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❯ Scanning industry leaders...
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 | ₹3,11,767 Cr | — | 35.5 | 4.2 | 11.1% | 10.2% | 0.3 | 2.2% | -13.5% |
| Grasim Industries Ltd | — | — | — | — | 10.3% | 3.2% | 2.2 | — | +3.77% |
| Ambuja Cements Ltd | ₹88,882 Cr | ₹357.7 | 20.3 | 1.5 | 10.0% | 4.3% | 0.0 | 0.6% | -34.62% |
| Shree Cement Ltd | — | — | — | — | 7.8% | 9.4% | 0.1 | — | -21.05% |
| JK Cement Ltd | ₹37,985 Cr | — | 40.2 | 5.2 | 15.1% | 10.3% | 0.9 | 0.4% | -13.94% |
| Dalmia Bharat Ltd | — | — | — | — | 6.6% | 5.3% | 0.4 | — | -22.06% |
| ACC Ltd | ₹21,877 Cr | ₹1,165 | 11.5 | 1.1 | 10.9% | 9.9% | 0.0 | 0.6% | -32.6% |
| The Ramco Cements Ltd | ₹17,604 Cr | ₹745 | 27.3 | 2.2 | 9.0% | 7.1% | 0.5 | 0.3% | -22.88% |
| JSW Cement Ltd | ₹15,501 Cr | — | 20.1 | 2.4 | -18.0% | -7.5% | 0.7 | 0.4% | -5.84% |
| India Cements Ltd | ₹14,192 Cr | ₹305.3 | 77.3 | 0.9 | -0.7% | -0.6% | 0.1 | 0.0% | -37.89% |
| Nuvoco Vistas Corporation Ltd | ₹12,040 Cr | ₹337.1 | 29.1 | 1.3 | 3.9% | 3.7% | 0.5 | 0.0% | -8.06% |
| Star Cement Ltd | ₹6,539 Cr | — | 17.7 | 2.1 | 12.9% | 14.3% | 0.2 | 1.3% | -25.18% |
| Birla Corporation Ltd | ₹6,054 Cr | ₹786.2 | 10.9 | 0.8 | 7.8% | 6.5% | 0.5 | 1.6% | -20.75% |
| JK Lakshmi Cement Ltd | ₹5,799 Cr | ₹467.1 | 15.7 | 1.5 | 11.1% | 8.3% | 0.7 | 1.4% | -39.71% |
| Prism Johnson Ltd | ₹4,940 Cr | — | 36.4 | 3.2 | 2.0% | 1.9% | 1.1 | 0.0% | -23.94% |
| Midwest Ltd | ₹3,857 Cr | ₹1,066.6 | 32.6 | 3.9 | 13.4% | 12.6% | 0.2 | 0.0% | -28.32% |
| HeidelbergCement India Ltd | — | — | — | — | 9.7% | 11.6% | 0.0 | — | -24.61% |
| Mangalam Cement Ltd | ₹2,464 Cr | ₹896 | 21.5 | 2.5 | 14.1% | 6.6% | 0.9 | 0.2% | +30.61% |
| Orient Cement Ltd | — | — | — | — | 8.9% | 12.8% | 0.0 | — | -29.49% |
| KCP Ltd | ₹1,869 Cr | — | 11.0 | 1.1 | 16.7% | 10.3% | 0.4 | 0.7% | -10.37% |
| Euro Pratik Sales Ltd | ₹1,864 Cr | ₹182.4 | 21.6 | 6.0 | 28.3% | 31.2% | 0.1 | 0.2% | -34.81% |
| Sagar Cements Ltd | ₹1,657 Cr | — | — | 1.0 | -0.1% | -3.8% | 1.0 | 0.0% | -26.91% |
| IFGL Refractories Ltd | — | — | — | — | 3.1% | 3.6% | 0.2 | — | -5.69% |
| Shree Digvijay Cement Company Ltd | ₹917 Cr | — | — | 2.5 | 6.9% | 4.0% | 1.4 | 1.8% | -27.69% |
| NCL Industries Ltd | ₹752 Cr | — | 6.3 | 0.8 | 10.6% | 8.6% | 0.3 | 2.5% | -18.55% |
| Deccan Cements Ltd | ₹678 Cr | ₹483.8 | 115.2 | 0.9 | 3.9% | 2.5% | 1.0 | 0.1% | -19.14% |
| Saurashtra Cement Ltd | — | — | — | — | 1.5% | 0.7% | 0.1 | — | -32.76% |
| Shiva Cement Ltd | — | — | — | — | —% | -11.0% | — | — | -60.84% |
| Kesoram Industries Ltd | — | — | — | — | -21.4% | -17.5% | 0.6 | — | +18.99% |
| Andhra Cements Ltd | ₹342 Cr | — | — | 4.2 | -56.7% | -13.8% | 14.0 | 0.0% | -36.48% |
| Anjani Portland Cement Ltd-$ | ₹252 Cr | — | — | 0.7 | -8.9% | -3.8% | 0.8 | 0.0% | -37.01% |
| Nidhi Granites Ltd | — | — | — | — | 41.0% | 45.3% | 0.1 | — | +46.6% |
| Shri Keshav Cements And Infra Ltd | — | — | — | — | -7.0% | -0.3% | 2.6 | — | -32.89% |
| Global Surfaces Ltd | — | — | — | — | -11.2% | -6.2% | 0.8 | — | -73.1% |
| Pacific Industries Ltd | ₹91 Cr | — | 33.3 | 0.2 | 0.5% | 0.4% | 0.1 | 0.0% | -38.23% |
| Barak Valley Cements Ltd | — | — | — | — | 0.0% | 2.1% | 0.2 | — | -9.74% |
| Kakatiya Cement Sugar & Industries Ltd | — | — | — | — | -12.3% | -12.7% | 0.1 | — | -15.99% |
| Sri Chakra Cement Ltd | — | — | — | — | —% | -91.1% | — | — | +22.42% |
| Arigato Universe Ltd | — | — | — | — | 32.1% | 8.3% | 1.0 | — | -23.2% |
| Inani Marbles & Industries Ltd | — | — | — | — | 0.3% | 0.3% | 0.4 | — | -47.37% |
| Raw Edge Industrial Solutions Ltd | — | — | — | — | -0.6% | -0.5% | 0.8 | — | -39.81% |
| Solid Stone Company Ltd | ₹15 Cr | — | 28.8 | 0.6 | 2.2% | 3.0% | 0.8 | 0.0% | -27.58% |
| Raasi Refractories Ltd-$ | — | — | — | — | —% | 1.9% | — | — | -29.52% |
| Jain Marmo Industries Ltd | ₹7 Cr | — | — | 1.7 | 0.8% | 1.2% | 0.2 | 0.0% | -21.56% |
| Integrated Thermoplastics Ltd | — | — | — | — | —% | —% | — | — | -2.33% |
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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