Reported Earnings • Jul 30
First quarter 2027 earnings released: EPS: ₹1.35 (vs ₹2.13 in 1Q 2026) First quarter 2027 results: EPS: ₹1.35 (down from ₹2.13 in 1Q 2026). Revenue: ₹6.28b (up 5.1% from 1Q 2026). Net income: ₹305.5m (down 37% from 1Q 2026). Profit margin: 4.9% (down from 8.1% in 1Q 2026). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.0% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Jul 23
HeidelbergCement India Limited to Report Q1, 2027 Results on Jul 29, 2026 HeidelbergCement India Limited announced that they will report Q1, 2027 results on Jul 29, 2026 Declared Dividend • May 27
Dividend of ₹7.00 announced Dividend of ₹7.00 is the same as last year. Ex-date: 11th September 2026 Payment date: 24th October 2026 Dividend yield will be 4.4%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is not covered by earnings (149% earnings payout ratio) nor is it covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 65% to bring the payout ratio under control. EPS is expected to grow by 49% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • May 26
HeidelbergCement India Limited announces Annual dividend, payable on October 24, 2026 HeidelbergCement India Limited announced Annual dividend of INR 7.0000 per share payable on October 24, 2026, ex-date on September 11, 2026 and record date on September 11, 2026. Reported Earnings • May 26
Full year 2026 earnings released: EPS: ₹5.91 (vs ₹4.71 in FY 2025) Full year 2026 results: EPS: ₹5.91 (up from ₹4.71 in FY 2025). Revenue: ₹23.6b (up 9.9% from FY 2025). Net income: ₹1.34b (up 26% from FY 2025). Profit margin: 5.7% (up from 5.0% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 3.8% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Duyuru • May 25
HeidelbergCement India Limited, Annual General Meeting, Sep 24, 2026 HeidelbergCement India Limited, Annual General Meeting, Sep 24, 2026. Duyuru • May 19
HeidelbergCement India Limited to Report Q4, 2026 Results on May 25, 2026 HeidelbergCement India Limited announced that they will report Q4, 2026 results on May 25, 2026 Buy Or Sell Opportunity • Feb 24
Now 21% overvalued Over the last 90 days, the stock has fallen 8.8% to ₹168. The fair value is estimated to be ₹138, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹0.69 (vs ₹0.23 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.69 (up from ₹0.23 in 3Q 2025). Revenue: ₹5.80b (up 6.9% from 3Q 2025). Net income: ₹156.0m (up 201% from 3Q 2025). Profit margin: 2.7% (up from 1.0% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% 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 2% per year whereas the company’s share price has remained flat. Duyuru • Feb 02
HeidelbergCement India Limited to Report Q3, 2026 Results on Feb 06, 2026 HeidelbergCement India Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: ₹1.10 (vs ₹0.49 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.10 (up from ₹0.49 in 2Q 2025). Revenue: ₹5.21b (up 13% from 2Q 2025). Net income: ₹249.3m (up 122% from 2Q 2025). Profit margin: 4.8% (up from 2.4% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% 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 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • Oct 23
HeidelbergCement India Limited to Report Q2, 2026 Results on Oct 29, 2025 HeidelbergCement India Limited announced that they will report Q2, 2026 results on Oct 29, 2025 Duyuru • Sep 26
Heidelbergcement India Limited Approves Dividend for the Financial Year Ended March 31, 2025 HeidelbergCement India Limited at its AGM held on 24 September 2025, approved declaration of dividend of INR 7 per equity share of the face value of INR 10 each for the financial year ended March 31, 2025. Declared Dividend • Sep 05
Dividend reduced to ₹7.00 Dividend of ₹7.00 is 13% lower than last year. Ex-date: 12th September 2025 Payment date: 24th October 2025 Dividend yield will be 3.3%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is not covered by earnings (149% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 65% to bring the payout ratio under control. EPS is expected to grow by 110% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Jul 30
First quarter 2026 earnings released: EPS: ₹2.13 (vs ₹1.76 in 1Q 2025) First quarter 2026 results: EPS: ₹2.13 (up from ₹1.76 in 1Q 2025). Revenue: ₹5.98b (up 12% from 1Q 2025). Net income: ₹482.3m (up 21% from 1Q 2025). Profit margin: 8.1% (up from 7.5% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% 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 17% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Duyuru • Jul 22
