# Cement — company-by-company sector analysis

> Cement: UltraTech Cement Ltd owns the largest revenue base; BIGBLOC Construction 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 has underperformed NIFTY 500 by 21.9% over 52 weeks and 1.2% over 13 weeks. 2 of 25 covered companies beat NIFTY on Mansfield relative strength, while 12 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.

## Sector relative strength

Cement has underperformed NIFTY 500 by 21.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.2%. 2 of 25 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 +61.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -1.2%
52-week sector return versus NIFTY 500: -22%
Stocks leading NIFTY: 2/25
Stocks leading sector: 12/25

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

Companies: 26
Combined market value: ₹7.7 L 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. Star Cement Ltd (STARCEMENT): 76/100 — Favorable setup; evidence 90%
   - Growth & earnings 29.9/35 | Capital efficiency 22.4/25 | Valuation 11.3/20 | Relative strength 12.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 29.9 + 22.4 + 11.3 + 12.4 = 76
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. NCL Industries Ltd (NCLIND): 70/100 — Favorable setup; evidence 83%
   - Growth & earnings 25.3/35 | Capital efficiency 18.0/25 | Valuation 15.0/20 | Relative strength 11.4/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 25.3 + 18 + 15 + 11.4 = 69.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. UltraTech Cement Ltd (ULTRACEMCO): 63/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.9/35 | Capital efficiency 17.1/25 | Valuation 9.2/20 | Relative strength 14.9/20
   - 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 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 21.9 + 17.1 + 9.2 + 14.9 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Mangalam Cement Ltd (MANGLMCEM): 63/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 21.6/35 | Capital efficiency 11.7/25 | Valuation 16.0/20 | Relative strength 13.6/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 21.6 + 11.7 + 16 + 13.6 = 62.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Rain Industries Ltd (RAIN): 63/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 22.9/35 | Capital efficiency 9.4/25 | Valuation 10.2/20 | Relative strength 20.0/20
   - 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 12 of the last 12 weeks
   - Exact sum: 22.9 + 9.4 + 10.2 + 20 = 62.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Orient Cement Ltd (ORIENTCEM): 58/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.6/35 | Capital efficiency 16.9/25 | Valuation 16.1/20 | Relative strength 7.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 17.6 + 16.9 + 16.1 + 7.6 = 58.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Dalmia Bharat Ltd (DALBHARAT): 53/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 13.0/35 | Capital efficiency 12.8/25 | Valuation 15.3/20 | Relative strength 12.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 13 + 12.8 + 15.3 + 12.3 = 53.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Shree Cement Ltd (SHREECEM): 52/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 15.0/35 | Capital efficiency 13.0/25 | Valuation 9.2/20 | Relative strength 14.6/20
   - 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 3 of the last 12 weeks
   - Exact sum: 15 + 13 + 9.2 + 14.6 = 51.8
   - Decision use: Price leads the evidence: RS versus the benchmark is -3.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. JSW Cement Ltd (JSWCEMENT): 51/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.6/35 | Capital efficiency 12.1/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - 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: 18.6 + 12.1 + 10.1 + 10 = 50.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. K C P Ltd (KCP): 49/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 13.5/35 | Capital efficiency 16.1/25 | Valuation 13.9/20 | Relative strength 5.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 11 weeks with a reading, within the last 12
   - Exact sum: 13.5 + 16.1 + 13.9 + 5.9 = 49.4
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. HeidelbergCement India Ltd (HEIDELBERG): 49/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 14.5/35 | Capital efficiency 14.7/25 | Valuation 13.7/20 | Relative strength 5.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14.5 + 14.7 + 13.7 + 5.7 = 48.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
12. J K Cements Ltd (JKCEMENT): 48/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 11.2/35 | Capital efficiency 16.4/25 | Valuation 8.1/20 | Relative strength 12.4/20
   - 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 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 11.2 + 16.4 + 8.1 + 12.4 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. The Ramco Cements Ltd (RAMCOCEM): 47/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 20.6/35 | Capital efficiency 13.2/25 | Valuation 1.2/20 | Relative strength 12.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 20.6 + 13.2 + 1.2 + 12.3 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. JK Lakshmi Cement Ltd (JKLAKSHMI): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 17.4/35 | Capital efficiency 13.9/25 | Valuation 10.6/20 | Relative strength 5.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.4 + 13.9 + 10.6 + 5.4 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Nuvoco Vistas Corporation Ltd (NUVOCO): 47/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 21.0/35 | Capital efficiency 9.6/25 | Valuation 4.8/20 | Relative strength 11.7/20
   - 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 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 21 + 9.6 + 4.8 + 11.7 = 47.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. India Cements Ltd (INDIACEM): 45/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 21.3/35 | Capital efficiency 3.8/25 | Valuation 5.4/20 | Relative strength 14.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 21.3 + 3.8 + 5.4 + 14.9 = 45.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Deccan Cements Ltd (DECCANCE): 44/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 22.6/35 | Capital efficiency 7.9/25 | Valuation 9.1/20 | Relative strength 4.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 22.6 + 7.9 + 9.1 + 4.1 = 43.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. ACC Ltd (ACC): 43/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 9.1/35 | Capital efficiency 9.9/25 | Valuation 16.7/20 | Relative strength 6.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 9.1 + 9.9 + 16.7 + 6.8 = 42.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
19. Birla Corporation Ltd (BIRLACORPN): 41/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 17.4/35 | Capital efficiency 10.4/25 | Valuation 8.8/20 | Relative strength 4.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 9 weeks with a reading, within the last 12
   - Exact sum: 17.4 + 10.4 + 8.8 + 4.4 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Sagar Cements Ltd (SAGCEM): 41/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 19.5/35 | Capital efficiency 5.1/25 | Valuation 10.0/20 | Relative strength 6.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.5 + 5.1 + 10 + 6.4 = 41
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Ambuja Cements Ltd (AMBUJACEM): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.4/35 | Capital efficiency 11.0/25 | Valuation 12.6/20 | Relative strength 5.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 9.4 + 11 + 12.6 + 5.9 = 38.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Saurashtra Cement Ltd (SAURASHCEM): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 19.7/35 | Capital efficiency 4.8/25 | Valuation 9.5/20 | Relative strength 4.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 19.7 + 4.8 + 9.5 + 4.8 = 38.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Prism Johnson Ltd (PRSMJOHNSN): 38/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 12.1/35 | Capital efficiency 5.9/25 | Valuation 8.6/20 | Relative strength 11.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 12.1 + 5.9 + 8.6 + 11.6 = 38.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. BIGBLOC Construction Ltd (BIGBLOC): 37/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.4/35 | Capital efficiency 5.8/25 | Valuation 10.0/20 | Relative strength 5.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 15.4 + 5.8 + 10 + 5.5 = 36.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Shree Digvijay Cement Co. Ltd (SHREDIGCEM): 31/100 — Adverse evidence; evidence 81%
   - Growth & earnings 10.8/35 | Capital efficiency 8.2/25 | Valuation 6.1/20 | Relative strength 6.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 10 weeks with a reading, within the last 12
   - Exact sum: 10.8 + 8.2 + 6.1 + 6.1 = 31.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Shiva Cement Ltd (SHIVACEM): 37/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 18.1/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 18.1 + 5.4 + 10 + 3 = 36.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Rain Industries Ltd has the strongest one-year price move in Cement at +43.6%. It also leads on Mansfield relative strength against NIFTY at +49.7%. 2 of 25 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Rain Industries Ltd (RAIN): 44%
2. Mangalam Cement Ltd (MANGLMCEM): 31%
3. India Cements Ltd (INDIACEM): 11%
4. UltraTech Cement Ltd (ULTRACEMCO): -2.8%
5. JSW Cement Ltd (JSWCEMENT): -8.9%

### Strongest relative strength versus NIFTY 500
1. Rain Industries Ltd (RAIN): 50%
2. Mangalam Cement Ltd (MANGLMCEM): 15%
3. UltraTech Cement Ltd (ULTRACEMCO): -1.4%
4. India Cements Ltd (INDIACEM): -2.0%
5. Shree Cement Ltd (SHREECEM): -3.7%

## Revenue Scale & Growth Durability

What the numbers say: UltraTech Cement Ltd is the scale leader at ₹91,884 crore, 130.5% ahead of Ambuja Cements Ltd. BIGBLOC Construction Ltd's growth is 26.2% from a ₹283 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: UltraTech Cement Ltd is the scale benchmark; BIGBLOC Construction 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 BIGBLOC Construction Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: UltraTech Cement Ltd · ₹91,884 crore | 130.5% versus #2 · Ambuja Cements Ltd | 8/8 recent comparable periods | 26/26 companies · 425 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. UltraTech Cement Ltd (ULTRACEMCO): ₹91.9K Cr
2. Ambuja Cements Ltd (AMBUJACEM): ₹39.9K Cr
3. ACC Ltd (ACC): ₹25.4K Cr
4. Shree Cement Ltd (SHREECEM): ₹21.9K Cr
5. Rain Industries Ltd (RAIN): ₹17.7K Cr

### Revenue growth — fastest growers
1. BIGBLOC Construction Ltd (BIGBLOC): 26%
2. Deccan Cements Ltd (DECCANCE): 21%
3. Shiva Cement Ltd (SHIVACEM): 20% — older report
4. Shree Digvijay Cement Co. Ltd (SHREDIGCEM): 20%
5. Star Cement Ltd (STARCEMENT): 19%

