NCLINDCommodities

NCL Industries Limited

Cement & Cement Products · ISIN INE732C01016 · BSE 502168 · NSE EQ · FV ₹10
Last price
₹173
+0.32%today
What this company does

NCL Industries Limited operates in Cement & Cement Products, part of the Commodities sector. It booked ₹344 cr of revenue in its latest quarter (Q1 FY27) and kept 5.1% of sales as profit.

NCL is one of the few companies that truly understands and embraces the philosophy behind this institution.
In the report:
55out of 100
Equitytale Health Score
Mixed

Healthier than 55% of companies in Commodities, on all six measures of filed financials. Each measure is ranked against the 25–173 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
40

At close. Not part of the score.

Profitability & returns37

How much profit it earns on the money it employs

Balance sheet46

How much it owes, and whether earnings cover the interest

Cash quality59

Whether reported profit actually arrives as cash

Growth & consistency69

Whether sales and profit have grown, and how steadily

Valuation66

What today's price implies, against our models or its peers

Governance & risk73

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Promoters hold 42%
Turns profit into real cash
Watch-outs
! Thin 5.1% net margin
! Profit down 14% vs last year
! 13.7% of promoter stake pledged
! Low 7.4% return on equity

What if I invest in NCLIND?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹173 +0.32%
latest close · 2026-09-17
1-year return
-24.4%
52-wk low ₹15652-wk high ₹270
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio11.3Low
LowAverageHigh
P/B ratio0.83Below book
Below bookModerateHigh
EV / EBITDA5.8Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity7.4%Weak
WeakFairStrong ▸15%
Return on capital9.1%Fair
WeakFairStrong
Net margin5.1%Decent
ThinDecentStrong
EBITDA margin12.7%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.25Comfortable
LowModerateHigh ▸1
Interest cover5.3×Strong
RiskyOkayStrong ▸5×
Current ratio1.13Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹782 cr
Book value
₹208
EPS
₹3.84
latest quarter
Net debt
₹233 cr
owes more than its cash
Enterprise value
₹1,016 cr
EBITDA
₹175 cr
annualised
EBIT
₹116 cr
annualised
Operating margin
8.4%
Return on assets
4.4%
Earnings yield
8.88%
P/S
0.57
Sales / share
₹303.9
Tax rate
26.1%
Face value
₹10
Shares
4.5 cr
Working capital
₹38 cr
Current assets
₹337 cr
Current liabilities
₹299 cr
Delivery %
59.7%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
It earns about 12% on its capital — below the ~14% return we'd require to fund it — so a low price is likely justified, not a bargain.
Models span ₹147₹310, midpoint ₹229

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹344 cr
Other Income₹4 cr
Total Income₹348 cr
Cost of Materials₹73 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹2 cr
Employee Benefit Expense₹19 cr
Finance Costs₹6 cr
Depreciation & Amortisation₹15 cr
Other Expenses₹211 cr
Total Expenses₹324 cr
Profit before Tax₹24 cr
Tax Expense₹6 cr
Net Profit₹17 cr
Net margin on total income5.0%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹75 cr21.5%
Employee benefit expense₹19 cr5.3%
Finance costs₹6 cr1.6%
Depreciation & amortisation₹15 cr4.2%
Other expenses₹211 cr60.6%
Tax expense₹6 cr1.8%
Profit for the period₹17 cr5.0%
Total income ₹348 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue343 cr400 cr344 cr
Total income351 cr412 cr348 cr
Expenses327 cr369 cr324 cr
Profit before tax23 cr43 cr24 cr
Tax10 cr-23 cr6 cr
Net profit (owners' share)13 cr42 cr17 cr
Net margin (owners' share, on revenue)3.9%10.5%5.1%
EPS (₹)2.9315.143.84
YoY (latest quarter): total income +1.4% · net profit -14.3%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹1,574 cr
Shareholder equity
₹940 cr
parent shareholders
Total debt
₹237 cr
Cash
₹3 cr
Cash flow · H1 FY26
Operating
₹102 cr
Investing
₹-102 cr
Financing
₹-13 cr
Peer comparison
Cement & Cement Products · by market value
CompanyPriceMarket capP/E
UltraTech Cement Limited₹10,764₹3.17 L cr30.5
Grasim Industries Limited₹3,173₹2.16 L cr25.1
Ambuja Cements Limited₹383₹95,238 cr41.3
SHREE CEMENT LIMITED₹21,960₹79,232 cr37.4
JK Cement Limited₹5,027₹38,844 cr35.0
Dalmia Bharat Limited₹1,693₹32,173 cr42.2
ACC Limited₹1,233₹23,171 cr39.4
The Ramco Cements Limited₹859₹20,297 cr162.7
JSW Cement Limited₹117₹15,750 cr24.3
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
2.02%
trailing 12 months
Dividend / share (TTM)
₹3.5
Last dividend
₹2
ex 11 Sep 2026
ActionDetailEx-date
Dividend₹2 / share11 Sep 2026
Dividend₹1.5 / share20 Feb 2026
Dividend₹2 / share18 Sep 2025
Dividend₹1 / share18 Feb 2025
Dividend₹2.5 / share13 Sep 2024
Dividend₹1.5 / share21 Feb 2024
Who owns it · 2026-06-30
13.7% pledged
Promoter
41.7%
FII / Foreign
3.5%
DII / Domestic
0.0%
Retail / others
54.8%
Promoter stake down 2.8% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtNCL HOLDINGS (A&S) LTD · Promoter Group23,340 · ₹40.4 L15 Sep 26
BoughtNCL HOLDINGS (A&S) LTD · Promoter Group14,794 · ₹25.8 L11 Sep 26
BoughtVIKRAM CHEMICALS PRIVATE LIMITED · Promoter Group260 · ₹46,02010 Sep 26
Bulk / block deals
BoughtSANDHYA G PARIKH · NSE2.63 L @ ₹177.59 Mar 26
SoldCHINMAY G PARIKH · NSE2.63 L @ ₹177.59 Mar 26
SoldGRAVITON RESEARCH CAPITAL LLP · NSE3.03 L @ ₹239.945 Aug 24
Stake changes
BoughtNCL Holdings (A & S) Ltd · promoter→ 0.93% · 5,72431 Aug 26
BoughtKalidindi Ravi · promoter→ 7.21% · 1,00031 Aug 26
BoughtNCL Holdings (A & S) Ltd · promoter→ 0.92% · 15425 Aug 26
Promoter pledges
ReleasedNORTHEAST BROKING SERVICES LTD15,000 · 0.10% held31 Aug 26
ReleasedTata Capital Ltd4.01 L · 0.89% held23 Jul 26
ReleasedNORTHEAST BROKING SERVICES LTD17,000 · 0.14% held30 Jun 26
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 31 Mar 2026
See the official result
1
Appointment of Dr. Durga Prasad Subramanyam Anapindi (DIN: 00911306) as an Independent Director of the Company.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
14.67 L votes for, 56 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 47 named members
owning 39.6% between them · as of 2026-06-30
RAVI KALIDINDI7.01%
GAUTAM KALIDINDI6.15%
ROOPA KALIDINDI5.98%
KALIDINDI POOJA4.20%
ANURADHA KALIDINDI3.31%
KAKATIYA INDUSTRIES PRIVATE LIMITED1.39%
DIVYA PENUMACHA1.28%
NCL BUILDTEK LIMITED1.08%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.