# Cement Products — company-by-company sector analysis

> Cement Products: BirlaNu Ltd owns the largest revenue base; Sanghi Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Cement Products has underperformed NIFTY 500 by 7.8% over 52 weeks and 12.4% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself. BirlaNu Ltd leads with revenue of ₹3,730 crore, based on 6 of 6 comparable companies through Mar 2026.

### Is the Cement Products sector outperforming NIFTY 500?

Cement Products has underperformed NIFTY 500 by 7.8% over 52 weeks and 12.4% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself.

### Which Cement Products company is largest by revenue?

BirlaNu Ltd leads with revenue of ₹3,730 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Cement Products company is growing fastest?

Sanghi Industries Ltd has the fastest current revenue growth at 24.1%, across 6 of 6 comparable companies.

### Which Cement Products company has the strongest 4-Factor Sector Score?

Ramco Industries Ltd ranks first at 70/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Cement Products company has the least gross debt?

Ramco Industries Ltd has the lowest comparable gross debt at ₹169 crore. Sanghi Industries Ltd has the highest at ₹2,494 crore.

### Which Cement Products company has the lowest comparable PEG?

Ramco Industries Ltd has the lowest comparable Guarded PEG at 0.24, among 1 of 6 companies that pass the metric’s comparability rules.

### How much history does this Cement Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Cement Products has underperformed NIFTY 500 by 7.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.4%. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. GPT Infraprojects Ltd is the strongest against the sector itself at +9.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 12%
52-week sector return versus NIFTY 500: -7.8%
Stocks leading NIFTY: 4/6
Stocks leading sector: 4/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹9.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Ramco Industries Ltd (RAMCOIND): 70/100 — Favorable setup; evidence 91%
   - Growth & earnings 26.4/35 | Capital efficiency 15.7/25 | Valuation 15.2/20 | Relative strength 12.7/20
   - Exact sum: 26.4 + 15.7 + 15.2 + 12.7 = 70
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. GPT Infraprojects Ltd (GPTINFRA): 69/100 — Favorable setup; evidence 78%
   - Growth & earnings 25.8/35 | Capital efficiency 18.4/25 | Valuation 9.8/20 | Relative strength 14.8/20
   - Exact sum: 25.8 + 18.4 + 9.8 + 14.8 = 68.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Visaka Industries Ltd (VISAKAIND): 61/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 27.5/35 | Capital efficiency 13.9/25 | Valuation 10.0/20 | Relative strength 9.4/20
   - Exact sum: 27.5 + 13.9 + 10 + 9.4 = 60.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Indian Hume Pipe Company Ltd (INDIANHUME): 49/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 4.8/35 | Capital efficiency 16.4/25 | Valuation 10.4/20 | Relative strength 17.8/20
   - Exact sum: 4.8 + 16.4 + 10.4 + 17.8 = 49.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Sanghi Industries Ltd (SANGHIIND): 36/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.6/35 | Capital efficiency 2.3/25 | Valuation 10.0/20 | Relative strength 8.0/20
   - Exact sum: 15.6 + 2.3 + 10 + 8 = 35.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. BirlaNu Ltd (BIRLANU): 23/100 — Adverse evidence; evidence 69%
   - Growth & earnings 9.5/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 9.5 + 3.3 + 10 + 0 = 22.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: BirlaNu Ltd is the scale leader at ₹3,730 crore, 108.8% ahead of Ramco Industries Ltd. Sanghi Industries Ltd's growth is 24.1% from a ₹1,140 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: BirlaNu Ltd is the scale benchmark; Sanghi Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: BirlaNu Ltd's growth falls below Sanghi Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: BirlaNu Ltd · ₹3,730 crore | 108.8% versus #2 · Ramco Industries Ltd | 7/8 recent comparable periods | 6/6 companies · 89 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. BirlaNu Ltd (BIRLANU): ₹3.7K Cr
2. Ramco Industries Ltd (RAMCOIND): ₹1.8K Cr
3. Visaka Industries Ltd (VISAKAIND): ₹1.7K Cr
4. Indian Hume Pipe Company Ltd (INDIANHUME): ₹1.3K Cr
5. GPT Infraprojects Ltd (GPTINFRA): ₹1.3K Cr

### Revenue growth — fastest growers
1. Sanghi Industries Ltd (SANGHIIND): 24%
2. Visaka Industries Ltd (VISAKAIND): 8.8%
3. GPT Infraprojects Ltd (GPTINFRA): 8.6%
4. Ramco Industries Ltd (RAMCOIND): 7.4%
5. BirlaNu Ltd (BIRLANU): 3.2%

### 20-quarter Revenue history
- RAMCOIND: Jun 2021 ₹420 Cr | Sep 2021 ₹315 Cr | Dec 2021 ₹341 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹497 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹350 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹365 Cr | Jun 2024 ₹543 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹502 Cr
- INDIANHUME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹405 Cr | Mar 2023 ₹454 Cr | Jun 2023 ₹347 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹319 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹282 Cr | Mar 2026 ₹351 Cr
- GPTINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹200 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹242 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹415 Cr
- SANGHIIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹134 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹275 Cr | Mar 2026 —
- BIRLANU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹767 Cr | Mar 2023 ₹863 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹723 Cr | Dec 2023 ₹784 Cr | Mar 2024 ₹852 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹774 Cr | Dec 2024 ₹805 Cr | Mar 2025 ₹929 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹810 Cr | Dec 2025 ₹858 Cr | Mar 2026 ₹1.0K Cr
- VISAKAIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹357 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹344 Cr | Mar 2024 ₹396 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹426 Cr | Jun 2025 ₹506 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹368 Cr | Mar 2026 ₹480 Cr