### 20-quarter Revenue history
- ULTRACEMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15.5K Cr | Mar 2023 ₹18.7K Cr | Jun 2023 ₹17.7K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹16.7K Cr | Mar 2024 ₹20.4K Cr | Jun 2024 ₹18.8K Cr | Sep 2024 ₹16.3K Cr | Dec 2024 ₹17.8K Cr | Mar 2025 ₹23.1K Cr | Jun 2025 ₹21.3K Cr | Sep 2025 ₹19.6K Cr | Dec 2025 ₹21.8K Cr | Mar 2026 ₹25.8K Cr | Jun 2026 ₹24.6K Cr
- AMBUJACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹7.4K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹8.9K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹10.3K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹10.9K Cr | Jun 2026 ₹9.5K Cr
- SHREECEM: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 ₹6.2K Cr
- JKCEMENT: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 ₹4.0K Cr
- DALBHARAT: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹3.9K Cr
- ACC: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.1K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 ₹5.8K Cr
- RAMCOCEM: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- INDIACEM: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹940 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.0K Cr
- NUVOCO: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.1K Cr
- STARCEMENT: Sep 2021 ₹407 Cr | Dec 2021 ₹555 Cr | Mar 2022 ₹749 Cr | Jun 2022 ₹666 Cr | Sep 2022 ₹594 Cr | Dec 2022 ₹617 Cr | Mar 2023 ₹829 Cr | Jun 2023 ₹760 Cr | Sep 2023 ₹585 Cr | Dec 2023 ₹651 Cr | Mar 2024 ₹914 Cr | Jun 2024 ₹751 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹719 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹912 Cr | Sep 2025 ₹811 Cr | Dec 2025 ₹880 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- RAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- JKLAKSHMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- BIRLACORPN: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.6K Cr
- PRSMJOHNSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- HEIDELBERG: Sep 2021 ₹572 Cr | Dec 2021 ₹541 Cr | Mar 2022 ₹632 Cr | Jun 2022 ₹590 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹540 Cr | Mar 2023 ₹602 Cr | Jun 2023 ₹596 Cr | Sep 2023 ₹566 Cr | Dec 2023 ₹607 Cr | Mar 2024 ₹597 Cr | Jun 2024 ₹532 Cr | Sep 2024 ₹461 Cr | Dec 2024 ₹543 Cr | Mar 2025 ₹612 Cr | Jun 2025 ₹598 Cr | Sep 2025 ₹512 Cr | Dec 2025 ₹574 Cr | Mar 2026 ₹646 Cr | Jun 2026 ₹628 Cr
- ORIENTCEM: Sep 2021 ₹613 Cr | Dec 2021 ₹618 Cr | Mar 2022 ₹804 Cr | Jun 2022 ₹714 Cr | Sep 2022 ₹615 Cr | Dec 2022 ₹732 Cr | Mar 2023 ₹876 Cr | Jun 2023 ₹825 Cr | Sep 2023 ₹721 Cr | Dec 2023 ₹751 Cr | Mar 2024 ₹888 Cr | Jun 2024 ₹696 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹643 Cr | Mar 2025 ₹825 Cr | Jun 2025 ₹866 Cr | Sep 2025 ₹643 Cr | Dec 2025 ₹636 Cr | Mar 2026 ₹647 Cr | Jun 2026 ₹604 Cr
- MANGLMCEM: Sep 2021 ₹376 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹452 Cr | Jun 2022 ₹514 Cr | Sep 2022 ₹399 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹459 Cr | Jun 2023 ₹421 Cr | Sep 2023 ₹428 Cr | Dec 2023 ₹439 Cr | Mar 2024 ₹437 Cr | Jun 2024 ₹381 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹438 Cr | Mar 2025 ₹503 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹421 Cr | Mar 2026 ₹490 Cr | Jun 2026 —
- SAGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹576 Cr | Mar 2023 ₹622 Cr | Jun 2023 ₹540 Cr | Sep 2023 ₹587 Cr | Dec 2023 ₹669 Cr | Mar 2024 ₹709 Cr | Jun 2024 ₹561 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹564 Cr | Mar 2025 ₹658 Cr | Jun 2025 ₹671 Cr | Sep 2025 ₹602 Cr | Dec 2025 ₹591 Cr | Mar 2026 ₹787 Cr | Jun 2026 ₹706 Cr
- KCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹551 Cr | Mar 2023 ₹598 Cr | Jun 2023 ₹744 Cr | Sep 2023 ₹700 Cr | Dec 2023 ₹777 Cr | Mar 2024 ₹625 Cr | Jun 2024 ₹691 Cr | Sep 2024 ₹602 Cr | Dec 2024 ₹601 Cr | Mar 2025 ₹635 Cr | Jun 2025 ₹677 Cr | Sep 2025 ₹602 Cr | Dec 2025 ₹614 Cr | Mar 2026 ₹684 Cr | Jun 2026 —
- SHREDIGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹206 Cr | Mar 2023 ₹195 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹191 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹216 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹208 Cr | Jun 2026 ₹337 Cr
- NCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹419 Cr | Mar 2023 ₹435 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹391 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹419 Cr | Jun 2024 ₹355 Cr | Sep 2024 ₹330 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹375 Cr | Jun 2025 ₹338 Cr | Sep 2025 ₹345 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹400 Cr | Jun 2026 —
- DECCANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹172 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹214 Cr | Jun 2026 —
- SAURASHCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹442 Cr | Mar 2023 ₹471 Cr | Jun 2023 ₹446 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹497 Cr | Jun 2024 ₹386 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹478 Cr | Jun 2025 ₹424 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹447 Cr | Jun 2026 —
- BIGBLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹50 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- SHIVACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹126 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- ULTRACEMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.9% | Mar 2024 9.4% | Jun 2024 6.1% | Sep 2024 1.8% | Dec 2024 6.2% | Mar 2025 13% | Jun 2025 13% | Sep 2025 20% | Dec 2025 23% | Mar 2026 12% | Jun 2026 16%
- AMBUJACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.8% | Mar 2024 12% | Jun 2024 -3.7% | Sep 2024 1.7% | Dec 2024 16% | Mar 2025 12% | Jun 2025 23% | Sep 2025 21% | Dec 2025 9.2% | Mar 2026 9.4% | Jun 2026 -7.7%
- SHREECEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 20% | Dec 2022 18% | Mar 2023 17% | Jun 2023 14% | Sep 2023 18% | Dec 2023 21% | Mar 2024 5.9% | Jun 2024 1.8% | Sep 2024 -15% | Dec 2024 -12% | Mar 2025 2.4% | Jun 2025 3.1% | Sep 2025 17% | Dec 2025 5.0% | Mar 2026 10% | Jun 2026 18%
- JKCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 20% | Mar 2023 18% | Jun 2023 22% | Sep 2023 24% | Dec 2023 20% | Mar 2024 12% | Jun 2024 1.6% | Sep 2024 -7.0% | Dec 2024 -0.2% | Mar 2025 15% | Jun 2025 19% | Sep 2025 18% | Dec 2025 18% | Mar 2026 8.6% | Jun 2026 20%
- DALBHARAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 15% | Dec 2022 23% | Mar 2023 15% | Jun 2023 9.8% | Sep 2023 6.1% | Dec 2023 7.4% | Mar 2024 10% | Jun 2024 -0.2% | Sep 2024 -2.1% | Dec 2024 -12% | Mar 2025 -5.0% | Jun 2025 0.4% | Sep 2025 11% | Dec 2025 10% | Mar 2026 3.8% | Jun 2026 7.0%
- ACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 6.4% | Dec 2022 7.4% | Mar 2023 8.2% | Jun 2023 16% | Sep 2023 11% | Dec 2023 8.3% | Mar 2024 13% | Jun 2024 -0.0% | Sep 2024 4.5% | Dec 2024 22% | Mar 2025 13% | Jun 2025 17% | Sep 2025 30% | Dec 2025 8.6% | Mar 2026 17% | Jun 2026 -4.6%
- RAMCOCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 19% | Dec 2022 30% | Mar 2023 50% | Jun 2023 26% | Sep 2023 31% | Dec 2023 4.9% | Mar 2024 4.1% | Jun 2024 -6.8% | Sep 2024 -13% | Dec 2024 -6.1% | Mar 2025 -10% | Jun 2025 -1.0% | Sep 2025 9.5% | Dec 2025 6.2% | Mar 2026 8.9% | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7.8% | Sep 2025 17% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- INDIACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.5% | Dec 2022 10% | Mar 2023 4.8% | Jun 2023 -5.1% | Sep 2023 -4.8% | Dec 2023 -13% | Mar 2024 -17% | Jun 2024 -29% | Sep 2024 -19% | Dec 2024 -16% | Mar 2025 -3.1% | Jun 2025 -0.2% | Sep 2025 9.3% | Dec 2025 19% | Mar 2026 2.6% | Jun 2026 -0.6%
- NUVOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 19% | Dec 2022 20% | Mar 2023 -0.1% | Jun 2023 5.8% | Sep 2023 7.2% | Dec 2023 -7.1% | Mar 2024 0.2% | Jun 2024 -6.1% | Sep 2024 -12% | Dec 2024 -0.5% | Mar 2025 3.7% | Jun 2025 9.0% | Sep 2025 8.3% | Dec 2025 12% | Mar 2026 8.7% | Jun 2026 8.9%
- STARCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 46% | Dec 2022 11% | Mar 2023 11% | Jun 2023 14% | Sep 2023 -1.5% | Dec 2023 5.5% | Mar 2024 10% | Jun 2024 -1.2% | Sep 2024 9.7% | Dec 2024 10% | Mar 2025 15% | Jun 2025 21% | Sep 2025 26% | Dec 2025 22% | Mar 2026 12% | Jun 2026 —
- RAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -25% | Dec 2023 -25% | Mar 2024 -30% | Jun 2024 -12% | Sep 2024 -5.4% | Dec 2024 -10% | Mar 2025 2.7% | Jun 2025 7.5% | Sep 2025 14% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- JKLAKSHMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.0% | Mar 2024 -4.4% | Jun 2024 -9.6% | Sep 2024 -22% | Dec 2024 -12% | Mar 2025 6.6% | Jun 2025 11% | Sep 2025 24% | Dec 2025 6.1% | Mar 2026 0.2% | Jun 2026 —
- BIRLACORPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 18% | Dec 2022 15% | Mar 2023 8.8% | Jun 2023 9.2% | Sep 2023 14% | Dec 2023 15% | Mar 2024 7.8% | Jun 2024 -9.0% | Sep 2024 -15% | Dec 2024 -2.3% | Mar 2025 6.1% | Jun 2025 12% | Sep 2025 13% | Dec 2025 -4.3% | Mar 2026 0.8% | Jun 2026 7.8%
- PRSMJOHNSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.6% | Mar 2024 -2.2% | Jun 2024 -9.2% | Sep 2024 -11% | Dec 2024 5.4% | Mar 2025 -5.1% | Jun 2025 9.0% | Sep 2025 13% | Dec 2025 -3.7% | Mar 2026 7.7% | Jun 2026 —
- HEIDELBERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.9% | Sep 2022 -12% | Dec 2022 -0.2% | Mar 2023 -4.8% | Jun 2023 1.0% | Sep 2023 12% | Dec 2023 12% | Mar 2024 -0.8% | Jun 2024 -11% | Sep 2024 -19% | Dec 2024 -11% | Mar 2025 2.5% | Jun 2025 12% | Sep 2025 11% | Dec 2025 5.7% | Mar 2026 5.6% | Jun 2026 5.0%
- ORIENTCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 0.3% | Dec 2022 18% | Mar 2023 9.0% | Jun 2023 16% | Sep 2023 17% | Dec 2023 2.6% | Mar 2024 1.4% | Jun 2024 -16% | Sep 2024 -25% | Dec 2024 -14% | Mar 2025 -7.1% | Jun 2025 24% | Sep 2025 18% | Dec 2025 -1.1% | Mar 2026 -22% | Jun 2026 -30%
- MANGLMCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 6.1% | Dec 2022 13% | Mar 2023 1.6% | Jun 2023 -18% | Sep 2023 7.3% | Dec 2023 2.3% | Mar 2024 -4.8% | Jun 2024 -9.5% | Sep 2024 -16% | Dec 2024 -0.2% | Mar 2025 15% | Jun 2025 19% | Sep 2025 10% | Dec 2025 -3.9% | Mar 2026 -2.6% | Jun 2026 —
- SAGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 14% | Jun 2024 3.9% | Sep 2024 -19% | Dec 2024 -16% | Mar 2025 -7.2% | Jun 2025 20% | Sep 2025 27% | Dec 2025 4.8% | Mar 2026 20% | Jun 2026 5.2%
- KCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 41% | Mar 2024 4.5% | Jun 2024 -7.1% | Sep 2024 -14% | Dec 2024 -23% | Mar 2025 1.6% | Jun 2025 -2.0% | Sep 2025 0.0% | Dec 2025 2.2% | Mar 2026 7.7% | Jun 2026 —
- SHREDIGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.3% | Mar 2024 15% | Jun 2024 -8.4% | Sep 2024 -21% | Dec 2024 -2.4% | Mar 2025 -3.5% | Jun 2025 11% | Sep 2025 11% | Dec 2025 -1.8% | Mar 2026 -3.7% | Jun 2026 72%
- NCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 -3.7% | Jun 2024 -20% | Sep 2024 -16% | Dec 2024 -32% | Mar 2025 -11% | Jun 2025 -4.8% | Sep 2025 4.6% | Dec 2025 0.6% | Mar 2026 6.7% | Jun 2026 —
- DECCANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -13% | Sep 2025 16% | Dec 2025 13% | Mar 2026 80% | Jun 2026 —
- SAURASHCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.1% | Mar 2024 5.5% | Jun 2024 -13% | Sep 2024 -21% | Dec 2024 -15% | Mar 2025 -3.8% | Jun 2025 9.8% | Sep 2025 30% | Dec 2025 8.5% | Mar 2026 -6.5% | Jun 2026 —
- BIGBLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 46% | Jun 2024 -6.0% | Sep 2024 -12% | Dec 2024 -7.6% | Mar 2025 -4.9% | Jun 2025 9.3% | Sep 2025 30% | Dec 2025 28% | Mar 2026 35% | Jun 2026 —
- SHIVACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -51% | Dec 2024 -41% | Mar 2025 -27% | Jun 2025 9.3% | Sep 2025 61% | Dec 2025 117% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Star Cement Ltd leads opm at 27%; Shiva Cement Ltd leads margin change at +15 percentage points.

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 margin change signal.

