HeidelbergCement India Ltd
HEIDELBERGHeidelbergCement India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: annual EPS moved +25.5% against a −25.6% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (38 weeks in) while the P/E sits at the 51st percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −10.0% year on year, and 199% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
HeidelbergCement India Ltd trades at ₹158, in a downtrend and 38 weeks into that stage. That is −6.1% against its own 200-day average. It sits at 20% of a 52-week range of ₹144 to ₹214. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (12 weeks and counting).
Today the stock is in a downtrend — week 38 of stage 4, confirmed. At ₹158 it trades −6.1% versus its 200-day average and sits at 20% of its 52-week range (₹144–₹214).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +118% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (12 weeks and counting; last ahead the week of 2026-05-29) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 51st percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
HeidelbergCement India Ltd trades at 25.4× P/E, mid-range by its own standards (51st percentile). Its long-run median P/E is 25.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 25.4× is mid-range by its own standards (51st percentile), against a long-run median of 25.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +25.5% against a −25.6% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −9.7%/yr price move, ~−16.1%/yr came from earnings growth and ~+6.4 pp from the multiple (expanding); over 10y, of the +2.8%/yr price move, ~+8.4%/yr came from earnings growth and ~−5.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
HeidelbergCement India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 12.5% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +8.4% | +1.4% | +1.9% | +3.5% |
| Profit | +25.2% | +10.6% | −15.7% | +14.4% |
| EPS | +25.5% | +10.5% | −15.7% | +14.2% |
| Share price | −25.6% | −3.7% | −9.7% | +2.8% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
60.7/100 — rank 6 of 26 in Cement · 96% evidence confidence
HeidelbergCement India Ltd scores 60.7 out of 100 against the 26 companies it is compared with in Cement, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 19.3 + 19.6 + 14.7 + 7.1 = 60.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
HeidelbergCement India Ltd reported ₹646 Cr of revenue in the Mar 26 quarter, +5.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 3.5% a year. The last full year, FY26, came in at ₹2,330 Cr. The last four reported quarters add to ₹2,330 Cr.
HeidelbergCement India Ltd reported ₹646 Cr of revenue in the Mar 26 quarter, +5.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 3.5% a year. The last full year, FY26, came in at ₹2,330 Cr. The last four reported quarters add to ₹2,330 Cr.
FY26 revenue came in at ₹2,330 Cr (+8.4% on the year), capping 10 years at 3.5% compound. The latest quarter (Mar 26) printed ₹646 Cr, +5.6% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.7% growth against the decade's 3.5% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.5% over the last 4 quarters against −0.8%/yr over the last 8 — accelerating; TTM profit +26.4% vs −10.4%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 14.0% this quarter (−1.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
HeidelbergCement India Ltd's operating margin is 14.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0% to 24.0%. The current quarter sits inside that band.
HeidelbergCement India Ltd's operating margin is 14.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0% to 24.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 14.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–24.0%.
🚨 Why the margin moved: operating margin went −1.2 pp year on year while gross margin went −0.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit −10.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
HeidelbergCement India Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, −10.0% year on year. Full-year FY26 profit was ₹134 Cr. The 10-year compound rate is 14.4%. That is 7.0% of the quarter's revenue. The same quarter a year earlier earned ₹50.0 Cr.
HeidelbergCement India Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, −10.0% year on year. Full-year FY26 profit was ₹134 Cr. The 10-year compound rate is 14.4%. That is 7.0% of the quarter's revenue. The same quarter a year earlier earned ₹50.0 Cr.
Mar 26 profit was ₹45.0 Cr, −10.0% year on year. On the full year, FY26 printed ₹134 Cr (+25.2%), and the 10-year compound rate is 14.4%.
🚨 Why profit moved: revenue contributed +5.6% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +89.3% vs revenue +8.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 199% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 199% of HeidelbergCement India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹198 Cr of operating cash against ₹134 Cr of profit. After ₹55.0 Cr of capital spending, ₹143 Cr was left as free cash.
FY26: operating cash of ₹198 Cr against reported profit of ₹134 Cr, leaving free cash of ₹143 Cr after ₹55.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 199% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 199%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a −109-day cycle and ₹235 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
HeidelbergCement India Ltd's cash conversion cycle runs −109 days in FY26, down from −102 days in FY21. Capital spending ran ₹235 Cr over the last 3 years. At FY26 sales of ₹2,330 Cr each day of that cycle holds about ₹6.4 Cr, so roughly ₹−696 Cr sits inside the business at any moment.