HeidelbergCement India Limited to Report Q1, 2026 Results on Jul 29, 2025 HeidelbergCement India Limited announced that they will report Q1, 2026 results on Jul 29, 2025 Duyuru • May 29
HeidelbergCement India Limited, Annual General Meeting, Sep 24, 2025 HeidelbergCement India Limited, Annual General Meeting, Sep 24, 2025. Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹4.71 (vs ₹7.40 in FY 2024) Full year 2025 results: EPS: ₹4.71 (down from ₹7.40 in FY 2024). Revenue: ₹21.9b (down 7.2% from FY 2024). Net income: ₹1.07b (down 36% from FY 2024). Profit margin: 4.9% (down from 7.1% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • May 21
HeidelbergCement India Limited to Report Q4, 2025 Results on May 28, 2025 HeidelbergCement India Limited announced that they will report Q4, 2025 results on May 28, 2025 Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹0.23 (vs ₹1.39 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.23 (down from ₹1.39 in 3Q 2024). Revenue: ₹5.52b (down 9.1% from 3Q 2024). Net income: ₹51.9m (down 84% from 3Q 2024). Profit margin: 0.9% (down from 5.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • Jan 27
Ultratech Reportedly in Advanced Talks to Acquire Heidelbergcement in INR 33.81 Billion Deal Shares of HeidelbergCement India Limited (BSE:500292) surged up to 10% on January 27 as Moneycontrol reported, citing people familiar with the matter, that Aditya Birla Group’s flagship company UltraTech Cement Limited (NSEI:ULTRACEMCO) is in advanced talks with German cement major Heidelberg to acquire its Indian-listed business. Following the Moneycontrol article, HeidelbergCement India's shares rose as high as 10% to trade at INR 242.5 apiece. However, the shares pared their gains subsequently and at 12:30 pm on January 27, they were trading 5.5% higher at INR 227 apiece. Top Aditya Birla group executives recently met the German cement maker’s global management to discuss the acquisition of HeidelbergCement India, the sources told Moneycontrol. Heidelberg owns a 69.39% stake in the company, which is listed on the Indian stock exchanges. The stake was worth around INR 33.81 Billion at the stock’s closing price on January 24. Moneycontrol reported on October 7 that Heidelberg had drawn interest from major Indian cement makers such as Adani group and JSW Cement as well as UltraTech. The Economic Times also reported on October 7 that Adani group had begun talks with Heidelberg for the acquisition of its India assets. Duyuru • Jan 23
HeidelbergCement India Limited to Report Q3, 2025 Results on Jan 30, 2025 HeidelbergCement India Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Buy Or Sell Opportunity • Jan 14
Now 20% overvalued Over the last 90 days, the stock has fallen 7.4% to ₹214. The fair value is estimated to be ₹178, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 83% in the next 2 years. Buy Or Sell Opportunity • Nov 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to ₹237. The fair value is estimated to be ₹194, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹0.49 (vs ₹1.58 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.49 (down from ₹1.58 in 2Q 2024). Revenue: ₹4.74b (down 16% from 2Q 2024). Net income: ₹112.1m (down 69% from 2Q 2024). Profit margin: 2.4% (down from 6.3% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.2% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 167% Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Duyuru • Oct 21
HeidelbergCement India Limited to Report Q2, 2025 Results on Oct 28, 2024 HeidelbergCement India Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Duyuru • Oct 08
Adani Group Reportedly Lays Bricks to Buy Heidelberg's India Cement Unit Adani Enterprises Limited (BSE:512599) (The Adani Group) has begun talks to acquire the Indian cement operations of Germany's Heidelberg Materials AG (XTRA:HEI), according to people familiar with the matter. The proposed buyout of Heidelberg's India unit will be led by Adani Group company Ambuja Cements Limited (BSE:500425) (Ambuja Cements) and could be worth around $1.2 billion (INR 100.00 billion), they said. If successful, it will accelerate the consolidation wave that's sweeping the industry. Duyuru • Sep 26
HeidelbergCement India Limited Approves Dividend for the Financial Year 2023-2024 HeidelbergCement India Limited at its AGM held on 25 September 2024 approved to declare a dividend of INR 8 per equity share of the face value of INR 10 each for the financial year 2023-2024. Buy Or Sell Opportunity • Sep 18
Now 23% undervalued Over the last 90 days, the stock has risen 5.1% to ₹227. The fair value is estimated to be ₹294, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Upcoming Dividend • Sep 11
