# Cement Products — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Cement Products has underperformed NIFTY 500 by 9.1% over 52 weeks and 12.8% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself. BirlaNu Ltd leads with revenue of ₹3,730 crore, based on 6 of 6 comparable companies through Mar 2026.

## Sector relative strength

Cement Products has underperformed NIFTY 500 by 9.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.8%. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. GPT Infraprojects Ltd is the strongest against the sector itself at +9.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: -9.1%
Stocks leading NIFTY: 4/6
Stocks leading sector: 4/6

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

Companies: 6
Combined market value: ₹9.4K Cr

## 4-Factor Sector Score

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

1. Ramco Industries Ltd (RAMCOIND): 67/100 — Favorable setup; evidence 87%
   - Growth & earnings 26.0/35 | Capital efficiency 12.8/25 | Valuation 15.6/20 | Relative strength 12.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 10 weeks with a reading, within the last 12
   - Exact sum: 26 + 12.8 + 15.6 + 12.5 = 66.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. GPT Infraprojects Ltd (GPTINFRA): 63/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 18.9/35 | Capital efficiency 19.8/25 | Valuation 9.8/20 | Relative strength 14.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 11 weeks with a reading, within the last 12
   - Exact sum: 18.9 + 19.8 + 9.8 + 14.8 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Visaka Industries Ltd (VISAKAIND): 59/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 26.2/35 | Capital efficiency 12.9/25 | Valuation 10.0/20 | Relative strength 9.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 10 weeks with a reading, within the last 12
   - Exact sum: 26.2 + 12.9 + 10 + 9.4 = 58.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Indian Hume Pipe Company Ltd (INDIANHUME): 47/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 6.8/35 | Capital efficiency 15.2/25 | Valuation 7.5/20 | Relative strength 17.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 6.8 + 15.2 + 7.5 + 17.6 = 47.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 7.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. BirlaNu Ltd (BIRLANU): 23/100 — Adverse evidence; evidence 65%
   - Growth & earnings 10.9/35 | Capital efficiency 2.0/25 | Valuation 10.0/20 | Relative strength 0.4/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 10.9 + 2 + 10 + 0.4 = 23.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Sanghi Industries Ltd (SANGHIIND): 40/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 16.3/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 8.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks, ending 2026-03-29 (no longer priced)
   - Exact sum: 16.3 + 5.3 + 10 + 8 = 39.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Ramco Industries Ltd has the strongest one-year price move in Cement Products at +14.1%. Visaka Industries Ltd leads on Mansfield relative strength against NIFTY at +15.6%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Ramco Industries Ltd (RAMCOIND): 14%
2. Visaka Industries Ltd (VISAKAIND): 2.7%
3. GPT Infraprojects Ltd (GPTINFRA): -7.4%
4. Indian Hume Pipe Company Ltd (INDIANHUME): -8.0%
5. Sanghi Industries Ltd (SANGHIIND): -27%

### Strongest relative strength versus NIFTY 500
1. Visaka Industries Ltd (VISAKAIND): 16%
2. Indian Hume Pipe Company Ltd (INDIANHUME): 7.2%
3. Ramco Industries Ltd (RAMCOIND): 3.7%
4. GPT Infraprojects Ltd (GPTINFRA): 3.4%
5. Sanghi Industries Ltd (SANGHIIND): -12%

## Revenue Scale & Growth Durability

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

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

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

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

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

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

### Revenue growth — fastest growers
1. Sanghi Industries Ltd (SANGHIIND): 24% — older report
2. Visaka Industries Ltd (VISAKAIND): 8.8%
3. Ramco Industries Ltd (RAMCOIND): 7.4%
4. BirlaNu Ltd (BIRLANU): 3.2%
5. GPT Infraprojects Ltd (GPTINFRA): 1.6%