Evidence: Star Cement Ltd · 27% | 12.5% versus #2 · Orient Cement Ltd | 5/8 recent comparable periods | 26/26 companies · 488 observations

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

### OPM — highest
1. Star Cement Ltd (STARCEMENT): 27%
2. Orient Cement Ltd (ORIENTCEM): 24%
3. Dalmia Bharat Ltd (DALBHARAT): 21%
4. Shree Cement Ltd (SHREECEM): 20%
5. UltraTech Cement Ltd (ULTRACEMCO): 20%

### Margin change — fastest expanders
1. Shiva Cement Ltd (SHIVACEM): +15.0 pp — older report
2. India Cements Ltd (INDIACEM): +7.0 pp
3. NCL Industries Ltd (NCLIND): +7.0 pp
4. JSW Cement Ltd (JSWCEMENT): +5.0 pp
5. Rain Industries Ltd (RAIN): +5.0 pp

### 20-quarter OPM history
- ULTRACEMCO: Sep 2021 23% | Dec 2021 19% | Mar 2022 19% | Jun 2022 20% | Sep 2022 13% | Dec 2022 15% | Mar 2023 18% | Jun 2023 17% | Sep 2023 16% | Dec 2023 19% | Mar 2024 20% | Jun 2024 16% | Sep 2024 12% | Dec 2024 16% | Mar 2025 20% | Jun 2025 21% | Sep 2025 16% | Dec 2025 18% | Mar 2026 22% | Jun 2026 20%
- AMBUJACEM: Sep 2021 21% | Dec 2021 15% | Mar 2022 18% | Jun 2022 14% | Sep 2022 4.7% | Dec 2022 13% | Mar 2023 16% | Jun 2023 19% | Sep 2023 18% | Dec 2023 21% | Mar 2024 19% | Jun 2024 15% | Sep 2024 15% | Dec 2024 18% | Mar 2025 19% | Jun 2025 19% | Sep 2025 19% | Dec 2025 13% | Mar 2026 13% | Jun 2026 17%
- SHREECEM: Sep 2021 27% | Dec 2021 23% | Mar 2022 21% | Jun 2022 18% | Sep 2022 13% | Dec 2022 17% | Mar 2023 17% | Jun 2023 19% | Sep 2023 19% | Dec 2023 24% | Mar 2024 26% | Jun 2024 18% | Sep 2024 15% | Dec 2024 21% | Mar 2025 26% | Jun 2025 25% | Sep 2025 20% | Dec 2025 20% | Mar 2026 23% | Jun 2026 20%
- JKCEMENT: Sep 2021 17% | Dec 2021 18% | Mar 2022 16% | Jun 2022 18% | Sep 2022 14% | Dec 2022 10% | Mar 2023 13% | Jun 2023 15% | Sep 2023 17% | Dec 2023 21% | Mar 2024 18% | Jun 2024 17% | Sep 2024 11% | Dec 2024 17% | Mar 2025 21% | Jun 2025 21% | Sep 2025 15% | Dec 2025 16% | Mar 2026 18% | Jun 2026 16%
- DALBHARAT: Sep 2021 24% | Dec 2021 15% | Mar 2022 20% | Jun 2022 18% | Sep 2022 13% | Dec 2022 19% | Mar 2023 18% | Jun 2023 17% | Sep 2023 19% | Dec 2023 22% | Mar 2024 15% | Jun 2024 18% | Sep 2024 14% | Dec 2024 16% | Mar 2025 19% | Jun 2025 24% | Sep 2025 20% | Dec 2025 17% | Mar 2026 21% | Jun 2026 21%
- ACC: Sep 2021 19% | Dec 2021 13% | Mar 2022 14% | Jun 2022 9.5% | Sep 2022 0.4% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 15% | Sep 2023 12% | Dec 2023 18% | Mar 2024 15% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 19% | Mar 2025 14% | Jun 2025 13% | Sep 2025 14% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 8.0%
- RAMCOCEM: Sep 2021 27% | Dec 2021 15% | Mar 2022 17% | Jun 2022 17% | Sep 2022 10% | Dec 2022 14% | Mar 2023 16% | Jun 2023 15% | Sep 2023 17% | Dec 2023 19% | Mar 2024 16% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 13% | Jun 2025 19% | Sep 2025 17% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 12% | Sep 2024 7.0% | Dec 2024 8.0% | Mar 2025 14% | Jun 2025 21% | Sep 2025 19% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- INDIACEM: Sep 2021 12% | Dec 2021 9.9% | Mar 2022 4.4% | Jun 2022 2.6% | Sep 2022 -5.7% | Dec 2022 -4.7% | Mar 2023 -3.0% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 4.2% | Mar 2024 3.0% | Jun 2024 -2.4% | Sep 2024 -16% | Dec 2024 -20% | Mar 2025 -0.2% | Jun 2025 8.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 12% | Jun 2026 15%
- NUVOCO: Sep 2021 16% | Dec 2021 10% | Mar 2022 15% | Jun 2022 14% | Sep 2022 8.0% | Dec 2022 10% | Mar 2023 13% | Jun 2023 14% | Sep 2023 13% | Dec 2023 17% | Mar 2024 17% | Jun 2024 13% | Sep 2024 10% | Dec 2024 11% | Mar 2025 18% | Jun 2025 18% | Sep 2025 15% | Dec 2025 14% | Mar 2026 18% | Jun 2026 18%
- STARCEMENT: Sep 2021 18% | Dec 2021 12% | Mar 2022 15% | Jun 2022 19% | Sep 2022 12% | Dec 2022 18% | Mar 2023 20% | Jun 2023 17% | Sep 2023 17% | Dec 2023 23% | Mar 2024 20% | Jun 2024 15% | Sep 2024 15% | Dec 2024 14% | Mar 2025 25% | Jun 2025 25% | Sep 2025 23% | Dec 2025 23% | Mar 2026 27% | Jun 2026 —
- RAIN: Sep 2021 16% | Dec 2021 12% | Mar 2022 18% | Jun 2022 22% | Sep 2022 16% | Dec 2022 11% | Mar 2023 10% | Jun 2023 14% | Sep 2023 9.0% | Dec 2023 -15% | Mar 2024 9.0% | Jun 2024 9.0% | Sep 2024 6.0% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 14% | Sep 2025 14% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- JKLAKSHMI: Sep 2021 16% | Dec 2021 14% | Mar 2022 20% | Jun 2022 16% | Sep 2022 12% | Dec 2022 12% | Mar 2023 12% | Jun 2023 11% | Sep 2023 14% | Dec 2023 18% | Mar 2024 19% | Jun 2024 14% | Sep 2024 7.0% | Dec 2024 13% | Mar 2025 19% | Jun 2025 18% | Sep 2025 14% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- BIRLACORPN: Sep 2021 16% | Dec 2021 13% | Mar 2022 12% | Jun 2022 12% | Sep 2022 4.7% | Dec 2022 7.0% | Mar 2023 11% | Jun 2023 12% | Sep 2023 13% | Dec 2023 16% | Mar 2024 18% | Jun 2024 12% | Sep 2024 9.0% | Dec 2024 11% | Mar 2025 19% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 18% | Jun 2026 13%
- PRSMJOHNSN: Sep 2021 10.0% | Dec 2021 7.1% | Mar 2022 7.4% | Jun 2022 6.7% | Sep 2022 2.0% | Dec 2022 3.0% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 5.0% | Dec 2023 8.0% | Mar 2024 5.0% | Jun 2024 8.0% | Sep 2024 2.8% | Dec 2024 2.9% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 8.0% | Jun 2026 —
- HEIDELBERG: Sep 2021 20% | Dec 2021 13% | Mar 2022 19% | Jun 2022 16% | Sep 2022 9.4% | Dec 2022 7.0% | Mar 2023 11% | Jun 2023 16% | Sep 2023 12% | Dec 2023 11% | Mar 2024 15% | Jun 2024 15% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 15% | Jun 2025 15% | Sep 2025 11% | Dec 2025 9.0% | Mar 2026 14% | Jun 2026 11%
- ORIENTCEM: Sep 2021 22% | Dec 2021 19% | Mar 2022 19% | Jun 2022 14% | Sep 2022 5.3% | Dec 2022 12% | Mar 2023 16% | Jun 2023 12% | Sep 2023 12% | Dec 2023 15% | Mar 2024 17% | Jun 2024 14% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 21% | Sep 2025 26% | Dec 2025 14% | Mar 2026 17% | Jun 2026 24%
- MANGLMCEM: Sep 2021 10% | Dec 2021 12% | Mar 2022 12% | Jun 2022 14% | Sep 2022 1.8% | Dec 2022 5.0% | Mar 2023 10% | Jun 2023 12% | Sep 2023 11% | Dec 2023 13% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 10% | Mar 2025 11% | Jun 2025 17% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- SAGCEM: Sep 2021 16% | Dec 2021 14% | Mar 2022 12% | Jun 2022 11% | Sep 2022 1.2% | Dec 2022 8.0% | Mar 2023 6.0% | Jun 2023 6.0% | Sep 2023 10% | Dec 2023 13% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 4.2% | Dec 2024 7.0% | Mar 2025 6.0% | Jun 2025 18% | Sep 2025 9.0% | Dec 2025 6.0% | Mar 2026 10% | Jun 2026 10%
- KCP: Sep 2021 21% | Dec 2021 12% | Mar 2022 17% | Jun 2022 11% | Sep 2022 3.5% | Dec 2022 0.0% | Mar 2023 15% | Jun 2023 9.0% | Sep 2023 11% | Dec 2023 13% | Mar 2024 18% | Jun 2024 10% | Sep 2024 19% | Dec 2024 8.0% | Mar 2025 16% | Jun 2025 16% | Sep 2025 14% | Dec 2025 5.0% | Mar 2026 17% | Jun 2026 —
- SHREDIGCEM: Sep 2021 18% | Dec 2021 13% | Mar 2022 17% | Jun 2022 19% | Sep 2022 9.7% | Dec 2022 7.8% | Mar 2023 20% | Jun 2023 16% | Sep 2023 9.8% | Dec 2023 26% | Mar 2024 21% | Jun 2024 12% | Sep 2024 5.6% | Dec 2024 -0.1% | Mar 2025 13% | Jun 2025 12% | Sep 2025 12% | Dec 2025 1.3% | Mar 2026 12% | Jun 2026 8.7%
- NCLIND: Sep 2021 15% | Dec 2021 9.9% | Mar 2022 9.0% | Jun 2022 8.4% | Sep 2022 6.5% | Dec 2022 13% | Mar 2023 9.0% | Jun 2023 14% | Sep 2023 10% | Dec 2023 11% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 15% | Sep 2025 14% | Dec 2025 11% | Mar 2026 13% | Jun 2026 —
- DECCANCE: Sep 2021 20% | Dec 2021 23% | Mar 2022 13% | Jun 2022 18% | Sep 2022 9.3% | Dec 2022 12% | Mar 2023 10% | Jun 2023 13% | Sep 2023 8.2% | Dec 2023 13% | Mar 2024 12% | Jun 2024 6.6% | Sep 2024 1.8% | Dec 2024 7.6% | Mar 2025 11% | Jun 2025 19% | Sep 2025 14% | Dec 2025 8.7% | Mar 2026 8.1% | Jun 2026 —
- SAURASHCEM: Sep 2021 -4.3% | Dec 2021 6.0% | Mar 2022 0.7% | Jun 2022 3.7% | Sep 2022 -14% | Dec 2022 2.0% | Mar 2023 6.0% | Jun 2023 7.0% | Sep 2023 2.8% | Dec 2023 10% | Mar 2024 9.0% | Jun 2024 6.0% | Sep 2024 -13% | Dec 2024 2.1% | Mar 2025 11% | Jun 2025 8.0% | Sep 2025 -2.5% | Dec 2025 0.2% | Mar 2026 6.0% | Jun 2026 —
- BIGBLOC: Sep 2021 15% | Dec 2021 14% | Mar 2022 20% | Jun 2022 22% | Sep 2022 29% | Dec 2022 27% | Mar 2023 23% | Jun 2023 23% | Sep 2023 25% | Dec 2023 26% | Mar 2024 18% | Jun 2024 19% | Sep 2024 15% | Dec 2024 11% | Mar 2025 8.9% | Jun 2025 2.3% | Sep 2025 2.8% | Dec 2025 11% | Mar 2026 7.3% | Jun 2026 —
- SHIVACEM: Sep 2021 -348% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 5.0% | Mar 2024 17% | Jun 2024 9.0% | Sep 2024 -17% | Dec 2024 -14% | Mar 2025 -3.0% | Jun 2025 -2.0% | Sep 2025 5.0% | Dec 2025 1.0% | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- ULTRACEMCO: Sep 2021 −3.4 pp | Dec 2021 −6.7 pp | Mar 2022 −6.1 pp | Jun 2022 −7.6 pp | Sep 2022 −9.2 pp | Dec 2022 −3.6 pp | Mar 2023 −1.5 pp | Jun 2023 −3.4 pp | Sep 2023 +2.6 pp | Dec 2023 +4.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +5.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 −1.0 pp