Upcoming dividend of ₹8.00 per share Eligible shareholders must have bought the stock before 18 September 2024. Payment date: 25 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Within top quartile of Indian dividend payers (1.0%). Higher than average of industry peers (0.5%). Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: ₹1.76 (vs ₹2.31 in 1Q 2024) First quarter 2025 results: EPS: ₹1.76 (down from ₹2.31 in 1Q 2024). Revenue: ₹5.32b (down 11% from 1Q 2024). Net income: ₹399.0m (down 24% from 1Q 2024). Profit margin: 7.5% (down from 8.8% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.9% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Jul 17
HeidelbergCement India Limited to Report Q1, 2025 Results on Jul 31, 2024 HeidelbergCement India Limited announced that they will report Q1, 2025 results on Jul 31, 2024 Duyuru • Jun 19
Heidelberg cement India Limited Announces Executive Changes Heidelberg Cement India Limited announced in reference to their letter dated May 29, 2024 vide which they had furnished Outcome of Board Meeting communicating the Board's decision regarding acceptance of resignation of Mr. Rajesh Relan from the position of Company Secretary & Compliance Officer of the Company and relieving him with effect from close of business hours on 17 June 2024. On the same day i.e., 29 May 2024, the Board ofDirectors based on the recommendation of Nomination & Remuneration Committee had approved the appointment of Mr. Ravi Arora (ACS: 37075) as new Company Secretary & Compliance Officer of the Company effective from June 18, 2024 in place of Mr. Relan. In this regard the company wishes to apprise that Mr. Relan has been relieved from the position of Company Secretary & Compliance Officer of the Company with effect from the close of business hours on June 17, 2024 and Mr. Ravi Arora has taken charge as Company Secretary & Compliance Officer of the Company with effect from June 18, 2024. Further, in compliance with Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the updated list of Key Managerial Personnel of the Company, effective from June 18, 2024, who are authorized to determine materiality of an event or information for the purpose of making disclosures to the stock exchange(s) is as follows: Mr. Joydeep Mukherjee, Managing Director, Mr. Vimal Kumar, whole time director, Mr. Anil Kumar Sharma, Chief Financial Officer. Mr. Ravi Arora, company secretary and compliance officer. Duyuru • May 31
HeidelbergCement India Limited, Annual General Meeting, Sep 25, 2024 HeidelbergCement India Limited, Annual General Meeting, Sep 25, 2024. Declared Dividend • May 31
Dividend increased to ₹8.00 Dividend of ₹8.00 is 14% higher than last year. Ex-date: 18th September 2024 Payment date: 25th October 2024 Dividend yield will be 4.0%, which is higher than the industry average of 0.4%. Sustainability & Growth Dividend is not covered by earnings (160% earnings payout ratio). However, it is covered by cash flows (57% cash payout ratio). The dividend has increased by an average of 20% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 78% to bring the payout ratio under control. EPS is expected to grow by 55% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹7.40 (vs ₹4.38 in FY 2023) Full year 2024 results: EPS: ₹7.40 (up from ₹4.38 in FY 2023). Revenue: ₹24.2b (up 8.1% from FY 2023). Net income: ₹1.68b (up 69% from FY 2023). Profit margin: 6.9% (up from 4.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.0% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • May 19
HeidelbergCement India Limited to Report Q4, 2024 Results on May 29, 2024 HeidelbergCement India Limited announced that they will report Q4, 2024 results on May 29, 2024 Duyuru • Apr 12
HeidelbergCement India Limited Announces Resignation of Mr. Rajesh Relan as Company Secretary & Compliance Officer (Key Managerial Personnel), Effective May 31, 2024 HeidelbergCement India Limited informed that Mr. Rajesh Relan has tendered resignation from the position of Company Secretary & Compliance Officer (Key Managerial Personnel) of the company to pursue certain other areas of personal and professional interest. Mr. Relan will be relieved from his position on 31 May 2024 or such other date as may be mutually decided. Duyuru • Mar 08
