Announcement • Jun 01
The India Cements Limited to Report Q1, 2027 Results on Jul 18, 2026 The India Cements Limited announced that they will report Q1, 2027 results at 9:08 AM, Indian Standard Time on Jul 18, 2026 Price Target Changed • Apr 28
Price target increased by 8.6% to ₹440 Up from ₹405, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₹419. Stock is up 33% over the past year. The company is forecast to post earnings per share of ₹5.30 next year compared to a net loss per share of ₹2.17 last year. Buy Or Sell Opportunity • Apr 27
Now 24% overvalued Over the last 90 days, the stock has fallen 3.8% to ₹437. The fair value is estimated to be ₹353, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Apr 26
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: ₹2.17 loss per share (improved from ₹4.01 loss in FY 2025). Revenue: ₹45.7b (up 10% from FY 2025). Net loss: ₹672.5m (loss narrowed 46% from FY 2025). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 30% per year. Announcement • Mar 02
The India Cements Limited to Report Fiscal Year 2026 Results on Apr 25, 2026 The India Cements Limited announced that they will report fiscal year 2026 results at 12:08 PM, Indian Standard Time on Apr 25, 2026 New Risk • Jan 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹2.6b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Price Target Changed • Dec 11
Price target increased by 14% to ₹322 Up from ₹282, the current price target is an average from 4 analysts. New target price is 23% below last closing price of ₹419. Stock is up 22% over the past year. The company is forecast to post a net loss per share of ₹0.90 next year compared to a net loss per share of ₹4.01 last year. Announcement • Dec 01
The India Cements Limited to Report Q3, 2026 Results on Jan 23, 2026 The India Cements Limited announced that they will report Q3, 2026 results on Jan 23, 2026 Reported Earnings • Oct 19
Second quarter 2026 earnings released: EPS: ₹0.28 (vs ₹11.55 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹0.28 (up from ₹11.55 loss in 2Q 2025). Revenue: ₹11.5b (up 11% from 2Q 2025). Net income: ₹88.1m (up ₹3.48b from 2Q 2025). Profit margin: 0.8% (up from net loss in 2Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Sep 03
The India Cements Limited to Report Q2, 2026 Results on Oct 17, 2025 The India Cements Limited announced that they will report Q2, 2026 results on Oct 17, 2025 Buy Or Sell Opportunity • Aug 06
Now 20% undervalued Over the last 90 days, the stock has risen 18% to ₹368. The fair value is estimated to be ₹461, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 10.0% in a year. Earnings are forecast to grow by 99% in the next year. Price Target Changed • Jul 22
Price target increased by 12% to ₹282 Up from ₹252, the current price target is an average from 3 analysts. New target price is 24% below last closing price of ₹371. Stock is up 5.7% over the past year. The company is forecast to post a net loss per share of ₹1.40 next year compared to a net loss per share of ₹0.54 last year. New Risk • Jul 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹3.2b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 20
First quarter 2026 earnings released: ₹4.21 loss per share (vs ₹1.87 profit in 1Q 2025) First quarter 2026 results: ₹4.21 loss per share (down from ₹1.87 profit in 1Q 2025). Revenue: ₹10.3b (flat on 1Q 2025). Net loss: ₹1.33b (down 327% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Jul 18
The India Cements Limited, Annual General Meeting, Aug 13, 2025 The India Cements Limited, Annual General Meeting, Aug 13, 2025, at 15:00 Indian Standard Time. New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings have declined by 57% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 57% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₹3.2b). Currently unprofitable and not forecast to become profitable next year (₹500k net loss next year). Announcement • Jun 05
The India Cements Limited to Report Q1, 2026 Results on Jul 19, 2025 The India Cements Limited announced that they will report Q1, 2026 results at 12:08 PM, Indian Standard Time on Jul 19, 2025 Breakeven Date Change • Apr 29
Forecast breakeven date pushed back to 2027 The 2 analysts covering India Cements previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of ₹1.94b in 2027. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Reported Earnings • Apr 27
Full year 2025 earnings released: ₹0.54 loss per share (vs ₹7.34 loss in FY 2024) Full year 2025 results: ₹0.54 loss per share (improved from ₹7.34 loss in FY 2024). Revenue: ₹41.5b (down 19% from FY 2024). Net loss: ₹1.24b (loss narrowed 45% from FY 2024). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Board Change • Apr 01