### 20-quarter Revenue growth history
- RAMCOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 -3.5% | Dec 2022 -11% | Mar 2023 -8.9% | Jun 2023 -2.0% | Sep 2023 4.0% | Dec 2023 9.9% | Mar 2024 4.3% | Jun 2024 12% | Sep 2024 12% | Dec 2024 3.0% | Mar 2025 16% | Jun 2025 -3.0% | Sep 2025 3.4% | Dec 2025 14% | Mar 2026 19%
- INDIANHUME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -21% | Mar 2024 -11% | Jun 2024 4.9% | Sep 2024 11% | Dec 2024 19% | Mar 2025 -3.0% | Jun 2025 -16% | Sep 2025 3.1% | Dec 2025 -26% | Mar 2026 -10%
- GPTINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 10% | Jun 2024 2.5% | Sep 2024 23% | Dec 2024 9.5% | Mar 2025 29% | Jun 2025 29% | Sep 2025 -3.1% | Dec 2025 2.2% | Mar 2026 8.9%
- SANGHIIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 41% | Mar 2024 26% | Jun 2024 34% | Sep 2024 -16% | Dec 2024 37% | Mar 2025 18% | Jun 2025 9.9% | Sep 2025 88% | Dec 2025 6.2% | Mar 2026 —
- BIRLANU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.2% | Mar 2024 -1.3% | Jun 2024 9.0% | Sep 2024 7.1% | Dec 2024 2.7% | Mar 2025 9.0% | Jun 2025 -5.0% | Sep 2025 4.7% | Dec 2025 6.6% | Mar 2026 8.7%
- VISAKAIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.5% | Mar 2024 -12% | Jun 2024 2.2% | Sep 2024 -9.1% | Dec 2024 2.0% | Mar 2025 7.6% | Jun 2025 10% | Sep 2025 5.5% | Dec 2025 4.8% | Mar 2026 13%

## Operating Economics & Margin Trend

What the numbers say: GPT Infraprojects Ltd leads both opm at 14% and margin change at +4 percentage points.

Investor read: GPT Infraprojects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: GPT Infraprojects Ltd · 14% | 7.7% versus #2 · Ramco Industries Ltd | 4/8 recent comparable periods | 6/6 companies · 119 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. GPT Infraprojects Ltd (GPTINFRA): 14%
2. Ramco Industries Ltd (RAMCOIND): 13%
3. Indian Hume Pipe Company Ltd (INDIANHUME): 11%
4. Visaka Industries Ltd (VISAKAIND): 11%
5. Sanghi Industries Ltd (SANGHIIND): 8.0%

### Margin change — fastest expanders
1. GPT Infraprojects Ltd (GPTINFRA): +4.0 pp
2. Ramco Industries Ltd (RAMCOIND): +3.0 pp
3. Visaka Industries Ltd (VISAKAIND): +1.0 pp
4. BirlaNu Ltd (BIRLANU): −3.0 pp
5. Indian Hume Pipe Company Ltd (INDIANHUME): −3.0 pp

### 20-quarter OPM history
- RAMCOIND: Jun 2021 19% | Sep 2021 18% | Dec 2021 15% | Mar 2022 9.1% | Jun 2022 15% | Sep 2022 10% | Dec 2022 3.0% | Mar 2023 10% | Jun 2023 11% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 10% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 13% | Sep 2025 14% | Dec 2025 12% | Mar 2026 13%
- INDIANHUME: Jun 2021 7.9% | Sep 2021 10% | Dec 2021 9.2% | Mar 2022 12% | Jun 2022 8.1% | Sep 2022 8.2% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 8.0% | Sep 2023 10% | Dec 2023 12% | Mar 2024 18% | Jun 2024 16% | Sep 2024 10% | Dec 2024 10% | Mar 2025 14% | Jun 2025 11% | Sep 2025 14% | Dec 2025 8.0% | Mar 2026 11%
- GPTINFRA: Jun 2021 16% | Sep 2021 13% | Dec 2021 13% | Mar 2022 11% | Jun 2022 12% | Sep 2022 13% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 13% | Dec 2023 12% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 12% | Mar 2025 10% | Jun 2025 12% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14%
- SANGHIIND: Jun 2021 23% | Sep 2021 19% | Dec 2021 15% | Mar 2022 12% | Jun 2022 5.6% | Sep 2022 -0.9% | Dec 2022 -13% | Mar 2023 -6.0% | Jun 2023 -58% | Sep 2023 -15% | Dec 2023 -12% | Mar 2024 21% | Jun 2024 -1.0% | Sep 2024 2.0% | Dec 2024 12% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 —
- BIRLANU: Jun 2021 17% | Sep 2021 8.2% | Dec 2021 8.9% | Mar 2022 9.8% | Jun 2022 11% | Sep 2022 1.5% | Dec 2022 6.0% | Mar 2023 4.0% | Jun 2023 9.0% | Sep 2023 0.0% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 6.0% | Sep 2024 -5.0% | Dec 2024 0.0% | Mar 2025 2.0% | Jun 2025 4.0% | Sep 2025 -1.0% | Dec 2025 -1.0% | Mar 2026 -1.0%
- VISAKAIND: Jun 2021 19% | Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 6.7% | Dec 2022 7.2% | Mar 2023 6.0% | Jun 2023 8.0% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 6.0% | Jun 2024 9.0% | Sep 2024 1.0% | Dec 2024 3.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 4.0% | Dec 2025 7.0% | Mar 2026 11%