FY26: debtors at 9 days, inventory at 125 days — roughly 4.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −109 days, tighter than FY21's −102.
The full loop: cash goes out to suppliers and production on day 0; stock waits 125 days to sell; customers pay about 9 days after that; and suppliers themselves are paid at 244 days — netting out to the −109-day cycle.
In money terms: at FY26 sales of ₹2,330 Cr, each day of the cycle holds about ₹6.4 Cr — so the −109-day loop keeps roughly ₹−696 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹235 Cr over the last 3 fiscal years against ₹329 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹10.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 15% and the ROIC − WACC spread is +1.1 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
HeidelbergCement India Ltd earns a ROCE of 15% in FY26. That is up from a trough of 1% in Dec 13. Return on invested capital clears the cost of that capital by +1.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.8% net margin on 0.96× asset turns.
FY26 ROCE is 15%, recovered from a Dec 13 trough of 1% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 5.8% net margin × 0.96× asset turns × 1.78× balance-sheet leverage ≈ 9.9% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 13.1% − 12.0% = a +1.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
HeidelbergCement India Ltd carries total debt of ₹14.0 Cr against shareholder equity of ₹1,372 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.13 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹14.0 Cr against shareholder equity of ₹1,372 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.13 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.3 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 3.3 points of HeidelbergCement India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.1% of the company. Domestic institutions moved +3.1 points over the same window, to 13.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −3.3 points over 8 quarters to 1.1%; Domestic institutions: +3.1 points over 8 quarters to 13.9%; Promoters: +0.0 points over 8 quarters to 69.4%.
Why the register moved: rotation — foreign institutions −3.3 points against domestic institutions +3.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
HeidelbergCement India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| HeidelbergCement India Ltd this page | 25.4× | ₹3,544 Cr | Turning around | |||
| UltraTech Cement Ltd | 40.5× | ₹3.5L Cr | Turning around | |||
| Ambuja Cements Ltd | 21.1× | ₹1.1L Cr | Improving | |||
| Shree Cement Ltd | 57.4× | ₹96,480 Cr | Turning around | |||
| J K Cements Ltd | 44.7× | ₹43,649 Cr | Mixed | |||
| Dalmia Bharat Ltd | 30.9× | ₹33,964 Cr | Mixed | |||
| ACC Ltd | 13.2× | ₹25,180 Cr | Mixed | |||
| The Ramco Cements Ltd | 730.0× | ₹21,616 Cr | Turning around | |||
| JSW Cement Ltd | 27.6× | ₹18,013 Cr | No read | |||
| Nuvoco Vistas Corporation Ltd | 30.6× | ₹12,717 Cr | Mixed | |||
| India Cements Ltd | 93.4× | ₹12,613 Cr | No read | |||
| Star Cement Ltd | 20.6× | ₹8,281 Cr | Turning around | |||
| Rain Industries Ltd | 25.1× | ₹7,576 Cr | No read | |||
| Birla Corporation Ltd | 13.2× | ₹7,367 Cr | Turning around | |||
| JK Lakshmi Cement Ltd | 17.9× | ₹7,107 Cr | Turning around | |||
| Prism Johnson Ltd | — | ₹5,437 Cr | No read | |||
| Orient Cement Ltd | 12.9× | ₹2,749 Cr | Mixed | |||
| Mangalam Cement Ltd | 18.5× | ₹2,706 Cr | No read | |||
| Sagar Cements Ltd | — | ₹2,321 Cr | No read | |||
| K C P Ltd | 10.4× | ₹2,097 Cr | Turning around | |||
| Shree Digvijay Cement Co. Ltd | 62.6× | ₹1,127 Cr | Turning around | |||
| NCL Industries Ltd | 6.4× | ₹835 Cr | No read | |||
| Deccan Cements Ltd | 43.4× | ₹776 Cr | — | No read | ||
| BIGBLOC Construction Ltd | — | ₹676 Cr | Turning around | |||
| Saurashtra Cement Ltd | 28.5× | ₹619 Cr | No read | |||
| Shiva Cement Ltd | — | ₹517 Cr | No read |
Frequently asked questions
What is HeidelbergCement India Ltd's share price today?