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Director Kailash Jhanwar was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 22
The India Cements Limited Announces Board Appointment The India Cements Limited by Postal Ballot approved appointment of Mr. Kailash Chandra Jhanwar as a Director liable to retire by rotation; Appointment of Mr. Vivek Agrawal as a Director liable to retire by rotation; Appointment of Mr. E.R.Raj Narayanan as a Director liable to retire by rotation; Appointment of Mr. Ashok Ramchandran as a Director liable to retire by rotation; Appointment of Mrs. Alka Bharucha as an Independent Director; Appointment of Dr. Vikas Balia as an Independent Director; and Appointment of Mrs. Sukanya Kripalu as an Independent Director. Price Target Changed • Feb 13
Price target increased by 8.3% to ₹244 Up from ₹225, the current price target is an average from 4 analysts. New target price is 13% below last closing price of ₹281. Stock is up 19% over the past year. The company is forecast to post a net loss per share of ₹8.80 next year compared to a net loss per share of ₹7.34 last year. Reported Earnings • Jan 22
Third quarter 2025 earnings released: EPS: ₹4.48 (vs ₹0.022 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.48 (up from ₹0.022 in 3Q 2024). Revenue: ₹9.41b (down 18% from 3Q 2024). Net income: ₹1.39b (up ₹1.38b from 3Q 2024). Profit margin: 15% (up from 0.1% in 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 09
Second quarter 2025 earnings released: ₹11.55 loss per share (vs ₹2.56 loss in 2Q 2024) Second quarter 2025 results: ₹11.55 loss per share (further deteriorated from ₹2.56 loss in 2Q 2024). Revenue: ₹11.9b (down 5.8% from 2Q 2024). Net loss: ₹3.39b (loss widened 324% from 2Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in India are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 13
Price target increased by 13% to ₹186 Up from ₹165, the current price target is an average from 6 analysts. New target price is 49% below last closing price of ₹365. Stock is up 45% over the past year. The company is forecast to post earnings per share of ₹2.80 next year compared to a net loss per share of ₹7.32 last year. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: ₹1.87 (vs ₹2.86 loss in 1Q 2024) First quarter 2025 results: EPS: ₹1.87 (up from ₹2.86 loss in 1Q 2024). Revenue: ₹10.4b (down 28% from 1Q 2024). Net income: ₹584.7m (up ₹1.46b from 1Q 2024). Profit margin: 5.6% (up from net loss in 1Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.5% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 129 percentage points per year, which is a significant difference in performance. Announcement • Aug 05
The India Cements Limited to Report Q1, 2025 Results on Aug 09, 2024 The India Cements Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Announcement • Jul 10
The India Cements Limited Announces Resignation of S. Christopher Jebakumar as Director The India Cements Limited announced that IDBI Bank Limited (IDBI), vide its letter dated July 9, 2024 has withdrawn the nomination of Mr. S. Christopher Jebakumar as Director on the Board of the Company with immediate effect. Consequently, he has resigned and ceased to be the Nominee Director of the company with effect from July 10, 2024. Announcement • Jul 01
The India Cements Limited Announces Retirement of P. Munireddy, President (Operations) The India Cements Limited announced that Sri. P. Munireddy, President (Operations), Corporate Office, a Senior Management Personnel, retired from the services of the Company on June 30, 2024, after having served the Organization for twelve years. During his tenure of office, he held various positions and lastly as President (Operations) and rendered valuable contributions to the Company and the Management is appreciative of this. New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • May 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₹7.32 loss per share (further deteriorated from ₹4.10 loss in FY 2023). Revenue: ₹51.8b (down 7.7% from FY 2023). Net loss: ₹2.27b (loss widened 79% from FY 2023). Revenue missed analyst estimates by 9.5%. Earnings per share (EPS) also missed analyst estimates by 93%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 5.1% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Announcement • May 16
The India Cements Limited to Report Fiscal Year 2024 Results on May 20, 2024 The India Cements Limited announced that they will report fiscal year 2024 results on May 20, 2024 Price Target Changed • Feb 05
