Geographical Expansion
Expected: Q4 FY26HIGH confidence
What: Capacity: 5.60 MTPA
Impact: 1.20 MTPA addition
Mangalam Cement Ltd: Stock Analysis & Fundamentals
Updated this weekMangalam Cement Ltd (Cement) — fundamental analysis, earnings data, and key metrics. PE: 17.1. ROE: 16.0%. This stock is not currently in the Nifty 500 momentum outperformers list.
Mangalam Cement Ltd Key Facts
What's Happening
💪Debt reduced 17% YoY — balance sheet strengthening
👔Promoter buying — stake up 3.1% this quarter
🏛️DII accumulation — stake up 2.2%
Earnings Acceleration Triggers
1. Geographical Expansion
Q4 FY26HIGH
2. Industry Consolidation Virtual Monopoly
OngoingMEDIUM
Key Risks
1. Rising petcoke prices and volatile input costs are pressuring margins
MEDIUM2. Ongoing litigation regarding CENVAT credit and state-level tax disputes
LOWSector-Specific Signals
Total Grey Cement Capacity5.60 MTPA1.20 MTPA increase
Industry EBITDA per Tonne86513% increase
EBIT-to-Interest Coverage1.93
Debt-to-EBITDA Ratio3.34
Key Numbers
Current Price
₹910
Dividend Yield
0.16%
Market Cap
2.5K Cr
Valuation
N/AWhy Are Mangalam Cement Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Industry Consolidation Virtual Monopoly
Expected: OngoingMEDIUM confidence
What: M&A Activity: High
What Are the Key Risks for Mangalam Cement Ltd?
Earnings deceleration risks from management commentary
Rising petcoke prices and volatile input costs are pressuring margins
MEDIUMTrigger: Rising petcoke prices and volatile input costs are pressuring margins.
Management view: Fuel mix optimization and higher renewable energy usage.
Monitor: commodity
Ongoing litigation regarding CENVAT credit and state-level tax disputes
LOWTrigger: Ongoing litigation regarding CENVAT credit and state-level tax disputes.
Management view: Contesting matters in High Court and Supreme Court.
Monitor: regulatory
What Did Mangalam Cement Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 421.39 Cr
YoY -3.88%QoQ +6.71%
Revenue recovered sequentially but remains lower year-on-year due to pricing pressures in the cement industry.
EBITDA
INR 45.01 Cr
Margin 10.68%
Margins improved year-on-year despite revenue contraction, suggesting effective cost control measures.
PAT
INR 11.35 Cr
YoY +45.31%QoQ -43.56%
PAT growth is heavily influenced by Other Income, which accounted for nearly 47% of the profit before tax.
Other Highlights
• Other income of 7.33 crores constituted 47.11% of the profit before tax.
• Interest expenses of 15.34 crores consumed 29.31% of operating profits.
• Effective tax rate was 27.06% for the quarter.
What Sector Metrics Matter for Mangalam Cement Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Grey Cement Capacity
5.60 MTPA
YoY 1.20 MTPA increaseQoQ 1.20 MTPA increase
Why: Commissioning of additional grinding capacity at the Aligarh unit in Uttar Pradesh.
Industry EBITDA per Tonne
865
YoY 13% increaseQoQ 7% decrease
Why: Sector-wide pricing pressure especially in South and East India offset operational efficiencies.
EBIT-to-Interest Coverage
1.93
Why: Elevated interest expenses consuming a significant portion of operating profits.
Debt-to-EBITDA Ratio
3.34
Why: Reflects moderate but concerning leverage levels for a small-cap cement player.
Cement Price per Bag
333
YoY Lower than 363QoQ Impacted by GST cuts
Why: Prices were affected by GST-led price cuts and general pricing pressure in the sector.
What Is Mangalam Cement Ltd's Management Guidance?
Forward-looking targets from management for FY26
Revenue Growth Target
10.5%
Revenue Outlook
10.5%
Volume
Industry demand for FY26 expected to grow 7-8%.
Management Tone: CAUTIOUS
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Mangalam Cement Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Mangalam Cement Ltd's latest quarterly results?
Mangalam Cement Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +282.4%
- Revenue Growth YoY: -2.6%
- Operating Margin: 11.0%
What is Mangalam Cement Ltd's current PE ratio?