### 20-quarter Revenue history
- RAMCOIND: Sep 2021 ₹315 Cr | Dec 2021 ₹341 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹497 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹350 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹334 Cr | Mar 2024 ₹365 Cr | Jun 2024 ₹543 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹502 Cr | Jun 2026 —
- INDIANHUME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹405 Cr | Mar 2023 ₹454 Cr | Jun 2023 ₹347 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹319 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹282 Cr | Mar 2026 ₹351 Cr | Jun 2026 —
- GPTINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹200 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹295 Cr | Jun 2024 ₹242 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹415 Cr | Jun 2026 ₹302 Cr
- SANGHIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹134 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹167 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹259 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹275 Cr | Mar 2026 — | Jun 2026 —
- BIRLANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹767 Cr | Mar 2023 ₹863 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹723 Cr | Dec 2023 ₹784 Cr | Mar 2024 ₹852 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹774 Cr | Dec 2024 ₹805 Cr | Mar 2025 ₹929 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹810 Cr | Dec 2025 ₹858 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- VISAKAIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹357 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹344 Cr | Mar 2024 ₹396 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹308 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹426 Cr | Jun 2025 ₹506 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹368 Cr | Mar 2026 ₹480 Cr | Jun 2026 —

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

## Operating Economics & Margin Trend

What the numbers say: GPT Infraprojects Ltd leads both opm at 16% and margin change at +4 percentage points.

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

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

Evidence: GPT Infraprojects Ltd · 16% | 23.1% versus #2 · Ramco Industries Ltd | 4/8 recent comparable periods | 6/6 companies · 114 observations

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

### OPM — highest
1. GPT Infraprojects Ltd (GPTINFRA): 16%
2. Ramco Industries Ltd (RAMCOIND): 13%
3. Indian Hume Pipe Company Ltd (INDIANHUME): 11%
4. Visaka Industries Ltd (VISAKAIND): 11%
5. Sanghi Industries Ltd (SANGHIIND): 8.0% — older report

### Margin change — fastest expanders
1. GPT Infraprojects Ltd (GPTINFRA): +4.0 pp
2. Ramco Industries Ltd (RAMCOIND): +3.0 pp
3. Visaka Industries Ltd (VISAKAIND): +1.0 pp
4. Indian Hume Pipe Company Ltd (INDIANHUME): −3.0 pp
5. BirlaNu Ltd (BIRLANU): −3.2 pp