- AMBUJACEM: Sep 2021 −0.6 pp | Dec 2021 −3.2 pp | Mar 2022 −5.8 pp | Jun 2022 −12.4 pp | Sep 2022 −16.6 pp | Dec 2022 −1.8 pp | Mar 2023 −2.0 pp | Jun 2023 +5.2 pp | Sep 2023 +13.3 pp | Dec 2023 +8.0 pp | Mar 2024 +3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −6.0 pp | Jun 2026 −2.0 pp
- SHREECEM: Sep 2021 −3.8 pp | Dec 2021 −8.4 pp | Mar 2022 −8.4 pp | Jun 2022 −10.0 pp | Sep 2022 −13.9 pp | Dec 2022 −6.2 pp | Mar 2023 −4.1 pp | Jun 2023 +0.9 pp | Sep 2023 +5.6 pp | Dec 2023 +7.0 pp | Mar 2024 +9.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +7.0 pp | Sep 2025 +5.0 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp | Jun 2026 −5.0 pp
- JKCEMENT: Sep 2021 −9.0 pp | Dec 2021 −6.6 pp | Mar 2022 −4.5 pp | Jun 2022 −5.6 pp | Sep 2022 −3.7 pp | Dec 2022 −8.0 pp | Mar 2023 −3.3 pp | Jun 2023 −2.9 pp | Sep 2023 +3.3 pp | Dec 2023 +11.0 pp | Mar 2024 +5.0 pp | Jun 2024 +2.0 pp | Sep 2024 −6.0 pp | Dec 2024 −4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +4.0 pp | Dec 2025 −1.0 pp | Mar 2026 −3.0 pp | Jun 2026 −5.0 pp
- DALBHARAT: Sep 2021 −6.2 pp | Dec 2021 −10.0 pp | Mar 2022 −4.1 pp | Jun 2022 −7.9 pp | Sep 2022 −11.3 pp | Dec 2022 +4.0 pp | Mar 2023 −2.2 pp | Jun 2023 −0.8 pp | Sep 2023 +6.2 pp | Dec 2023 +3.0 pp | Mar 2024 −3.0 pp | Jun 2024 +1.0 pp | Sep 2024 −5.0 pp | Dec 2024 −6.0 pp | Mar 2025 +4.0 pp | Jun 2025 +6.0 pp | Sep 2025 +6.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 −3.0 pp
- ACC: Sep 2021 +0.0 pp | Dec 2021 −0.6 pp | Mar 2022 −5.7 pp | Jun 2022 −12.8 pp | Sep 2022 −18.6 pp | Dec 2022 −5.2 pp | Mar 2023 −4.3 pp | Jun 2023 +5.5 pp | Sep 2023 +11.6 pp | Dec 2023 +10.0 pp | Mar 2024 +5.0 pp | Jun 2024 −2.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +5.0 pp | Dec 2025 −8.0 pp | Mar 2026 −5.0 pp | Jun 2026 −5.0 pp
- RAMCOCEM: Sep 2021 −8.7 pp | Dec 2021 −14.9 pp | Mar 2022 −10.3 pp | Jun 2022 −12.7 pp | Sep 2022 −16.6 pp | Dec 2022 −0.8 pp | Mar 2023 −1.2 pp | Jun 2023 −2.0 pp | Sep 2023 +7.0 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −5.0 pp | Mar 2025 −3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +9.0 pp | Sep 2025 +12.0 pp | Dec 2025 +10.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- INDIACEM: Sep 2021 −10.8 pp | Dec 2021 −9.0 pp | Mar 2022 −6.8 pp | Jun 2022 −13.1 pp | Sep 2022 −17.3 pp | Dec 2022 −14.5 pp | Mar 2023 −7.4 pp | Jun 2023 −2.0 pp | Sep 2023 +6.0 pp | Dec 2023 +8.9 pp | Mar 2024 +6.0 pp | Jun 2024 −3.0 pp | Sep 2024 −16.3 pp | Dec 2024 −24.2 pp | Mar 2025 −3.2 pp | Jun 2025 +10.4 pp | Sep 2025 +23.0 pp | Dec 2025 +27.0 pp | Mar 2026 +12.2 pp | Jun 2026 +7.0 pp
- NUVOCO: Sep 2021 −3.9 pp | Dec 2021 −9.8 pp | Mar 2022 −5.4 pp | Jun 2022 −9.4 pp | Sep 2022 −8.4 pp | Dec 2022 −0.5 pp | Mar 2023 −1.5 pp | Jun 2023 +0.1 pp | Sep 2023 +5.0 pp | Dec 2023 +7.0 pp | Mar 2024 +4.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −6.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- STARCEMENT: Sep 2021 −2.0 pp | Dec 2021 −7.7 pp | Mar 2022 −2.2 pp | Jun 2022 +0.5 pp | Sep 2022 −5.9 pp | Dec 2022 +5.8 pp | Mar 2023 +4.9 pp | Jun 2023 −1.7 pp | Sep 2023 +5.3 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −9.0 pp | Mar 2025 +5.0 pp | Jun 2025 +10.0 pp | Sep 2025 +8.0 pp | Dec 2025 +9.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- RAIN: Sep 2021 −2.9 pp | Dec 2021 −2.3 pp | Mar 2022 −1.7 pp | Jun 2022 +3.9 pp | Sep 2022 −0.4 pp | Dec 2022 −1.1 pp | Mar 2023 −7.9 pp | Jun 2023 −7.7 pp | Sep 2023 −7.0 pp | Dec 2023 −26.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 −3.0 pp | Dec 2024 +24.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +8.0 pp | Dec 2025 +3.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- JKLAKSHMI: Sep 2021 −3.8 pp | Dec 2021 −4.6 pp | Mar 2022 −1.7 pp | Jun 2022 −4.0 pp | Sep 2022 −4.1 pp | Dec 2022 −1.5 pp | Mar 2023 −8.3 pp | Jun 2023 −4.5 pp | Sep 2023 +2.1 pp | Dec 2023 +6.0 pp | Mar 2024 +7.0 pp | Jun 2024 +3.0 pp | Sep 2024 −7.0 pp | Dec 2024 −5.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 +7.0 pp | Dec 2025 0.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- BIRLACORPN: Sep 2021 −7.4 pp | Dec 2021 −5.9 pp | Mar 2022 −6.2 pp | Jun 2022 −7.9 pp | Sep 2022 −11.0 pp | Dec 2022 −5.7 pp | Mar 2023 −1.2 pp | Jun 2023 +0.2 pp | Sep 2023 +8.3 pp | Dec 2023 +9.0 pp | Mar 2024 +7.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp | Jun 2026 −1.0 pp
- PRSMJOHNSN: Sep 2021 −2.7 pp | Dec 2021 −5.4 pp | Mar 2022 −5.4 pp | Jun 2022 −2.5 pp | Sep 2022 −8.0 pp | Dec 2022 −4.1 pp | Mar 2023 −0.4 pp | Jun 2023 +1.3 pp | Sep 2023 +3.0 pp | Dec 2023 +5.0 pp | Mar 2024 −2.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.2 pp | Dec 2024 −5.1 pp | Mar 2025 +5.0 pp | Jun 2025 +1.0 pp | Sep 2025 +7.2 pp | Dec 2025 +6.1 pp | Mar 2026 −2.0 pp | Jun 2026 —
- HEIDELBERG: Sep 2021 −4.3 pp | Dec 2021 −7.6 pp | Mar 2022 −6.2 pp | Jun 2022 −7.5 pp | Sep 2022 −10.8 pp | Dec 2022 −5.6 pp | Mar 2023 −8.1 pp | Jun 2023 −0.1 pp | Sep 2023 +2.6 pp | Dec 2023 +4.0 pp | Mar 2024 +4.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp | Jun 2026 −4.0 pp
- ORIENTCEM: Sep 2021 −1.9 pp | Dec 2021 −3.6 pp | Mar 2022 −5.3 pp | Jun 2022 −12.6 pp | Sep 2022 −16.6 pp | Dec 2022 −7.0 pp | Mar 2023 −3.1 pp | Jun 2023 −2.3 pp | Sep 2023 +6.7 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −6.0 pp | Mar 2025 −5.0 pp | Jun 2025 +7.0 pp | Sep 2025 +18.0 pp | Dec 2025 +5.0 pp | Mar 2026 +5.0 pp | Jun 2026 +3.0 pp
- MANGLMCEM: Sep 2021 −5.5 pp | Dec 2021 −9.8 pp | Mar 2022 −6.1 pp | Jun 2022 −7.6 pp | Sep 2022 −8.3 pp | Dec 2022 −7.2 pp | Mar 2023 −2.2 pp | Jun 2023 −2.5 pp | Sep 2023 +9.2 pp | Dec 2023 +8.0 pp | Mar 2024 0.0 pp | Jun 2024 −4.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +9.0 pp | Sep 2025 +3.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SAGCEM: Sep 2021 −15.7 pp | Dec 2021 −14.7 pp | Mar 2022 −12.8 pp | Jun 2022 −16.3 pp | Sep 2022 −15.3 pp | Dec 2022 −6.0 pp | Mar 2023 −6.2 pp | Jun 2023 −4.9 pp | Sep 2023 +8.8 pp | Dec 2023 +5.0 pp | Mar 2024 +4.0 pp | Jun 2024 +2.0 pp | Sep 2024 −5.8 pp | Dec 2024 −6.0 pp | Mar 2025 −4.0 pp | Jun 2025 +10.0 pp | Sep 2025 +4.8 pp | Dec 2025 −1.0 pp | Mar 2026 +4.0 pp | Jun 2026 −8.0 pp
- KCP: Sep 2021 +0.4 pp | Dec 2021 −6.3 pp | Mar 2022 −6.1 pp | Jun 2022 −11.6 pp | Sep 2022 −17.8 pp | Dec 2022 −11.8 pp | Mar 2023 −1.7 pp | Jun 2023 −2.5 pp | Sep 2023 +7.5 pp | Dec 2023 +13.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +8.0 pp | Dec 2024 −5.0 pp | Mar 2025 −2.0 pp | Jun 2025 +6.0 pp | Sep 2025 −5.0 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SHREDIGCEM: Sep 2021 +7.2 pp | Dec 2021 −6.2 pp | Mar 2022 −9.6 pp | Jun 2022 −7.2 pp | Sep 2022 −8.3 pp | Dec 2022 −4.9 pp | Mar 2023 +2.2 pp | Jun 2023 −3.4 pp | Sep 2023 +0.1 pp | Dec 2023 +17.9 pp | Mar 2024 +1.9 pp | Jun 2024 −3.7 pp | Sep 2024 −4.2 pp | Dec 2024 −25.7 pp | Mar 2025 −8.6 pp | Jun 2025 −0.1 pp | Sep 2025 +6.5 pp | Dec 2025 +1.4 pp | Mar 2026 −0.9 pp | Jun 2026 −3.5 pp
- NCLIND: Sep 2021 −8.3 pp | Dec 2021 −9.6 pp | Mar 2022 −7.1 pp | Jun 2022 −8.5 pp | Sep 2022 −8.3 pp | Dec 2022 +3.1 pp | Mar 2023 −0.0 pp | Jun 2023 +5.7 pp | Sep 2023 +3.5 pp | Dec 2023 −2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −4.0 pp | Sep 2024 0.0 pp | Dec 2024 −5.0 pp | Mar 2025 −5.0 pp | Jun 2025 +5.0 pp | Sep 2025 +4.0 pp | Dec 2025 +5.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- DECCANCE: Sep 2021 −5.0 pp | Dec 2021 −0.9 pp | Mar 2022 −4.4 pp | Jun 2022 −6.8 pp | Sep 2022 −10.9 pp | Dec 2022 −10.8 pp | Mar 2023 −2.5 pp | Jun 2023 −4.8 pp | Sep 2023 −1.1 pp | Dec 2023 +1.3 pp | Mar 2024 +1.3 pp | Jun 2024 −6.6 pp | Sep 2024 −6.4 pp | Dec 2024 −5.6 pp | Mar 2025 −0.8 pp | Jun 2025 +11.9 pp | Sep 2025 +12.6 pp | Dec 2025 +1.1 pp | Mar 2026 −3.0 pp | Jun 2026 —
- SAURASHCEM: Sep 2021 −18.5 pp | Dec 2021 −10.5 pp | Mar 2022 −19.0 pp | Jun 2022 −10.5 pp | Sep 2022 −10.0 pp | Dec 2022 −4.0 pp | Mar 2023 +5.3 pp | Jun 2023 +3.3 pp | Sep 2023 +17.1 pp | Dec 2023 +8.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −15.8 pp | Dec 2024 −7.9 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +10.5 pp | Dec 2025 −1.9 pp | Mar 2026 −5.0 pp | Jun 2026 —
- BIGBLOC: Sep 2021 +4.2 pp | Dec 2021 +2.2 pp | Mar 2022 +5.0 pp | Jun 2022 +11.3 pp | Sep 2022 +13.9 pp | Dec 2022 +13.0 pp | Mar 2023 +2.5 pp | Jun 2023 +1.1 pp | Sep 2023 −3.4 pp | Dec 2023 −0.7 pp | Mar 2024 −4.3 pp | Jun 2024 −4.4 pp | Sep 2024 −10.4 pp | Dec 2024 −15.4 pp | Mar 2025 −9.6 pp | Jun 2025 −16.4 pp | Sep 2025 −12.0 pp | Dec 2025 +0.3 pp | Mar 2026 −1.6 pp | Jun 2026 —
- SHIVACEM: Sep 2021 −304.3 pp | Dec 2021 −10,171.3 pp | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −28.0 pp | Dec 2024 −19.0 pp | Mar 2025 −20.0 pp | Jun 2025 −11.0 pp | Sep 2025 +22.0 pp | Dec 2025 +15.0 pp | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: UltraTech Cement Ltd leads with ₹8,571 crore of TTM profit, 64.1% above Ambuja Cements Ltd. Deccan Cements Ltd shows ≥100% on the scoring scale (280.1% uncapped) growth from a ₹29 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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.