Price target increased by 10% to ₹169 Up from ₹154, the current price target is an average from 6 analysts. New target price is 28% below last closing price of ₹234. Stock is up 24% over the past year. The company is forecast to post a net loss per share of ₹4.00 next year compared to a net loss per share of ₹4.09 last year. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: ₹0.022 (vs ₹4.24 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.022 (down from ₹4.24 in 3Q 2023). Revenue: ₹11.7b (down 8.4% from 3Q 2023). Net income: ₹6.70m (down 100% from 3Q 2023). Profit margin: 0.1% (down from 10% in 3Q 2023). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Announcement • Jan 23
The India Cements Limited to Report Q3, 2024 Results on Feb 01, 2024 The India Cements Limited announced that they will report Q3, 2024 results on Feb 01, 2024 Reported Earnings • Nov 03
Second quarter 2024 earnings released: ₹2.56 loss per share (vs ₹3.62 loss in 2Q 2023) Second quarter 2024 results: ₹2.56 loss per share (improved from ₹3.62 loss in 2Q 2023). Revenue: ₹12.6b (down 4.7% from 2Q 2023). Net loss: ₹800.7m (loss narrowed 29% from 2Q 2023). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Oct 26
The India Cements Limited to Report Q2, 2024 Results on Oct 31, 2023 The India Cements Limited announced that they will report Q2, 2024 results on Oct 31, 2023 Price Target Changed • Aug 11
Price target increased by 8.7% to ₹160 Up from ₹147, the current price target is an average from 6 analysts. New target price is 37% below last closing price of ₹253. Stock is up 31% over the past year. The company is forecast to post a net loss per share of ₹2.73 next year compared to a net loss per share of ₹4.14 last year. Reported Earnings • Aug 08
First quarter 2024 earnings released: ₹2.86 loss per share (vs ₹2.74 profit in 1Q 2023) First quarter 2024 results: ₹2.86 loss per share (down from ₹2.74 profit in 1Q 2023). Revenue: ₹14.4b (down 5.1% from 1Q 2023). Net loss: ₹874.0m (down 209% from profit in 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.9% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Aug 07
The India Cements Limited, Annual General Meeting, Sep 21, 2023 The India Cements Limited, Annual General Meeting, Sep 21, 2023. Announcement • Jul 29
The India Cements Limited to Report Q1, 2024 Results on Aug 07, 2023 The India Cements Limited announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 25
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: ₹4.04 loss per share (down from ₹2.53 profit in FY 2022). Revenue: ₹56.5b (up 16% from FY 2022). Net loss: ₹1.27b (down 262% from profit in FY 2022). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 25
The India Cements Limited Announces Non Re-Election of Krishna Prasad Nair as Independent Director, Effective June 23, 2023 The India Cements Limited noted and recorded that the first term of Office of Sri. Krishna Prasad Nair Independent Director of the Company would conclude on 23.06.2023. Sri.Krishna Prasad Nair has not opted for reappointment for the second term due to his official commitments and other engagements and he will hold office as an Independent Director till 23 June 2023. Announcement • May 19
The India Cements Limited to Report Q4, 2023 Results on May 24, 2023 The India Cements Limited announced that they will report Q4, 2023 results on May 24, 2023 Announcement • May 17
The India Cements Limited Announces the Resignation of Siddhartha Mohanty as Director Life Insurance Corporation of India (LIC) has forwarded letter dated May 12, 2023 from Mr. Siddhartha Mohanty (DIN:08058830) tendering his resignation as Director representing LIC on the Board of The India Cements Limited, consequent to his assuming Office as Chairperson of LIC. Announcement • Feb 09
The India Cements Limited Announces Resignation of Nalini Murari Ratnam as Nominee Director The India Cements Limited announced resignation of Mrs. Nalini Murari Ratnam as Nominee Director effective from February 6, 2023. The term of office of Mrs. alini Murari Ratnam, Nominee Director, concluded on February 6, 2023. Consequently, she, vide her letter dated February 5 2023, resigned as a Director from the Board of Company effective from close of business hours on February 6, 2023. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹4.24 (vs ₹0.24 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.24 (up from ₹0.24 in 3Q 2022). Revenue: ₹12.8b (up 10% from 3Q 2022). Net income: ₹1.33b (up ₹1.17b from 3Q 2022). Profit margin: 10% (up from 1.4% in 3Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 28
The India Cements Limited to Report Q3, 2023 Results on Feb 03, 2023 The India Cements Limited announced that they will report Q3, 2023 results at 12:08 PM, Indian Standard Time on Feb 03, 2023 Price Target Changed • Nov 16
Price target increased to ₹161 Up from ₹138, the current price target is an average from 6 analysts. New target price is 34% below last closing price of ₹243. Stock is up 21% over the past year. The company is forecast to post a net loss per share of ₹1.10 compared to earnings per share of ₹2.53 last year. Price Target Changed • Nov 10
