ACC Ltd · ACC
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20-quarter listed-company comparison
Cement Stocks in India
Cement: UltraTech Cement Ltd owns the largest revenue base; Shiva Cement Ltd has the fastest current growth.
The 26 Cement companies listed in India are UltraTech Cement Ltd (₹3.2 L Cr, the largest), Ambuja Cements Ltd, Shree Cement Ltd and 23 more. 2 of 26 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
Top 10 Cement Stocks in India (Sep 2026) — ranked by 4-Factor score
- 1Star Cement Ltd₹7.9K Cr69.7/100Favorable setup · strongest on ROCE improvement and ROCE
- 2NCL Industries Ltd₹792 Cr66.9/100Favorable setup · strongest on ROCE improvement and profit growth
- 3Rain Industries Ltd₹7.3K Cr64.7/100Mixed-positive evidence · strongest on relative strength versus sector and profit growth
- 4UltraTech Cement Ltd₹3.2 L Cr63.5/100Mixed-positive evidence · strongest on relative strength versus sector and revenue growth
- 5Mangalam Cement Ltd₹2.8K Cr63.4/100Mixed-positive evidence · strongest on PEG and relative strength versus sector
- 6Orient Cement Ltd₹2.6K Cr58.1/100Mixed-positive evidence · strongest on PEG and ROCE
- 7HeidelbergCement India Ltd₹3.4K Cr55.7/100Mixed-positive evidence · strongest on PEG and ROCE
- 8Dalmia Bharat Ltd₹32.8K Cr55.1/100Mixed-positive evidence · strongest on PEG and relative strength versus sector
- 9JSW Cement Ltd₹16.2K Cr51.9/100Thin evidence · provisional · strongest on ROCE improvement and revenue growth
- 10Nuvoco Vistas Corporation Ltd₹11.8K Cr49.5/100Mixed-negative evidence · strongest on profit growth and relative strength versus sector
Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.
01 · the index people search for
Nifty Cement Index — Constituents & Performance
The largest 15 of 26 listed Indian Cement companies are named here; all 26 are ranked in the scorecard — the constituent set people search for as the Nifty Cement index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- UltraTech Cement Ltd₹3.2 L Cr
- Ambuja Cements Ltd₹97.4K Cr
- Shree Cement Ltd₹81.4K Cr
- J K Cements Ltd₹37.4K Cr
- Dalmia Bharat Ltd₹32.8K Cr
- ACC Ltd₹23.4K Cr
- The Ramco Cements Ltd₹20.5K Cr
- JSW Cement Ltd₹16.2K Cr
- Nuvoco Vistas Corporation Ltd₹11.8K Cr
- India Cements Ltd₹10.8K Cr
- Star Cement Ltd₹7.9K Cr
- Rain Industries Ltd₹7.3K Cr
- Birla Corporation Ltd₹6.4K Cr
- JK Lakshmi Cement Ltd₹6.3K Cr
- Prism Johnson Ltd₹5.7K Cr
The remaining 11 Cement companies are named and ranked in the scorecard.
02 · the sector itself · before any single company
How has Cement moved against NIFTY 500?
The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 20% behind NIFTY 500. Earnings across its companies grew 36% on average over the last four reported quarters.
BASING · +3 joined~Fundamentals up, price down4 of 26 companies ahead of NIFTY 500 by 5% or more over three months4 are 20% or more behind over a year while earnings grew 20% or more
RS — · 3/26 >200d (−1) · 4/26 lead (+3) · EPS 14/26↑
Cement, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Cement, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Cement, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 26 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.
03 · sector relative strength, before individual stocks
Is Cement outperforming NIFTY 500?
Cement has underperformed NIFTY 500 by 20.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.6%. 2 of 26 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Rain Industries Ltd is the strongest against the sector itself at +53%. Readings are as of 2026-08-22.
-2.6%Sector vs NIFTY 500 · 13 weeks
-20.9%Sector vs NIFTY 500 · 52 weeks
2/26Stocks leading NIFTY 500
11/25Stocks leading sector
Sector metric: 25.4 as of 2026-08-22 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Cement has underperformed NIFTY 500 by 20.9% over 52 weeks and 2.6% over 13 weeks. 2 of 26 covered companies beat NIFTY on Mansfield relative strength, while 11 of 25 beat the sector itself. UltraTech Cement Ltd leads with revenue of ₹91,884 crore, based on 26 of 26 comparable companies through Jun 2026.
Companies
26
complete canonical membership
Combined market value
₹7.1 L Cr
UltraTech Cement Ltd
Revenue growing
25/26
positive TTM year-on-year growth
Beating NIFTY 500
2/26
positive Mansfield relative strength
Comparing 5 of 26
04 · research priority, made explicit
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.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Star Cement Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 94% evidence confidence.
HeidelbergCement India Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Star Cement LtdSTARCEMENT | 69.7/100Favorable setup94% evidence | BASING | 25.6/35 Revenue 14.5% · PAT 55.1% · OPM change -4 pp 100% evidence | 20.2/25 ROCE 16.6% · OPM 21% 100% evidence | 11.0/20 P/E 20.9× · PEG 1.11 100% evidence | 12.9/20 RS sector 13.8% · RS bench -10.3% · 1Y -33.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 25.6 + 20.2 + 11 + 12.9 = 69.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2NCL Industries LtdNCLIND | 66.9/100Favorable setup87% evidence | ASLEEP | 23.2/35 Revenue 3.7% · PAT 100% · OPM change -3 pp 95% evidence | 18.1/25 ROCE 14.6% · OPM 12% 95% evidence | 14.9/20 P/E 6.4× · PEG — 50% evidence | 10.7/20 RS sector 3.2% · RS bench -5.3% · 1Y -18.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 23.2 + 18.1 + 14.9 + 10.7 = 66.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Rain Industries LtdRAIN | 64.7/100Mixed-positive evidence75% evidence | LEADER | 28.4/35 Revenue 17% · PAT 100% · OPM change 5 pp 95% evidence | 10.5/25 ROCE 8.3% · OPM 19% 76% evidence | 10.8/20 P/E 13.5× · PEG — 15% evidence | 15.0/20 RS sector 53% · RS bench 41.8% · 1Y 55.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 10.5 + 10.8 + 15 = 64.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4UltraTech Cement LtdULTRACEMCO | 63.5/100Mixed-positive evidence76% evidence | TURNING | 23.1/35 Revenue 17.2% · PAT 26.7% · OPM change -1 pp 95% evidence | 17.1/25 ROCE 12.7% · OPM 20% 76% evidence | 9.6/20 P/E 37.6× · PEG — 50% evidence | 13.7/20 RS sector 17% · RS bench -5.5% · 1Y -12.7%0 of 10 weeks ahead 70% evidence |
| Exact sum: 23.1 + 17.1 + 9.6 + 13.7 = 63.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 5Mangalam Cement LtdMANGLMCEM | 63.4/100Mixed-positive evidence100% evidence | TURNING | 18.1/35 Revenue 0.5% · PAT 90% · OPM change -5 pp 100% evidence | 10.5/25 ROCE 11% · OPM 12% 100% evidence | 15.2/20 P/E 21.7× · PEG 0.6 100% evidence | 19.6/20 RS sector 32.9% · RS bench 23% · 1Y 33.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18.1 + 10.5 + 15.2 + 19.6 = 63.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Orient Cement LtdORIENTCEM | 58.1/100Mixed-positive evidence93% evidence | BASING | 17.9/35 Revenue -12.1% · PAT -19.3% · OPM change 3 pp 100% evidence | 16.9/25 ROCE 16.5% · OPM 24% 100% evidence | 16.1/20 P/E 12.1× · PEG 0.25 65% evidence | 7.2/20 RS sector -11.4% · RS bench -19.2% · 1Y -43.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.9 + 16.9 + 16.1 + 7.2 = 58.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7HeidelbergCement India LtdHEIDELBERG | 55.7/100Mixed-positive evidence100% evidence | TURNING | 15.7/35 Revenue 6.6% · PAT 2.6% · OPM change -4 pp 100% evidence | 14.8/25 ROCE 14.7% · OPM 11% 100% evidence | 13.2/20 P/E 27.9× · PEG 0.83 100% evidence | 12.0/20 RS sector -0.9% · RS bench -9.3% · 1Y -30.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 14.8 + 13.2 + 12 = 55.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 8Dalmia Bharat LtdDALBHARAT | 55.1/100Mixed-positive evidence94% evidence | BREAKING OUT | 14.1/35 Revenue 7.6% · PAT 0.4% · OPM change -3 pp 100% evidence | 13.2/25 ROCE 7.6% · OPM 21% 100% evidence | 15.1/20 P/E 29.8× · PEG 0.72 100% evidence | 12.7/20 RS sector 12.6% · RS bench -9.4% · 1Y -27.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 14.1 + 13.2 + 15.1 + 12.7 = 55.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 9JSW Cement LtdJSWCEMENT | 51.9/100Thin evidence · provisional52% evidence | ASLEEP | 19.2/35 Revenue 15.6% · PAT 100% · OPM change -5 pp 71% evidence | 11.8/25 ROCE 11.1% · OPM 16% 76% evidence | 10.6/20 P/E 20.6× · PEG — 15% evidence | 10.3/20 RS sector — · RS bench -4.9% · 1Y -20.8%3 of 10 weeks ahead 25% evidence |
