India Cements Ltd (INDIACEM) — share price & stock analysis

Market cap

₹11,612 Cr

P/E

146×

ROE

0.8%

vs own 10-yr valuation

92nd pctile

Book value / share

₹327

EPS (TTM)

₹2.57

10-yr median P/E

41.5×

Revenue (FY26)

₹4,485 Cr

Profit after tax (FY26)

₹-67 Cr

Weinstein stage

Stage 1 (7 weeks)

Data as of

1 July 2026

5 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 2% — weak; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

A rally without earnings underneath it

Since Jul 2016, the stock is up 201% while earnings per share fell 34%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 146× means the market is paying up — this is the expensive end of its own 10-year history (92nd percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (41.5×).

The price is building a base — waiting for its next move

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 1: basing, 7 weeks in.stage

Long flat bases after a decline are where the next uptrend is born — but a base can last years. The signal to act is the breakout, not the base.stage

Trailing NIFTY 500 for 5 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

The business is losing money

Over 12 years, sales went from ₹5,082 Cr to ₹4,485 Cr (about −1% a year), and profit from ₹−239 Cr to ₹−67.0 Cr.revenuenet_profit

Sales have gone quiet — growth has stalled

Mar 26 sales were ₹1,229 Cr, up 3% on the same quarter last year.revenue

Margins are widening — −0% → 12% in a year

Of every ₹100 of sales, the company keeps ₹12.5 as operating profit (a year ago it kept ₹−0.2).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at −8.6% in FY25 and has been rebuilt to 8.9% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin barely moved (41% → 35%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 233% — mostly from the tax bill

Mar 26 profit after tax was ₹60.0 Cr, up 233% year on year.net_profit

Does the profit turn into cash?

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about -28 days to go out the door as materials and come back as collected cash — up from -113 days the year before.cash_conversion_cycle

The biggest mover: suppliers being paid sooner (395 → 318 days).payable_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹5,210 Cr (FY14) to ₹11,187 Cr, with another ₹344 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹−2,160 Cr) fits inside the operating cash the business generated (₹61.0 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹13 — total borrowings have shrunk from ₹3,498 Cr to ₹1,305 Cr over the window.borrowings

Every ₹100 kept in the business earns just ₹2

Return on capital employed is 2.0% (a year ago: −5.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Institutions sold for years — and have been buying back since

Promoters hold 75.0% (up 46.6 points over 8 quarters). Foreign funds own 3.5%, domestic funds 12.9%.promoters_pctfiis_pctdiis_pct

Domestic funds tell the real story: they sold from 9.4% down to 3.7% (Mar 25), and have been buying back since — now 12.9%. A completed round trip like that usually means the doubts got answered.diis_pct

Meanwhile foreign funds have been the sellers — from 13.7% to 3.5% over the window. Someone on the other side of the table disagrees; both sides count.fiis_pct

Interesting, not obvious

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: margins rising (−0.2% → 12.4%).operating_profit

Biggest worry: free cash flow falling (₹1,759 Cr → ₹−130 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data