Mangalam Cement Ltd's current PE ratio is 17.1x.
- Current PE: 17.1x
- Market Cap: 2.5K Cr
- Dividend Yield: 0.16%
What is Mangalam Cement Ltd's price-to-book ratio?
Mangalam Cement Ltd's price-to-book ratio is 2.6x.
- Price-to-Book (P/B): 2.6x
- Book Value per Share: ₹355
- Current Price: ₹910
Is Mangalam Cement Ltd a fundamentally strong company?
Mangalam Cement Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 11.0%
Is Mangalam Cement Ltd debt free?
Mangalam Cement Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹888 Cr
What is Mangalam Cement Ltd's return on equity (ROE) and ROCE?
Mangalam Cement Ltd's return ratios over recent years
- FY2024: ROCE 12.0%
- FY2025: ROCE 10.0%
- FY2026: ROCE 11.0%
Is Mangalam Cement Ltd's cash flow positive?
Mangalam Cement Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹94 Cr
- Free Cash Flow (FCF): ₹-203 Cr
- CFO/PAT Ratio: 73% (adequate)
What is Mangalam Cement Ltd's dividend yield?
Mangalam Cement Ltd's current dividend yield is 0.16%.
- Dividend Yield: 0.16%
- Current Price: ₹910
Who holds Mangalam Cement Ltd shares — promoters, FII, DII?
Mangalam Cement Ltd's shareholding pattern (Mar 2026)
- Promoters: 40.0%
- FII (Foreign): 5.6%
- DII (Domestic): 6.2%
- Public: 48.3%
Is promoter holding increasing or decreasing in Mangalam Cement Ltd?
Mangalam Cement Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 40.0% (Mar 2026)
- Previous Quarter: 40.0% (Dec 2025)
- Change: 0.00% (stable)
Is Mangalam Cement Ltd a new momentum entry or an established outperformer?
Mangalam Cement Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Mangalam Cement Ltd?
Mangalam Cement Ltd has 2 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — Significant volume capacity increase in a key market (UP) will drive future revenue growth.
- Industry Consolidation Virtual Monopoly — Industry-wide consolidation may lead to better pricing power for established players.
What are the key risks in Mangalam Cement Ltd?
Mangalam Cement Ltd has 2 key risks worth monitoring
- [MEDIUM] Rising petcoke prices and volatile input costs are pressuring margins — Rising petcoke prices and volatile input costs are pressuring margins.
- [LOW] Ongoing litigation regarding CENVAT credit and state-level tax disputes — Ongoing litigation regarding CENVAT credit and state-level tax disputes.
What is Mangalam Cement Ltd's management guidance for growth?
Mangalam Cement Ltd's management has provided the following forward guidance for FY26
- Revenue growth target: 10.5%
- Margin outlook: Not Given
- Capex plan: Not Given for Not Given
- Management tone: cautious
What sector-specific metrics matter most for Mangalam Cement Ltd?
Mangalam Cement Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Grey Cement Capacity: 5.60 MTPA (YoY 1.20 MTPA increase) (QoQ 1.20 MTPA increase) — Commissioning of additional grinding capacity at the Aligarh unit in Uttar Pradesh.
- Industry EBITDA per Tonne: 865 (YoY 13% increase) (QoQ 7% decrease) — Sector-wide pricing pressure especially in South and East India offset operational efficiencies.
- EBIT-to-Interest Coverage: 1.93 — Elevated interest expenses consuming a significant portion of operating profits.
- Debt-to-EBITDA Ratio: 3.34 — Reflects moderate but concerning leverage levels for a small-cap cement player.
- Cement Price per Bag: 333 (YoY Lower than 363) (QoQ Impacted by GST cuts) — Prices were affected by GST-led price cuts and general pricing pressure in the sector.
Is Mangalam Cement Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Mangalam Cement Ltd may be worth studying
- Cash flow is positive — CFO ₹94 Cr
What is the investment thesis for Mangalam Cement Ltd?
Mangalam Cement Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Key risk: Rising petcoke prices and volatile input costs are pressuring margins
What is the future outlook for Mangalam Cement Ltd?
Mangalam Cement Ltd's forward outlook based on current data signals
- Key Catalyst: Geographical Expansion
- Key Risk: Rising petcoke prices and volatile input costs are pressuring margins
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.