| Exact sum: 19.2 + 11.8 + 10.6 + 10.3 = 51.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 10Nuvoco Vistas Corporation LtdNUVOCO | 49.5/100Mixed-negative evidence87% evidence | TURNING | 21.8/35 Revenue 9.5% · PAT 100% · OPM change 0 pp 100% evidence | 10.2/25 ROCE 7% · OPM 18% 100% evidence | 4.8/20 P/E 28.4× · PEG 8.14 65% evidence | 12.7/20 RS sector 3.6% · RS bench -2.8% · 1Y -28.8%5 of 10 weeks ahead 70% evidence |
| Exact sum: 21.8 + 10.2 + 4.8 + 12.7 = 49.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11J K Cements LtdJKCEMENT | 48.1/100Mixed-negative evidence94% evidence | TURNING | 11.9/35 Revenue 15.9% · PAT -7.1% · OPM change -5 pp 100% evidence | 16.7/25 ROCE 15.1% · OPM 16% 100% evidence | 8.0/20 P/E 38.3× · PEG 1.46 100% evidence | 11.5/20 RS sector 10.4% · RS bench -12.1% · 1Y -27%0 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 16.7 + 8 + 11.5 = 48.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Prism Johnson LtdPRSMJOHNSN | 47.2/100Mixed-negative evidence61% evidence | BASING | 18.1/35 Revenue 4.8% · PAT 100% · OPM change 2 pp 71% evidence | 6.9/25 ROCE 5.9% · OPM 12% 76% evidence | 9.2/20 P/E 48.6× · PEG — 15% evidence | 13.0/20 RS sector 14.3% · RS bench -10.5% · 1Y -22.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.1 + 6.9 + 9.2 + 13 = 47.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13JK Lakshmi Cement LtdJKLAKSHMI | 44.8/100Mixed-negative evidence69% evidence | BASING | 14.6/35 Revenue 8.7% · PAT 0.5% · OPM change -4 pp 95% evidence | 14.1/25 ROCE 12% · OPM 14% 76% evidence | 10.7/20 P/E 16.3× · PEG — 15% evidence | 5.4/20 RS sector -8.2% · RS bench -25.2% · 1Y -45.5%0 of 10 weeks ahead 70% evidence |
| Exact sum: 14.6 + 14.1 + 10.7 + 5.4 = 44.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Birla Corporation LtdBIRLACORPN | 44.5/100Mixed-negative evidence94% evidence | BASING | 18.6/35 Revenue 3.9% · PAT 44.6% · OPM change -1 pp 100% evidence | 11.0/25 ROCE 9.8% · OPM 13% 100% evidence | 9.8/20 P/E 11.4× · PEG 3.92 100% evidence | 5.1/20 RS sector -14% · RS bench -17.8% · 1Y -35.5%0 of 9 weeks ahead 70% evidence |
| Exact sum: 18.6 + 11 + 9.8 + 5.1 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Shree Cement LtdSHREECEM | 44.2/100Mixed-negative evidence100% evidence | ASLEEP | 15.4/35 Revenue 12.6% · PAT 9.9% · OPM change -5 pp 100% evidence | 13.3/25 ROCE 10.3% · OPM 20% 100% evidence | 9.5/20 P/E 50× · PEG 0.96 100% evidence | 6.0/20 RS sector -4.1% · RS bench -12.1% · 1Y -24.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.4 + 13.3 + 9.5 + 6 = 44.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16India Cements LtdINDIACEM | 44.1/100Mixed-negative evidence75% evidence | ASLEEP | 21.0/35 Revenue 7% · PAT 100% · OPM change 7 pp 74% evidence | 3.7/25 ROCE 1.2% · OPM 15% 100% evidence | 6.3/20 P/E 79.6× · PEG — 50% evidence | 13.1/20 RS sector 20% · RS bench -12% · 1Y -12.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 21 + 3.7 + 6.3 + 13.1 = 44.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17ACC LtdACC | 42.6/100Mixed-negative evidence94% evidence | BASING | 9.4/35 Revenue 11.6% · PAT -21.1% · OPM change -5 pp 100% evidence | 9.8/25 ROCE 11.2% · OPM 8% 100% evidence | 16.8/20 P/E 12.3× · PEG 0.92 100% evidence | 6.6/20 RS sector -6.7% · RS bench -18.5% · 1Y -31.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 9.4 + 9.8 + 16.8 + 6.6 = 42.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 18K C P LtdKCP | 42.6/100Mixed-negative evidence81% evidence | BASING | 7.8/35 Revenue 6.5% · PAT -17.1% · OPM change -8 pp 95% evidence | 14.3/25 ROCE 12.2% · OPM 8% 95% evidence | 13.2/20 P/E 11.8× · PEG — 50% evidence | 7.3/20 RS sector -14% · RS bench -3.9% · 1Y -20.3%1 of 11 weeks ahead 70% evidence |
| Exact sum: 7.8 + 14.3 + 13.2 + 7.3 = 42.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Shiva Cement LtdSHIVACEM | 41.0/100Thin evidence · provisional58% evidence | 23.0/35 Revenue 49.5% · PAT 22.5% · OPM change 13.9 pp 71% evidence | 4.5/25 ROCE -1.4% · OPM 12% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.5/20 RS sector -27.5% · RS bench -20.8% · 1Y -44.7%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 23 + 4.5 + 10 + 3.5 = 41 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20The Ramco Cements LtdRAMCOCEM | 40.6/100Mixed-negative evidence94% evidence | BASING | 18.3/35 Revenue 8.6% · PAT 100% · OPM change -6 pp 100% evidence | 9.2/25 ROCE 6.1% · OPM 13% 100% evidence | 1.1/20 P/E 107× · PEG 4.14 100% evidence | 12.0/20 RS sector 11.1% · RS bench -11.1% · 1Y -19%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.3 + 9.2 + 1.1 + 12 = 40.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Ambuja Cements LtdAMBUJACEM | 40.0/100Mixed-negative evidence82% evidence | BASING | 10.6/35 Revenue 7.1% · PAT -5.9% · OPM change -2 pp 95% evidence | 11.0/25 ROCE 5.6% · OPM 17% 76% evidence | 12.4/20 P/E 20.7× · PEG — 50% evidence | 6.0/20 RS sector -10.3% · RS bench -17.9% · 1Y -30.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10.6 + 11 + 12.4 + 6 = 40 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Deccan Cements LtdDECCANCE | 39.5/100Mixed-negative evidence80% evidence | TURNING | 13.9/35 Revenue 39.4% · PAT -48.2% · OPM change -10.8 pp 95% evidence | 7.4/25 ROCE 3.3% · OPM 7.7% 95% evidence | 9.9/20 P/E 28.1× · PEG — 15% evidence | 8.3/20 RS sector -10.4% · RS bench -18.5% · 1Y -47%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 7.4 + 9.9 + 8.3 = 39.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Sagar Cements LtdSAGCEM | 35.9/100Mixed-negative evidence72% evidence | ASLEEP | 20.0/35 Revenue 13.4% · PAT 79.7% · OPM change -8 pp 95% evidence | 5.0/25 ROCE 2% · OPM 10% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 0.9/20 RS sector -16.6% · RS bench -23.7% · 1Y -50.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 5 + 10 + 0.9 = 35.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24BIGBLOC Construction LtdBIGBLOC | 34.2/100Adverse evidence72% evidence | BASING | 18.6/35 Revenue 33.5% · PAT 11.3% · OPM change 5.6 pp 71% evidence | 6.0/25 ROCE 1.9% · OPM 7.9% 95% evidence | 8.5/20 P/E 344× · PEG — 15% evidence | 1.1/20 RS sector -15.2% · RS bench -22.3% · 1Y -33.1%1 of 12 weeks ahead 100% evidence |
| Exact sum: 18.6 + 6 + 8.5 + 1.1 = 34.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Saurashtra Cement LtdSAURASHCEM | 34.1/100Adverse evidence80% evidence | ASLEEP | 14.5/35 Revenue 7.9% · PAT -52.1% · OPM change -3.7 pp 95% evidence | 5.2/25 ROCE 2.5% · OPM 4.5% 95% evidence | 9.4/20 P/E 38× · PEG — 15% evidence | 5.0/20 RS sector -15.8% · RS bench -23.5% · 1Y -53.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.5 + 5.2 + 9.4 + 5 = 34.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Shree Digvijay Cement Co. LtdSHREDIGCEM | 32.1/100Adverse evidence81% evidence | BASING | 11.9/35 Revenue 19.6% · PAT -35% · OPM change -3.5 pp 95% evidence | 8.4/25 ROCE 6.4% · OPM 8.7% 95% evidence | 5.5/20 P/E 56.3× · PEG — 50% evidence | 6.3/20 RS sector -12.4% · RS bench -10.6% · 1Y -24.1%1 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 8.4 + 5.5 + 6.3 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Showing 10 of 26 companies
05 · what price has already done
Market action
Rain Industries Ltd has the strongest one-year price move in Cement at +55.9%. It also leads on Mansfield relative strength against NIFTY at +41.8%. 2 of 26 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.
Price and relative strength
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.
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.
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.