### 20-quarter Margin change history
- RAMCOIND: Jun 2021 −0.9 pp | Sep 2021 +1.3 pp | Dec 2021 −0.7 pp | Mar 2022 −2.6 pp | Jun 2022 −4.4 pp | Sep 2022 −7.8 pp | Dec 2022 −12.2 pp | Mar 2023 +1.0 pp | Jun 2023 −4.0 pp | Sep 2023 −1.0 pp | Dec 2023 +7.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp
- INDIANHUME: Jun 2021 +0.9 pp | Sep 2021 +0.3 pp | Dec 2021 −0.4 pp | Mar 2022 +0.8 pp | Jun 2022 +0.2 pp | Sep 2022 −1.9 pp | Dec 2022 −0.2 pp | Mar 2023 −2.6 pp | Jun 2023 −0.1 pp | Sep 2023 +1.8 pp | Dec 2023 +3.0 pp | Mar 2024 +9.0 pp | Jun 2024 +8.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −5.0 pp | Sep 2025 +4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp
- GPTINFRA: Jun 2021 −2.9 pp | Sep 2021 −2.6 pp | Dec 2021 −0.4 pp | Mar 2022 −0.5 pp | Jun 2022 −3.9 pp | Sep 2022 +0.3 pp | Dec 2022 −1.6 pp | Mar 2023 −1.8 pp | Jun 2023 −0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +4.0 pp
- SANGHIIND: Jun 2021 −1.6 pp | Sep 2021 −2.2 pp | Dec 2021 −10.0 pp | Mar 2022 −16.5 pp | Jun 2022 −17.9 pp | Sep 2022 −19.7 pp | Dec 2022 −28.0 pp | Mar 2023 −18.3 pp | Jun 2023 −63.6 pp | Sep 2023 −14.2 pp | Dec 2023 +1.0 pp | Mar 2024 +27.0 pp | Jun 2024 +57.0 pp | Sep 2024 +17.0 pp | Dec 2024 +24.0 pp | Mar 2025 −10.0 pp | Jun 2025 +11.0 pp | Sep 2025 +7.0 pp | Dec 2025 −4.0 pp | Mar 2026 —
- BIRLANU: Jun 2021 +2.0 pp | Sep 2021 −4.9 pp | Dec 2021 −3.7 pp | Mar 2022 −3.4 pp | Jun 2022 −5.2 pp | Sep 2022 −6.7 pp | Dec 2022 −2.9 pp | Mar 2023 −5.8 pp | Jun 2023 −2.3 pp | Sep 2023 −1.5 pp | Dec 2023 −4.0 pp | Mar 2024 −2.0 pp | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +4.0 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp
- VISAKAIND: Jun 2021 −1.8 pp | Sep 2021 −3.7 pp | Dec 2021 −3.3 pp | Mar 2022 −2.5 pp | Jun 2022 −5.3 pp | Sep 2022 −7.5 pp | Dec 2022 −4.5 pp | Mar 2023 −6.4 pp | Jun 2023 −5.3 pp | Sep 2023 −2.7 pp | Dec 2023 −3.2 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Ramco Industries Ltd leads with ₹307 crore of TTM profit, 116.2% above Indian Hume Pipe Company Ltd. Visaka Industries Ltd shows ≥100% on the scoring scale growth from a ₹85 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ramco Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Ramco Industries Ltd · ₹307 crore | 116.2% versus #2 · Indian Hume Pipe Company Ltd | 5/8 recent comparable periods | 6/6 companies · 89 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Ramco Industries Ltd (RAMCOIND): ₹307 Cr
2. Indian Hume Pipe Company Ltd (INDIANHUME): ₹142 Cr
3. GPT Infraprojects Ltd (GPTINFRA): ₹96 Cr
4. Visaka Industries Ltd (VISAKAIND): ₹85 Cr
5. BirlaNu Ltd (BIRLANU): ₹-119 Cr

### Profit growth — fastest growers
1. Visaka Industries Ltd (VISAKAIND): 100%
2. Ramco Industries Ltd (RAMCOIND): 70%
3. GPT Infraprojects Ltd (GPTINFRA): 30%
4. Indian Hume Pipe Company Ltd (INDIANHUME): -75%

### 20-quarter Net profit history
- RAMCOIND: Jun 2021 ₹76 Cr | Sep 2021 ₹144 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹88 Cr
- INDIANHUME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹23 Cr
- GPTINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹30 Cr
- SANGHIIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-144 Cr | Mar 2023 ₹-105 Cr | Jun 2023 ₹-189 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹-196 Cr | Dec 2024 ₹-97 Cr | Mar 2025 ₹-117 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-117 Cr | Dec 2025 ₹-115 Cr | Mar 2026 —
- BIRLANU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-43 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-22 Cr
- VISAKAIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹40 Cr