HeidelbergCement India Limited Appoints Roberto Callieri as Additional Director in Category of Non-Executive Director and as Member of Nomination & Remuneration Committee, Effective 14 March 2024 HeidelbergCement India Limited at its board meeting held on 08 March 2024, approved the appointment of Mr. Roberto Callieri as an Additional Director in the category of Non-Executive Director on the Board of Directors of the Company, as well as inducted him as a member of Nomination & Remuneration Committee with effect from 14 March 2024 in place of Mr. Kevin Gerard Gluskie. Mr. Roberto Callieri, aged 60 years, completed his Degree in Electrical Engineering from University of Cagliari in 1990 and Financial Management from Bocconi University, Milan, Italy. He has also completed Advanced Management Program from Harvard Business School, Boston, USA. Mr. Callieri joined Italcementi Group in 1990, where he held several senior management positions in Puerto Rico, USA, Canada, Turkey, Thailand, Egypt, and Italy. From 2016 until the end of 2023, he headed the Italian operations of Heidelberg Materials Group. He has been a member of the Managing Board of Heidelberg Materials AG since January 2024 and is responsible for Asia within the Asia-Pacific Group area. Traversing his professional career spanning over three decades, Mr. Callieri has gained rich and vast experience in plant operations & maintenance, project management, sustainability, business integration, brand leadership, corporate management, strategy formulation and cost leadership in international cement business. He has led many successful operational and marketing turnarounds resulting in re-establishing profitability and competitiveness. He is a highly disciplined professional with balanced approach, self-starting personality and ability to independently operate under challenging business situations. He is a strong believer in nurturing talent, building high performing teams and ability to successfully integrate and be accepted in multicultural environments. Duyuru • Feb 28
HeidelbergCement India Limited Announces Resignation of Kevin Gerard Gluskie as Director, with Effect from 13 March 2024 HeidelbergCement India Limited informed that vide letter dated 28 February 2024, Mr. Kevin Gerard Gluskie has tendered resignation from the position of Non-Executive Director of HeidelbergCement India Limited (the Company) with effect from close of business hours on 13 March 2024 on account of end of his employment contract with Heidelberg Materials Group. Consequent to the resignation, Mr. Gluskie will also cease to be a Member of Nomination & Remuneration Committee of the Board of Directors of the Company. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: ₹1.39 (vs ₹0.25 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.39 (up from ₹0.25 in 3Q 2023). Revenue: ₹6.07b (up 12% from 3Q 2023). Net income: ₹314.7m (up 464% from 3Q 2023). Profit margin: 5.2% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% 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, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • Jan 24
HeidelbergCement India Limited to Report Q3, 2024 Results on Jan 31, 2024 HeidelbergCement India Limited announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ₹1.58 (vs ₹0.31 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.58 (up from ₹0.31 in 2Q 2023). Revenue: ₹5.66b (up 12% from 2Q 2023). Net income: ₹358.0m (up 411% from 2Q 2023). Profit margin: 6.3% (up from 1.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.5% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Oct 31
HeidelbergCement India Limited to Report Q2, 2024 Results on Nov 06, 2023 HeidelbergCement India Limited announced that they will report Q2, 2024 results on Nov 06, 2023 Duyuru • Sep 28
HeidelbergCement India Limited Approves Dividend for the Financial Year 2022-2023 HeidelbergCement India Limited at its AGM held on September 27, 2023, approved a dividend of INR 7 per Equity Share of INR 10 each for the financial year 2022-2023. Upcoming Dividend • Sep 13
Upcoming dividend of ₹7.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 27 October 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.7%. Within top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.5%). Reported Earnings • Jul 20
First quarter 2024 earnings released: EPS: ₹2.31 (vs ₹2.28 in 1Q 2023) First quarter 2024 results: EPS: ₹2.31 (up from ₹2.28 in 1Q 2023). Revenue: ₹5.96b (up 1.0% from 1Q 2023). Net income: ₹523.2m (up 1.4% from 1Q 2023). Profit margin: 8.8% (up from 8.7% in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.7% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Jul 19
New major risk - Revenue and earnings growth Earnings have declined by 0.7% 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 0.7% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (160% payout ratio). Profit margins are more than 30% lower than last year (4.4% net profit margin). Duyuru • Jul 07