06 · the story behind the numbers
Cement — the story behind the numbers
This is the written read behind the Cement figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 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 investors 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: This read comes from our Cement sector brief dated 28 Jul 2026 — 51 days old. The numbers above it are newer than the words here.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| Exposure to volatility in coal, pet coke, and diesel prices constrains pricing power.Named for MANGLMCEM, NCLIND | high | Captive power generation capacity of 23.5 MW meets approximately 30–35% of power requirements. |
| US reciprocal tariff announcement imposing 26 percent levy on Indian goods triggered FII selling; imported pet coke exposure.Named for MANGLMCEM | medium | No further detail is on file for this theme. |
| High transportation costs for limestone procurement from Nagaur (~350 km).Named for MANGLMCEM | medium | Operating grinding unit at Aligarh to save upon cost of logistics |
| MANGLMCEM faced water usage and GST penalties. NCLIND classified as non-cooperative by CARE Ratings.Named for MANGLMCEM, NCLIND | medium | Company cited technical issues for delays in forming essential board committees. |
| MANGLMCEM has pet coke dispute loss. NCLIND has mineral-bearing cess payable pursuant to Supreme Court judgment.Named for MANGLMCEM, NCLIND | medium | Filed insurance claims and legal suits for recovery |
Sources: our Cement sector brief, 28 Jul 2026.
07 · compare level, then change
Revenue Scale & Growth Durability
UltraTech Cement Ltd has the highest Revenue among the 26 Cement companies compared here, at ₹91,884 crore. Ambuja Cements Ltd is next at ₹39,867 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 Jun 2026.
What the numbers say: UltraTech Cement Ltd is the scale leader at ₹91,884 crore, 130.5% ahead of Ambuja Cements Ltd. Shiva Cement Ltd's growth is 49.5% from a ₹480 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderUltraTech Cement Ltd · ₹91,884 crore
Gap130.5% versus #2 · Ambuja Cements Ltd
Persistence8/8 recent comparable periods
Coverage26/26 companies · 439 observations
Investor read: UltraTech Cement Ltd is the scale benchmark; Shiva Cement Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
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.
Revenuelargest
Revenue growthfastest growers
Revenue · company comparison
26/26 level · 26/26 change
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
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.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| UltraTech Cement Ltd ULTRACEMCO | ₹24.6K Cr | 16% | Jun 2026 |
| Ambuja Cements Ltd AMBUJACEM | ₹9.5K Cr | -7.7% | Jun 2026 |
| Shree Cement Ltd SHREECEM | ₹6.2K Cr | 18% | Jun 2026 |
| ACC Ltd ACC | ₹5.8K Cr | -4.6% | Jun 2026 |
| Rain Industries Ltd RAIN | ₹5.2K Cr | 17% | Jun 2026 |
| J K Cements Ltd JKCEMENT | ₹4.0K Cr | 20% | Jun 2026 |
| Dalmia Bharat Ltd DALBHARAT | ₹3.9K Cr | 7.0% | Jun 2026 |
| Nuvoco Vistas Corporation Ltd NUVOCO | ₹3.1K Cr | 8.9% | Jun 2026 |
| Birla Corporation Ltd BIRLACORPN | ₹2.6K Cr | 7.8% | Jun 2026 |
| The Ramco Cements Ltd RAMCOCEM | ₹2.3K Cr | 9.6% | Jun 2026 |
| JK Lakshmi Cement Ltd JKLAKSHMI | ₹1.9K Cr | 9.4% | Jun 2026 |
| JSW Cement Ltd JSWCEMENT | ₹1.9K Cr | 22% | Jun 2026 |
| Prism Johnson Ltd PRSMJOHNSN | ₹1.8K Cr | 2.6% | Jun 2026 |
| India Cements Ltd INDIACEM | ₹1.0K Cr | -0.6% | Jun 2026 |
| Star Cement Ltd STARCEMENT | ₹943 Cr | 3.4% | Jun 2026 |
| K C P Ltd KCP⚠ unverified | ₹779 Cr | 15% | Jun 2026 |
| Sagar Cements Ltd SAGCEM | ₹706 Cr | 5.2% | Jun 2026 |
| HeidelbergCement India Ltd HEIDELBERG | ₹628 Cr | 5.0% | Jun 2026 |
| Orient Cement Ltd ORIENTCEM | ₹604 Cr | -30% | Jun 2026 |
| Saurashtra Cement Ltd SAURASHCEM⚠ unverified | ₹457 Cr | 7.8% | Jun 2026 |
| Mangalam Cement Ltd MANGLMCEM | ₹455 Cr | 0.7% | Jun 2026 |
| NCL Industries Ltd NCLIND⚠ unverified | ₹344 Cr | 2.7% | Jun 2026 |
| Shree Digvijay Cement Co. Ltd SHREDIGCEM⚠ unverified | ₹337 Cr | 72% | Jun 2026 |
| Deccan Cements Ltd DECCANCE⚠ unverified | ₹219 Cr | 46% | Jun 2026 |
| Shiva Cement Ltd SHIVACEM | ₹151 Cr | 42% | Jun 2026 |
| BIGBLOC Construction Ltd BIGBLOC⚠ unverified | ₹79 Cr | 40% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Ambuja Cements Ltd · AMBUJACEM
—
—
—
—
—
₹7.9K Cr
₹8.0K Cr
₹8.7K Cr
₹7.4K Cr
₹8.1K Cr
₹8.9K Cr
₹8.4K Cr
₹7.6K Cr
₹9.4K Cr
₹10.0K Cr
₹10.3K Cr
₹9.2K Cr
₹10.3K Cr
₹10.9K Cr
₹9.5K Cr
Dalmia Bharat Ltd · DALBHARAT
₹2.6K Cr
₹2.7K Cr
₹3.4K Cr
₹3.3K Cr
₹3.0K Cr
₹3.4K Cr
₹3.9K Cr
₹3.6K Cr
₹3.2K Cr
₹3.6K Cr
₹4.3K Cr
₹3.6K Cr
₹3.1K Cr
₹3.2K Cr
₹4.1K Cr
₹3.6K Cr
₹3.4K Cr
₹3.5K Cr
₹4.2K Cr
₹3.9K Cr
India Cements Ltd · INDIACEM
₹1.2K Cr
₹1.2K Cr
₹1.4K Cr
₹1.5K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.4K Cr
₹1.3K Cr
₹1.1K Cr
₹1.2K Cr
₹1.0K Cr
₹1.0K Cr
₹940 Cr
₹1.2K Cr
₹1.0K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.0K Cr
J K Cements Ltd · JKCEMENT
₹1.9K Cr
₹2.0K Cr
₹2.4K Cr
₹2.3K Cr
₹2.2K Cr
₹2.4K Cr
₹2.8K Cr
₹2.8K Cr
₹2.8K Cr
₹2.9K Cr
₹3.1K Cr
₹2.8K Cr
₹2.6K Cr
₹2.9K Cr
₹3.6K Cr
₹3.4K Cr
₹3.0K Cr
₹3.5K Cr
₹3.9K Cr
₹4.0K Cr
