Income	-6.2%	-199.86	-188.22	231	222	205	64
Earnings Per Share, Basic	-5.4%	-6.45	-6.07	7.46	7.15	6.62	2.07
Earnings Per Share, Diluted	-5.4%	-6.45	-6.07	7.46	7.15	6.62	2.07

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-11.2%	903	1,017	972	1,245	1,082	1,222
Other Income	14.3%	11	9.75	6.37	25	17	5.93
Total Income	-10.9%	914	1,026	978	1,270	1,099	1,228
Cost of Materials	2.6%	201	196	182	226	181	218
Purchases of stock-in-trade	175%	1.36	0.52	0.07	0.32	0.35	0.09
Employee Expense	-7.5%	87	94	105	98	86	99
Finance costs	1.4%	74	73	82	64	60	59
Depreciation and Amortization	1.9%	55	54	55	57	57	53
Other expenses	-8.7%	785	860	711	874	750	898
Total Expenses	-6.6%	1,221	1,307	1,140	1,319	1,149	1,327
Profit Before exceptional items and Tax	-9.2%	-306.8	-280.88	-162.39	-48.78	-50.24	-98.8
Exceptional items before tax	-3635.3%	-190.26	6.41	241	16	26	0
Total profit before tax	-80.8%	-497.06	-274.47	78	-32.91	-24.03	-98.8
Deferred tax	-95%	-68.22	-34.49	21	-3.58	-7.52	-17.41
Total tax	-95%	-68.22	-34.49	21	-3.58	-7.52	-17.41
Total profit (loss) for period	-78.4%	-428.84	-239.98	57	-29.33	-16.51	-81.39
Other comp. income net of taxes	22852.5%	4,911	-20.58	0.03	2.02	-0.72	0.95
Total Comprehensive Income	1813.6%	4,483	-260.56	57	-27.31	-17.23	-80.44
Earnings Per Share, Basic	1626.5%	144.64	-8.41	1.86	-0.88	-0.56	-2.6
Earnings Per Share, Diluted	1626.5%	144.64	-8.41	1.86	-0.88	-0.56	-2.6

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-8.8%	5,112	5,608	4,858	4,511	5,186	5,770
Other Income	64.1%	65	40	24	40	42	39
Total Income	-8.3%	5,177	5,648	4,883	4,551	5,228	5,810
Cost of Materials	-7.7%	974	1,055	828	732	981	1,099
Purchases of stock-in-trade	-31.7%	72	105	38	0.16	29	0.38
Employee Expense	4.7%	382	365	340	338	359	365
Finance costs	0.8%	244	242	198	271	343	350
Depreciation and Amortization	3.2%	226	219	226	247	256	265
Other expenses	-17.1%	3,544	4,276	3,197	2,576	3,247	3,701
Total Expenses	-11.8%	5,482	6,212	4,797	4,240	5,191	5,760
Profit Before exceptional items and Tax	45.8%	-305.46	-563.94	85	311	37	50
Exceptional items before tax	-77.8%	42	186	0	0	-13.78	0
Total profit before tax	30.2%	-263.37	-377.77	85	311	24	50
Current tax	-50.2%	5.98	11	45	55	9.92	36
Deferred tax	75.2%	-53.59	-219.43	-25.73	48	-39.77	-11.11
Total tax	76.7%	-47.61	-207.95	19	102	-29.85	24
Total profit (loss) for period	-78.5%	-227.34	-126.89	78	207	50	19
Other comp. income net of taxes	-205.2%	0.39	1.58	198	10	234	-10.45
Total Comprehensive Income	-80.5%	-226.95	-125.31	277	217	284	8.65
Earnings Per Share, Basic	-65.1%	-7.32	-4.04	8.92	7.01	9.18	0.28
Earnings Per Share, Diluted	-65.1%	-7.32	-4.04	8.92	7.01	9.18	0.28

