Consolidation play — top 5 players control 55%+ capacity, and the Adani-Ambuja deal reset pricing discipline.
| Company | M.Cap | Price | P/E | P/B | ROE | ROCE | D/E | Div Yield | 1Y Return |
|---|---|---|---|---|---|---|---|---|---|
| UltraTech Cement Ltd | ₹3,37,996 Cr | ₹11,569 | 41.5 | 4.7 | 10.6% | 12.4% | 0.3 | 0.0% | -3.64% |
| Grasim Industries Ltd | ₹1,98,872 Cr | ₹3,155.3 | 46.0 | 2.0 | 0.0% | 6.3% | 1.3 | 0.0% | +6.15% |
| Ambuja Cements Ltd | ₹1,07,228 Cr | ₹436.35 | 29.0 | 1.9 | 8.3% | 5.0% | 0.0 | 0.5% | -22.88% |
| Shree Cement Ltd | ₹90,083 Cr | ₹24,785 | 52.4 | 4.0 | 0.0% | 7.4% | 0.4 | 0.2% | -7.83% |
| ACC Ltd | ₹25,338 Cr | ₹1,360 | 11.9 | 1.2 | 10.9% | 9.0% | 0.0 | 0.6% | -26.45% |
| Andhra Cements Ltd | ₹508 Cr | ₹55.11 | 0.0 | 6.3 | -59.6% | -37.3% | 14.0 | 0.0% | -30.11% |
| Anjani Portland Cement Ltd-$ | ₹340 Cr | ₹120.7 | 0.0 | 1.7 | 0.0% | -12.6% | 2.2 | 0.0% | -8.34% |
| Birla Corporation Ltd | ₹7,788 Cr | ₹1,006.1 | 14.0 | 1.1 | 0.0% | 11.2% | 0.5 | 0.0% | -13.0% |
| Barak Valley Cements Ltd | ₹95 Cr | ₹41.92 | 4,265.0 | 0.8 | 0.0% | 10.3% | 0.3 | 0.0% | -8.16% |
| Dalmia Bharat Ltd | ₹32,038 Cr | ₹1,795.6 | 28.1 | 1.8 | 6.5% | 6.9% | 0.4 | 0.5% | -15.89% |
| Deccan Cements Ltd | ₹821 Cr | ₹595.5 | 25.8 | 1.1 | 0.0% | 0.6% | 1.0 | 0.0% | -39.6% |
| Euro Pratik Sales Ltd | ₹2,655 Cr | ₹259.6 | 37.4 | 8.6 | 27.8% | 40.2% | 0.1 | 0.0% | -28.45% |
| Global Surfaces Ltd | ₹237 Cr | ₹54.25 | 0.0 | 0.8 | 0.0% | -5.0% | 0.7 | 0.0% | -56.36% |
| HeidelbergCement India Ltd | ₹3,509 Cr | ₹158.97 | 25.2 | 2.7 | 0.0% | 25.2% | 0.1 | 0.0% | -18.09% |
| IFGL Refractories Ltd | ₹1,184 Cr | ₹169.55 | 41.2 | 1.0 | 0.0% | 6.5% | 0.2 | 0.3% | -33.35% |
| India Cements Ltd | ₹18,826 Cr | ₹400.8 | 0.0 | 1.2 | -0.7% | 0.9% | 0.1 | 0.0% | +2.98% |
| JK Cement Ltd | ₹42,192 Cr | ₹5,557.5 | 41.3 | 6.5 | 0.0% | 15.8% | 1.0 | 0.0% | -1.54% |
| JK Lakshmi Cement Ltd | ₹8,017 Cr | ₹611.5 | 17.3 | 2.2 | 0.0% | 9.3% | 0.7 | 0.0% | -23.0% |
| JSW Cement Ltd | ₹16,450 Cr | ₹137.99 | 0.0 | 2.5 | 0.0% | 6.4% | 0.8 | 0.0% | +0.47% |
| Kakatiya Cement Sugar & Industries Ltd | ₹96 Cr | ₹119 | 0.0 | 0.5 | 0.0% | -16.9% | 0.1 | 0.0% | -17.81% |
| KCP Ltd | ₹2,092 Cr | ₹161.35 | 14.0 | 1.3 | 0.0% | 15.3% | 0.4 | 0.0% | -21.23% |
| Kesoram Industries Ltd | ₹384 Cr | ₹13.03 | 0.0 | 1.1 | 0.0% | 0.0% | 0.6 | 0.0% | +131.94% |