HeidelbergCement India Limited to Report Q1, 2024 Results on Jul 18, 2023 HeidelbergCement India Limited announced that they will report Q1, 2024 results on Jul 18, 2023 Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹4.38 (vs ₹11.13 in FY 2022) Full year 2023 results: EPS: ₹4.38 (down from ₹11.13 in FY 2022). Revenue: ₹22.8b (flat on FY 2022). Net income: ₹991.7m (down 61% from FY 2022). Profit margin: 4.3% (down from 11% in FY 2022). Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 5.3% decline forecast for the Basic Materials industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • May 21
HeidelbergCement India Limited to Report Q4, 2023 Results on May 29, 2023 HeidelbergCement India Limited announced that they will report Q4, 2023 results on May 29, 2023 Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹0.25 (vs ₹1.34 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.25 (down from ₹1.34 in 3Q 2022). Revenue: ₹5.40b (flat on 3Q 2022). Net income: ₹55.8m (down 82% from 3Q 2022). Profit margin: 1.0% (down from 5.6% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Feb 03
HeidelbergCement India Limited to Report Q3, 2023 Results on Feb 13, 2023 HeidelbergCement India Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Additional Director Jyoti Ishwar Narang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 18
Second quarter 2023 earnings released: EPS: ₹0.31 (vs ₹2.63 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.31 (down from ₹2.63 in 2Q 2022). Revenue: ₹5.06b (down 12% from 2Q 2022). Net income: ₹70.1m (down 88% from 2Q 2022). Profit margin: 1.4% (down from 10% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year. Duyuru • Oct 08
HeidelbergCement India Limited to Report Q2, 2023 Results on Oct 17, 2022 HeidelbergCement India Limited announced that they will report Q2, 2023 results on Oct 17, 2022 Buying Opportunity • Sep 27
Now 20% undervalued Over the last 90 days, the stock is up 7.7%. The fair value is estimated to be ₹235, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has grown by 4.1%. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 15% share price gain to ₹222, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 19x in the Basic Materials industry in India. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of ₹9.00 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 08 October 2022. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 4.7%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.9%). Reported Earnings • Jul 20
First quarter 2023 earnings released: EPS: ₹2.28 (vs ₹3.03 in 1Q 2022) First quarter 2023 results: EPS: ₹2.28 (down from ₹3.03 in 1Q 2022). Revenue: ₹5.90b (up 6.9% from 1Q 2022). Net income: ₹516.1m (down 25% from 1Q 2022). Profit margin: 8.7% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Jul 09
HeidelbergCement India Limited to Report Q1, 2023 Results on Jul 18, 2022 HeidelbergCement India Limited announced that they will report Q1, 2023 results on Jul 18, 2022 Duyuru • Jun 10
HeidelbergCement India Limited Announces Board Changes HeidelbergCement India Limited appointed Mr. Vimal Kumar Jain as whole-time director of the company for a term of three years from 10 June 2022 to 09 June 2025, in place of Mr. Sushil Kumar Tiwari. Please note that Mr. Vimal Kumar Jain has taken charge as whole-time director of the company with effect from 10 June 2022. Mr. Vimal Kumar Jain, aged 54 years, has done B.E.-Mechanical Engineering from Madhav Institute of Technology & Sciences, Gwalior (M.P.} and has also completed post graduate diplomas in business management and projects management from IGNOU. In his career spanning over 30 years, consisting of 19 years abroad and 11 years in India, Vimal has acquired rich and vast experience of over three decades in the cement sector in operations & maintenance and project management from concept to commissioning. Vimal has a successful track record for developing strategic initiatives, organizational improvements, capacity expansions, de-bottlenecking, production and quality improvements, adoption of new technologies, overall cost reductions, waste processing, and working with diverse cultures & challenging environments.Vimal is working with HeidelbergCement Group since 2007. Vimal has worked as project manager with Heidelberg Technology Centre handling projects in Indonesia and Thailand. Vimal joined HeidelbergCement India Limited on 03 January 2022 as technical director. Prior to joining HeidelbergCement Group, Vimal has worked with RAK Cement of U.A.E., Prism Cements and Raymond Cement in various capacities in projects and technical functions. Reported Earnings • May 23