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
₹1.4K Cr
₹1.2K Cr
₹1.4K Cr
₹1.7K Cr
₹1.6K Cr
₹1.4K Cr
₹1.6K Cr
₹1.9K Cr
₹1.9K Cr
Nuvoco Vistas Corporation Ltd · NUVOCO
₹2.0K Cr
₹2.2K Cr
₹2.9K Cr
₹2.7K Cr
₹2.4K Cr
₹2.6K Cr
₹2.9K Cr
₹2.8K Cr
₹2.6K Cr
₹2.4K Cr
₹2.9K Cr
₹2.6K Cr
₹2.3K Cr
₹2.4K Cr
₹3.0K Cr
₹2.9K Cr
₹2.5K Cr
₹2.7K Cr
₹3.3K Cr
₹3.1K Cr
Rain Industries Ltd · RAIN
—
—
—
—
₹5.6K Cr
₹5.5K Cr
₹5.3K Cr
₹4.6K Cr
₹4.2K Cr
₹4.1K Cr
₹3.7K Cr
₹4.1K Cr
₹3.9K Cr
₹3.7K Cr
₹3.8K Cr
₹4.4K Cr
₹4.5K Cr
₹4.3K Cr
₹4.5K Cr
₹5.2K Cr
Shree Cement Ltd · SHREECEM
₹3.4K Cr
₹3.6K Cr
₹4.4K Cr
₹4.4K Cr
₹4.0K Cr
₹4.3K Cr
₹5.1K Cr
₹5.0K Cr
₹4.8K Cr
₹5.2K Cr
₹5.4K Cr
₹5.1K Cr
₹4.1K Cr
₹4.6K Cr
₹5.5K Cr
₹5.3K Cr
₹4.8K Cr
₹4.8K Cr
₹6.1K Cr
₹6.2K Cr
Star Cement Ltd · STARCEMENT
₹407 Cr
₹555 Cr
₹749 Cr
₹666 Cr
₹594 Cr
₹617 Cr
₹829 Cr
₹760 Cr
₹585 Cr
₹651 Cr
₹914 Cr
₹751 Cr
₹642 Cr
₹719 Cr
₹1.1K Cr
₹912 Cr
₹811 Cr
₹880 Cr
₹1.2K Cr
₹943 Cr
The Ramco Cements Ltd · RAMCOCEM
₹1.5K Cr
₹1.6K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹2.0K Cr
₹2.6K Cr
₹2.2K Cr
₹2.3K Cr
₹2.1K Cr
₹2.7K Cr
₹2.1K Cr
₹2.0K Cr
₹2.0K Cr
₹2.4K Cr
₹2.1K Cr
₹2.2K Cr
₹2.1K Cr
₹2.6K Cr
₹2.3K Cr
UltraTech Cement Ltd · ULTRACEMCO
—
—
—
—
—
₹15.5K Cr
₹18.7K Cr
₹17.7K Cr
₹16.0K Cr
₹16.7K Cr
₹20.4K Cr
₹18.8K Cr
₹16.3K Cr
₹17.8K Cr
₹23.1K Cr
₹21.3K Cr
₹19.6K Cr
₹21.8K Cr
₹25.8K Cr
₹24.6K Cr
Revenue growth · reported quarter history
Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
—
—
—
15%
6.4%
7.4%
8.2%
16%
11%
8.3%
13%
-0.0%
4.5%
22%
13%
17%
30%
8.6%
17%
-4.6%
Ambuja Cements Ltd · AMBUJACEM
—
—
—
—
—
—
—
—
—
2.8%
12%
-3.7%
1.7%
16%
12%
23%
21%
9.2%
9.4%
-7.7%
Dalmia Bharat Ltd · DALBHARAT
—
—
—
28%
15%
23%
15%
9.8%
6.1%
7.4%
10%
-0.2%
-2.1%
-12%
-5.0%
0.4%
11%
10%
3.8%
7.0%
India Cements Ltd · INDIACEM
—
—
—
—
7.5%
10%
4.8%
-5.1%
-4.8%
-13%
-17%
-29%
-19%
-16%
-3.1%
-0.2%
9.3%
19%
2.6%
-0.6%
J K Cements Ltd · JKCEMENT
—
—
—
—
18%
20%
18%
22%
24%
20%
12%
1.6%
-7.0%
-0.2%
15%
19%
18%
18%
8.6%
20%
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.8%
17%
13%
11%
22%
Nuvoco Vistas Corporation Ltd · NUVOCO
—
—
—
—
19%
20%
-0.1%
5.8%
7.2%
-7.1%
0.2%
-6.1%
-12%
-0.5%
3.7%
9.0%
8.3%
12%
8.7%
8.9%
Rain Industries Ltd · RAIN
—
—
—
—
—
—
—
—
-25%
-25%
-30%
-12%
-5.4%
-10%
2.7%
7.5%
14%
17%
20%
17%
Shree Cement Ltd · SHREECEM
—
—
—
21%
20%
18%
17%
14%
18%
21%
5.9%
1.8%
-15%
-12%
2.4%
3.1%
17%
5.0%
10%
18%
Star Cement Ltd · STARCEMENT
—
—
—
30%
46%
11%
11%
14%
-1.5%
5.5%
10%
-1.2%
9.7%
10%
15%
21%
26%
22%
12%
3.4%
The Ramco Cements Ltd · RAMCOCEM
—
—
—
44%
19%
30%
50%
26%
31%
4.9%
4.1%
-6.8%
-13%
-6.1%
-10%
-1.0%
9.5%
6.2%
8.9%
9.6%
UltraTech Cement Ltd · ULTRACEMCO
—
—
—
—
—
—
—
—
—
7.9%
9.4%
6.1%
1.8%
6.2%
13%
13%
20%
23%
12%
16%
08 · compare level, then change
Operating Economics & Margin Trend
Orient Cement Ltd has the highest OPM among the 26 Cement companies compared here, at 24%. Dalmia Bharat Ltd is next at 21%. 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: Orient Cement Ltd leads opm at 24%; Shiva Cement Ltd leads margin change at +13.9 percentage points.
LeaderOrient Cement Ltd · 24%
Gap14.3% versus #2 · Dalmia Bharat Ltd
Persistence5/8 recent comparable periods
Coverage26/26 companies · 502 observations
Investor read: Orient Cement 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.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
Margin changefastest expanders
Operating margin · company comparison
26/26 level · 26/26 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Orient Cement Ltd ORIENTCEM | 24% | +3.0 pp | Jun 2026 |
| Dalmia Bharat Ltd DALBHARAT | 21% | −3.0 pp | Jun 2026 |
| Star Cement Ltd STARCEMENT | 21% | −4.0 pp | Jun 2026 |
| UltraTech Cement Ltd ULTRACEMCO | 20% | −1.0 pp | Jun 2026 |
| Shree Cement Ltd SHREECEM | 20% | −5.0 pp | Jun 2026 |
| Rain Industries Ltd RAIN | 19% | +5.0 pp | Jun 2026 |
| Nuvoco Vistas Corporation Ltd NUVOCO | 18% | 0.0 pp | Jun 2026 |
| Ambuja Cements Ltd AMBUJACEM | 17% | −2.0 pp | Jun 2026 |
| J K Cements Ltd JKCEMENT | 16% | −5.0 pp | Jun 2026 |
| JSW Cement Ltd JSWCEMENT | 16% | −5.0 pp | Jun 2026 |
| India Cements Ltd INDIACEM | 15% | +7.0 pp | Jun 2026 |
| JK Lakshmi Cement Ltd JKLAKSHMI | 14% | −4.0 pp | Jun 2026 |
| The Ramco Cements Ltd RAMCOCEM | 13% | −6.0 pp | Jun 2026 |
| Birla Corporation Ltd BIRLACORPN | 13% | −1.0 pp | Jun 2026 |
| Prism Johnson Ltd PRSMJOHNSN | 12% | +2.0 pp | Jun 2026 |
| Mangalam Cement Ltd MANGLMCEM | 12% | −5.0 pp | Jun 2026 |
| NCL Industries Ltd NCLIND⚠ unverified | 12% | −3.0 pp | Jun 2026 |
| Shiva Cement Ltd SHIVACEM | 12% | +13.9 pp | Jun 2026 |
| HeidelbergCement India Ltd HEIDELBERG | 11% | −4.0 pp | Jun 2026 |
| Sagar Cements Ltd SAGCEM | 10% | −8.0 pp | Jun 2026 |
| Shree Digvijay Cement Co. Ltd SHREDIGCEM⚠ unverified | 8.7% | −3.5 pp | Jun 2026 |
| ACC Ltd ACC | 8.0% | −5.0 pp | Jun 2026 |
| K C P Ltd KCP⚠ unverified | 8.0% | −8.0 pp | Jun 2026 |
| BIGBLOC Construction Ltd BIGBLOC⚠ unverified | 7.9% | +5.6 pp | Jun 2026 |
| Deccan Cements Ltd DECCANCE⚠ unverified | 7.7% | −10.8 pp | Jun 2026 |
| Saurashtra Cement Ltd SAURASHCEM⚠ unverified | 4.5% | −3.7 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
19%
13%
14%
9.5%
0.4%
8.0%
10%
15%
12%
18%
15%
13%
9.0%
19%
14%
13%