### 20-quarter Profit growth history
- RAMCOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -98% | Dec 2022 -97% | Mar 2023 26% | Jun 2023 -34% | Sep 2023 -233% | Dec 2023 2,500% | Mar 2024 -24% | Jun 2024 -2.5% | Sep 2024 — | Dec 2024 242% | Mar 2025 -18% | Jun 2025 69% | Sep 2025 141% | Dec 2025 26% | Mar 2026 144%
- INDIANHUME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 175% | Jun 2024 244% | Sep 2024 30% | Dec 2024 -6.7% | Mar 2025 1,034% | Jun 2025 -29% | Sep 2025 169% | Dec 2025 343% | Mar 2026 -95%
- GPTINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 114% | Mar 2024 50% | Jun 2024 33% | Sep 2024 7.1% | Dec 2024 40% | Mar 2025 47% | Jun 2025 56% | Sep 2025 40% | Dec 2025 -4.8% | Mar 2026 36%
- BIRLANU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -154% | Mar 2024 -100% | Jun 2024 -78% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -108% | Sep 2025 -387% | Dec 2025 — | Mar 2026 —
- VISAKAIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -309% | Mar 2024 -75% | Jun 2024 -17% | Sep 2024 — | Dec 2024 — | Mar 2025 1,400% | Jun 2025 420% | Sep 2025 — | Dec 2025 — | Mar 2026 167%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Indian Hume Pipe Company Ltd has the clearest covered balance-sheet capacity with ₹394 crore net cash and gross debt of ₹417 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Ramco Industries Ltd · ₹169 crore | 42.5% versus #2 · GPT Infraprojects Ltd | 0/8 recent comparable periods | 6/6 companies · 119 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Ramco Industries Ltd (RAMCOIND): ₹169 Cr
2. GPT Infraprojects Ltd (GPTINFRA): ₹294 Cr
3. Visaka Industries Ltd (VISAKAIND): ₹303 Cr
4. Indian Hume Pipe Company Ltd (INDIANHUME): ₹417 Cr
5. BirlaNu Ltd (BIRLANU): ₹1.1K Cr

### Net debt — lowest net debt
1. Indian Hume Pipe Company Ltd (INDIANHUME): ₹-394 Cr
2. Ramco Industries Ltd (RAMCOIND): ₹20 Cr
3. GPT Infraprojects Ltd (GPTINFRA): ₹276 Cr
4. Visaka Industries Ltd (VISAKAIND): ₹279 Cr
5. BirlaNu Ltd (BIRLANU): ₹1.1K Cr

### 20-quarter Gross debt history
- RAMCOIND: Jun 2021 ₹155 Cr | Sep 2021 ₹109 Cr | Dec 2021 ₹109 Cr | Mar 2022 ₹224 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹242 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹258 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹169 Cr
- INDIANHUME: Jun 2021 ₹560 Cr | Sep 2021 ₹627 Cr | Dec 2021 ₹627 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹587 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹695 Cr | Mar 2023 ₹633 Cr | Jun 2023 ₹633 Cr | Sep 2023 ₹588 Cr | Dec 2023 ₹588 Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹511 Cr | Sep 2024 ₹607 Cr | Dec 2024 ₹607 Cr | Mar 2025 ₹458 Cr | Jun 2025 ₹458 Cr | Sep 2025 ₹501 Cr | Dec 2025 ₹501 Cr | Mar 2026 ₹417 Cr
- GPTINFRA: Jun 2021 ₹270 Cr | Sep 2021 ₹260 Cr | Dec 2021 ₹260 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹252 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹294 Cr
- SANGHIIND: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 —
- BIRLANU: Jun 2021 ₹431 Cr | Sep 2021 ₹329 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹321 Cr | Mar 2023 ₹432 Cr | Jun 2023 ₹432 Cr | Sep 2023 ₹427 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹776 Cr | Jun 2024 ₹776 Cr | Sep 2024 ₹940 Cr | Dec 2024 ₹940 Cr | Mar 2025 ₹959 Cr | Jun 2025 ₹959 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- VISAKAIND: Jun 2021 ₹115 Cr | Sep 2021 ₹130 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹387 Cr | Sep 2023 ₹471 Cr | Dec 2023 ₹471 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹538 Cr | Sep 2024 ₹523 Cr | Dec 2024 ₹523 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹419 Cr | Mar 2026 ₹303 Cr