Price target increased to ₹150 Up from ₹138, the current price target is an average from 6 analysts. New target price is 39% below last closing price of ₹245. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₹2.05 for next year compared to ₹2.53 last year. Reported Earnings • Nov 08
Second quarter 2023 earnings released: ₹3.62 loss per share (vs ₹0.87 profit in 2Q 2022) Second quarter 2023 results: ₹3.62 loss per share (down from ₹0.87 profit in 2Q 2022). Revenue: ₹13.4b (up 8.3% from 2Q 2022). Net loss: ₹1.13b (down 481% from profit in 2Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 01
Price target decreased to ₹138 Down from ₹150, the current price target is an average from 6 analysts. New target price is 43% below last closing price of ₹241. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₹2.05 for next year compared to ₹2.53 last year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹236, the stock trades at a forward P/E ratio of 67x. Average forward P/E is 28x in the Basic Materials industry in India. Total returns to shareholders of 200% over the past three years. Announcement • Oct 11
JSW Cement Limited entered into an agreement to acquire Springway Mining Private Limited from The India Cements Limited (NSEI:INDIACEM) for INR 4.8 billion. JSW Cement Limited entered into an agreement to acquire Springway Mining Private Limited from The India Cements Limited (NSEI:INDIACEM) for INR 4.8 billion on October 10, 2022. Springway Mining Private Limited recorded net worth of INR 142.3 million for the financial year 2021-2022. JSW Cement paid INR 3.8 billion of the total consideration on signing of the agreement and the balance INR 1 billion will be paid on the date of completion. The transaction is subject to certain condition and is expected to complete on or before December 31, 2022. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improved over the past week After last week's 20% share price gain to ₹290, the stock trades at a forward P/E ratio of 75x. Average forward P/E is 31x in the Basic Materials industry in India. Total returns to shareholders of 230% over the past three years. Price Target Changed • Sep 14
Price target decreased to ₹142 Down from ₹154, the current price target is an average from 2 analysts. New target price is 46% below last closing price of ₹263. Stock is up 42% over the past year. The company is forecast to post earnings per share of ₹2.05 for next year compared to ₹2.53 last year. Upcoming Dividend • Sep 13
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 27 October 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.8%). Reported Earnings • Aug 16
First quarter 2023 earnings released: EPS: ₹2.74 (vs ₹1.60 in 1Q 2022) First quarter 2023 results: EPS: ₹2.74 (up from ₹1.60 in 1Q 2022). Net income: ₹799.8m (up 86% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 35% per year. Announcement • Aug 13
The India Cements Limited, Annual General Meeting, Sep 28, 2022 The India Cements Limited, Annual General Meeting, Sep 28, 2022. Price Target Changed • May 30
Price target decreased to ₹167 Down from ₹182, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹172. Stock is down 5.6% over the past year. The company posted earnings per share of ₹8.92 last year. Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹8.92 (vs ₹6.67 in FY 2021) Full year 2022 results: EPS: ₹8.92. Revenue: ₹48.8b (up 8.3% from FY 2021). Net income: ₹784.6m (down 62% from FY 2021). Profit margin: 1.6% (down from 4.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 24%, compared to a 15% growth forecast for the industry in India. Announcement • May 27
The India Cements Limited Recommends Dividend for the Year 2021-22 The India Cements Limited announced that at its Board meeting held on May 27, 2022, recommended Dividend of INR 1 per Equity Share of INR 10/- each for the year 2021-22. Announcement • May 20
The India Cements Limited to Report Q4, 2022 Results on May 27, 2022 The India Cements Limited announced that they will report Q4, 2022 results on May 27, 2022 Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.24 (down from ₹2.25 in 3Q 2021). Revenue: ₹11.6b (down 2.0% from 3Q 2021). Net income: ₹162.4m (down 76% from 3Q 2021). Profit margin: 1.4% (down from 5.7% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 217%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
The India Cements Limited to Report Q3, 2022 Results on Feb 11, 2022 The India Cements Limited announced that they will report Q3, 2022 results on Feb 11, 2022 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹213, the stock trades at a trailing P/E ratio of 37x. Average forward P/E is 22x in the Basic Materials industry in India. Total returns to shareholders of 174% over the past three years. Price Target Changed • Dec 24