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-8.8%	941	1,032	1,027	1,267	1,144	1,264
Other Income	-71.5%	46	159	16	20	29	8.02
Total Income	-17.1%	987	1,191	1,042	1,287	1,174	1,272
Cost of Materials	-6.1%	201	214	201	251	207	243
Purchases of stock-in-trade	3795.7%	18	0.54	31	0.38	32	17
Employee Expense	-8.4%	88	96	107	100	88	100
Finance costs	0%	73	73	82	65	60	60
Depreciation and Amortization	0%	55	55	56	58	58	55
Other expenses	-5.5%	807	854	709	878	755	901
Total Expenses	-4.8%	1,260	1,323	1,190	1,352	1,214	1,375
Profit Before exceptional items and Tax	-105.2%	-272.35	-132.23	-147.97	-64.98	-40.31	-102.95
Exceptional items before tax	262.8%	366	-223.24	241	16	26	0
Total profit before tax	126.1%	94	-355.47	93	-49.1	-14.1	-102.95
Current tax	176.5%	48	18	0.55	5.98	0	0
Deferred tax	-149.9%	-87.68	-34.49	21	-5.02	-7.52	-17.41
Total tax	-133.7%	-39.47	-16.32	21	0.96	-7.52	-17.41
Total profit (loss) for period	135.6%	122	-339.13	58	-60.55	0.67	-80.07
Other comp. income net of taxes	24773.4%	4,911	-18.9	-0.64	1.5	-0.84	0.87
Total Comprehensive Income	1501.6%	5,033	-358.03	58	-59.05	-0.17	-79.2
Earnings Per Share, Basic	1386.1%	162.41	-11.55	1.87	-1.91	0	-2.56
Earnings Per Share, Diluted	1386.1%	162.41	-11.55	1.87	-1.91	0	-2.56

Investor Care
Dividend Yield	0.28%
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	150.82

Financial Health
Current Ratio	0.95
Debt/Equity	0.4

Valuation
Market Cap	9 kCr
Price/Earnings (Trailing)	-41.11
Price/Sales (Trailing)	2
EV/EBITDA	29.94
Price/Free Cashflow	50.76
MarketCap/EBT	-41.27

Fundamentals
Revenue (TTM)	4.51 kCr
Rev. Growth (Yr)	-15.9%
Rev. Growth (Qtr)	-17.1%
Earnings (TTM)	-218.91 Cr
Earnings Growth (Yr)	18.15%
Earnings Growth (Qtr)	136.06%

Profitability
Operating Margin	-13.7%
EBT Margin	-4.84%
Return on Equity	-4.13%
Return on Assets	-2.26%
Free Cashflow Yield	1.97%

INDIACEM - India Cements Ltd. Share Price

What does India Cements Ltd. do?

Summary of Latest Earnings Report from India Cements

Sector Comparison: INDIACEM vs Cement & Cement Products

Comparative Metrics

Performance Comparison

Balance Sheet for India Cements

Cash Flow for India Cements

Income Statement for India Cements

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Is India Cements Better than it's peers?

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
ULTRACEMCO	UltraTech CementCement & Cement Products	3.5 LCr	72.08 kCr	+7.32%	+26.37%	55.93	4.85	+3.34%	-2.54%
AMBUJACEM	Ambuja CementsCement & Cement Products	1.34 LCr	36.36 kCr	+3.05%	-14.04%	24.82	3.69	+8.72%	+36.04%
SHREECEM	Shree CementsCement & Cement Products	1.1 LCr	19.76 kCr	+2.03%	+27.40%	89.69	5.56	-4.90%	-45.47%
ACC	ACCCement & Cement Products	36.15 kCr	22.1 kCr	+0.22%	-24.87%	13.92	1.64	+11.44%	+59.63%
RAMCOCEM	The Ramco CementsCement & Cement Products	22.89 kCr	8.84 kCr	+13.67%	+22.74%	61.45	2.59	-5.00%	-1.60%

Shareholder Name	Holding %
UltraTech Cement Limited	81.49%
LICI ASM NON PAR	2.64%