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 | ₹11,353 | 41.5 | 4.7 | 10.6% | 12.4% | 0.3 | 0.0% | +2.10% |
| Grasim Industries Ltd | ₹1,98,872 Cr | ₹3,134.8 | 46.0 | 2.0 | 0.0% | 6.3% | 1.3 | 0.0% | +16.21% |
| Ambuja Cements Ltd | ₹1,07,228 Cr | ₹421.1 | 29.0 | 1.9 | 8.3% | 5.0% | 0.0 | 0.5% | -18.22% |
| Shree Cement Ltd | ₹90,083 Cr | ₹25,910 | 52.4 | 4.0 | 0.0% | 7.4% | 0.4 | 0.2% | +2.34% |
| ACC Ltd | ₹25,338 Cr | ₹1,335.1 | 11.9 | 1.2 | 10.9% | 9.0% | 0.0 | 0.6% | -25.24% |
| Andhra Cements Ltd | ₹508 Cr | ₹49.97 | 0.0 | 6.3 | -59.6% | -37.3% | 14.0 | 0.0% | -30.39% |
| Anjani Portland Cement Ltd-$ | ₹340 Cr | ₹106.73 | 0.0 | 1.7 | 0.0% | -12.6% | 2.2 | 0.0% | -11.15% |
| Birla Corporation Ltd | ₹7,788 Cr | ₹936.4 | 14.0 | 1.1 | 0.0% | 11.2% | 0.5 | 0.0% | -8.52% |
| Barak Valley Cements Ltd | ₹95 Cr | ₹41.42 | 4,265.0 | 0.8 | 0.0% | 10.3% | 0.3 | 0.0% | +5.24% |
| Dalmia Bharat Ltd | ₹32,038 Cr | ₹1,718.4 | 28.1 | 1.8 | 6.5% | 6.9% | 0.4 | 0.5% | -10.32% |
| Deccan Cements Ltd | ₹821 Cr | ₹564.8 | 25.8 | 1.1 | 0.0% | 0.6% | 1.0 | 0.0% | -23.88% |
| Euro Pratik Sales Ltd | ₹2,655 Cr | ₹300.75 | 37.4 | 8.6 | 27.8% | 40.2% | 0.1 | 0.0% | -2.84% |
| Global Surfaces Ltd | ₹237 Cr | ₹39.04 | 0.0 | 0.8 | 0.0% | -5.0% | 0.7 | 0.0% | -65.84% |
| HeidelbergCement India Ltd | ₹3,509 Cr | ₹159.02 | 25.2 | 2.7 | 0.0% | 25.2% | 0.1 | 0.0% | -7.38% |
| IFGL Refractories Ltd | ₹1,184 Cr | ₹227.18 | 41.2 | 1.0 | 0.0% | 6.5% | 0.2 | 0.3% | +10.52% |
| India Cements Ltd | ₹18,826 Cr | ₹371.45 | 0.0 | 1.2 | -0.7% | 0.9% | 0.1 | 0.0% | -6.74% |
| JK Cement Ltd | ₹42,192 Cr | ₹5,332 | 41.3 | 6.5 | 0.0% | 15.8% | 1.0 | 0.0% | -2.76% |
| JK Lakshmi Cement Ltd | ₹8,017 Cr | ₹567 | 17.3 | 2.2 | 0.0% | 9.3% | 0.7 | 0.0% | -26.93% |
| JSW Cement Ltd | ₹16,450 Cr | ₹134.43 | 0.0 | 2.5 | 0.0% | 6.4% | 0.8 | 0.0% | +21.22% |
| Kakatiya Cement Sugar & Industries Ltd | ₹96 Cr | ₹116.98 | 0.0 | 0.5 | 0.0% | -16.9% | 0.1 | 0.0% | -14.71% |
| KCP Ltd | ₹2,092 Cr | ₹163.6 | 14.0 | 1.3 | 0.0% | 15.3% | 0.4 | 0.0% | -3.93% |
| Kesoram Industries Ltd | ₹384 Cr | ₹10.36 | 0.0 | 1.1 | 0.0% | 0.0% | 0.6 | 0.0% | +31.31% |
| Mangalam Cement Ltd | ₹2,269 Cr | ₹923.45 | 28.2 | 2.3 | 14.1% | 6.3% | 0.9 | 0.0% | +22.31% |
| Midwest Ltd | ₹4,812 Cr | ₹1,294.8 | 41.3 | 6.7 | 16.2% | 0.0% | 34.0 | 0.0% | -4.00% |
| Navkar Urbanstructure Ltd | ₹91 Cr | ₹0.94 | 0.0 | 0.6 | 0.0% | 0.7% | 0.0 | 0.0% | -38.96% |
| NCL Industries Ltd | ₹760 Cr | ₹179.35 | 12.6 | 0.9 | 0.0% | 14.2% | 0.4 | 2.1% | -7.12% |
| Nuvoco Vistas Corporation Ltd | ₹11,218 Cr | ₹309.75 | 31.2 | 1.1 | 3.7% | 6.5% | 0.5 | 0.0% | -7.83% |
| Orient Cement Ltd | ₹2,773 Cr | ₹134.1 | 8.2 | 1.3 | 17.1% | 14.3% | 0.0 | 0.4% | -12.57% |
| Prism Johnson Ltd | ₹6,361 Cr | ₹111.01 | 32.6 | 4.1 | 0.0% | -7.9% | 0.9 | 0.0% | -10.39% |
| The Ramco Cements Ltd | ₹21,151 Cr | ₹908.6 | 36.7 | 2.8 | 0.0% | 11.7% | 0.6 | 0.0% | -6.07% |