Evidence: UltraTech Cement Ltd · ₹8,571 crore | 64.1% versus #2 · Ambuja Cements Ltd | 6/8 recent comparable periods | 26/26 companies · 425 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. UltraTech Cement Ltd (ULTRACEMCO): ₹8.6K Cr
2. Ambuja Cements Ltd (AMBUJACEM): ₹5.2K Cr
3. ACC Ltd (ACC): ₹1.9K Cr
4. Shree Cement Ltd (SHREECEM): ₹1.6K Cr
5. Dalmia Bharat Ltd (DALBHARAT): ₹953 Cr

### Profit growth — fastest growers
1. Deccan Cements Ltd (DECCANCE): 100%
2. Mangalam Cement Ltd (MANGLMCEM): 100%
3. NCL Industries Ltd (NCLIND): 100%
4. Nuvoco Vistas Corporation Ltd (NUVOCO): 100%
5. The Ramco Cements Ltd (RAMCOCEM): 100%

### 20-quarter Net profit history
- ULTRACEMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹708 Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 ₹2.6K Cr
- AMBUJACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹488 Cr | Mar 2023 ₹763 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹987 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹783 Cr | Sep 2024 ₹496 Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹660 Cr
- SHREECEM: Sep 2021 ₹563 Cr | Dec 2021 ₹482 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹525 Cr | Jun 2023 ₹572 Cr | Sep 2023 ₹447 Cr | Dec 2023 ₹702 Cr | Mar 2024 ₹676 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹575 Cr | Jun 2025 ₹644 Cr | Sep 2025 ₹310 Cr | Dec 2025 ₹268 Cr | Mar 2026 ₹528 Cr | Jun 2026 ₹531 Cr
- JKCEMENT: Sep 2021 ₹151 Cr | Dec 2021 ₹143 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹284 Cr | Mar 2024 ₹220 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹190 Cr | Mar 2025 ₹361 Cr | Jun 2025 ₹324 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹331 Cr | Jun 2026 ₹275 Cr
- DALBHARAT: Sep 2021 ₹209 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹218 Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹123 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹439 Cr | Jun 2025 ₹395 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹394 Cr | Jun 2026 ₹192 Cr
- ACC: Sep 2021 ₹450 Cr | Dec 2021 ₹281 Cr | Mar 2022 ₹396 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹-87 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹236 Cr | Jun 2023 ₹466 Cr | Sep 2023 ₹388 Cr | Dec 2023 ₹538 Cr | Mar 2024 ₹943 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹751 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹238 Cr | Jun 2026 ₹147 Cr
- RAMCOCEM: Sep 2021 ₹517 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹109 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹151 Cr | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-24 Cr | Sep 2024 ₹-76 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹362 Cr | Jun 2026 —
- INDIACEM: Sep 2021 ₹34 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹-110 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹-229 Cr | Jun 2023 ₹-87 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-61 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹-339 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹-133 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹27 Cr
- NUVOCO: Sep 2021 ₹-26 Cr | Dec 2021 ₹-86 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹-130 Cr | Dec 2022 ₹-75 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-85 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹166 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹141 Cr | Jun 2026 ₹160 Cr
- STARCEMENT: Sep 2021 ₹47 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹147 Cr | Jun 2026 —
- RAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹429 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹-66 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-116 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-155 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹-115 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹158 Cr | Jun 2026 —
- JKLAKSHMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹77 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹125 Cr | Jun 2026 —
- BIRLACORPN: Sep 2021 ₹86 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹-56 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹295 Cr | Jun 2026 ₹116 Cr
- PRSMJOHNSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-63 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-18 Cr | Sep 2024 ₹-104 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹-16 Cr | Jun 2026 —
- HEIDELBERG: Sep 2021 ₹60 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹45 Cr | Jun 2026 ₹31 Cr
- ORIENTCEM: Sep 2021 ₹57 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹77 Cr
- MANGLMCEM: Sep 2021 ₹11 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- SAGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-24 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹-42 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-57 Cr | Dec 2024 ₹-54 Cr | Mar 2025 ₹-73 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹100 Cr | Jun 2026 ₹-28 Cr
- KCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-11 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- SHREDIGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹7 Cr
- NCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- DECCANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- SAURASHCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- BIGBLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- SHIVACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-25 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹-53 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-33 Cr | Dec 2025 ₹-34 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- ULTRACEMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 67% | Mar 2024 35% | Jun 2024 -12% | Sep 2024 -45% | Dec 2024 -23% | Mar 2025 9.6% | Jun 2025 49% | Sep 2025 75% | Dec 2025 27% | Mar 2026 21% | Jun 2026 17%
- AMBUJACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 124% | Mar 2024 99% | Jun 2024 -31% | Sep 2024 -50% | Dec 2024 144% | Mar 2025 -11% | Jun 2025 33% | Sep 2025 364% | Dec 2025 -85% | Mar 2026 37% | Jun 2026 -37%
- SHREECEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -68% | Dec 2022 -41% | Mar 2023 -20% | Jun 2023 104% | Sep 2023 144% | Dec 2023 149% | Mar 2024 29% | Jun 2024 -51% | Sep 2024 -83% | Dec 2024 -72% | Mar 2025 -15% | Jun 2025 132% | Sep 2025 303% | Dec 2025 38% | Mar 2026 -8.2% | Jun 2026 -18%
- JKCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -26% | Dec 2022 -74% | Mar 2023 -47% | Jun 2023 -31% | Sep 2023 57% | Dec 2023 668% | Mar 2024 106% | Jun 2024 64% | Sep 2024 -23% | Dec 2024 -33% | Mar 2025 64% | Jun 2025 75% | Sep 2025 17% | Dec 2025 -8.4% | Mar 2026 -8.3% | Jun 2026 -15%
- DALBHARAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 -78% | Dec 2022 112% | Mar 2023 106% | Jun 2023 -30% | Sep 2023 162% | Dec 2023 22% | Mar 2024 -47% | Jun 2024 0.7% | Sep 2024 -60% | Dec 2024 -75% | Mar 2025 37% | Jun 2025 172% | Sep 2025 388% | Dec 2025 94% | Mar 2026 -10% | Jun 2026 -51%
- ACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 -119% | Dec 2022 -60% | Mar 2023 -40% | Jun 2023 105% | Sep 2023 — | Dec 2023 376% | Mar 2024 300% | Jun 2024 -23% | Sep 2024 -48% | Dec 2024 103% | Mar 2025 -20% | Jun 2025 4.2% | Sep 2025 460% | Dec 2025 -63% | Mar 2026 -68% | Jun 2026 -61%
- RAMCOCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -98% | Dec 2022 -32% | Mar 2023 28% | Jun 2023 -32% | Sep 2023 555% | Dec 2023 61% | Mar 2024 -15% | Jun 2024 -50% | Sep 2024 -64% | Dec 2024 122% | Mar 2025 -80% | Jun 2025 130% | Sep 2025 200% | Dec 2025 112% | Mar 2026 481% | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 2,163% | Jun 2026 —
- INDIACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -424% | Dec 2022 564% | Mar 2023 — | Jun 2023 -206% | Sep 2023 — | Dec 2023 -99% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 11,800% | Mar 2025 — | Jun 2025 -329% | Sep 2025 — | Dec 2025 -103% | Mar 2026 233% | Jun 2026 —
- NUVOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 593% | Jun 2023 -30% | Sep 2023 — | Dec 2023 — | Mar 2024 -50% | Jun 2024 -79% | Sep 2024 -4,350% | Dec 2024 -297% | Mar 2025 66% | Jun 2025 4,333% | Sep 2025 — | Dec 2025 — | Mar 2026 -15% | Jun 2026 20%
- STARCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -34% | Dec 2022 20% | Mar 2023 9.1% | Jun 2023 37% | Sep 2023 32% | Dec 2023 40% | Mar 2024 -8.3% | Jun 2024 -67% | Sep 2024 -85% | Dec 2024 -88% | Mar 2025 40% | Jun 2025 216% | Sep 2025 1,083% | Dec 2025 722% | Mar 2026 20% | Jun 2026 —
- RAIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -115% | Dec 2023 -956% | Mar 2024 -182% | Jun 2024 -122% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JKLAKSHMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 95% | Mar 2024 41% | Jun 2024 -29% | Sep 2024 -132% | Dec 2024 -50% | Mar 2025 8.0% | Jun 2025 163% | Sep 2025 — | Dec 2025 -24% | Mar 2026 -29% | Jun 2026 —
- BIRLACORPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -165% | Dec 2022 -183% | Mar 2023 -23% | Jun 2023 -3.2% | Sep 2023 — | Dec 2023 — | Mar 2024 127% | Jun 2024 -45% | Sep 2024 -143% | Dec 2024 -72% | Mar 2025 33% | Jun 2025 264% | Sep 2025 — | Dec 2025 71% | Mar 2026 15% | Jun 2026 -3.3%
- PRSMJOHNSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -850% | Jun 2024 -186% | Sep 2024 -157% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8.7% | Mar 2026 -113% | Jun 2026 —
- HEIDELBERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -88% | Dec 2022 -80% | Mar 2023 -63% | Jun 2023 0.0% | Sep 2023 414% | Dec 2023 417% | Mar 2024 37% | Jun 2024 -23% | Sep 2024 -69% | Dec 2024 -84% | Mar 2025 4.2% | Jun 2025 20% | Sep 2025 127% | Dec 2025 220% | Mar 2026 -10% | Jun 2026 -35%
- ORIENTCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -58% | Sep 2022 -116% | Dec 2022 -36% | Mar 2023 -8.2% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 61% | Mar 2024 1.5% | Jun 2024 0.0% | Sep 2024 -92% | Dec 2024 -78% | Mar 2025 -38% | Jun 2025 454% | Sep 2025 2,350% | Dec 2025 180% | Mar 2026 31% | Jun 2026 -62%
- MANGLMCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -345% | Dec 2022 -93% | Mar 2023 -5.9% | Jun 2023 -46% | Sep 2023 — | Dec 2023 1,500% | Mar 2024 6.3% | Jun 2024 13% | Sep 2024 -75% | Dec 2024 -50% | Mar 2025 0.0% | Jun 2025 88% | Sep 2025 567% | Dec 2025 38% | Mar 2026 282% | Jun 2026 —
- SAGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -86% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -708% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 -500%
- KCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 52% | Jun 2024 2.0% | Sep 2024 100% | Dec 2024 -67% | Mar 2025 -16% | Jun 2025 75% | Sep 2025 -51% | Dec 2025 -47% | Mar 2026 70% | Jun 2026 —
- SHREDIGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 208% | Mar 2024 30% | Jun 2024 -35% | Sep 2024 -95% | Dec 2024 -115% | Mar 2025 -42% | Jun 2025 22% | Sep 2025 2,521% | Dec 2025 — | Mar 2026 -57% | Jun 2026 -51%
- NCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 140% | Jun 2024 -58% | Sep 2024 -79% | Dec 2024 -88% | Mar 2025 -71% | Jun 2025 54% | Sep 2025 567% | Dec 2025 333% | Mar 2026 500% | Jun 2026 —
- DECCANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 446% | Sep 2025 — | Dec 2025 -169% | Mar 2026 -41% | Jun 2026 —
- SAURASHCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 121% | Jun 2024 -17% | Sep 2024 -3,200% | Dec 2024 -131% | Mar 2025 6.5% | Jun 2025 70% | Sep 2025 — | Dec 2025 — | Mar 2026 -42% | Jun 2026 —
- BIGBLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 56% | Jun 2024 -49% | Sep 2024 -97% | Dec 2024 -97% | Mar 2025 -104% | Jun 2025 -264% | Sep 2025 -1,758% | Dec 2025 52% | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Star Cement Ltd leads ROCE at 16.7%, 0.2 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.