HeidelbergCement India Ltd trades at ₹158, −25.6% over the past year. The company is valued at ₹3,544 Cr. The stock sits at 20% of its 52-week range of ₹144–₹214, −6.1% versus its 200-day average. On the tape, the price is in a downtrend, 38 weeks in. — as of 24 July 2026.
What were HeidelbergCement India Ltd's latest quarterly results?
HeidelbergCement India Ltd reported revenue of ₹646 Cr and net profit of ₹45.0 Cr for the Mar 26 quarter. Revenue rose 5.6% and profit fell 10.0% year on year. Earnings per share were ₹2.00. The operating margin was 14.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.
What is HeidelbergCement India Ltd's revenue?
HeidelbergCement India Ltd reported revenue of ₹646 Cr in the Mar 26 quarter, +5.6% year on year. For the full FY26 fiscal year, revenue was ₹2,330 Cr (+8.4%). Over the last 10 years revenue compounded at 3.5% a year. — as of 24 July 2026.
What is HeidelbergCement India Ltd's profit?
HeidelbergCement India Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, −10.0% year on year. Full-year FY26 profit was ₹134 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.
What is HeidelbergCement India Ltd's market cap?
HeidelbergCement India Ltd's market capitalisation is ₹3,544 Cr at a share price of ₹158. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is HeidelbergCement India Ltd's P/E ratio?
HeidelbergCement India Ltd trades at a P/E of 25.4×, at the 51st percentile of its own 10-year range, against a long-run median of 25.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does HeidelbergCement India Ltd pay a dividend?
Yes — HeidelbergCement India Ltd's dividend payout was 118% of profit in FY26, and it recorded a payout in 10 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is HeidelbergCement India Ltd overvalued?
On its own history, HeidelbergCement India Ltd looks mid-range against its own history: its P/E of 25.4× sits at the 51st percentile of its 10-year range (long-run median 25.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is HeidelbergCement India Ltd growing?
Not right now — HeidelbergCement India Ltd's latest numbers are shrinking: latest-quarter revenue +5.6% year on year, profit −10.0%, and the margin −1.0 pp at 14.0%. The 10-year compound rates are 3.5% (revenue) and 14.4% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is HeidelbergCement India Ltd performing?
HeidelbergCement India Ltd is in a downtrend, 38 weeks in. Its latest quarter's revenue rose 5.6% and profit fell 10.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 12 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is HeidelbergCement India Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 12.5% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +8.5% latest, profit growth +26.4% latest, eps growth +25.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is HeidelbergCement India Ltd in an uptrend?
No — the price is in a downtrend (week 38 of stage 4), trading −6.1% versus its 200-day average and at 20% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is HeidelbergCement India Ltd beating the market?
Not lately — on a trailing-13-week view HeidelbergCement India Ltd is currently behind the NIFTY 500 (12 weeks and counting; last ahead the week of 2026-05-29), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +118% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will HeidelbergCement India Ltd's share price go up?
This page publishes no price forecast for HeidelbergCement India Ltd. What it measures instead: the share price is ₹158, the price is in a downtrend 38 weeks in. Its P/E of 25.4× sits at the 51st percentile of its own 10-year range. — as of 24 July 2026.
Who owns HeidelbergCement India Ltd?
Promoters hold 69.4% of HeidelbergCement India Ltd, foreign institutions 1.1%, domestic institutions 13.9% and the public 15.7% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.3 points over 8 quarters. — as of 24 July 2026.
Does HeidelbergCement India Ltd have too much debt?
No — HeidelbergCement India Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 16×. FY26 borrowings were ₹14.0 Cr against equity of ₹1,372 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is HeidelbergCement India Ltd's capex?
HeidelbergCement India Ltd spent ₹235 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹55.0 Cr, with ₹10.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is HeidelbergCement India Ltd's cash flow?
HeidelbergCement India Ltd generated ₹198 Cr of operating cash flow in FY26 and ₹143 Cr of free cash flow after ₹55.0 Cr of capital spending. Reported profit that year was ₹134 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is HeidelbergCement India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 199% of HeidelbergCement India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹198 Cr against reported profit of ₹134 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is HeidelbergCement India Ltd in its business cycle?
HeidelbergCement India Ltd's FY26 operating margin was 12.0%, against a 13-year band of 8.0%–24.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the HeidelbergCement India Ltd story?
The sharpest disagreement: annual EPS moved +25.5% against a −25.6% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is HeidelbergCement India Ltd a stock worth studying right now?
This is not investment advice. The machine read: HeidelbergCement India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.