Full year 2022 earnings released: EPS: ₹11.13 (vs ₹13.90 in FY 2021) Full year 2022 results: EPS: ₹11.13 (down from ₹13.90 in FY 2021). Revenue: ₹23.0b (up 8.5% from FY 2021). Net income: ₹2.52b (down 20% from FY 2021). Profit margin: 11% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • May 20
HeidelbergCement India Limited to Report Fiscal Year 2022 Results on May 23, 2022 HeidelbergCement India Limited announced that they will report fiscal year 2022 results on May 23, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Additional Director Jyoti Ishwar Narang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹1.34 (down from ₹2.81 in 3Q 2021). Revenue: ₹5.41b (down 9.1% from 3Q 2021). Net income: ₹304.4m (down 52% from 3Q 2021). Profit margin: 5.6% (down from 11% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Duyuru • Feb 02
HeidelbergCement India Limited to Report Q3, 2022 Results on Feb 08, 2022 HeidelbergCement India Limited announced that they will report Q3, 2022 results on Feb 08, 2022 Reported Earnings • Oct 21
Second quarter 2022 earnings released: EPS ₹2.63 (vs ₹2.75 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: ₹5.72b (up 11% from 2Q 2021). Net income: ₹595.6m (down 4.6% from 2Q 2021). Profit margin: 10% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 24
First quarter 2022 earnings released: EPS ₹3.03 (vs ₹2.16 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2022 results: Revenue: ₹5.50b (up 36% from 1Q 2021). Net income: ₹686.5m (up 40% from 1Q 2021). Profit margin: 13% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • May 31
Full year 2021 earnings released: EPS ₹13.90 (vs ₹11.83 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: ₹21.0b (down 3.1% from FY 2020). Net income: ₹3.15b (up 18% from FY 2020). Profit margin: 15% (up from 12% 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 18% per year whereas the company’s share price has increased by 21% per year. Duyuru • May 29
HeidelbergCement India Limited Recommends Dividend for the Financial Year Ended 31 March 2021 HeidelbergCement India Limited announced that at its board meeting held on May 28, 2021, recommended Dividend of INR 8 per Equity Share of INR 10 each (80%) for the financial year ended March 31, 2021, which is subject to declaration by the shareholders at the ensuing Annual General Meeting. Price Target Changed • Feb 21
Price target raised to ₹244 Up from ₹228, the current price target is provided by 1 analyst. The new target price is 6.7% above the current share price of ₹229. As of last close, the stock is up 14% over the past year. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS ₹2.81 (vs ₹2.85 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₹6.07b (up 11% from 3Q 2020). Net income: ₹636.2m (down 1.5% from 3Q 2020). Profit margin: 11% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: ₹239 The company is up 24% from its price of ₹192 on 06 November 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also up 24% over the same period. Price Target Changed • Jan 30
Price target raised to ₹233 Up from ₹214, the current price target is provided by 1 analyst. The new target price is 5.3% above the current share price of ₹221. As of last close, the stock is up 14% over the past year. Duyuru • Jan 29
HeidelbergCement India Limited to Report Q3, 2021 Results on Feb 09, 2021 HeidelbergCement India Limited announced that they will report Q3, 2021 results on Feb 09, 2021 Is New 90 Day High Low • Dec 28
New 90-day high: ₹219 The company is up 22% from its price of ₹180 on 29 September 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₹215 The company is up 16% from its price of ₹185 on 08 September 2020. The Indian market is also up 16% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Basic Materials industry, which is up 30% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ₹206 The company is up 10.0% from its price of ₹188 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. Reported Earnings • Oct 25
First half earnings released Over the last 12 months the company has reported total profits of ₹2.42b, down 5.6% from the prior year. Total revenue was ₹19.8b over the last 12 months, down 11% from the prior year. Duyuru • Oct 16
HeidelbergCement India Limited to Report Q2, 2021 Results on Oct 23, 2020 HeidelbergCement India Limited announced that they will report Q2, 2021 results on Oct 23, 2020 Duyuru • Jul 17
HeidelbergCement India Limited to Report Q1, 2021 Results on Jul 22, 2020 HeidelbergCement India Limited announced that they will report Q1, 2021 results on Jul 22, 2020 