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.

Evidence: Star Cement Ltd · 16.7% | 1.2% versus #2 · Orient Cement Ltd | 4/8 recent comparable periods | 26/26 companies · 269 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. Star Cement Ltd (STARCEMENT): 17%
2. Orient Cement Ltd (ORIENTCEM): 17%
3. J K Cements Ltd (JKCEMENT): 15%
4. HeidelbergCement India Ltd (HEIDELBERG): 15%
5. NCL Industries Ltd (NCLIND): 15%

### ROCE change — fastest improvers
1. Star Cement Ltd (STARCEMENT): +7.7 pp
2. NCL Industries Ltd (NCLIND): +7.4 pp
3. Saurashtra Cement Ltd (SAURASHCEM): +6.3 pp
4. Orient Cement Ltd (ORIENTCEM): +6.1 pp
5. JSW Cement Ltd (JSWCEMENT): +6.0 pp

### 20-quarter ROCE history
- SHREECEM: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 9.2% | Dec 2022 — | Mar 2023 6.6% | Jun 2023 — | Sep 2023 8.6% | Dec 2023 15% | Mar 2024 12% | Jun 2024 14% | Sep 2024 7.6% | Dec 2024 7.4% | Mar 2025 4.1% | Jun 2025 9.3% | Sep 2025 7.6% | Dec 2025 11% | Mar 2026 7.7% | Jun 2026 10%
- JKCEMENT: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 8.3% | Jun 2023 — | Sep 2023 9.1% | Dec 2023 14% | Mar 2024 13% | Jun 2024 16% | Sep 2024 12% | Dec 2024 14% | Mar 2025 11% | Jun 2025 16% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13% | Jun 2026 13%
- DALBHARAT: Sep 2021 5.9% | Dec 2021 — | Mar 2022 6.9% | Jun 2022 — | Sep 2022 5.1% | Dec 2022 — | Mar 2023 5.8% | Jun 2023 — | Sep 2023 5.7% | Dec 2023 8.6% | Mar 2024 5.7% | Jun 2024 6.7% | Sep 2024 5.6% | Dec 2024 4.6% | Mar 2025 4.9% | Jun 2025 6.4% | Sep 2025 6.4% | Dec 2025 7.6% | Mar 2026 6.3% | Jun 2026 —
- ACC: Sep 2021 — | Dec 2021 16% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.0% | Jun 2023 — | Sep 2023 8.8% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 11% | Dec 2024 20% | Mar 2025 10% | Jun 2025 18% | Sep 2025 12% | Dec 2025 14% | Mar 2026 8.4% | Jun 2026 —
- RAMCOCEM: Sep 2021 13% | Dec 2021 — | Mar 2022 8.7% | Jun 2022 — | Sep 2022 5.5% | Dec 2022 — | Mar 2023 6.0% | Jun 2023 6.5% | Sep 2023 7.2% | Dec 2023 8.4% | Mar 2024 7.5% | Jun 2024 7.7% | Sep 2024 6.5% | Dec 2024 7.4% | Mar 2025 4.6% | Jun 2025 6.9% | Sep 2025 5.4% | Dec 2025 9.6% | Mar 2026 5.7% | Jun 2026 —
- INDIACEM: Sep 2021 5.5% | Dec 2021 — | Mar 2022 2.8% | Jun 2022 — | Sep 2022 -0.8% | Dec 2022 — | Mar 2023 -4.2% | Jun 2023 — | Sep 2023 -3.8% | Dec 2023 -2.8% | Mar 2024 -0.3% | Jun 2024 2.3% | Sep 2024 -4.2% | Dec 2024 0.7% | Mar 2025 -4.8% | Jun 2025 -2.0% | Sep 2025 -2.2% | Dec 2025 -0.2% | Mar 2026 0.8% | Jun 2026 1.7%
- NUVOCO: Sep 2021 6.0% | Dec 2021 — | Mar 2022 3.9% | Jun 2022 — | Sep 2022 1.8% | Dec 2022 — | Mar 2023 1.9% | Jun 2023 — | Sep 2023 3.2% | Dec 2023 1.4% | Mar 2024 5.2% | Jun 2024 5.2% | Sep 2024 4.5% | Dec 2024 3.5% | Mar 2025 3.9% | Jun 2025 5.4% | Sep 2025 5.9% | Dec 2025 7.2% | Mar 2026 6.5% | Jun 2026 7.0%
- STARCEMENT: Sep 2021 11% | Dec 2021 — | Mar 2022 9.5% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 17% | Mar 2024 15% | Jun 2024 14% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 7.6% | Jun 2025 12% | Sep 2025 12% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —
- BIRLACORPN: Sep 2021 8.7% | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 3.5% | Dec 2022 — | Mar 2023 2.3% | Jun 2023 — | Sep 2023 3.9% | Dec 2023 6.8% | Mar 2024 7.2% | Jun 2024 7.7% | Sep 2024 5.9% | Dec 2024 5.5% | Mar 2025 5.5% | Jun 2025 7.0% | Sep 2025 7.7% | Dec 2025 8.5% | Mar 2026 7.8% | Jun 2026 —
- HEIDELBERG: Sep 2021 22% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 7.7% | Jun 2023 — | Sep 2023 9.3% | Dec 2023 14% | Mar 2024 12% | Jun 2024 14% | Sep 2024 10% | Dec 2024 10% | Mar 2025 8.4% | Jun 2025 11% | Sep 2025 11% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- ORIENTCEM: Sep 2021 23% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 13% | Dec 2023 15% | Mar 2024 13% | Jun 2024 14% | Sep 2024 11% | Dec 2024 9.8% | Mar 2025 6.5% | Jun 2025 11% | Sep 2025 12% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- MANGLMCEM: Sep 2021 17% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 9.6% | Dec 2022 — | Mar 2023 6.8% | Jun 2023 — | Sep 2023 8.0% | Dec 2023 13% | Mar 2024 10% | Jun 2024 14% | Sep 2024 7.0% | Dec 2024 11% | Mar 2025 6.2% | Jun 2025 13% | Sep 2025 9.8% | Dec 2025 13% | Mar 2026 9.5% | Jun 2026 —
- KCP: Sep 2021 20% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 7.3% | Dec 2022 — | Mar 2023 4.7% | Jun 2023 — | Sep 2023 7.6% | Dec 2023 17% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 14% | Mar 2025 11% | Jun 2025 15% | Sep 2025 10% | Dec 2025 13% | Mar 2026 9.3% | Jun 2026 —
- SHREDIGCEM: Sep 2021 35% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 20% | Dec 2023 33% | Mar 2024 28% | Jun 2024 30% | Sep 2024 22% | Dec 2024 14% | Mar 2025 5.8% | Jun 2025 9.4% | Sep 2025 8.9% | Dec 2025 11% | Mar 2026 4.7% | Jun 2026 6.8%
- NCLIND: Sep 2021 21% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 8.4% | Jun 2023 — | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 12% | Sep 2024 11% | Dec 2024 7.4% | Mar 2025 5.2% | Jun 2025 6.5% | Sep 2025 8.0% | Dec 2025 9.7% | Mar 2026 13% | Jun 2026 —
- DECCANCE: Sep 2021 22% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 7.8% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 — | Mar 2024 5.9% | Jun 2024 — | Sep 2024 3.5% | Dec 2024 — | Mar 2025 0.6% | Jun 2025 3.2% | Sep 2025 3.1% | Dec 2025 4.5% | Mar 2026 3.0% | Jun 2026 —
- SAURASHCEM: Sep 2021 14% | Dec 2021 — | Mar 2022 3.0% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -5.6% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 6.8% | Mar 2024 7.9% | Jun 2024 9.3% | Sep 2024 2.3% | Dec 2024 2.5% | Mar 2025 0.3% | Jun 2025 3.7% | Sep 2025 — | Dec 2025 5.4% | Mar 2026 6.6% | Jun 2026 —
- BIGBLOC: Sep 2021 20% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 39% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 27% | Dec 2023 35% | Mar 2024 23% | Jun 2024 26% | Sep 2024 14% | Dec 2024 14% | Mar 2025 6.5% | Jun 2025 4.2% | Sep 2025 1.1% | Dec 2025 2.4% | Mar 2026 1.2% | Jun 2026 —