### 20-quarter Net debt history
- RAMCOIND: Jun 2021 ₹78 Cr | Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹175 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹20 Cr
- INDIANHUME: Jun 2021 ₹557 Cr | Sep 2021 ₹597 Cr | Dec 2021 ₹597 Cr | Mar 2022 ₹586 Cr | Jun 2022 ₹586 Cr | Sep 2022 ₹659 Cr | Dec 2022 ₹659 Cr | Mar 2023 ₹633 Cr | Jun 2023 ₹633 Cr | Sep 2023 ₹540 Cr | Dec 2023 ₹540 Cr | Mar 2024 ₹438 Cr | Jun 2024 ₹438 Cr | Sep 2024 ₹559 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹-108 Cr | Jun 2025 ₹-108 Cr | Sep 2025 ₹-115 Cr | Dec 2025 ₹-115 Cr | Mar 2026 ₹-394 Cr
- GPTINFRA: Jun 2021 ₹267 Cr | Sep 2021 ₹240 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹259 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹242 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹276 Cr
- SANGHIIND: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 —
- BIRLANU: Jun 2021 ₹273 Cr | Sep 2021 ₹218 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹284 Cr | Mar 2023 ₹370 Cr | Jun 2023 ₹370 Cr | Sep 2023 ₹293 Cr | Dec 2023 ₹293 Cr | Mar 2024 ₹539 Cr | Jun 2024 ₹539 Cr | Sep 2024 ₹891 Cr | Dec 2024 ₹891 Cr | Mar 2025 ₹879 Cr | Jun 2025 ₹879 Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹996 Cr | Mar 2026 ₹1.1K Cr
- VISAKAIND: Jun 2021 ₹1 Cr | Sep 2021 ₹103 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹143 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹359 Cr | Sep 2023 ₹458 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹502 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹507 Cr | Dec 2024 ₹507 Cr | Mar 2025 ₹463 Cr | Jun 2025 ₹463 Cr | Sep 2025 ₹406 Cr | Dec 2025 ₹406 Cr | Mar 2026 ₹279 Cr

## Return On Capital Employed

What the numbers say: GPT Infraprojects Ltd leads ROCE at 21.4%, 11.9 percentage points above Indian Hume Pipe Company Ltd. Visaka Industries Ltd has the strongest latest improvement at +4.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: GPT Infraprojects Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: GPT Infraprojects Ltd · 21.4% | 125% versus #2 · Indian Hume Pipe Company Ltd | 2/8 recent comparable periods | 6/6 companies · 89 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. GPT Infraprojects Ltd (GPTINFRA): 21%
2. Indian Hume Pipe Company Ltd (INDIANHUME): 9.5%
3. Visaka Industries Ltd (VISAKAIND): 6.8%
4. Ramco Industries Ltd (RAMCOIND): 4.6%
5. Sanghi Industries Ltd (SANGHIIND): -3.9%

### ROCE change — fastest improvers
1. Visaka Industries Ltd (VISAKAIND): +4.2 pp
2. Ramco Industries Ltd (RAMCOIND): +0.9 pp
3. GPT Infraprojects Ltd (GPTINFRA): −1.3 pp
4. Sanghi Industries Ltd (SANGHIIND): −1.3 pp
5. BirlaNu Ltd (BIRLANU): −2.2 pp

### 20-quarter ROCE history
- RAMCOIND: Jun 2021 — | Sep 2021 5.4% | Dec 2021 — | Mar 2022 5.6% | Jun 2022 — | Sep 2022 4.6% | Dec 2022 — | Mar 2023 3.4% | Jun 2023 — | Sep 2023 2.7% | Dec 2023 3.3% | Mar 2024 3.0% | Jun 2024 3.4% | Sep 2024 3.3% | Dec 2024 3.7% | Mar 2025 3.4% | Jun 2025 4.0% | Sep 2025 3.8% | Dec 2025 4.4% | Mar 2026 4.3%
- INDIANHUME: Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 18% | Jun 2024 23% | Sep 2024 20% | Dec 2024 22% | Mar 2025 12% | Jun 2025 60% | Sep 2025 11% | Dec 2025 65% | Mar 2026 8.0%
- GPTINFRA: Jun 2021 — | Sep 2021 20% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 24% | Dec 2023 28% | Mar 2024 30% | Jun 2024 32% | Sep 2024 20% | Dec 2024 27% | Mar 2025 21% | Jun 2025 29% | Sep 2025 22% | Dec 2025 25% | Mar 2026 19%
- SANGHIIND: Jun 2021 — | Sep 2021 7.1% | Dec 2021 — | Mar 2022 4.2% | Jun 2022 — | Sep 2022 0.8% | Dec 2022 — | Mar 2023 -3.6% | Jun 2023 — | Sep 2023 -8.2% | Dec 2023 -7.6% | Mar 2024 -5.4% | Jun 2024 -2.9% | Sep 2024 -2.3% | Dec 2024 -4.9% | Mar 2025 -4.2% | Jun 2025 -6.6% | Sep 2025 -6.6% | Dec 2025 -6.2% | Mar 2026 —
- BIRLANU: Jun 2021 — | Sep 2021 23% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 7.5% | Jun 2023 — | Sep 2023 4.4% | Dec 2023 5.6% | Mar 2024 1.3% | Jun 2024 1.5% | Sep 2024 -2.7% | Dec 2024 1.4% | Mar 2025 -4.0% | Jun 2025 0.4% | Sep 2025 -4.1% | Dec 2025 -3.0% | Mar 2026 -6.2%
- VISAKAIND: Jun 2021 — | Sep 2021 22% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 9.3% | Jun 2023 — | Sep 2023 4.8% | Dec 2023 4.4% | Mar 2024 3.0% | Jun 2024 4.1% | Sep 2024 1.8% | Dec 2024 2.3% | Mar 2025 3.7% | Jun 2025 9.5% | Sep 2025 5.7% | Dec 2025 12% | Mar 2026 7.9%