### 20-quarter OPM history
- RAMCOIND: Sep 2021 18% | Dec 2021 15% | Mar 2022 9.1% | Jun 2022 15% | Sep 2022 10% | Dec 2022 3.0% | Mar 2023 10% | Jun 2023 11% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 10% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 13% | Sep 2025 14% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- INDIANHUME: Sep 2021 10% | Dec 2021 9.2% | Mar 2022 12% | Jun 2022 8.1% | Sep 2022 8.2% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 8.0% | Sep 2023 10% | Dec 2023 12% | Mar 2024 18% | Jun 2024 16% | Sep 2024 10% | Dec 2024 10% | Mar 2025 14% | Jun 2025 11% | Sep 2025 14% | Dec 2025 8.0% | Mar 2026 11% | Jun 2026 —
- GPTINFRA: Sep 2021 13% | Dec 2021 13% | Mar 2022 11% | Jun 2022 12% | Sep 2022 13% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 13% | Dec 2023 12% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 12% | Mar 2025 10% | Jun 2025 12% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 16%
- SANGHIIND: Sep 2021 19% | Dec 2021 15% | Mar 2022 12% | Jun 2022 5.6% | Sep 2022 -0.9% | Dec 2022 -13% | Mar 2023 -6.0% | Jun 2023 -58% | Sep 2023 -15% | Dec 2023 -12% | Mar 2024 21% | Jun 2024 -1.3% | Sep 2024 2.0% | Dec 2024 12% | Mar 2025 11% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 — | Jun 2026 —
- BIRLANU: Sep 2021 8.2% | Dec 2021 8.9% | Mar 2022 9.8% | Jun 2022 11% | Sep 2022 1.5% | Dec 2022 6.0% | Mar 2023 4.3% | Jun 2023 9.0% | Sep 2023 0.4% | Dec 2023 2.1% | Mar 2024 2.0% | Jun 2024 6.0% | Sep 2024 -5.0% | Dec 2024 -0.1% | Mar 2025 2.4% | Jun 2025 3.8% | Sep 2025 -1.2% | Dec 2025 -1.5% | Mar 2026 -0.8% | Jun 2026 —
- VISAKAIND: Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 6.7% | Dec 2022 7.2% | Mar 2023 6.0% | Jun 2023 8.0% | Sep 2023 3.9% | Dec 2023 4.1% | Mar 2024 6.0% | Jun 2024 9.0% | Sep 2024 1.2% | Dec 2024 3.2% | Mar 2025 10% | Jun 2025 10% | Sep 2025 3.6% | Dec 2025 7.0% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- RAMCOIND: Sep 2021 +1.3 pp | Dec 2021 −0.7 pp | Mar 2022 −2.6 pp | Jun 2022 −4.4 pp | Sep 2022 −7.8 pp | Dec 2022 −12.2 pp | Mar 2023 +1.0 pp | Jun 2023 −4.0 pp | Sep 2023 −1.0 pp | Dec 2023 +7.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- INDIANHUME: Sep 2021 +0.3 pp | Dec 2021 −0.4 pp | Mar 2022 +0.8 pp | Jun 2022 +0.2 pp | Sep 2022 −1.9 pp | Dec 2022 −0.2 pp | Mar 2023 −2.6 pp | Jun 2023 −0.1 pp | Sep 2023 +1.8 pp | Dec 2023 +3.0 pp | Mar 2024 +9.0 pp | Jun 2024 +8.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −5.0 pp | Sep 2025 +4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- GPTINFRA: Sep 2021 −2.6 pp | Dec 2021 −0.4 pp | Mar 2022 −0.5 pp | Jun 2022 −3.9 pp | Sep 2022 +0.3 pp | Dec 2022 −1.6 pp | Mar 2023 −1.8 pp | Jun 2023 −0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +4.0 pp | Jun 2026 +4.0 pp
- SANGHIIND: Sep 2021 −2.2 pp | Dec 2021 −10.0 pp | Mar 2022 −16.5 pp | Jun 2022 −17.9 pp | Sep 2022 −19.7 pp | Dec 2022 −28.0 pp | Mar 2023 −18.3 pp | Jun 2023 −63.6 pp | Sep 2023 −14.2 pp | Dec 2023 +1.0 pp | Mar 2024 +27.0 pp | Jun 2024 +56.7 pp | Sep 2024 +17.0 pp | Dec 2024 +24.0 pp | Mar 2025 −10.0 pp | Jun 2025 +11.3 pp | Sep 2025 +7.0 pp | Dec 2025 −4.0 pp | Mar 2026 — | Jun 2026 —
- BIRLANU: Sep 2021 −4.9 pp | Dec 2021 −3.7 pp | Mar 2022 −3.4 pp | Jun 2022 −5.2 pp | Sep 2022 −6.7 pp | Dec 2022 −2.9 pp | Mar 2023 −5.5 pp | Jun 2023 −2.3 pp | Sep 2023 −1.1 pp | Dec 2023 −3.9 pp | Mar 2024 −2.3 pp | Jun 2024 −3.0 pp | Sep 2024 −5.4 pp | Dec 2024 −2.2 pp | Mar 2025 +0.4 pp | Jun 2025 −2.2 pp | Sep 2025 +3.8 pp | Dec 2025 −1.4 pp | Mar 2026 −3.2 pp | Jun 2026 —
- VISAKAIND: Sep 2021 −3.7 pp | Dec 2021 −3.3 pp | Mar 2022 −2.5 pp | Jun 2022 −5.3 pp | Sep 2022 −7.5 pp | Dec 2022 −4.5 pp | Mar 2023 −6.4 pp | Jun 2023 −5.3 pp | Sep 2023 −2.8 pp | Dec 2023 −3.1 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −2.7 pp | Dec 2024 −0.9 pp | Mar 2025 +4.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.4 pp | Dec 2025 +3.8 pp | Mar 2026 +1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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

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

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

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

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

### Net profit — largest
1. Ramco Industries Ltd (RAMCOIND): ₹307 Cr
2. Indian Hume Pipe Company Ltd (INDIANHUME): ₹142 Cr
3. GPT Infraprojects Ltd (GPTINFRA): ₹95 Cr
4. Visaka Industries Ltd (VISAKAIND): ₹85 Cr
5. BirlaNu Ltd (BIRLANU): ₹-119 Cr