### 20-quarter ROCE change history
- SHREECEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 — | Mar 2023 −6.8 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 +5.4 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −7.1 pp | Mar 2025 −7.9 pp | Jun 2025 −4.2 pp | Sep 2025 0.0 pp | Dec 2025 +3.9 pp | Mar 2026 +3.6 pp | Jun 2026 +0.8 pp
- JKCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −5.1 pp | Jun 2023 — | Sep 2023 −2.4 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 −0.6 pp | Mar 2025 −1.8 pp | Jun 2025 0.0 pp | Sep 2025 +1.7 pp | Dec 2025 +2.1 pp | Mar 2026 +1.1 pp | Jun 2026 −2.5 pp
- DALBHARAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −4.0 pp | Mar 2025 −0.8 pp | Jun 2025 −0.3 pp | Sep 2025 +0.8 pp | Dec 2025 +3.0 pp | Mar 2026 +1.4 pp | Jun 2026 —
- ACC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +8.6 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 +4.6 pp | Mar 2025 −2.2 pp | Jun 2025 +0.6 pp | Sep 2025 +1.0 pp | Dec 2025 −5.5 pp | Mar 2026 −2.0 pp | Jun 2026 —
- RAMCOCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 — | Mar 2023 −2.7 pp | Jun 2023 — | Sep 2023 +1.7 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 +1.2 pp | Sep 2024 −0.7 pp | Dec 2024 −1.0 pp | Mar 2025 −2.9 pp | Jun 2025 −0.8 pp | Sep 2025 −1.1 pp | Dec 2025 +2.2 pp | Mar 2026 +1.1 pp | Jun 2026 —
- INDIACEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 — | Mar 2023 −7.0 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 — | Mar 2024 +3.9 pp | Jun 2024 — | Sep 2024 −0.4 pp | Dec 2024 +3.5 pp | Mar 2025 −4.5 pp | Jun 2025 −4.3 pp | Sep 2025 +2.0 pp | Dec 2025 −0.9 pp | Mar 2026 +5.6 pp | Jun 2026 +3.7 pp
- NUVOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 — | Mar 2023 −2.0 pp | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 +1.3 pp | Dec 2024 +2.1 pp | Mar 2025 −1.3 pp | Jun 2025 +0.2 pp | Sep 2025 +1.4 pp | Dec 2025 +3.7 pp | Mar 2026 +2.6 pp | Jun 2026 +1.6 pp
- STARCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 +4.1 pp | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 −3.9 pp | Dec 2024 −9.3 pp | Mar 2025 −6.9 pp | Jun 2025 −2.3 pp | Sep 2025 +1.9 pp | Dec 2025 +8.6 pp | Mar 2026 +7.7 pp | Jun 2026 —
- BIRLACORPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 −3.8 pp | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 −1.3 pp | Mar 2025 −1.7 pp | Jun 2025 −0.7 pp | Sep 2025 +1.8 pp | Dec 2025 +3.0 pp | Mar 2026 +2.3 pp | Jun 2026 —
- HEIDELBERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.7 pp | Dec 2022 — | Mar 2023 −9.0 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 −3.1 pp | Mar 2025 −3.6 pp | Jun 2025 −2.7 pp | Sep 2025 +0.9 pp | Dec 2025 +3.0 pp | Mar 2026 +2.8 pp | Jun 2026 —
- ORIENTCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.4 pp | Dec 2022 — | Mar 2023 −11.8 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 +2.5 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −5.3 pp | Mar 2025 −6.8 pp | Jun 2025 −3.3 pp | Sep 2025 +0.9 pp | Dec 2025 +4.5 pp | Mar 2026 +6.1 pp | Jun 2026 —
- MANGLMCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.9 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 +3.5 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −1.6 pp | Mar 2025 −4.1 pp | Jun 2025 −0.9 pp | Sep 2025 +2.8 pp | Dec 2025 +2.3 pp | Mar 2026 +3.3 pp | Jun 2026 —
- KCP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.8 pp | Dec 2022 — | Mar 2023 −11.8 pp | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 — | Mar 2024 +8.2 pp | Jun 2024 — | Sep 2024 +6.5 pp | Dec 2024 −2.6 pp | Mar 2025 −2.3 pp | Jun 2025 −2.1 pp | Sep 2025 −4.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.3 pp | Jun 2026 —
- SHREDIGCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −16.6 pp | Dec 2022 — | Mar 2023 −6.0 pp | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 +8.8 pp | Jun 2024 — | Sep 2024 +1.4 pp | Dec 2024 −18.6 pp | Mar 2025 −22.2 pp | Jun 2025 −21.0 pp | Sep 2025 −12.6 pp | Dec 2025 −2.7 pp | Mar 2026 −1.1 pp | Jun 2026 −2.6 pp
- NCLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 — | Mar 2023 −6.5 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 −6.6 pp | Mar 2025 −8.3 pp | Jun 2025 −5.4 pp | Sep 2025 −2.7 pp | Dec 2025 +2.3 pp | Mar 2026 +7.4 pp | Jun 2026 —
- DECCANCE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.2 pp | Dec 2022 — | Mar 2023 −10.4 pp | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 — | Mar 2025 −5.3 pp | Jun 2025 — | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 +2.4 pp | Jun 2026 —
- SAURASHCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −8.6 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +13.5 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 −4.3 pp | Mar 2025 −7.6 pp | Jun 2025 −5.6 pp | Sep 2025 — | Dec 2025 +2.9 pp | Mar 2026 +6.3 pp | Jun 2026 —
- BIGBLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +18.9 pp | Dec 2022 — | Mar 2023 +3.8 pp | Jun 2023 — | Sep 2023 −12.0 pp | Dec 2023 — | Mar 2024 −7.8 pp | Jun 2024 — | Sep 2024 −12.7 pp | Dec 2024 −21.5 pp | Mar 2025 −16.3 pp | Jun 2025 −21.8 pp | Sep 2025 −13.0 pp | Dec 2025 −11.2 pp | Mar 2026 −5.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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: Orient Cement Ltd · 0.25× | 58.3% versus #2 · Mangalam Cement Ltd | 0/8 recent comparable periods | 11/26 companies · 42 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. Orient Cement Ltd (ORIENTCEM): 0.3
2. Mangalam Cement Ltd (MANGLMCEM): 0.6
3. Dalmia Bharat Ltd (DALBHARAT): 0.7
4. HeidelbergCement India Ltd (HEIDELBERG): 0.8
5. ACC Ltd (ACC): 0.9

### P/E — lowest P/E
1. NCL Industries Ltd (NCLIND): 6.3
2. K C P Ltd (KCP): 10.3
3. Birla Corporation Ltd (BIRLACORPN): 12.3
4. Orient Cement Ltd (ORIENTCEM): 13.2
5. ACC Ltd (ACC): 13.4

### 20-quarter PEG history
- SHREECEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.0
- JKCEMENT: Sep 2021 — | Dec 2021 0.9 | Mar 2022 3.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.8 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 1.5
- DALBHARAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.7
- ACC: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 — | Jun 2025 2.1 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAMCOCEM: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 1.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.0 | Mar 2024 1.4 | Jun 2024 3.8 | Sep 2024 4.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NUVOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 8.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STARCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 2.2 | Jun 2023 0.6 | Sep 2023 2.0 | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.1 | Jun 2026 —
- BIRLACORPN: Sep 2021 0.3 | Dec 2021 0.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HEIDELBERG: Sep 2021 0.4 | Dec 2021 — | Mar 2022 0.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.8
- ORIENTCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- MANGLMCEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ULTRACEMCO: Sep 2021 33.7 | Dec 2021 34.2 | Mar 2022 27.9 | Jun 2022 22.0 | Sep 2022 25.6 | Dec 2022 30.9 | Mar 2023 37.6 | Jun 2023 47.3 | Sep 2023 46.1 | Dec 2023 53.2 | Mar 2024 43.9 | Jun 2024 47.7 | Sep 2024 49.8 | Dec 2024 51.8 | Mar 2025 56.0 | Jun 2025 58.1 | Sep 2025 51.9 | Dec 2025 47.2 | Mar 2026 41.9 | Jun 2026 40.9
- AMBUJACEM: Sep 2021 24.9 | Dec 2021 22.6 | Mar 2022 20.9 | Jun 2022 28.2 | Sep 2022 42.4 | Dec 2022 55.5 | Mar 2023 35.1 | Jun 2023 39.4 | Sep 2023 36.6 | Dec 2023 34.8 | Mar 2024 37.3 | Jun 2024 43.6 | Sep 2024 42.5 | Dec 2024 41.3 | Mar 2025 30.1 | Jun 2025 33.1 | Sep 2025 30.7 | Dec 2025 23.2 | Mar 2026 25.4 | Jun 2026 21.0
- SHREECEM: Sep 2021 41.0 | Dec 2021 37.1 | Mar 2022 33.9 | Jun 2022 29.1 | Sep 2022 38.3 | Dec 2022 52.5 | Mar 2023 67.4 | Jun 2023 67.8 | Sep 2023 58.8 | Dec 2023 56.6 | Mar 2024 41.2 | Jun 2024 42.0 | Sep 2024 45.0 | Dec 2024 54.3 | Mar 2025 90.0 | Jun 2025 99.7 | Sep 2025 70.2 | Dec 2025 55.5 | Mar 2026 47.7 | Jun 2026 53.3
- JKCEMENT: Sep 2021 28.5 | Dec 2021 33.7 | Mar 2022 25.1 | Jun 2022 23.2 | Sep 2022 30.8 | Dec 2022 36.5 | Mar 2023 43.9 | Jun 2023 61.7 | Sep 2023 63.8 | Dec 2023 65.3 | Mar 2024 45.5 | Jun 2024 42.3 | Sep 2024 41.7 | Dec 2024 48.7 | Mar 2025 60.3 | Jun 2025 62.9 | Sep 2025 53.5 | Dec 2025 42.5 | Mar 2026 37.4 | Jun 2026 42.1
- DALBHARAT: Sep 2021 30.8 | Dec 2021 27.6 | Mar 2022 22.6 | Jun 2022 32.6 | Sep 2022 41.1 | Dec 2022 61.5 | Mar 2023 51.7 | Jun 2023 36.8 | Sep 2023 41.5 | Dec 2023 37.1 | Mar 2024 30.0 | Jun 2024 44.4 | Sep 2024 38.6 | Dec 2024 38.5 | Mar 2025 53.0 | Jun 2025 59.1 | Sep 2025 45.0 | Dec 2025 36.4 | Mar 2026 29.1 | Jun 2026 29.9
- ACC: Sep 2021 20.6 | Dec 2021 19.1 | Mar 2022 20.4 | Jun 2022 22.7 | Sep 2022 32.5 | Dec 2022 52.5 | Mar 2023 43.2 | Jun 2023 36.5 | Sep 2023 44.5 | Dec 2023 31.7 | Mar 2024 27.9 | Jun 2024 22.9 | Sep 2024 23.1 | Dec 2024 21.0 | Mar 2025 15.2 | Jun 2025 15.6 | Sep 2025 14.7 | Dec 2025 10.1 | Mar 2026 9.8 | Jun 2026 11.8
- RAMCOCEM: Sep 2021 27.3 | Dec 2021 21.3 | Mar 2022 17.5 | Jun 2022 16.4 | Sep 2022 21.8 | Dec 2022 54.0 | Mar 2023 63.4 | Jun 2023 69.4 | Sep 2023 76.8 | Dec 2023 69.1 | Mar 2024 50.2 | Jun 2024 54.9 | Sep 2024 63.2 | Dec 2024 82.5 | Mar 2025 107.3 | Jun 2025 276.9 | Sep 2025 171.5 | Dec 2025 132.6 | Mar 2026 114.7 | Jun 2026 —
- JSWCEMENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 43.5 | Jun 2026 —
- INDIACEM: Sep 2021 25.4 | Dec 2021 31.2 | Mar 2022 46.4 | Jun 2022 62.5 | Sep 2022 72.3 | Dec 2022 66.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -20.4 | Mar 2024 — | Jun 2024 -434.7 | Sep 2024 — | Dec 2024 -73.7 | Mar 2025 -59.8 | Jun 2025 — | Sep 2025 923.0 | Dec 2025 — | Mar 2026 -158.4 | Jun 2026 151.7
- NUVOCO: Sep 2021 — | Dec 2021 90.6 | Mar 2022 222.6 | Jun 2022 220.3 | Sep 2022 381.1 | Dec 2022 — | Mar 2023 776.7 | Jun 2023 29.8 | Sep 2023 32.0 | Dec 2023 25.0 | Mar 2024 16.8 | Jun 2024 87.9 | Sep 2024 93.7 | Dec 2024 257.5 | Mar 2025 255.4 | Jun 2025 584.3 | Sep 2025 98.6 | Dec 2025 48.2 | Mar 2026 27.8 | Jun 2026 28.0
- STARCEMENT: Sep 2021 20.9 | Dec 2021 19.7 | Mar 2022 15.6 | Jun 2022 14.2 | Sep 2022 17.4 | Dec 2022 19.7 | Mar 2023 18.8 | Jun 2023 23.0 | Sep 2023 22.6 | Dec 2023 25.2 | Mar 2024 30.3 | Jun 2024 28.9 | Sep 2024 35.4 | Dec 2024 47.4 | Mar 2025 65.2 | Jun 2025 51.2 | Sep 2025 43.3 | Dec 2025 30.1 | Mar 2026 22.4 | Jun 2026 —
- RAIN: Sep 2021 8.8 | Dec 2021 8.2 | Mar 2022 11.8 | Jun 2022 7.3 | Sep 2022 5.1 | Dec 2022 4.6 | Mar 2023 3.5 | Jun 2023 4.3 | Sep 2023 7.2 | Dec 2023 19.2 | Mar 2024 25.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 226.1 | Jun 2026 —
- JKLAKSHMI: Sep 2021 14.6 | Dec 2021 13.3 | Mar 2022 10.6 | Jun 2022 10.0 | Sep 2022 14.9 | Dec 2022 21.9 | Mar 2023 20.7 | Jun 2023 23.6 | Sep 2023 23.3 | Dec 2023 29.6 | Mar 2024 24.6 | Jun 2024 22.3 | Sep 2024 19.3 | Dec 2024 28.6 | Mar 2025 32.2 | Jun 2025 34.6 | Sep 2025 27.0 | Dec 2025 19.1 | Mar 2026 14.7 | Jun 2026 —
- BIRLACORPN: Sep 2021 13.3 | Dec 2021 16.2 | Mar 2022 13.3 | Jun 2022 16.1 | Sep 2022 21.0 | Dec 2022 36.2 | Mar 2023 66.0 | Jun 2023 72.7 | Sep 2023 61.8 | Dec 2023 79.5 | Mar 2024 36.7 | Jun 2024 29.6 | Sep 2024 24.5 | Dec 2024 31.5 | Mar 2025 35.8 | Jun 2025 31.8 | Sep 2025 23.1 | Dec 2025 15.7 | Mar 2026 11.8 | Jun 2026 13.8
- PRSMJOHNSN: Sep 2021 23.2 | Dec 2021 25.2 | Mar 2022 28.6 | Jun 2022 61.7 | Sep 2022 82.8 | Dec 2022 80.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 82.3 | Mar 2026 170.0 | Jun 2026 —
- HEIDELBERG: Sep 2021 17.4 | Dec 2021 15.5 | Mar 2022 14.4 | Jun 2022 15.5 | Sep 2022 18.2 | Dec 2022 23.3 | Mar 2023 23.1 | Jun 2023 39.3 | Sep 2023 40.6 | Dec 2023 41.0 | Mar 2024 28.8 | Jun 2024 29.6 | Sep 2024 32.4 | Dec 2024 36.8 | Mar 2025 42.9 | Jun 2025 43.8 | Sep 2025 40.2 | Dec 2025 30.6 | Mar 2026 22.9 | Jun 2026 25.2
- ORIENTCEM: Sep 2021 11.5 | Dec 2021 10.9 | Mar 2022 10.6 | Jun 2022 7.7 | Sep 2022 10.1 | Dec 2022 9.6 | Mar 2023 8.6 | Jun 2023 22.2 | Sep 2023 29.8 | Dec 2023 32.9 | Mar 2024 23.1 | Jun 2024 32.3 | Sep 2024 32.7 | Dec 2024 46.2 | Mar 2025 59.3 | Jun 2025 54.5 | Sep 2025 17.8 | Dec 2025 11.5 | Mar 2026 7.9 | Jun 2026 8.1
- MANGLMCEM: Sep 2021 10.1 | Dec 2021 9.0 | Mar 2022 10.1 | Jun 2022 9.2 | Sep 2022 14.5 | Dec 2022 15.7 | Mar 2023 19.0 | Jun 2023 23.6 | Sep 2023 43.9 | Dec 2023 48.1 | Mar 2024 34.6 | Jun 2024 40.2 | Sep 2024 38.9 | Dec 2024 50.4 | Mar 2025 46.6 | Jun 2025 45.8 | Sep 2025 33.8 | Dec 2025 27.4 | Mar 2026 26.5 | Jun 2026 —
- SAGCEM: Sep 2021 17.0 | Dec 2021 18.8 | Mar 2022 23.1 | Jun 2022 28.8 | Sep 2022 173.0 | Dec 2022 175.7 | Mar 2023 — | Jun 2023 72.1 | Sep 2023 70.0 | Dec 2023 279.8 | Mar 2024 121.8 | Jun 2024 127.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KCP: Sep 2021 8.6 | Dec 2021 7.7 | Mar 2022 6.6 | Jun 2022 7.6 | Sep 2022 10.0 | Dec 2022 18.0 | Mar 2023 27.0 | Jun 2023 32.9 | Sep 2023 32.6 | Dec 2023 23.4 | Mar 2024 13.6 | Jun 2024 16.7 | Sep 2024 16.8 | Dec 2024 13.4 | Mar 2025 14.4 | Jun 2025 16.4 | Sep 2025 12.9 | Dec 2025 15.0 | Mar 2026 10.6 | Jun 2026 —
- SHREDIGCEM: Sep 2021 16.7 | Dec 2021 13.5 | Mar 2022 13.9 | Jun 2022 15.0 | Sep 2022 18.9 | Dec 2022 23.6 | Mar 2023 19.1 | Jun 2023 19.7 | Sep 2023 22.7 | Dec 2023 23.0 | Mar 2024 17.6 | Jun 2024 18.6 | Sep 2024 17.1 | Dec 2024 16.8 | Mar 2025 26.1 | Jun 2025 46.0 | Sep 2025 47.7 | Dec 2025 35.5 | Mar 2026 23.5 | Jun 2026 45.0
- NCLIND: Sep 2021 7.0 | Dec 2021 7.2 | Mar 2022 7.2 | Jun 2022 8.1 | Sep 2022 11.3 | Dec 2022 17.6 | Mar 2023 15.7 | Jun 2023 17.6 | Sep 2023 16.4 | Dec 2023 13.5 | Mar 2024 10.6 | Jun 2024 11.7 | Sep 2024 12.8 | Dec 2024 14.7 | Mar 2025 17.2 | Jun 2025 30.9 | Sep 2025 22.1 | Dec 2025 15.0 | Mar 2026 10.1 | Jun 2026 —
- DECCANCE: Sep 2021 8.6 | Dec 2021 7.5 | Mar 2022 8.9 | Jun 2022 9.2 | Sep 2022 13.4 | Dec 2022 17.5 | Mar 2023 11.8 | Jun 2023 16.3 | Sep 2023 18.4 | Dec 2023 17.9 | Mar 2024 22.2 | Jun 2024 37.5 | Sep 2024 — | Dec 2024 346.3 | Mar 2025 146.7 | Jun 2025 64.0 | Sep 2025 46.7 | Dec 2025 197.6 | Mar 2026 149.3 | Jun 2026 —
- SAURASHCEM: Sep 2021 8.6 | Dec 2021 8.6 | Mar 2022 11.0 | Jun 2022 47.3 | Sep 2022 18.4 | Dec 2022 — | Mar 2023 -9.4 | Jun 2023 -27.9 | Sep 2023 58.7 | Dec 2023 32.8 | Mar 2024 19.6 | Jun 2024 21.8 | Sep 2024 21.8 | Dec 2024 41.9 | Mar 2025 160.2 | Jun 2025 202.2 | Sep 2025 143.1 | Dec 2025 31.1 | Mar 2026 19.7 | Jun 2026 —
- BIGBLOC: Sep 2021 24.8 | Dec 2021 44.0 | Mar 2022 44.6 | Jun 2022 42.0 | Sep 2022 39.0 | Dec 2022 35.5 | Mar 2023 28.1 | Jun 2023 38.3 | Sep 2023 42.3 | Dec 2023 43.1 | Mar 2024 51.1 | Jun 2024 52.1 | Sep 2024 59.0 | Dec 2024 61.8 | Mar 2025 50.6 | Jun 2025 94.6 | Sep 2025 74.5 | Dec 2025 -711.6 | Mar 2026 -332.1 | 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.
- 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.