Price target increased to ₹225 Up from ₹174, the current price target is provided by 1 analyst. New target price is 22% above last closing price of ₹184. Stock is up 27% over the past year. The company posted earnings per share of ₹6.67 last year. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ₹0.87 (vs ₹2.23 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹12.4b (up 14% from 2Q 2021). Net income: ₹297.5m (down 57% from 2Q 2021). Profit margin: 2.4% (down from 6.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 24
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 08 October 2021. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (1.0%). Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS ₹1.60 (vs ₹0.65 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹10.5b (up 37% from 1Q 2021). Net income: ₹430.5m (up 121% from 1Q 2021). Profit margin: 4.1% (up from 2.6% in 1Q 2021). The increase in margin was driven by higher revenue. Price Target Changed • Aug 12
Price target increased to ₹175 Up from ₹163, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹178. Stock is up 53% over the past year. Recent Insider Transactions • May 30
Insider recently sold ₹7.5m worth of stock On the 27th of May, N. Venkateswaran sold around 40k shares on-market at roughly ₹187 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • May 27
Price target increased to ₹163 Up from ₹140, the current price target is provided by 1 analyst. New target price is 14% below last closing price of ₹189. Stock is up 44% over the past year. Reported Earnings • May 27
Full year 2021 earnings released: EPS ₹7.01 (vs ₹1.62 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹45.1b (down 13% from FY 2020). Net income: ₹2.07b (up 312% from FY 2020). Profit margin: 4.6% (up from 1.0% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 25
The India Cements Limited Recommends Dividend for the Year 2020-21 The Board of Directors of The India Cements Limited has recommended the following for the approval of the shareholders: Dividend of INR 1/- per equity share of INR 10/- each for the year 2020-21. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 18% share price gain to ₹203, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 17x in the Basic Materials industry in India. Total returns to shareholders of 59% over the past three years. Executive Departure • Apr 10
Nominee Non-Executive Director has left the company On the 3rd of April, V. Venkatakrishnan's tenure as Nominee Non-Executive Director ended after 2.5 years in the role. We don't have any record of a personal shareholding under Venkatakrishnan's name. Venkatakrishnan is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 04
New 90-day high: ₹182 The company is up 19% from its price of ₹153 on 04 December 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 22% over the same period. Reported Earnings • Jan 28
Third quarter 2021 earnings released: EPS ₹2.25 (vs ₹0.24 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹11.8b (down 4.8% from 3Q 2020). Net income: ₹679.0m (up ₹766.9m from 3Q 2020). Profit margin: 5.7% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 28
Price target raised to ₹134 Up from ₹110, the current price target is provided by 1 analyst. The new target price is 15% below the current share price of ₹158. As of last close, the stock is up 89% over the past year. Announcement • Jan 19
The India Cements Limited to Report Q3, 2021 Results on Jan 27, 2021 The India Cements Limited announced that they will report Q3, 2021 results on Jan 27, 2021 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to ₹175, the stock is trading at a trailing P/E ratio of 78.5x, up from the previous P/E ratio of 64.9x. This compares to an average P/E of 18x in the Basic Materials industry in India. Total return to shareholders over the past three years is a loss of 6.7%. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 22% share price gain to ₹174, the stock is trading at a trailing P/E ratio of 64.7x, up from the previous P/E ratio of 52.9x. This compares to an average P/E of 17x in the Basic Materials industry in India. Total return to shareholders over the past three years is a loss of 4.7%. Is New 90 Day High Low • Dec 30
New 90-day high: ₹174 The company is up 46% from its price of ₹119 on 01 October 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to ₹150, the stock is trading at a trailing P/E ratio of 59.2x, up from the previous P/E ratio of 49.3x. This compares to an average P/E of 19x in the Basic Materials industry in India. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Nov 17
New 90-day high: ₹134 The company is up 14% from its price of ₹117 on 19 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 17% over the same period. 