### 20-quarter ROCE change history
- RAMCOIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 −2.2 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 +0.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.6 pp | Sep 2025 +0.5 pp | Dec 2025 +0.7 pp | Mar 2026 +0.9 pp
- INDIANHUME: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −2.4 pp | Jun 2023 — | Sep 2023 −2.1 pp | Dec 2023 — | Mar 2024 +1.8 pp | Jun 2024 — | Sep 2024 +5.7 pp | Dec 2024 +5.3 pp | Mar 2025 −5.7 pp | Jun 2025 +36.8 pp | Sep 2025 −9.4 pp | Dec 2025 +43.2 pp | Mar 2026 −3.9 pp
- GPTINFRA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +4.2 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 −4.1 pp | Dec 2024 −1.6 pp | Mar 2025 −8.8 pp | Jun 2025 −3.7 pp | Sep 2025 +2.0 pp | Dec 2025 −1.1 pp | Mar 2026 −1.3 pp
- SANGHIIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 — | Mar 2023 −7.8 pp | Jun 2023 — | Sep 2023 −9.0 pp | Dec 2023 — | Mar 2024 −1.8 pp | Jun 2024 — | Sep 2024 +5.9 pp | Dec 2024 +2.7 pp | Mar 2025 +1.2 pp | Jun 2025 −3.7 pp | Sep 2025 −4.3 pp | Dec 2025 −1.3 pp | Mar 2026 —
- BIRLANU: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.3 pp | Dec 2022 — | Mar 2023 −11.5 pp | Jun 2023 — | Sep 2023 −9.0 pp | Dec 2023 — | Mar 2024 −6.2 pp | Jun 2024 — | Sep 2024 −7.1 pp | Dec 2024 −4.2 pp | Mar 2025 −5.3 pp | Jun 2025 −1.1 pp | Sep 2025 −1.4 pp | Dec 2025 −4.4 pp | Mar 2026 −2.2 pp
- VISAKAIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.8 pp | Dec 2022 — | Mar 2023 −11.1 pp | Jun 2023 — | Sep 2023 −10.0 pp | Dec 2023 — | Mar 2024 −6.3 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −2.1 pp | Mar 2025 +0.7 pp | Jun 2025 +5.4 pp | Sep 2025 +3.9 pp | Dec 2025 +9.5 pp | Mar 2026 +4.2 pp

## Valuation Against Growth & Quality

What the numbers say: Ramco Industries Ltd has the lowest comparable Guarded PEG at 0.24×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Ramco Industries Ltd · 0.24× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Ramco Industries Ltd (RAMCOIND): 0.2

### P/E — lowest P/E
1. Ramco Industries Ltd (RAMCOIND): 9.5
2. GPT Infraprojects Ltd (GPTINFRA): 15.1
3. Indian Hume Pipe Company Ltd (INDIANHUME): 33.8
4. Visaka Industries Ltd (VISAKAIND): 52.2

### 20-quarter Guarded PEG history
- RAMCOIND: Jun 2021 0.4 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2

### 20-quarter P/E history
- RAMCOIND: Jun 2021 8.7 | Sep 2021 8.7 | Dec 2021 6.1 | Mar 2022 5.7 | Jun 2022 5.0 | Sep 2022 5.7 | Dec 2022 9.4 | Mar 2023 9.7 | Jun 2023 11.8 | Sep 2023 15.7 | Dec 2023 20.2 | Mar 2024 14.8 | Jun 2024 20.4 | Sep 2024 20.6 | Dec 2024 18.6 | Mar 2025 10.4 | Jun 2025 13.4 | Sep 2025 15.0 | Dec 2025 11.9 | Mar 2026 8.2
- INDIANHUME: Jun 2021 24.6 | Sep 2021 18.1 | Dec 2021 14.4 | Mar 2022 11.7 | Jun 2022 11.9 | Sep 2022 10.5 | Dec 2022 12.1 | Mar 2023 9.9 | Jun 2023 19.1 | Sep 2023 27.3 | Dec 2023 25.6 | Mar 2024 26.1 | Jun 2024 27.5 | Sep 2024 25.9 | Dec 2024 18.8 | Mar 2025 18.8 | Jun 2025 23.8 | Sep 2025 22.6 | Dec 2025 20.5 | Mar 2026 15.0
- GPTINFRA: Jun 2021 11.9 | Sep 2021 10.7 | Dec 2021 11.2 | Mar 2022 10.1 | Jun 2022 9.9 | Sep 2022 14.7 | Dec 2022 10.5 | Mar 2023 8.1 | Jun 2023 11.7 | Sep 2023 15.2 | Dec 2023 21.4 | Mar 2024 17.4 | Jun 2024 27.4 | Sep 2024 29.9 | Dec 2024 25.5 | Mar 2025 20.1 | Jun 2025 19.8 | Sep 2025 16.9 | Dec 2025 15.3 | Mar 2026 14.2
- SANGHIIND: Jun 2021 17.5 | Sep 2021 18.4 | Dec 2021 14.8 | Mar 2022 18.4 | Jun 2022 21.8 | Sep 2022 25.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BIRLANU: Jun 2021 12.9 | Sep 2021 12.6 | Dec 2021 14.0 | Mar 2022 13.0 | Jun 2022 12.0 | Sep 2022 10.8 | Dec 2022 11.8 | Mar 2023 12.6 | Jun 2023 24.0 | Sep 2023 41.2 | Dec 2023 71.7 | Mar 2024 74.2 | Jun 2024 -207.3 | Sep 2024 66.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- VISAKAIND: Jun 2021 9.9 | Sep 2021 9.8 | Dec 2021 8.7 | Mar 2022 8.4 | Jun 2022 6.9 | Sep 2022 8.4 | Dec 2022 7.4 | Mar 2023 7.3 | Jun 2023 13.6 | Sep 2023 27.1 | Dec 2023 44.5 | Mar 2024 89.2 | Jun 2024 -887.8 | Sep 2024 — | Dec 2024 — | Mar 2025 -163.8 | Jun 2025 20.6 | Sep 2025 70.7 | Dec 2025 35.4 | Mar 2026 15.6