### Profit growth — fastest growers
1. Visaka Industries Ltd (VISAKAIND): 100%
2. Ramco Industries Ltd (RAMCOIND): 70%
3. GPT Infraprojects Ltd (GPTINFRA): 15%
4. Indian Hume Pipe Company Ltd (INDIANHUME): -75%

### 20-quarter Net profit history
- RAMCOIND: Sep 2021 ₹144 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- INDIANHUME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- GPTINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹24 Cr
- SANGHIIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-144 Cr | Mar 2023 ₹-105 Cr | Jun 2023 ₹-189 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹-202 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-89 Cr | Sep 2024 ₹-196 Cr | Dec 2024 ₹-97 Cr | Mar 2025 ₹-117 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-117 Cr | Dec 2025 ₹-115 Cr | Mar 2026 — | Jun 2026 —
- BIRLANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-43 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- VISAKAIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹40 Cr | Jun 2026 —

### 20-quarter Profit growth history
- RAMCOIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -98% | Dec 2022 -97% | Mar 2023 26% | Jun 2023 -34% | Sep 2023 -233% | Dec 2023 2,500% | Mar 2024 -24% | Jun 2024 -2.5% | Sep 2024 — | Dec 2024 242% | Mar 2025 -18% | Jun 2025 69% | Sep 2025 141% | Dec 2025 26% | Mar 2026 144% | Jun 2026 —
- INDIANHUME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 175% | Jun 2024 244% | Sep 2024 30% | Dec 2024 -6.7% | Mar 2025 1,034% | Jun 2025 -29% | Sep 2025 169% | Dec 2025 343% | Mar 2026 -95% | Jun 2026 —
- GPTINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 114% | Mar 2024 50% | Jun 2024 33% | Sep 2024 7.1% | Dec 2024 40% | Mar 2025 47% | Jun 2025 56% | Sep 2025 40% | Dec 2025 -4.8% | Mar 2026 36% | Jun 2026 -4.0%
- BIRLANU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -154% | Mar 2024 -100% | Jun 2024 -78% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -108% | Sep 2025 -387% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VISAKAIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -309% | Mar 2024 -75% | Jun 2024 -17% | Sep 2024 — | Dec 2024 — | Mar 2025 1,400% | Jun 2025 420% | Sep 2025 — | Dec 2025 — | Mar 2026 167% | Jun 2026 —

## Return On Capital Employed

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

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

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

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

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

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

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

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

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

## Valuation Against Growth & Quality

What the numbers say: Ramco Industries Ltd has the lowest comparable PEG at 0.24×. Only 1 of 6 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.

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

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

Evidence: Ramco Industries Ltd · 0.24× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 4 observations

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

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

### P/E — lowest P/E
1. Ramco Industries Ltd (RAMCOIND): 9.6
2. GPT Infraprojects Ltd (GPTINFRA): 15.2
3. Indian Hume Pipe Company Ltd (INDIANHUME): 34.1
4. Visaka Industries Ltd (VISAKAIND): 55.8