14%
11%
9.0%
8.0%
Ambuja Cements Ltd · AMBUJACEM
21%
15%
18%
14%
4.7%
13%
16%
19%
18%
21%
19%
15%
15%
18%
19%
19%
19%
13%
13%
17%
Dalmia Bharat Ltd · DALBHARAT
24%
15%
20%
18%
13%
19%
18%
17%
19%
22%
15%
18%
14%
16%
19%
24%
20%
17%
21%
21%
India Cements Ltd · INDIACEM
12%
9.9%
4.4%
2.6%
-5.7%
-4.7%
-3.0%
0.6%
0.3%
4.2%
3.0%
-2.4%
-16%
-20%
-0.2%
8.0%
7.0%
7.0%
12%
15%
J K Cements Ltd · JKCEMENT
17%
18%
16%
18%
14%
10%
13%
15%
17%
21%
18%
17%
11%
17%
21%
21%
15%
16%
18%
16%
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
12%
7.0%
8.0%
14%
21%
19%
18%
19%
16%
Nuvoco Vistas Corporation Ltd · NUVOCO
16%
10%
15%
14%
8.0%
10%
13%
14%
13%
17%
17%
13%
10%
11%
18%
18%
15%
14%
18%
18%
Rain Industries Ltd · RAIN
16%
12%
18%
22%
16%
11%
10%
14%
9.0%
-15%
9.0%
9.0%
6.0%
9.0%
10%
14%
14%
12%
15%
19%
Shree Cement Ltd · SHREECEM
27%
23%
21%
18%
13%
17%
17%
19%
19%
24%
26%
18%
15%
21%
26%
25%
20%
20%
23%
20%
Star Cement Ltd · STARCEMENT
18%
12%
15%
19%
12%
18%
20%
17%
17%
23%
20%
15%
15%
14%
25%
25%
23%
23%
27%
21%
The Ramco Cements Ltd · RAMCOCEM
27%
15%
17%
17%
10%
14%
16%
15%
17%
19%
16%
15%
15%
14%
13%
19%
17%
13%
14%
13%
UltraTech Cement Ltd · ULTRACEMCO
23%
19%
19%
20%
13%
15%
18%
17%
16%
19%
20%
16%
12%
16%
20%
21%
16%
18%
22%
20%
Margin change · reported quarter history
Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
+0.0 pp
−0.6 pp
−5.7 pp
−12.8 pp
−18.6 pp
−5.2 pp
−4.3 pp
+5.5 pp
+11.6 pp
+10.0 pp
+5.0 pp
−2.0 pp
−3.0 pp
+1.0 pp
−1.0 pp
0.0 pp
+5.0 pp
−8.0 pp
−5.0 pp
−5.0 pp
Ambuja Cements Ltd · AMBUJACEM
−0.6 pp
−3.2 pp
−5.8 pp
−12.4 pp
−16.6 pp
−1.8 pp
−2.0 pp
+5.2 pp
+13.3 pp
+8.0 pp
+3.0 pp
−4.0 pp
−3.0 pp
−3.0 pp
0.0 pp
+4.0 pp
+4.0 pp
−5.0 pp
−6.0 pp
−2.0 pp
Dalmia Bharat Ltd · DALBHARAT
−6.2 pp
−10.0 pp
−4.1 pp
−7.9 pp
−11.3 pp
+4.0 pp
−2.2 pp
−0.8 pp
+6.2 pp
+3.0 pp
−3.0 pp
+1.0 pp
−5.0 pp
−6.0 pp
+4.0 pp
+6.0 pp
+6.0 pp
+1.0 pp
+2.0 pp
−3.0 pp
India Cements Ltd · INDIACEM
−10.8 pp
−9.0 pp
−6.8 pp
−13.1 pp
−17.3 pp
−14.5 pp
−7.4 pp
−2.0 pp
+6.0 pp
+8.9 pp
+6.0 pp
−3.0 pp
−16.3 pp
−24.2 pp
−3.2 pp
+10.4 pp
+23.0 pp
+27.0 pp
+12.2 pp
+7.0 pp
J K Cements Ltd · JKCEMENT
−9.0 pp
−6.6 pp
−4.5 pp
−5.6 pp
−3.7 pp
−8.0 pp
−3.3 pp
−2.9 pp
+3.3 pp
+11.0 pp
+5.0 pp
+2.0 pp
−6.0 pp
−4.0 pp
+3.0 pp
+4.0 pp
+4.0 pp
−1.0 pp
−3.0 pp
−5.0 pp
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+9.0 pp
+12.0 pp
+10.0 pp
+5.0 pp
−5.0 pp
Nuvoco Vistas Corporation Ltd · NUVOCO
−3.9 pp
−9.8 pp
−5.4 pp
−9.4 pp
−8.4 pp
−0.5 pp
−1.5 pp
+0.1 pp
+5.0 pp
+7.0 pp
+4.0 pp
−1.0 pp
−3.0 pp
−6.0 pp
+1.0 pp
+5.0 pp
+5.0 pp
+3.0 pp
0.0 pp
0.0 pp
Rain Industries Ltd · RAIN
−2.9 pp
−2.3 pp
−1.7 pp
+3.9 pp
−0.4 pp
−1.1 pp
−7.9 pp
−7.7 pp
−7.0 pp
−26.0 pp
−1.0 pp
−5.0 pp
−3.0 pp
+24.0 pp
+1.0 pp
+5.0 pp
+8.0 pp
+3.0 pp
+5.0 pp
+5.0 pp
Shree Cement Ltd · SHREECEM
−3.8 pp
−8.4 pp
−8.4 pp
−10.0 pp
−13.9 pp
−6.2 pp
−4.1 pp
+0.9 pp
+5.6 pp
+7.0 pp
+9.0 pp
−1.0 pp
−4.0 pp
−3.0 pp
0.0 pp
+7.0 pp
+5.0 pp
−1.0 pp
−3.0 pp
−5.0 pp
Star Cement Ltd · STARCEMENT
−2.0 pp
−7.7 pp
−2.2 pp
+0.5 pp
−5.9 pp
+5.8 pp
+4.9 pp
−1.7 pp
+5.3 pp
+5.0 pp
0.0 pp
−2.0 pp
−2.0 pp
−9.0 pp
+5.0 pp
+10.0 pp
+8.0 pp
+9.0 pp
+2.0 pp
−4.0 pp
The Ramco Cements Ltd · RAMCOCEM
−8.7 pp
−14.9 pp
−10.3 pp
−12.7 pp
−16.6 pp
−0.8 pp
−1.2 pp
−2.0 pp
+7.0 pp
+5.0 pp
0.0 pp
0.0 pp
−2.0 pp
−5.0 pp
−3.0 pp
+4.0 pp
+2.0 pp
−1.0 pp
+1.0 pp
−6.0 pp
UltraTech Cement Ltd · ULTRACEMCO
−3.4 pp
−6.7 pp
−6.1 pp
−7.6 pp
−9.2 pp
−3.6 pp
−1.5 pp
−3.4 pp
+2.6 pp
+4.0 pp
+2.0 pp
−1.0 pp
−4.0 pp
−3.0 pp
0.0 pp
+5.0 pp
+4.0 pp
+2.0 pp
+2.0 pp
−1.0 pp
09 · compare level, then change
Profit Scale & Acceleration
UltraTech Cement Ltd has the highest Net profit among the 26 Cement companies compared here, at ₹8,571 crore. Ambuja Cements Ltd is next at ₹5,222 crore. NCL Industries 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 leads with ₹8,571 crore of TTM profit, 64.1% above Ambuja Cements Ltd. NCL Industries Ltd shows ≥100% on the scoring scale (178.8% uncapped) growth from a ₹92 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderUltraTech Cement Ltd · ₹8,571 crore
Gap64.1% versus #2 · Ambuja Cements Ltd
Persistence6/8 recent comparable periods
Coverage26/26 companies · 439 observations
Investor read: UltraTech Cement 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.
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 profitlargest
Profit growthfastest growers
Net profit · company comparison
26/26 level · 21/26 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| UltraTech Cement Ltd ULTRACEMCO | ₹2.6K Cr | 17% | Jun 2026 |
| Ambuja Cements Ltd AMBUJACEM | ₹660 Cr | -37% | Jun 2026 |
| Shree Cement Ltd SHREECEM | ₹531 Cr | -18% | Jun 2026 |
| Rain Industries Ltd RAIN | ₹341 Cr | 311% | Jun 2026 |
| J K Cements Ltd JKCEMENT | ₹275 Cr | -15% | Jun 2026 |
| Dalmia Bharat Ltd DALBHARAT | ₹192 Cr | -51% | Jun 2026 |
| Nuvoco Vistas Corporation Ltd NUVOCO | ₹160 Cr | 20% | Jun 2026 |
| JSW Cement Ltd JSWCEMENT | ₹153 Cr | 2,163% | Jun 2026 |
| ACC Ltd ACC | ₹147 Cr | -61% | Jun 2026 |
| Birla Corporation Ltd BIRLACORPN | ₹116 Cr | -3.3% | Jun 2026 |
| Prism Johnson Ltd PRSMJOHNSN | ₹113 Cr | -113% | Jun 2026 |
| JK Lakshmi Cement Ltd JKLAKSHMI | ₹108 Cr | -28% | Jun 2026 |