## Enterprise Value & Book Value

What the numbers say: Visaka Industries Ltd leads ev/ebitda at 6.3×; Ramco Industries Ltd leads p/bv at 0.63×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Visaka Industries Ltd · 6.3× | 23.2% versus #2 · Indian Hume Pipe Company Ltd | 0/8 recent comparable periods | 6/6 companies · 114 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Visaka Industries Ltd (VISAKAIND): 6.3
2. Indian Hume Pipe Company Ltd (INDIANHUME): 8.2
3. GPT Infraprojects Ltd (GPTINFRA): 8.5
4. Ramco Industries Ltd (RAMCOIND): 9.5
5. BirlaNu Ltd (BIRLANU): 20.3

### P/BV — lowest P/BV
1. Ramco Industries Ltd (RAMCOIND): 0.6
2. Visaka Industries Ltd (VISAKAIND): 0.8
3. BirlaNu Ltd (BIRLANU): 0.9
4. Indian Hume Pipe Company Ltd (INDIANHUME): 1.4
5. GPT Infraprojects Ltd (GPTINFRA): 2.4

### 20-quarter EV/EBITDA history
- RAMCOIND: Jun 2021 12.0 | Sep 2021 11.1 | Dec 2021 8.9 | Mar 2022 7.4 | Jun 2022 6.8 | Sep 2022 7.8 | Dec 2022 7.4 | Mar 2023 7.0 | Jun 2023 9.0 | Sep 2023 11.9 | Dec 2023 14.4 | Mar 2024 11.8 | Jun 2024 14.0 | Sep 2024 13.5 | Dec 2024 13.0 | Mar 2025 10.6 | Jun 2025 13.2 | Sep 2025 15.8 | Dec 2025 13.0 | Mar 2026 9.5
- INDIANHUME: Jun 2021 11.4 | Sep 2021 9.6 | Dec 2021 9.2 | Mar 2022 8.3 | Jun 2022 7.9 | Sep 2022 8.2 | Dec 2022 8.8 | Mar 2023 7.1 | Jun 2023 11.0 | Sep 2023 13.1 | Dec 2023 12.4 | Mar 2024 12.8 | Jun 2024 15.0 | Sep 2024 14.7 | Dec 2024 11.8 | Mar 2025 11.7 | Jun 2025 13.9 | Sep 2025 10.7 | Dec 2025 10.9 | Mar 2026 8.2
- GPTINFRA: Jun 2021 4.9 | Sep 2021 5.2 | Dec 2021 5.5 | Mar 2022 5.4 | Jun 2022 5.5 | Sep 2022 7.1 | Dec 2022 5.9 | Mar 2023 5.2 | Jun 2023 6.6 | Sep 2023 7.9 | Dec 2023 10.6 | Mar 2024 9.5 | Jun 2024 14.2 | Sep 2024 16.5 | Dec 2024 14.0 | Mar 2025 11.5 | Jun 2025 12.7 | Sep 2025 10.3 | Dec 2025 9.5 | Mar 2026 8.5
- SANGHIIND: Jun 2021 10.3 | Sep 2021 11.2 | Dec 2021 9.8 | Mar 2022 9.8 | Jun 2022 11.2 | Sep 2022 17.3 | Dec 2022 24.8 | Mar 2023 48.5 | Jun 2023 52.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 65.2 | Mar 2025 34.2 | Jun 2025 43.7 | Sep 2025 33.2 | Dec 2025 29.9 | Mar 2026 —
- BIRLANU: Jun 2021 8.5 | Sep 2021 7.7 | Dec 2021 7.7 | Mar 2022 7.0 | Jun 2022 6.6 | Sep 2022 6.2 | Dec 2022 6.6 | Mar 2023 6.8 | Jun 2023 10.4 | Sep 2023 12.5 | Dec 2023 12.7 | Mar 2024 13.5 | Jun 2024 16.4 | Sep 2024 21.1 | Dec 2024 25.8 | Mar 2025 27.1 | Jun 2025 26.9 | Sep 2025 32.3 | Dec 2025 21.7 | Mar 2026 20.3
- VISAKAIND: Jun 2021 5.4 | Sep 2021 5.5 | Dec 2021 5.4 | Mar 2022 5.5 | Jun 2022 4.5 | Sep 2022 6.0 | Dec 2022 5.2 | Mar 2023 4.2 | Jun 2023 7.5 | Sep 2023 9.4 | Dec 2023 10.9 | Mar 2024 14.0 | Jun 2024 15.2 | Sep 2024 13.7 | Dec 2024 14.0 | Mar 2025 11.4 | Jun 2025 11.6 | Sep 2025 9.7 | Dec 2025 8.2 | Mar 2026 6.3

