Cement Stocks and Companies in India

The largest Cement stocks in India by market value are UltraTech Cement (₹3.67 lakh crore), Ambuja Cements (₹97,057 crore) and Shree Cement (₹90,563 crore), at prices of 6 Nov 2026.

• UltraTech Cement: ₹12,450 | market value ₹3.67 lakh crore | P/E 41.3
• Ambuja Cements: ₹390.60 | market value ₹97,057 crore | P/E 32.1
• Shree Cement: ₹25,100 | market value ₹90,563 crore | P/E 57.2
• JK Cement: ₹5,239.80 | market value ₹40,487 crore | P/E 40.9
• Dalmia Bharat: ₹1,470.30 | market value ₹27,578 crore | P/E 25.1
• ACC: ₹1,236.20 | market value ₹23,214 crore | P/E 25.3
• The Ramco Cements: ₹817.35 | market value ₹19,314 crore | P/E 101.3
• JSW Cement: ₹123.41 | market value ₹16,825 crore | P/E 21.4
• Nuvoco Vistas Corporation: ₹343 | market value ₹12,250 crore | P/E 27.6
• India Cements: ₹349.25 | market value ₹10,823 crore | P/E 68.0

The other 16 Cement companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 26 listed Indian Cement companies are named here; all 26 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Cement index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. UltraTech Cement Ltd₹3.3 lakh cr
2. Ambuja Cements Ltd₹86,500 cr
3. Shree Cement Ltd₹83,000 cr
4. J K Cements Ltd₹37,000 cr
5. Dalmia Bharat Ltd₹24,900 cr
6. ACC Ltd₹21,200 cr
7. The Ramco Cements Ltd₹17,000 cr
8. JSW Cement Ltd₹15,700 cr
9. Nuvoco Vistas Corporation Ltd₹11,400 cr
10. India Cements Ltd₹9,670 cr
11. Star Cement Ltd₹6,920 cr
12. Rain Industries Ltd₹6,530 cr
13. Birla Corporation Ltd₹5,980 cr
14. JK Lakshmi Cement Ltd₹5,630 cr
15. Prism Johnson Ltd₹4,760 cr

The remaining 11 Cement companies are named and ranked in the scorecard.

26 Cement companies in the Cement industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 26 are listed below, largest first. The largest is UltraTech Cement (₹3.25 lakh crore) and the smallest with a market value is Shiva Cement.

Download all 26 Cement companies (CSV)

The line below covers up to 5.1 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 24% behind NIFTY 500. Earnings across its companies grew 23% on average over the last four reported quarters.

0 of the 25 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 3 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 25 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 0 of those 25 pass the momentum test (2 fewer than four weeks earlier); earnings rising at 11 of the 25 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings mixed, 11 of 25 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 25 of its 26 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Cement has done worse than the NIFTY 500 by 22.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 9.4%. Rain Industries Ltd is the strongest against the sector itself at +39.3%.

Cement has done worse than the NIFTY 500 by 22.6% over 52 weeks and by 9.4% over 13 weeks. 0 of 26 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 4 of the 11 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

NCL Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.

Mangalam Cement Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Rain Industries Ltd has the strongest one-year price move in Cement at +45.4%. It also leads on relative strength against the NIFTY, at +23.4%. 3 of 26 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Cement itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

10 of 25 Cement companies held a results call for July to September 2026. Ambuja Cements guided: Cost ₹4,250 per tonne FY27 on track and ₹4,000 per tonne FY28 including new plus existing capacity.

1 more Cement calls held for July to September 2026 are not shown here, to keep the page fast.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters raised theirs by 0.8 points.

• Spending on new plants and equipment was ₹35,917 crore in the last 12 months, 11% less than a year before.
• Projects still being built shrank 0% in a year.
• 3 Cement calls in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 26 Cement companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Cement figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 5 themes are live here, 1 of them rated high severity.

The sector shows margin resilience but lacks top-line consistency. Tax benefits inflated PAT figures, requiring shareholders to focus on core operating profits. Capacity expansion is limited to NCLIND in this sample. Until revenue growth stabilizes across the peer set, caution is warranted despite margin improvements.