| Orient Cement Ltd ORIENTCEM | ₹77 Cr | -62% | Jun 2026 |
| Star Cement Ltd STARCEMENT | ₹74 Cr | -24% | Jun 2026 |
| K C P Ltd KCP⚠ unverified | ₹55 Cr | -38% | Jun 2026 |
| The Ramco Cements Ltd RAMCOCEM | ₹31 Cr | -64% | Jun 2026 |
| HeidelbergCement India Ltd HEIDELBERG | ₹31 Cr | -35% | Jun 2026 |
| India Cements Ltd INDIACEM | ₹27 Cr | 233% | Jun 2026 |
| Mangalam Cement Ltd MANGLMCEM | ₹18 Cr | -44% | Jun 2026 |
| NCL Industries Ltd NCLIND⚠ unverified | ₹17 Cr | -15% | Jun 2026 |
| Saurashtra Cement Ltd SAURASHCEM⚠ unverified | ₹9 Cr | -46% | Jun 2026 |
| Shree Digvijay Cement Co. Ltd SHREDIGCEM⚠ unverified | ₹7 Cr | -51% | Jun 2026 |
| BIGBLOC Construction Ltd BIGBLOC⚠ unverified | ₹-1 Cr | 52% | Jun 2026 |
| Deccan Cements Ltd DECCANCE⚠ unverified | ₹-3 Cr | -119% | Jun 2026 |
| Shiva Cement Ltd SHIVACEM | ₹-21 Cr | — | Jun 2026 |
| Sagar Cements Ltd SAGCEM | ₹-28 Cr | -500% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
₹450 Cr
₹281 Cr
₹396 Cr
₹227 Cr
₹-87 Cr
₹113 Cr
₹236 Cr
₹466 Cr
₹388 Cr
₹538 Cr
₹943 Cr
₹360 Cr
₹200 Cr
₹1.1K Cr
₹751 Cr
₹375 Cr
₹1.1K Cr
₹404 Cr
₹238 Cr
₹147 Cr
Ambuja Cements Ltd · AMBUJACEM
—
—
—
—
—
₹488 Cr
₹763 Cr
₹1.1K Cr
₹987 Cr
₹1.1K Cr
₹1.5K Cr
₹783 Cr
₹496 Cr
₹2.7K Cr
₹1.4K Cr
₹1.0K Cr
₹2.3K Cr
₹403 Cr
₹1.9K Cr
₹660 Cr
Dalmia Bharat Ltd · DALBHARAT
₹209 Cr
₹103 Cr
₹295 Cr
₹205 Cr
₹47 Cr
₹218 Cr
₹609 Cr
₹144 Cr
₹123 Cr
₹266 Cr
₹320 Cr
₹145 Cr
₹49 Cr
₹66 Cr
₹439 Cr
₹395 Cr
₹239 Cr
₹128 Cr
₹394 Cr
₹192 Cr
India Cements Ltd · INDIACEM
₹34 Cr
₹20 Cr
₹-10 Cr
₹82 Cr
₹-110 Cr
₹133 Cr
₹-229 Cr
₹-87 Cr
₹-80 Cr
₹1 Cr
₹-61 Cr
₹58 Cr
₹-339 Cr
₹119 Cr
₹18 Cr
₹-133 Cr
₹9 Cr
₹-3 Cr
₹60 Cr
₹27 Cr
J K Cements Ltd · JKCEMENT
₹151 Cr
₹143 Cr
₹201 Cr
₹163 Cr
₹112 Cr
₹37 Cr
₹107 Cr
₹113 Cr
₹176 Cr
₹284 Cr
₹220 Cr
₹185 Cr
₹136 Cr
₹190 Cr
₹361 Cr
₹324 Cr
₹159 Cr
₹174 Cr
₹331 Cr
₹275 Cr
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
₹-24 Cr
₹-76 Cr
₹-80 Cr
₹16 Cr
₹-1.4K Cr
₹75 Cr
₹131 Cr
₹362 Cr
₹153 Cr
Nuvoco Vistas Corporation Ltd · NUVOCO
₹-26 Cr
₹-86 Cr
₹29 Cr
₹20 Cr
₹-130 Cr
₹-75 Cr
₹201 Cr
₹14 Cr
₹2 Cr
₹31 Cr
₹100 Cr
₹3 Cr
₹-85 Cr
₹-61 Cr
₹166 Cr
₹133 Cr
₹36 Cr
₹49 Cr
₹141 Cr
₹160 Cr
Rain Industries Ltd · RAIN
—
—
—
—
₹429 Cr
₹126 Cr
₹142 Cr
₹207 Cr
₹-66 Cr
₹-1.1K Cr
₹-116 Cr
₹-45 Cr
₹-155 Cr
₹-134 Cr
₹-115 Cr
₹83 Cr
₹130 Cr
₹38 Cr
₹158 Cr
₹341 Cr
Shree Cement Ltd · SHREECEM
₹563 Cr
₹482 Cr
₹657 Cr
₹280 Cr
₹183 Cr
₹282 Cr
₹525 Cr
₹572 Cr
₹447 Cr
₹702 Cr
₹676 Cr
₹278 Cr
₹77 Cr
₹194 Cr
₹575 Cr
₹644 Cr
₹310 Cr
₹268 Cr
₹528 Cr
₹531 Cr
Star Cement Ltd · STARCEMENT
₹47 Cr
₹44 Cr
₹88 Cr
₹68 Cr
₹31 Cr
₹53 Cr
₹96 Cr
₹93 Cr
₹41 Cr
₹74 Cr
₹88 Cr
₹31 Cr
₹6 Cr
₹9 Cr
₹123 Cr
₹98 Cr
₹71 Cr
₹74 Cr
₹147 Cr
₹74 Cr
The Ramco Cements Ltd · RAMCOCEM
₹517 Cr
₹75 Cr
₹118 Cr
₹109 Cr
₹11 Cr
₹51 Cr
₹151 Cr
₹74 Cr
₹72 Cr
₹82 Cr
₹129 Cr
₹37 Cr
₹26 Cr
₹182 Cr
₹26 Cr
₹85 Cr
₹78 Cr
₹386 Cr
₹151 Cr
₹31 Cr
UltraTech Cement Ltd · ULTRACEMCO
—
—
—
—
—
₹1.1K Cr
₹1.7K Cr
₹1.7K Cr
₹1.3K Cr
₹1.8K Cr
₹2.3K Cr
₹1.5K Cr
₹708 Cr
₹1.4K Cr
₹2.5K Cr
₹2.2K Cr
₹1.2K Cr
₹1.7K Cr
₹3.0K Cr
₹2.6K Cr
Profit growth · reported quarter history
Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
—
—
—
-60%
-119%
-60%
-40%
105%
—
376%
300%
-23%
-48%
103%
-20%
4.2%
460%
-63%
-68%
-61%
Ambuja Cements Ltd · AMBUJACEM
—
—
—
—
—
—
—
—
—
124%
99%
-31%
-50%
144%
-11%
33%
364%
-85%
37%
-37%
Dalmia Bharat Ltd · DALBHARAT
—
—
—
-14%
-78%
112%
106%
-30%
162%
22%
-47%
0.7%
-60%
-75%
37%
172%
388%
94%
-10%
-51%
India Cements Ltd · INDIACEM
—
—
—
—
-424%
564%
—
-206%
—
-99%
—
—
—
11,800%
—
-329%
—
-103%
233%
—
J K Cements Ltd · JKCEMENT
—
—
—
—
-26%
-74%
-47%
-31%
57%
668%
106%
64%
-23%
-33%
64%
75%
17%
-8.4%
-8.3%
-15%
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2,163%
—
Nuvoco Vistas Corporation Ltd · NUVOCO
—
—
—
—
—
—
593%
-30%
—
—
-50%
-79%
-4,350%
-297%
66%
4,333%
—
—
-15%
20%
Rain Industries Ltd · RAIN
—
—
—
—
—
—
—
—
-115%
-956%
-182%
-122%
—
—
—
—
—
—
—
311%
Shree Cement Ltd · SHREECEM
—
—
—
-56%
-68%
-41%
-20%
104%
144%
149%
29%
-51%
-83%
-72%
-15%
132%
303%
38%
-8.2%
-18%
Star Cement Ltd · STARCEMENT
—
—
—
0.0%
-34%
20%
9.1%
37%
32%
40%
-8.3%
-67%
-85%
-88%
40%
216%
1,083%
722%
20%
-24%
The Ramco Cements Ltd · RAMCOCEM
—
—
—
-37%
-98%
-32%
28%
-32%
555%
61%
-15%
-50%
-64%
122%
-80%
130%
200%
112%
481%
-64%
UltraTech Cement Ltd · ULTRACEMCO
—
—
—
—
—
—
—
—
—
67%
35%
-12%
-45%
-23%
9.6%
49%
75%
27%
21%
17%
10 · compare level, then change
Return On Capital Employed
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%. The same company also holds the highest ROCE change, at +7.7 percentage points. 26 of 26 companies report a comparable reading, the latest through Jun 2026. Its ROCE series carries 15 reported observations across the 20-quarter window.
What the numbers say: Star Cement Ltd leads ROCE at 16.6%, 0.1 percentage points above Orient Cement Ltd. Star Cement Ltd has the strongest latest improvement at +7.7 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.
LeaderStar Cement Ltd · 16.6%
Gap0.6% versus #2 · Orient Cement Ltd
Persistence4/8 recent comparable periods
Coverage26/26 companies · 269 observations
Investor read: Star Cement 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.
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.