| Mangalam Cement Ltd | ₹2,269 Cr | ₹843 | 28.2 | 2.3 | 14.1% | 6.3% | 0.9 | 0.0% | +15.18% |
| Midwest Ltd | ₹4,812 Cr | ₹1,316.8 | 41.3 | 6.7 | 16.2% | 0.0% | 34.0 | 0.0% | +20.73% |
| Navkar Urbanstructure Ltd | ₹91 Cr | ₹0.81 | 0.0 | 0.6 | 0.0% | 0.7% | 0.0 | 0.0% | -60.3% |
| NCL Industries Ltd | ₹760 Cr | ₹168.43 | 12.6 | 0.9 | 0.0% | 14.2% | 0.4 | 2.1% | -16.77% |
| Nuvoco Vistas Corporation Ltd | ₹11,218 Cr | ₹320.9 | 31.2 | 1.1 | 3.7% | 6.5% | 0.5 | 0.0% | -16.04% |
| Orient Cement Ltd | ₹2,773 Cr | ₹136.4 | 8.2 | 1.3 | 17.1% | 14.3% | 0.0 | 0.4% | -29.66% |
| Prism Johnson Ltd | ₹6,361 Cr | ₹118.8 | 32.6 | 4.1 | 0.0% | -7.9% | 0.9 | 0.0% | -12.18% |
| The Ramco Cements Ltd | ₹21,151 Cr | ₹914.55 | 36.7 | 2.8 | 0.0% | 11.7% | 0.6 | 0.0% | -11.32% |
| Sagar Cements Ltd | ₹2,309 Cr | ₹181.26 | 0.0 | 1.2 | -0.0% | -4.8% | 0.9 | 0.0% | -20.55% |
| Saurashtra Cement Ltd | ₹690 Cr | ₹61.11 | 24.1 | 0.7 | 1.5% | 0.4% | 0.1 | 0.0% | -38.92% |
| Shree Digvijay Cement Company Ltd | ₹1,061 Cr | ₹70.83 | 42.5 | 2.9 | 6.9% | 4.5% | 1.4 | 1.4% | -20.39% |
| Star Cement Ltd | ₹8,585 Cr | ₹220.99 | 23.3 | 2.9 | 0.0% | 7.9% | 0.2 | 0.0% | -10.92% |
| Inani Marbles & Industries Ltd | ₹21 Cr | ₹11.2 | 0.0 | 0.4 | 2.0% | 0.0% | 0.0 | 35.0% | -40.62% |
| Associated Ceramics Ltd | ₹36 Cr | ₹170.25 | 14.2 | 0.0 | 9.1% | 0.0% | 0.0 | 0.0% | -26.3% |
| Kotia Enterprises Ltd | ₹20 Cr | ₹87 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0 | 0.0% | +8.49% |
| Nidhi Granites Ltd | ₹267 Cr | ₹346 | 54.9 | 14.6 | 18.2% | 0.0% | 0.0 | 0.0% | +120.8% |
| Aviva Industries Ltd | ₹199 Cr | ₹61.5 | 9.9 | 7.6 | 0.0% | 0.0% | 0.0 | 0.0% | +68.12% |
| Pacific Industries Ltd | ₹99 Cr | ₹141 | 25.2 | 0.2 | 6.6% | 0.0% | 0.0 | 0.0% | -27.86% |
| Shiva Granito Export Ltd | ₹16 Cr | ₹11.99 | 1,199.0 | 0.7 | 0.0% | 0.0% | 0.0 | 0.0% | 0.00% |
| Solid Stone Company Ltd | ₹14 Cr | ₹26.9 | 35.7 | 0.6 | 6.3% | 0.0% | 0.0 | 0.0% | -21.41% |
| Hemadri Cements Ltd | ₹34 Cr | ₹50.88 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0 | 0.0% | -26.57% |
| Panyam Cements & Mineral Industries Ltd | ₹95 Cr | ₹119 | 0.0 | -0.4 | 0.0% | 0.0% | 0.0 | 0.0% | -6.78% |
| Raasi Refractories Ltd-$ | ₹7 Cr | ₹14.41 | 1.5 | -0.5 | 0.0% | 0.0% | 0.0 | 0.0% | -42.36% |
| Nilachal Refractories Ltd | ₹83 Cr | ₹40.5 | 0.0 | -2.5 | -25.0% | 0.0% | 0.0 | 0.0% | -5.81% |