The cement sector sample for Q4 FY26 displays divergent top-line performance with converging margin expansion. NCLIND reported revenue growth of 5.0% YoY to ₹411.54 crore, while MANGLMCEM saw revenue decline 2.49% YoY to ₹490.40 crore. Despite this split, both companies expanded EBITDA margins, averaging 11.89% across the set.

How old this read is: OLD: this read comes from our Cement sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Cement sector brief, 28 Jul 2026.

UltraTech Cement Ltd has the highest Revenue among the 26 Cement companies compared here, at ₹95,572 crore. Ambuja Cements Ltd is next at ₹39,890 crore. Shiva Cement Ltd has the highest Revenue growth at 49.5%, so level and change sit with different companies. 26 of 26 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: UltraTech Cement Ltd is the largest at ₹95,572 crore, 139.6% ahead of Ambuja Cements Ltd. Shiva Cement Ltd's growth is 49.5% from a ₹480 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: UltraTech Cement Ltd is the size to compare against; Shiva Cement Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: UltraTech Cement Ltd's growth falls below Shiva Cement Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Star Cement Ltd has the highest OPM among the 26 Cement companies compared here, at 21%. Rain Industries Ltd is next at 19%. Shiva Cement Ltd has the highest Margin change at +13.9 percentage points, so level and change sit with different companies. 26 of 26 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Star Cement Ltd leads opm at 21%; Shiva Cement Ltd leads margin change at +13.9 percentage points.

What this means: Star Cement Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

UltraTech Cement Ltd has the highest Net profit among the 26 Cement companies compared here, at ₹8,834 crore. Ambuja Cements Ltd is next at ₹3,156 crore. India Cements Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: UltraTech Cement Ltd earns the most, ₹8,834 crore of profit over the last 12 months, 179.9% above Ambuja Cements Ltd. India Cements Ltd shows at least 100% on the scoring scale (846.1% in full) growth from a profit base of ₹123 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: UltraTech Cement Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Star Cement Ltd has the highest ROCE among the 26 Cement companies compared here, at 16.6%. Orient Cement Ltd is next at 16.5%. JSW Cement Ltd has the highest ROCE change at +6 percentage points, so level and change sit with different companies. 26 of 26 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Star Cement Ltd leads ROCE at 16.6%, 0.1 percentage points above Orient Cement Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Star Cement Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: UltraTech Cement Ltd (ULTRACEMCO): its two data sources disagree by up to 17% on reported income across 15 comparable periods, so its derived ratios are withheld; Ambuja Cements Ltd (AMBUJACEM): its two data sources disagree by up to 49% on reported income across 15 comparable periods, so its derived ratios are withheld; JSW Cement Ltd (JSWCEMENT): its two data sources disagree by up to 111% on reported income across 9 comparable periods, so its derived ratios are withheld; Rain Industries Ltd (RAIN): its two data sources disagree by up to 72% on reported income across 16 comparable periods, so its derived ratios are withheld; JK Lakshmi Cement Ltd (JKLAKSHMI): its two data sources disagree by up to 53% on reported income across 15 comparable periods, so its derived ratios are withheld; Prism Johnson Ltd (PRSMJOHNSN): its two data sources disagree by up to 131% on reported income across 14 comparable periods, so its derived ratios are withheld; K C P Ltd (KCP): its two data sources disagree by up to 48% on reported income across 14 comparable periods, so its derived ratios are withheld; Sagar Cements Ltd (SAGCEM): its two data sources disagree by up to 75% on reported income across 15 comparable periods, so its derived ratios are withheld; BIGBLOC Construction Ltd (BIGBLOC): its two data sources disagree by up to 760% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

NCL Industries Ltd has the lowest PEG among the 26 Cement companies compared here, at 0.14×. Birla Corporation Ltd is next at 0.33×. The same company also has the lowest P/E, at 5.76×. 13 of 26 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: NCL Industries Ltd has the lowest comparable PEG at 0.14×, 57.6% below Birla Corporation Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter