NCL Industries Ltd
NCLINDNCL Industries Ltd's earnings have outrun its stock. EPS grew +278.6% in a year against a −20.3% price move.
The sharpest disagreement: annual EPS moved +278.6% against a −20.3% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (41 weeks in) while the P/E sits at the 4th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +500.0% year on year, and 194% 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.
NCL Industries Ltd trades at ₹184, in a downtrend and 41 weeks into that stage. That is −2.4% against its own 200-day average. It sits at 48% of a 52-week range of ₹157 to ₹214. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.
Today the stock is in a downtrend — week 41 of stage 4, confirmed. At ₹184 it trades −2.4% versus its 200-day average and sits at 48% of its 52-week range (₹157–₹214).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +108% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — 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 4th 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.
NCL Industries Ltd trades at 6.4× P/E, near the bottom of its own range — cheaper only 4% of the time. Its long-run median P/E is 11.7×, measured across 6.1 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 6.4× is near the bottom of its own range — cheaper only 4% of the time, against a long-run median of 11.7× measured over 6.1 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 +278.6% against a −20.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −5.7%/yr price move, ~−2.1%/yr came from earnings growth and ~−3.6 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ 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: No read 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).
NCL Industries Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −21.0% | −11.4% | −4.1% | — |
| Profit | +280.0% | +29.2% | −8.1% | — |
| EPS | +278.6% | +29.2% | −8.1% | — |
| Share price | −20.3% | −3.1% | −5.7% | +3.1% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
70.9/100 — rank 2 of 26 in Cement · 83% evidence confidence
NCL Industries Ltd scores 70.9 out of 100 against the 26 companies it is compared with in Cement, ranking 2. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 25.3 + 18 + 15 + 12.6 = 70.9. 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.
NCL Industries Ltd reported ₹400 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 7 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹1,422 Cr. The last four reported quarters add to ₹1,426 Cr.
NCL Industries Ltd reported ₹400 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 7 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹1,422 Cr. The last four reported quarters add to ₹1,426 Cr.
FY26 revenue came in at ₹1,422 Cr (−21.0% on the year), capping 7 years at 5.5% compound. The latest quarter (Mar 26) printed ₹400 Cr, +6.7% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +1.8% growth against the decade's 5.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +1.8% over the last 4 quarters against −9.9%/yr over the last 8 — accelerating; TTM profit +265.4% vs +0.5%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 13.0% this quarter (+7.0 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.
NCL Industries Ltd's operating margin is 13.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0% to 16.0%. The current quarter sits inside that band.
NCL Industries Ltd's operating margin is 13.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0% to 16.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 13.0%, +7.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0%–16.0%.
Why the margin moved: operating margin went +6.5 pp year on year while gross margin went +0.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit +500.0% 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.
NCL Industries Ltd earned ₹42.0 Cr of net profit in the Mar 26 quarter, +500.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹95.0 Cr. The 7-year compound rate is 10.6%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr.
NCL Industries Ltd earned ₹42.0 Cr of net profit in the Mar 26 quarter, +500.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹95.0 Cr. The 7-year compound rate is 10.6%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr.
Mar 26 profit was ₹42.0 Cr, +500.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹95.0 Cr (+280.0%), and the 7-year compound rate is 10.6%.
Why profit moved: revenue contributed +6.7% and the margin +7.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +363.4% vs revenue +1.8%. 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: 194% 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 194% of NCL Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹145 Cr of operating cash against ₹95.0 Cr of profit. After ₹77.0 Cr of capital spending, ₹68.0 Cr was left as free cash.
FY26: operating cash of ₹145 Cr against reported profit of ₹95.0 Cr, leaving free cash of ₹68.0 Cr after ₹77.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 194% 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 194%: the cash cycle stretched 58 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 1.5× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹257 Cr of building over 3 years.
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).
NCL Industries Ltd's cash conversion cycle runs 132 days in FY26, up from 74 days in FY21. Capital spending ran ₹257 Cr over the last 3 years. At FY26 sales of ₹1,422 Cr each day of that cycle holds about ₹3.9 Cr, so roughly ₹514 Cr sits inside the business at any moment.
FY26: debtors at 30 days, inventory at 177 days — roughly 5.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 132 days, looser than FY21's 74.
The full loop: cash goes out to suppliers and production on day 0; stock waits 177 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 75 days — netting out to the 132-day cycle.
In money terms: at FY26 sales of ₹1,422 Cr, each day of the cycle holds about ₹3.9 Cr — so the 132-day loop keeps roughly ₹514 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹257 Cr over the last 3 fiscal years against ₹168 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is +0.4 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.⚠ unverified
NCL Industries Ltd earns a ROCE of 14% in FY26. That is up from a trough of 7% in FY25. Return on invested capital clears the cost of that capital by +0.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 6.7% net margin on 0.90× asset turns.
FY26 ROCE is 14%, recovered from a FY25 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 6.7% net margin × 0.90× asset turns × 1.67× balance-sheet leverage ≈ 10.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 12.4% − 12.0% = a +0.4 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 0.25.
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.⚠ unverified
NCL Industries Ltd carries total debt of ₹300 Cr against shareholder equity of ₹940 Cr as of Mar 26, a debt-to-equity of 0.32. On the annual view that ratio went from 0.55 in FY22 to 0.32 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹300 Cr against shareholder equity of ₹940 Cr — a debt-to-equity of 0.32. On the annual view, debt-to-equity went from 0.55 (FY22) to 0.32 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.0 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 2.0 points of NCL Industries Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 3.5% of the company. Promoters moved −0.6 points over the same window, to 41.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −2.0 points over 8 quarters to 3.5%; Promoters: −0.6 points over 8 quarters to 41.7%; Domestic institutions: −0.4 points over 8 quarters to 0.0%.
🚨 Why the register moved: foreign institutions drove it (−2.0 points), alongside promoters (−0.6 points) — distribution into the market’s bid.
→ 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.
NCL Industries 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 |
|---|---|---|---|---|---|---|
| NCL Industries Ltd this page | 6.4× | ₹835 Cr | No read | |||
| 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 | |||
| HeidelbergCement India Ltd | 25.4× | ₹3,544 Cr | Turning around | |||
| 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 | |||
| 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 NCL Industries Ltd's share price today?
NCL Industries Ltd trades at ₹184, −20.3% over the past year. The company is valued at ₹835 Cr. The stock sits at 48% of its 52-week range of ₹157–₹214, −2.4% versus its 200-day average. On the tape, the price is in a downtrend, 41 weeks in. — as of 24 July 2026.
What were NCL Industries Ltd's latest quarterly results?
NCL Industries Ltd reported revenue of ₹400 Cr and net profit of ₹42.0 Cr for the Mar 26 quarter. Revenue rose 6.7% and profit rose 500.0% year on year. Earnings per share were ₹9.28. The operating margin was 13.0%, 7.0 pp higher than a year earlier. — as of 24 July 2026.
What is NCL Industries Ltd's revenue?
NCL Industries Ltd reported revenue of ₹400 Cr in the Mar 26 quarter, +6.7% year on year. For the full FY26 fiscal year, revenue was ₹1,422 Cr (−21.0%). Over the last 7 years revenue compounded at 5.5% a year. — as of 24 July 2026.
What is NCL Industries Ltd's profit?
NCL Industries Ltd earned ₹42.0 Cr of net profit in the Mar 26 quarter, +500.0% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹95.0 Cr. The operating margin ran 13.0% in the latest quarter. — as of 24 July 2026.
What is NCL Industries Ltd's market cap?
NCL Industries Ltd's market capitalisation is ₹835 Cr at a share price of ₹184. 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 NCL Industries Ltd's P/E ratio?
NCL Industries Ltd trades at a P/E of 6.4×, at the 4th percentile of its own 6-year range, against a long-run median of 11.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does NCL Industries Ltd pay a dividend?
Yes — NCL Industries Ltd's dividend payout was 17% of profit in FY26, and it recorded a payout in 7 of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is NCL Industries Ltd overvalued?
On its own history, NCL Industries Ltd looks cheap against its own history: its P/E of 6.4× has been cheaper only 4% of the time in 6 years (long-run median 11.7×). 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 NCL Industries Ltd growing?
Yes — NCL Industries Ltd is growing: latest-quarter revenue +6.7% year on year, profit +500.0%, and the margin +7.0 pp at 13.0%. The 7-year compound rates are 5.5% (revenue) and 10.6% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is NCL Industries Ltd performing?
NCL Industries Ltd is in a downtrend, 41 weeks in. Its latest quarter's revenue rose 6.7% and profit rose 500.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 12 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is NCL Industries Ltd in an uptrend?
No — the price is in a downtrend (week 41 of stage 4), trading −2.4% versus its 200-day average and at 48% 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 NCL Industries Ltd beating the market?
On recent form, yes — NCL Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks, 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 +108% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will NCL Industries Ltd's share price go up?
This page publishes no price forecast for NCL Industries Ltd. What it measures instead: the share price is ₹184, the price is in a downtrend 41 weeks in. Its P/E of 6.4× sits at the 4th percentile of its own 6-year range. — as of 24 July 2026.
Who owns NCL Industries Ltd?
Promoters hold 41.7% of NCL Industries Ltd, foreign institutions 3.5%, domestic institutions 0.0% and the public 54.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.0 points over 8 quarters. — as of 24 July 2026.
Does NCL Industries Ltd have too much debt?
No — NCL Industries Ltd's debt-to-equity is 0.25, and operating profit covers the interest bill 10×. FY26 borrowings were ₹239 Cr against equity of ₹940 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is NCL Industries Ltd's capex?
NCL Industries Ltd spent ₹257 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 ₹77.0 Cr, with ₹2.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is NCL Industries Ltd's cash flow?
NCL Industries Ltd generated ₹145 Cr of operating cash flow in FY26 and ₹68.0 Cr of free cash flow after ₹77.0 Cr of capital spending. Reported profit that year was ₹95.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is NCL Industries Ltd's profit real cash?
Yes — over the last 3 fiscal years, 194% of NCL Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹145 Cr against reported profit of ₹95.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is NCL Industries Ltd in its business cycle?
NCL Industries Ltd's FY26 operating margin was 13.0%, against a 8-year band of 6.0%–16.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 13.0%. 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 NCL Industries Ltd story?
The sharpest disagreement: annual EPS moved +278.6% against a −20.3% 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 NCL Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: NCL Industries Ltd's earnings have outrun its stock. EPS grew +278.6% in a year against a −20.3% price move. 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.