ROCEhighest
ROCE changefastest improvers
Return on capital · company comparison
26/26 level · 26/26 change
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 14 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 8 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 15 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 14 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 13 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 14 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.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Star Cement Ltd STARCEMENT | 15% | +7.7 pp | Jun 2026 |
| J K Cements Ltd JKCEMENT | 13% | −2.5 pp | Jun 2026 |
| Orient Cement Ltd ORIENTCEM | 13% | +6.1 pp | Jun 2026 |
| NCL Industries Ltd NCLIND⚠ unverified | 13% | +7.4 pp | Jun 2026 |
| HeidelbergCement India Ltd HEIDELBERG | 11% | +2.8 pp | Jun 2026 |
| Shree Cement Ltd SHREECEM | 10% | +0.8 pp | Jun 2026 |
| Mangalam Cement Ltd MANGLMCEM | 9.5% | +3.3 pp | Jun 2026 |
| K C P Ltd KCP⚠ unverified | 9.3% | −1.3 pp | Jun 2026 |
| ACC Ltd ACC | 8.4% | −2.0 pp | Jun 2026 |
| Birla Corporation Ltd BIRLACORPN | 7.8% | +2.3 pp | Jun 2026 |
| Nuvoco Vistas Corporation Ltd NUVOCO | 7.0% | +1.6 pp | Jun 2026 |
| Shree Digvijay Cement Co. Ltd SHREDIGCEM⚠ unverified | 6.8% | −2.6 pp | Jun 2026 |
| Saurashtra Cement Ltd SAURASHCEM⚠ unverified | 6.6% | +6.3 pp | Jun 2026 |
| Dalmia Bharat Ltd DALBHARAT | 6.3% | +1.4 pp | Jun 2026 |
| The Ramco Cements Ltd RAMCOCEM | 5.7% | +1.1 pp | Jun 2026 |
| Deccan Cements Ltd DECCANCE⚠ unverified | 3.0% | +2.4 pp | Jun 2026 |
| India Cements Ltd INDIACEM | 1.7% | +3.7 pp | Jun 2026 |
| BIGBLOC Construction Ltd BIGBLOC⚠ unverified | 1.2% | −5.3 pp | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
—
16%
—
—
—
—
4.0%
—
8.8%
15%
13%
17%
11%
20%
10%
18%
12%
14%
8.4%
—
Birla Corporation Ltd · BIRLACORPN
8.7%
—
6.1%
—
3.5%
—
2.3%
—
3.9%
6.8%
7.2%
7.7%
5.9%
5.5%
5.5%
7.0%
7.7%
8.5%
7.8%
—
Dalmia Bharat Ltd · DALBHARAT
5.9%
—
6.9%
—
5.1%
—
5.8%
—
5.7%
8.6%
5.7%
6.7%
5.6%
4.6%
4.9%
6.4%
6.4%
7.6%
6.3%
—
HeidelbergCement India Ltd · HEIDELBERG
22%
—
17%
—
12%
—
7.7%
—
9.3%
14%
12%
14%
10%
10%
8.4%
11%
11%
13%
11%
—
India Cements Ltd · INDIACEM
5.5%
—
2.8%
—
-0.8%
—
-4.2%
—
-3.8%
-2.8%
-0.3%
2.3%
-4.2%
0.7%
-4.8%
-2.0%
-2.2%
-0.2%
0.8%
1.7%
J K Cements Ltd · JKCEMENT
17%
—
13%
—
12%
—
8.3%
—
9.1%
14%
13%
16%
12%
14%
11%
16%
14%
16%
13%
13%
Mangalam Cement Ltd · MANGLMCEM
17%
—
13%
—
9.6%
—
6.8%
—
8.0%
13%
10%
14%
7.0%
11%
6.2%
13%
9.8%
13%
9.5%
—
Nuvoco Vistas Corporation Ltd · NUVOCO
6.0%
—
3.9%
—
1.8%
—
1.9%
—
3.2%
1.4%
5.2%
5.2%
4.5%
3.5%
3.9%
5.4%
5.9%
7.2%
6.5%
7.0%
Orient Cement Ltd · ORIENTCEM
23%
—
23%
—
13%
—
11%
—
13%
15%
13%
14%
11%
9.8%
6.5%
11%
12%
14%
13%
—
Shree Cement Ltd · SHREECEM
17%
—
13%
—
9.2%
—
6.6%
—
8.6%
15%
12%
14%
7.6%
7.4%
4.1%
9.3%
7.6%
11%
7.7%
10%
Star Cement Ltd · STARCEMENT
11%
—
9.5%
—
10%
—
14%
—
14%
17%
15%
14%
10%
8.0%
7.6%
12%
12%
17%
15%
—
The Ramco Cements Ltd · RAMCOCEM
13%
—
8.7%
—
5.5%
—
6.0%
6.5%
7.2%
8.4%
7.5%
7.7%
6.5%
7.4%
4.6%
6.9%
5.4%
9.6%
5.7%
—
ROCE change · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
—
—
—
—
—
—
—
—
—
—
+8.6 pp
—
+1.9 pp
+4.6 pp
−2.2 pp
+0.6 pp
+1.0 pp
−5.5 pp
−2.0 pp
—
Birla Corporation Ltd · BIRLACORPN
—
—
—
—
−5.2 pp
—
−3.8 pp
—
+0.4 pp
—
+4.9 pp
—
+2.0 pp
−1.3 pp
−1.7 pp
−0.7 pp
+1.8 pp
+3.0 pp
+2.3 pp
—
Dalmia Bharat Ltd · DALBHARAT
—
—
—
—
−0.8 pp
—
−1.1 pp
—
+0.6 pp
—
−0.1 pp
—
−0.1 pp
−4.0 pp
−0.8 pp
−0.3 pp
+0.8 pp
+3.0 pp
+1.4 pp
—
HeidelbergCement India Ltd · HEIDELBERG
—
—
—
—
−9.7 pp
—
−9.0 pp
—
−3.0 pp
—
+4.3 pp
—
+0.7 pp
−3.1 pp
−3.6 pp
−2.7 pp
+0.9 pp
+3.0 pp
+2.8 pp
—
India Cements Ltd · INDIACEM
—
—
—
—
−6.3 pp
—
−7.0 pp
—
−3.0 pp
—
+3.9 pp
—
−0.4 pp
+3.5 pp
−4.5 pp
−4.3 pp
+2.0 pp
−0.9 pp
+5.6 pp
+3.7 pp
J K Cements Ltd · JKCEMENT
—
—
—
—
−5.1 pp
—
−5.1 pp
—
−2.4 pp
—
+4.9 pp
—
+2.7 pp
−0.6 pp
−1.8 pp
0.0 pp
+1.7 pp
+2.1 pp
+1.1 pp
−2.5 pp
Mangalam Cement Ltd · MANGLMCEM
—
—
—
—
−6.9 pp
—
−6.0 pp
—
−1.6 pp
—
+3.5 pp
—
−1.0 pp
−1.6 pp
−4.1 pp
−0.9 pp
+2.8 pp
+2.3 pp
+3.3 pp
—
Nuvoco Vistas Corporation Ltd · NUVOCO
—
—
—
—
−4.2 pp
—
−2.0 pp
—
+1.4 pp
—
+3.3 pp
—
+1.3 pp
+2.1 pp
−1.3 pp
+0.2 pp
+1.4 pp
+3.7 pp
+2.6 pp
+1.6 pp
Orient Cement Ltd · ORIENTCEM
—
—
—
—
−9.4 pp
—
−11.8 pp
—
−0.3 pp
—
+2.5 pp
—
−1.8 pp
−5.3 pp
−6.8 pp
−3.3 pp
+0.9 pp
+4.5 pp
+6.1 pp
—
Shree Cement Ltd · SHREECEM
—
—
—
—
−7.6 pp
—
−6.8 pp
—
−0.6 pp
—
+5.4 pp
—
−1.0 pp
−7.1 pp
−7.9 pp
−4.2 pp
0.0 pp
+3.9 pp
+3.6 pp
+0.8 pp
Star Cement Ltd · STARCEMENT
—
—
—
—
−0.6 pp
—
+4.3 pp
—
+4.1 pp
—
+0.7 pp
—
−3.9 pp
−9.3 pp
−6.9 pp
−2.3 pp
+1.9 pp
+8.6 pp
+7.7 pp
—
The Ramco Cements Ltd · RAMCOCEM
—
—
—
—
−7.6 pp
—
−2.7 pp
—
+1.7 pp
—
+1.5 pp
+1.2 pp
−0.7 pp
−1.0 pp
−2.9 pp
−0.8 pp
−1.1 pp
+2.2 pp
+1.1 pp
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11 · compare level, then change
Valuation Against Growth & Quality
Orient Cement Ltd has the lowest PEG among the 26 Cement companies compared here, at 0.25×. Mangalam Cement Ltd is next at 0.6×. NCL Industries Ltd has the lowest P/E at 6.38×, so level and change sit with different companies. 11 of 26 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Orient Cement Ltd has the lowest comparable PEG at 0.25×, 58.3% below Mangalam Cement Ltd. Only 11 of 26 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderOrient Cement Ltd · 0.25×
Gap58.3% versus #2 · Mangalam Cement Ltd
Persistence0/8 recent comparable periods
Coverage11/26 companies · 42 observations
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.
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 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.