## Every company
- UltraTech Cement Ltd (ULTRACEMCO) — market value ₹3.5 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Ambuja Cements Ltd (AMBUJACEM) — market value ₹1.1 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Shree Cement Ltd (SHREECEM) — market value ₹94.0K Cr; latest fundamentals Jun 2026
- J K Cements Ltd (JKCEMENT) — market value ₹42.1K Cr; latest fundamentals Jun 2026
- Dalmia Bharat Ltd (DALBHARAT) — market value ₹33.8K Cr; latest fundamentals Jun 2026
- ACC Ltd (ACC) — market value ₹25.5K Cr; latest fundamentals Jun 2026
- The Ramco Cements Ltd (RAMCOCEM) — market value ₹21.7K Cr; latest fundamentals Mar 2026
- JSW Cement Ltd (JSWCEMENT) — market value ₹18.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- India Cements Ltd (INDIACEM) — market value ₹12.3K Cr; latest fundamentals Jun 2026
- Nuvoco Vistas Corporation Ltd (NUVOCO) — market value ₹12.3K Cr; latest fundamentals Jun 2026
- Star Cement Ltd (STARCEMENT) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Rain Industries Ltd (RAIN) — market value ₹7.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- JK Lakshmi Cement Ltd (JKLAKSHMI) — market value ₹7.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Birla Corporation Ltd (BIRLACORPN) — market value ₹6.9K Cr; latest fundamentals Jun 2026
- Prism Johnson Ltd (PRSMJOHNSN) — market value ₹5.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- HeidelbergCement India Ltd (HEIDELBERG) — market value ₹3.5K Cr; latest fundamentals Jun 2026
- Orient Cement Ltd (ORIENTCEM) — market value ₹2.8K Cr; latest fundamentals Jun 2026
- Mangalam Cement Ltd (MANGLMCEM) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Sagar Cements Ltd (SAGCEM) — market value ₹2.3K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- K C P Ltd (KCP) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shree Digvijay Cement Co. Ltd (SHREDIGCEM) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- NCL Industries Ltd (NCLIND) — market value ₹824 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Deccan Cements Ltd (DECCANCE) — market value ₹775 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Saurashtra Cement Ltd (SAURASHCEM) — market value ₹672 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- BIGBLOC Construction Ltd (BIGBLOC) — market value ₹643 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Shiva Cement Ltd (SHIVACEM) — market value ₹517 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 12. Unverified: 7. Withheld: 7. Graded companies: 26.

6 of 26 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.

7 of 26 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 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.

- WITHHELD | ULTRACEMCO | UltraTech Cement Ltd | diff_gt_2pct | disagreement up to 17.03% over 15 comparable periods
- WITHHELD | AMBUJACEM | Ambuja Cements Ltd | diff_gt_2pct | disagreement up to 49.33% over 14 comparable periods
- WITHHELD | JSWCEMENT | JSW Cement Ltd | diff_gt_2pct | disagreement up to 110.75% over 8 comparable periods
- WITHHELD | RAIN | Rain Industries Ltd | diff_gt_2pct | disagreement up to 71.96% over 15 comparable periods
- WITHHELD | JKLAKSHMI | JK Lakshmi Cement Ltd | diff_gt_2pct | disagreement up to 53.26% over 14 comparable periods
- WITHHELD | PRSMJOHNSN | Prism Johnson Ltd | diff_gt_2pct | disagreement up to 131.25% over 13 comparable periods
- WITHHELD | SAGCEM | Sagar Cements Ltd | diff_gt_2pct | disagreement up to 75.43% over 14 comparable periods

- UNVERIFIED | KCP | K C P Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SHREDIGCEM | Shree Digvijay Cement Co. Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NCLIND | NCL Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DECCANCE | Deccan Cements Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SAURASHCEM | Saurashtra Cement Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BIGBLOC | BIGBLOC Construction 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 sector outperforming NIFTY 500?

Cement has underperformed NIFTY 500 by 21.9% over 52 weeks and 1.2% over 13 weeks. 2 of 25 covered companies beat NIFTY on Mansfield relative strength, while 12 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?

BIGBLOC Construction Ltd has the fastest current revenue growth at 26.2%, across 26 of 26 comparable companies.

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

Star Cement Ltd ranks first at 76/100 with 89.6% 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.

### What is the Nifty Cement index?

The Nifty Cement index tracks India's listed Cement companies as a single basket. This page follows the same 26 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Cement sector rather than to its largest constituent. 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?

Star Cement Ltd has the highest operating margin at 27%, from 26 of 26 comparable companies. Shiva Cement Ltd shows the biggest recent improvement, at +15 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. Deccan Cements 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 company earns the highest return on capital?

Star Cement Ltd leads on return on capital employed at 16.7%, 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 21.9% over the last 52 weeks and 1.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 25 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 76 out of 100 with 89.6% evidence confidence, from 29.9 points on growth and earnings, 22.4 on capital efficiency, 11.3 on valuation and 12.4 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 ₹7,70,617 crore of combined market value. UltraTech Cement Ltd is the largest at ₹3,50,757 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### What is the Cement sector's P/E ratio?

The median price-to-earnings ratio across the 26 Cement companies on this page is 28.5×, measured on the 22 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 2026-08-05.

### How is the Cement sector performing?

2 of the 25 covered Cement companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21.9% 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.