Geographical Expansion
Expected: Q4 FY26HIGH confidence
What: Capacity: 5.60 MTPA
Impact: 1.20 MTPA addition
Mangalam Cement Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +20.4%Weak12w Streak
In , Mangalam Cement Ltd (Cement) is outperforming Nifty 500 with +20.4% relative strength. Fundamentals: Weak. On a 12-week streak.
Mangalam Cement Ltd Key Facts
- PE Ratio
- 31.2x
- Market Cap
- ₹2,537 Cr
- PAT Growth YoY
- +38%
- Revenue Growth YoY
- -4%
- OPM
- 11.0%
- RS vs Nifty 500
- +20.4%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter buying — stake up 3.1% this quarter
🏛️DII accumulation — stake up 2.2%
💰Trading 53% above estimated fair value — significant premium
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
PAT Growth YoY
+38%
Stable
Revenue YoY
-4%
Inflection Down
Operating Margin
11.0%
+100 bps YoY
PE Ratio
31.2
Current Price
₹922
Dividend Yield
0.16%
Fundamental Score
37/100
Weak
3Y PAT CAGR
-17%
Market Cap
2.6K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why 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
How Fast Is Mangalam Cement Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -4% | +2% | Inflection Down |
| PAT (Net Profit) | +38% | -17% | Stable |
| OPM | 11.0% | +100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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 (Dec 2025) show
- PAT Growth YoY: +37.5% (stable)
- Revenue Growth YoY: -3.9%
- Operating Margin: 11.0% (volatile)
Is Mangalam Cement Ltd's profit growing or declining?
Mangalam Cement Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +37.5% (latest quarter)
- PAT Growth QoQ: -45.0% (sequential)
- 3-Year PAT CAGR: -16.8%
- Trend: Stable — consistent growth pattern
What is Mangalam Cement Ltd's revenue growth trend?
Mangalam Cement Ltd's revenue growth trend is inflecting downward.
- Revenue Growth YoY: -3.9%
- Revenue Growth QoQ: +6.6% (sequential)
- 3-Year Revenue CAGR: +2.4%
How is Mangalam Cement Ltd's operating margin trending?
Mangalam Cement Ltd's operating margin is volatile.
- Current OPM: 11.0%
- OPM Change YoY: +1.0% basis points
- OPM Change QoQ: 0.0% basis points
What is Mangalam Cement Ltd's 3-year profit and revenue CAGR?
Mangalam Cement Ltd's long-term compounding rates
- 3-Year Profit CAGR: -16.8%
- 3-Year Revenue CAGR: +2.4%
Is Mangalam Cement Ltd's growth accelerating or decelerating?
Mangalam Cement Ltd's earnings growth is stable with weakening on a sequential basis.
- YoY Acceleration: -62.5% bps
- Sequential Acceleration: -7.5% bps
- Note: YoY and QoQ trends are diverging — worth monitoring
What is Mangalam Cement Ltd's trailing twelve month (TTM) performance?
Mangalam Cement Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹80 Cr
- TTM PAT Growth: +77.8% YoY
- TTM Revenue: ₹2,000 Cr
- TTM Revenue Growth: +9.7% YoY
- TTM Operating Margin: 12.5%
Is Mangalam Cement Ltd overvalued or undervalued?
Mangalam Cement Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 31.2x
- Price-to-Book: 2.8x
What is Mangalam Cement Ltd's current PE ratio?
Mangalam Cement Ltd's current PE ratio is 31.2x.
- Current PE: 31.2x
- Market Cap: 2.5K Cr
- Dividend Yield: 0.16%
How does Mangalam Cement Ltd's valuation compare to its history?
Mangalam Cement Ltd's current PE is 31.2x.
- Current PE: 31.2x
- Valuation Assessment: Significantly Overvalued
What is Mangalam Cement Ltd's price-to-book ratio?
Mangalam Cement Ltd's price-to-book ratio is 2.8x.
- Price-to-Book (P/B): 2.8x
- Book Value per Share: ₹327
- Current Price: ₹922
Is Mangalam Cement Ltd a fundamentally strong company?
Mangalam Cement Ltd is rated Weak with a fundamental score of 36.88/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: -3.9% (10% weight)
- PAT Growth YoY: +37.5% (10% weight)
- PAT Growth QoQ: -45.0% (10% weight)
- Margins stable (10% weight)
Is Mangalam Cement Ltd debt free?
Mangalam Cement Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹734 Cr
What is Mangalam Cement Ltd's return on equity (ROE) and ROCE?
Mangalam Cement Ltd's return ratios over recent years
- FY2023: ROCE 8.0%
- FY2024: ROCE 12.0%
- FY2025: ROCE 10.0%
Is Mangalam Cement Ltd's cash flow positive?
Mangalam Cement Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹188 Cr
- Free Cash Flow (FCF): ₹56 Cr
- CFO/PAT Ratio: 418% (strong cash conversion)
What is Mangalam Cement Ltd's dividend yield?
Mangalam Cement Ltd's current dividend yield is 0.16%.
- Dividend Yield: 0.16%
- Current Price: ₹922
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)
How long has Mangalam Cement Ltd been outperforming Nifty 500?
Mangalam Cement Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is Mangalam Cement Ltd a new momentum entry or an established outperformer?
Mangalam Cement Ltd is an established outperformer with 12 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
- Earnings growing at +37.5% YoY
- Cash flow is positive — CFO ₹188 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)
- Appears significantly overvalued
- 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
- Earnings Trend: stable
- Revenue Trend: inflecting downward
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- 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.