PEGlowest PEG
P/Elowest P/E
Valuation · company comparison
11/26 level · 24/26 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Nuvoco Vistas Corporation Ltd NUVOCO | 8.1 | 28.2 | Jun 2026 |
| The Ramco Cements Ltd RAMCOCEM | 4.1 | 85.5 | Jun 2026 |
| Birla Corporation Ltd BIRLACORPN | 3.9 | 13.8 | Jun 2026 |
| J K Cements Ltd JKCEMENT | 1.5 | 42.1 | Jun 2026 |
| Star Cement Ltd STARCEMENT | 1.1 | 21.2 | Jun 2026 |
| Shree Cement Ltd SHREECEM | 1.0 | 53.3 | Jun 2026 |
| ACC Ltd ACC | 0.9 | 11.8 | Jun 2026 |
| HeidelbergCement India Ltd HEIDELBERG | 0.8 | 25.2 | Jun 2026 |
| Dalmia Bharat Ltd DALBHARAT | 0.7 | 29.9 | Jun 2026 |
| Mangalam Cement Ltd MANGLMCEM | 0.6 | 17.6 | Jun 2026 |
| Orient Cement Ltd ORIENTCEM | 0.3 | 8.1 | Jun 2026 |
| UltraTech Cement Ltd ULTRACEMCO | — | 40.9 | Jun 2026 |
| Ambuja Cements Ltd AMBUJACEM | — | 21.0 | Jun 2026 |
| JSW Cement Ltd JSWCEMENT | — | 27.3 | Jun 2026 |
| India Cements Ltd INDIACEM | — | 151.7 | Jun 2026 |
| Rain Industries Ltd RAIN | — | 20.7 | Jun 2026 |
| JK Lakshmi Cement Ltd JKLAKSHMI | — | 17.0 | Jun 2026 |
| Prism Johnson Ltd PRSMJOHNSN | — | 92.1 | Jun 2026 |
| K C P Ltd KCP⚠ unverified | — | 10.8 | Jun 2026 |
| Sagar Cements Ltd SAGCEM | — | 127.8 | Jun 2026 |
| Shree Digvijay Cement Co. Ltd SHREDIGCEM⚠ unverified | — | 45.0 | Jun 2026 |
| Deccan Cements Ltd DECCANCE⚠ unverified | — | 46.3 | Jun 2026 |
| NCL Industries Ltd NCLIND⚠ unverified | — | 30.4 | Jun 2026 |
| Saurashtra Cement Ltd SAURASHCEM⚠ unverified | — | 27.2 | Jun 2026 |
| BIGBLOC Construction Ltd BIGBLOC⚠ unverified | — | -332.1 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
ACC Ltd · ACC
—
—
0.9
—
—
—
—
—
—
0.6
—
—
—
0.5
—
2.1
0.9
—
—
—
Birla Corporation Ltd · BIRLACORPN
0.3
0.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.9
—
—
—
Dalmia Bharat Ltd · DALBHARAT
—
—
—
—
—
—
—
0.8
0.9
—
—
—
—
—
—
—
—
—
—
0.7
HeidelbergCement India Ltd · HEIDELBERG
0.4
—
0.6
—
—
—
—
—
—
—
—
—
0.6
—
—
—
—
—
—
0.8
J K Cements Ltd · JKCEMENT
—
0.9
3.7
—
—
—
—
—
—
—
—
—
—
—
—
—
7.8
1.0
—
1.5
Mangalam Cement Ltd · MANGLMCEM
—
—
—
—
—
—
—
—
—
—
0.7
—
—
—
—
—
—
0.6
—
—
Nuvoco Vistas Corporation Ltd · NUVOCO
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
8.1
—
—
—
Orient Cement Ltd · ORIENTCEM
—
—
—
—
—
—
—
—
—
—
—
—
0.8
—
—
—
—
—
0.3
—
Shree Cement Ltd · SHREECEM
—
—
—
—
—
—
—
—
—
—
—
—
1.3
—
—
—
—
—
—
1.0
Star Cement Ltd · STARCEMENT
—
—
0.5
0.4
1.0
1.1
2.2
0.6
2.0
1.1
—
—
—
—
—
—
—
—
1.1
—
The Ramco Cements Ltd · RAMCOCEM
—
—
0.5
1.3
—
—
—
—
—
5.0
1.4
3.8
4.1
—
—
—
—
—
—
—
P/E · reported quarter history
Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ACC Ltd · ACC
20.6
19.1
20.4
22.7
32.5
52.5
43.2
36.5
44.5
31.7
27.9
22.9
23.1
21.0
15.2
15.6
14.7
10.1
9.8
11.8
Ambuja Cements Ltd · AMBUJACEM
24.9
22.6
20.9
28.2
42.4
55.5
35.1
39.4
36.6
34.8
37.3
43.6
42.5
41.3
30.1
33.1
30.7
23.2
25.4
21.0
Dalmia Bharat Ltd · DALBHARAT
30.8
27.6
22.6
32.6
41.1
61.5
51.7
36.8
41.5
37.1
30.0
44.4
38.6
38.5
53.0
59.1
45.0
36.4
29.1
29.9
India Cements Ltd · INDIACEM
25.4
31.2
46.4
62.5
72.3
66.1
—
—
—
-20.4
—
-434.7
—
-73.7
-59.8
—
923.0
—
-158.4
151.7
J K Cements Ltd · JKCEMENT
28.5
33.7
25.1
23.2
30.8
36.5
43.9
61.7
63.8
65.3
45.5
42.3
41.7
48.7
60.3
62.9
53.5
42.5
37.4
42.1
JSW Cement Ltd · JSWCEMENT
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
43.5
27.3
Nuvoco Vistas Corporation Ltd · NUVOCO
—
90.6
222.6
220.3
381.1
—
776.7
29.8
32.0
25.0
16.8
87.9
93.7
257.5
255.4
584.3
98.6
48.2
27.8
28.2
Rain Industries Ltd · RAIN
8.8
8.2
11.8
7.3
5.1
4.6
3.5
4.3
7.2
19.2
25.0
—
—
—
—
—
—
—
226.1
20.7
Shree Cement Ltd · SHREECEM
41.0
37.1
33.9
29.1
38.3
52.5
67.4
67.8
58.8
56.6
41.2
42.0
45.0
54.3
90.0
99.7
70.2
55.5
47.7
53.3
Star Cement Ltd · STARCEMENT
20.9
19.7
15.6
14.2
17.4
19.7
18.8
23.0
22.6
25.2
30.3
28.9
35.4
47.4
65.2
51.2
43.3
30.1
22.4
21.2
The Ramco Cements Ltd · RAMCOCEM
27.3
21.3
17.5
16.4
21.8
54.0
63.4
69.4
76.8
69.1
50.2
54.9
63.2
82.5
107.3
276.9
171.5
132.6
114.7
85.5
UltraTech Cement Ltd · ULTRACEMCO
33.7
34.2
27.9
22.0
25.6
30.9
37.6
47.3
46.1
53.2
43.9
47.7
49.8
51.8
56.0
58.1
51.9
47.2
41.9
40.9
12 · before the conclusion, check the blind spots
What can make this comparison misleading?
This Cement comparison names 6 specific ways its own evidence can mislead, all listed below. All 26 companies here report on comparable dates, so no rank carries a stale marker. 6 draw at least one figure from a second feed with too little overlap to cross-check. 7 have second-feed figures withheld because the two sources disagree.
Keep these limits visible
- 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.
- 6 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.
- 7 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
13 · evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 26 Cement companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-11 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing12 cross-checked · 7 unverified · 7 withheld, of 26 graded companies.
How a second data feed is admitted, and what happens when it disagrees
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.
14 · questions investors ask, short speakable answers
Cement company comparison FAQs
These 24 answers restate the Cement comparison above in question form. Every one is computed from the same 26 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.
Is the Cement sector outperforming NIFTY 500?
Cement has underperformed NIFTY 500 by 20.9% over 52 weeks and 2.6% over 13 weeks. 2 of 26 covered companies beat NIFTY on Mansfield relative strength, while 11 of 25 beat the sector itself.
Which Cement company is largest by revenue?
UltraTech Cement Ltd leads with revenue of ₹91,884 crore, based on 26 of 26 comparable companies through Jun 2026.
Which Cement company is growing fastest?
Shiva Cement Ltd has the fastest current revenue growth at 49.5%, across 26 of 26 comparable companies.
Which Cement company has the strongest 4-Factor Sector Score?
Star Cement Ltd ranks first at 69.7/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Cement company has the lowest comparable PEG?
Orient Cement Ltd has the lowest comparable PEG at 0.25, among 11 of 26 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this Cement comparison include?
The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.
Is there a Nifty Cement index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Cement, this page builds its own equal-weight basket of 26 listed Cement companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.
Which are the best Cement stocks in India?
Ranked by this page's four-factor score, Star Cement Ltd places first among 26 listed Cement companies, followed by NCL Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Cement stocks are listed in India?
This comparison covers 26 listed Cement 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 Jun 2026.
Which Cement company is the biggest?
UltraTech Cement Ltd is the largest, with trailing-twelve-month revenue of ₹91,884 crore, ahead of Ambuja Cements Ltd at ₹39,867 crore. That covers 26 of 26 companies with comparable reporting through Jun 2026.
Which Cement company has the best profit margins?
Orient Cement Ltd has the highest operating margin at 24%, from 26 of 26 comparable companies. Shiva Cement Ltd shows the biggest recent improvement, at +13.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Cement company makes the most profit?
UltraTech Cement Ltd earns the most, at ₹8,571 crore of trailing-twelve-month net profit, from 26 of 26 comparable companies. NCL Industries Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.
Which Cement company earns the highest return on capital?
Star Cement Ltd leads on return on capital employed at 16.6%, across 26 of 26 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 stock is the cheapest?
On PEG — where a LOWER number is cheaper — Orient Cement Ltd screens cheapest at 0.25×. Only 11 of 26 companies have earnings and growth steady enough for the ratio to mean anything, 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.
Is the Cement sector beating the market?
Cement has underperformed NIFTY 500 by 20.9% over the last 52 weeks and 2.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Cement stock has the strongest price momentum?
Rain 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 company scores highest for research priority?
Star Cement Ltd scores 69.7 out of 100 with 94% evidence confidence, from 25.6 points on growth and earnings, 20.2 on capital efficiency, 11 on valuation and 12.9 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 companies does this comparison cover, and over what period?
It compares 26 listed companies over up to 20 reported quarters of fundamentals, ending Jun 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 sector?
The 26 Cement companies on this page carry ₹7,06,368 crore of combined market value. UltraTech Cement Ltd is the largest at ₹3,24,147 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
What is the Cement sector's P/E ratio?
The median price-to-earnings ratio across the 26 Cement companies on this page is 28.1×, measured on the 24 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-09-17.
How is the Cement sector performing?
2 of the 26 covered Cement companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.
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.
Not SEBI Registered !! Not Investment advice !!