### 20-quarter P/BV history
- RAMCOIND: Jun 2021 0.8 | Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5
- INDIANHUME: Jun 2021 1.8 | Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 2.8 | Sep 2024 3.1 | Dec 2024 2.2 | Mar 2025 2.2 | Jun 2025 2.7 | Sep 2025 1.4 | Dec 2025 1.6 | Mar 2026 1.1
- GPTINFRA: Jun 2021 1.1 | Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 1.6 | Dec 2022 1.2 | Mar 2023 0.9 | Jun 2023 1.3 | Sep 2023 2.0 | Dec 2023 3.3 | Mar 2024 3.1 | Jun 2024 5.7 | Sep 2024 6.1 | Dec 2024 3.5 | Mar 2025 3.0 | Jun 2025 4.0 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 2.3
- SANGHIIND: Jun 2021 0.8 | Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.8 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.9 | Dec 2023 2.5 | Mar 2024 1.8 | Jun 2024 2.3 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 3.9 | Mar 2026 —
- BIRLANU: Jun 2021 4.5 | Sep 2021 3.9 | Dec 2021 3.0 | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.8
- VISAKAIND: Jun 2021 1.8 | Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.6

## Market action

Ramco Industries Ltd has the strongest one-year price move in Cement Products at +13.5%. Visaka Industries Ltd leads on Mansfield relative strength against NIFTY at +10.6%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Ramco Industries Ltd (RAMCOIND): 14%
2. Visaka Industries Ltd (VISAKAIND): -5.3%
3. GPT Infraprojects Ltd (GPTINFRA): -5.7%
4. Indian Hume Pipe Company Ltd (INDIANHUME): -13%
5. Sanghi Industries Ltd (SANGHIIND): -25%

### Strongest relative strength versus NIFTY 500
1. Visaka Industries Ltd (VISAKAIND): 11%
2. Indian Hume Pipe Company Ltd (INDIANHUME): 8.6%
3. Ramco Industries Ltd (RAMCOIND): 7.3%
4. GPT Infraprojects Ltd (GPTINFRA): 3.7%
5. Sanghi Industries Ltd (SANGHIIND): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 5 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Ramco Industries Ltd (RAMCOIND) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Indian Hume Pipe Company Ltd (INDIANHUME) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- GPT Infraprojects Ltd (GPTINFRA) — market value ₹1.5K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sanghi Industries Ltd (SANGHIIND) — market value ₹1.3K Cr; latest fundamentals Dec 2025; includes UNVERIFIED second-feed figures
- BirlaNu Ltd (BIRLANU) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Visaka Industries Ltd (VISAKAIND) — market value ₹690 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 5. Withheld: 0. Graded companies: 6.

5 of 6 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | INDIANHUME | Indian Hume Pipe Company Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GPTINFRA | GPT Infraprojects Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SANGHIIND | Sanghi Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BIRLANU | BirlaNu Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VISAKAIND | Visaka Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Cement Products index?

The Nifty Cement Products index tracks India's listed Cement Products companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Cement Products sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Cement Products stocks in India?

Ranked by this page's four-factor score, Ramco Industries Ltd places first among 6 listed Cement Products companies, followed by GPT Infraprojects Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Cement Products stocks are listed in India?

This comparison covers 6 listed Cement Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Cement Products company is the biggest?

BirlaNu Ltd is the largest, with trailing-twelve-month revenue of ₹3,730 crore, ahead of Ramco Industries Ltd at ₹1,786 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Cement Products company is growing fastest?

Sanghi Industries Ltd has the fastest revenue growth at 24.1% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Cement Products company has the best profit margins?

GPT Infraprojects Ltd has the highest operating margin at 14%, from 6 of 6 comparable companies. GPT Infraprojects Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Cement Products company makes the most profit?

Ramco Industries Ltd earns the most, at ₹307 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Visaka Industries Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Cement Products company earns the highest return on capital?

GPT Infraprojects Ltd leads on return on capital employed at 21.4%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Cement Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ramco Industries Ltd screens cheapest at 0.24×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Cement Products company has the strongest balance sheet?

Ramco Industries Ltd carries the lowest comparable gross debt at ₹169 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Cement Products sector beating the market?

Cement Products has underperformed NIFTY 500 by 7.8% over the last 52 weeks and 12.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Cement Products stock has the strongest price momentum?

Visaka Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Cement Products company scores highest for research priority?

Ramco Industries Ltd scores 70 out of 100 with 91% evidence confidence, from 26.4 points on growth and earnings, 15.7 on capital efficiency, 15.2 on valuation and 12.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Cement Products companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Cement Products sector?

The 6 Cement Products companies on this page carry ₹9,367 crore of combined market value. Ramco Industries Ltd is the largest at ₹2,858 crore, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Cement Products sector performing?

4 of the 6 covered Cement Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/cement-products