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

### 20-quarter P/E history
- RAMCOIND: Sep 2021 8.7 | Dec 2021 6.1 | Mar 2022 5.7 | Jun 2022 5.0 | Sep 2022 5.7 | Dec 2022 9.4 | Mar 2023 9.7 | Jun 2023 11.8 | Sep 2023 15.7 | Dec 2023 20.2 | Mar 2024 14.8 | Jun 2024 20.4 | Sep 2024 20.6 | Dec 2024 18.6 | Mar 2025 10.4 | Jun 2025 13.4 | Sep 2025 15.0 | Dec 2025 11.9 | Mar 2026 8.2 | Jun 2026 —
- INDIANHUME: Sep 2021 18.1 | Dec 2021 14.4 | Mar 2022 11.7 | Jun 2022 11.9 | Sep 2022 10.5 | Dec 2022 12.1 | Mar 2023 9.9 | Jun 2023 19.1 | Sep 2023 27.3 | Dec 2023 25.6 | Mar 2024 26.1 | Jun 2024 27.5 | Sep 2024 25.9 | Dec 2024 18.8 | Mar 2025 18.8 | Jun 2025 23.8 | Sep 2025 22.6 | Dec 2025 20.5 | Mar 2026 15.0 | Jun 2026 —
- GPTINFRA: Sep 2021 10.7 | Dec 2021 11.2 | Mar 2022 10.1 | Jun 2022 9.9 | Sep 2022 14.7 | Dec 2022 10.5 | Mar 2023 8.1 | Jun 2023 11.7 | Sep 2023 15.2 | Dec 2023 21.4 | Mar 2024 17.4 | Jun 2024 27.4 | Sep 2024 29.9 | Dec 2024 25.5 | Mar 2025 20.1 | Jun 2025 19.8 | Sep 2025 16.9 | Dec 2025 15.3 | Mar 2026 14.2 | Jun 2026 17.1
- SANGHIIND: Sep 2021 18.4 | Dec 2021 14.8 | Mar 2022 18.4 | Jun 2022 21.8 | Sep 2022 25.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BIRLANU: Sep 2021 12.6 | Dec 2021 14.0 | Mar 2022 13.0 | Jun 2022 12.0 | Sep 2022 10.8 | Dec 2022 11.8 | Mar 2023 12.6 | Jun 2023 24.0 | Sep 2023 41.2 | Dec 2023 71.7 | Mar 2024 74.2 | Jun 2024 -207.3 | Sep 2024 66.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VISAKAIND: Sep 2021 9.8 | Dec 2021 8.7 | Mar 2022 8.4 | Jun 2022 6.9 | Sep 2022 8.4 | Dec 2022 7.4 | Mar 2023 7.3 | Jun 2023 13.6 | Sep 2023 27.1 | Dec 2023 44.5 | Mar 2024 89.2 | Jun 2024 -887.8 | Sep 2024 — | Dec 2024 — | Mar 2025 -163.8 | Jun 2025 20.6 | Sep 2025 70.7 | Dec 2025 35.4 | Mar 2026 15.6 | Jun 2026 —


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

## Every company
- Ramco Industries Ltd (RAMCOIND) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Indian Hume Pipe Company Ltd (INDIANHUME) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- GPT Infraprojects Ltd (GPTINFRA) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Sanghi Industries Ltd (SANGHIIND) — market value ₹1.3K Cr; latest fundamentals Dec 2025; includes UNVERIFIED second-feed figures
- BirlaNu Ltd (BIRLANU) — market value ₹1.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Visaka Industries Ltd (VISAKAIND) — market value ₹737 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

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

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

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

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

Cement Products has underperformed NIFTY 500 by 9.1% over 52 weeks and 12.8% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 4 of 6 beat the sector itself.

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

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

### Which Cement Products company is growing fastest?

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

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

Ramco Industries Ltd ranks first at 66.9/100 with 86.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Ramco Industries Ltd has the lowest comparable PEG at 0.24, among 1 of 6 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Cement Products 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.

### What is the Nifty Cement Products index?

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

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

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

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

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

### Which Cement Products company is the biggest?

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

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

GPT Infraprojects Ltd has the highest operating margin at 16%, from 6 of 6 comparable companies. GPT Infraprojects Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

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

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

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

### Which Cement Products stock is the cheapest?

On PEG — where a LOWER number is cheaper — Ramco Industries Ltd screens cheapest at 0.24×. Only 1 of 6 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 Products sector beating the market?

Cement Products has underperformed NIFTY 500 by 9.1% over the last 52 weeks and 12.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

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

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

Ramco Industries Ltd scores 66.9 out of 100 with 86.6% evidence confidence, from 26 points on growth and earnings, 12.8 on capital efficiency, 15.6 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

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

It compares 6 listed companies over up to 20 reported quarters of fundamentals, 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 Products sector?

The 6 Cement Products companies on this page carry ₹9,425 crore of combined market value. Ramco Industries Ltd is the largest at ₹2,835 crore, about 30% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the Cement Products sector performing?

4 of the 6 covered Cement Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.