| Sagar Cements Ltd | ₹2,309 Cr | ₹173.75 | 0.0 | 1.2 | -0.0% | -4.8% | 0.9 | 0.0% | -14.41% |
| Saurashtra Cement Ltd | ₹690 Cr | ₹53.99 | 24.1 | 0.7 | 1.5% | 0.4% | 0.1 | 0.0% | -31.98% |
| Shree Digvijay Cement Company Ltd | ₹1,061 Cr | ₹74.24 | 42.5 | 2.9 | 6.9% | 4.5% | 1.4 | 1.4% | -16.01% |
| Star Cement Ltd | ₹8,585 Cr | ₹202.41 | 23.3 | 2.9 | 0.0% | 7.9% | 0.2 | 0.0% | -5.86% |
| Inani Marbles & Industries Ltd | ₹21 Cr | ₹11.45 | 0.0 | 0.4 | 2.0% | 0.0% | 0.0 | 35.0% | -45.22% |
| Associated Ceramics Ltd | ₹36 Cr | ₹169.45 | 14.2 | 0.0 | 9.1% | 0.0% | 0.0 | 0.0% | -32.57% |
| Kotia Enterprises Ltd | ₹20 Cr | ₹81.5 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0 | 0.0% | +211.19% |
| Nidhi Granites Ltd | ₹267 Cr | ₹375 | 54.9 | 14.6 | 18.2% | 0.0% | 0.0 | 0.0% | +127.27% |
| Aviva Industries Ltd | ₹199 Cr | ₹61.5 | 9.9 | 7.6 | 0.0% | 0.0% | 0.0 | 0.0% | +64.84% |
| Pacific Industries Ltd | ₹99 Cr | ₹134.95 | 25.2 | 0.2 | 6.6% | 0.0% | 0.0 | 0.0% | -39.62% |
| Shiva Granito Export Ltd | ₹16 Cr | ₹12.83 | 1,199.0 | 0.7 | 0.0% | 0.0% | 0.0 | 0.0% | 0.00% |
| Solid Stone Company Ltd | ₹14 Cr | ₹24.06 | 35.7 | 0.6 | 6.3% | 0.0% | 0.0 | 0.0% | -25.4% |
| Hemadri Cements Ltd | ₹34 Cr | ₹50.88 | 0.0 | 0.0 | 0.0% | 0.0% | 0.0 | 0.0% | -24.84% |
| Panyam Cements & Mineral Industries Ltd | ₹95 Cr | ₹95 | 0.0 | -0.4 | 0.0% | 0.0% | 0.0 | 0.0% | -18.49% |
| Raasi Refractories Ltd-$ | ₹7 Cr | ₹16.2 | 1.5 | -0.5 | 0.0% | 0.0% | 0.0 | 0.0% | -35.2% |
| Nilachal Refractories Ltd | ₹83 Cr | ₹41.5 | 0.0 | -2.5 | -25.0% | 0.0% | 0.0 | 0.0% | -1.19% |
| Kachchh Minerals Ltd | ₹15 Cr | ₹26 | 0.0 | 15.6 | 0.0% | 0.0% | 0.0 | 0.0% | -19.18% |
| Keerthi Industries Ltd | ₹37 Cr | ₹39.78 | 0.0 | 1.1 | -109.5% | 0.0% | 0.0 | 0.0% | -46.21% |
| Sri Chakra Cement Ltd | ₹44 Cr | ₹40.5 | 0.0 | -1.9 | 0.0% | 0.0% | 0.0 | 0.0% | +90.68% |
| Manoj Ceramic Ltd | ₹105 Cr | ₹101 | 7.0 | 0.7 | 36.7% | 0.0% | 0.0 | 0.0% | -49.98% |
| Raw Edge Industrial Solutions Ltd | ₹20 Cr | ₹19.17 | 0.0 | 1.0 | -8.3% | 0.0% | 0.0 | 0.0% | -26.75% |
| Midwest Gold Ltd | ₹5,898 Cr | ₹4,395 | 0.0 | 62.5 | 0.0% | 0.0% | 0.0 | 0.0% | +762.95% |
| Jain Marmo Industries Ltd | ₹7 Cr | ₹22 | 0.0 | 1.8 | 0.0% | 0.0% | 0.0 | 0.0% | -24.97% |
| Shiva Cement Ltd | ₹525 Cr | ₹16.89 | 0.0 | 13.0 | 0.0% | 0.0% | 0.0 | 0.0% | -45.04% |
| Arigato Universe Ltd | ₹36 Cr | ₹54 | 35.1 | 4.2 | 0.0% | 0.0% | 0.0 | 0.0% | +22.64% |
| Agarwal Fortune India Ltd | ₹8 Cr | ₹19 | 43.6 | 11.4 | 0.0% | 0.0% | 0.0 | 0.0% | -14.14% |
| Integrated Thermoplastics Ltd | ₹4 Cr | ₹7.62 | 0.0 | -0.1 | 0.0% | 0.0% | 0.0 | 0.0% | +13.06% |
| Shri Keshav Cements And Infra Ltd | ₹284 Cr | ₹131 | 0.0 | 2.8 | -85.7% | 0.0% | 0.0 | 0.0% | -13.87% |
| Neelkanth Rockminerals Ltd | ₹11 Cr | ₹44.5 | 29.4 | 1.4 | 0.0% | 0.0% | 0.0 | 0.0% | +222.7% |
| 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% | -80.0% |
| 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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