| Kachchh Minerals Ltd | ₹15 Cr | ₹27.27 | 0.0 | 15.6 | 0.0% | 0.0% | 0.0 | 0.0% | -24.67% |
| Keerthi Industries Ltd | ₹37 Cr | ₹47.67 | 0.0 | 1.1 | -109.5% | 0.0% | 0.0 | 0.0% | -33.79% |
| Sri Chakra Cement Ltd | ₹44 Cr | ₹50.49 | 0.0 | -1.9 | 0.0% | 0.0% | 0.0 | 0.0% | +157.08% |
| Manoj Ceramic Ltd | ₹105 Cr | ₹76 | 7.0 | 0.7 | 36.7% | 0.0% | 0.0 | 0.0% | -59.79% |
| Raw Edge Industrial Solutions Ltd | ₹20 Cr | ₹19.55 | 0.0 | 1.0 | -8.3% | 0.0% | 0.0 | 0.0% | -22.85% |
| Midwest Gold Ltd | ₹5,898 Cr | ₹4,457 | 0.0 | 62.5 | 0.0% | 0.0% | 0.0 | 0.0% | +847.09% |
| Jain Marmo Industries Ltd | ₹7 Cr | ₹22.05 | 0.0 | 1.8 | 0.0% | 0.0% | 0.0 | 0.0% | -24.8% |
| Shiva Cement Ltd | ₹525 Cr | ₹17.81 | 0.0 | 13.0 | 0.0% | 0.0% | 0.0 | 0.0% | -41.51% |
| Arigato Universe Ltd | ₹36 Cr | ₹64.2 | 35.1 | 4.2 | 0.0% | 0.0% | 0.0 | 0.0% | +60.42% |
| Agarwal Fortune India Ltd | ₹8 Cr | ₹23 | 43.6 | 11.4 | 0.0% | 0.0% | 0.0 | 0.0% | +12.47% |
| Integrated Thermoplastics Ltd | ₹4 Cr | ₹6.06 | 0.0 | -0.1 | 0.0% | 0.0% | 0.0 | 0.0% | -16.53% |
| Shri Keshav Cements And Infra Ltd | ₹284 Cr | ₹151 | 0.0 | 2.8 | -85.7% | 0.0% | 0.0 | 0.0% | -1.82% |
| Neelkanth Rockminerals Ltd | ₹11 Cr | ₹21.68 | 29.4 | 1.4 | 0.0% | 0.0% | 0.0 | 0.0% | +42.16% |
| Bheema Cements Ltd | ₹53 Cr | ₹16.15 | 0.0 | -26.7 | 0.0% | 0.0% | 0.0 | 0.0% | 0.00% |
| RCC Cements Ltd | ₹8 Cr | ₹14.95 | 0.0 | 2.8 | 0.0% | 0.0% | 0.0 | 0.0% | +15.62% |
| Burnpur Cement Ltd | ₹11 Cr | ₹6.66 | 0.0 | -0.0 | -247.1% | 0.0% | 0.0 | 0.0% | 0.00% |
| Janus Corporation Ltd | ₹12 Cr | ₹4.72 | 18.9 | 0.2 | 0.0% | 0.0% | 0.0 | 0.0% | 0.00% |
India's cement industry is the second-largest globally at 580+ MTPA capacity. Housing accounts for 65% of demand, followed by infrastructure (25%) and commercial (10%). The industry has consolidated significantly — UltraTech, Adani Cement, Shree Cement, Dalmia Bharat, and Ambuja control over 55% of capacity.
This consolidation is improving pricing discipline and margins. Per capita consumption at 250 kg is still half of the global average, offering long runway for growth. Key metrics: EBITDA per tonne (₹800-1200 for leaders), capacity utilization, and logistics cost as % of revenue.
Green cement and waste heat recovery are emerging themes. The sector typically trades at 15-18x EV/EBITDA for leaders.
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