Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹3,606Cr
Rev Gr TTM
Revenue Growth TTM
7.64%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

HEIDELBERG
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -2.9 | 1.0 | 11.9 | 12.4 | -0.9 | -10.7 | -18.5 | -10.6 | 2.7 | 12.3 | 10.9 | 5.8 |
| 533 | 503 | 497 | 542 | 508 | 454 | 424 | 510 | 522 | 509 | 454 | 521 |
Operating Profit Operating ProfitCr |
| 11.5 | 15.6 | 12.3 | 10.8 | 14.9 | 14.7 | 8.1 | 6.1 | 14.8 | 14.8 | 11.2 | 9.2 |
Other Income Other IncomeCr | 13 | 13 | 14 | 13 | 14 | 12 | 13 | 9 | 11 | 9 | 9 | 1 |
Interest Expense Interest ExpenseCr | 7 | 9 | 9 | 8 | 9 | 9 | 9 | 7 | 5 | 6 | 6 | 4 |
Depreciation DepreciationCr | 27 | 27 | 27 | 27 | 28 | 28 | 26 | 28 | 27 | 27 | 27 | 28 |
| 49 | 70 | 48 | 43 | 66 | 53 | 15 | 8 | 70 | 65 | 33 | 22 |
| 14 | 18 | 12 | 11 | 18 | 14 | 4 | 2 | 19 | 16 | 9 | 7 |
|
Growth YoY PAT Growth YoY% | -62.6 | 1.4 | 410.7 | 464.0 | 37.7 | -23.7 | -68.7 | -83.5 | 4.8 | 20.9 | 122.4 | 200.6 |
| 5.8 | 8.8 | 6.3 | 5.2 | 8.1 | 7.5 | 2.4 | 1.0 | 8.2 | 8.1 | 4.9 | 2.7 |
| 1.5 | 2.3 | 1.6 | 1.4 | 2.1 | 1.8 | 0.5 | 0.2 | 2.2 | 2.1 | 1.1 | 0.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -19.4 | 4.2 | 10.0 | 12.9 | 1.7 | -2.4 | 8.5 | -2.6 | 5.7 | -9.2 | 6.8 |
| 1,722 | 1,417 | 1,439 | 1,526 | 1,650 | 1,642 | 1,610 | 1,862 | 1,989 | 2,049 | 1,909 | 2,006 |
Operating Profit Operating ProfitCr |
| 15.8 | 14.0 | 16.2 | 19.2 | 22.7 | 24.3 | 23.9 | 18.9 | 11.1 | 13.4 | 11.1 | 12.6 |
Other Income Other IncomeCr | 74 | 22 | 24 | 20 | 35 | 53 | 46 | 49 | 45 | 55 | 45 | 31 |
Interest Expense Interest ExpenseCr | 139 | 108 | 90 | 74 | 75 | 74 | 51 | 36 | 46 | 35 | 29 | 22 |
Depreciation DepreciationCr | 138 | 100 | 99 | 101 | 102 | 109 | 111 | 112 | 112 | 110 | 110 | 109 |
| 120 | 45 | 114 | 208 | 342 | 398 | 391 | 335 | 136 | 227 | 146 | 190 |
| 60 | 10 | 37 | 74 | 121 | 130 | 76 | 83 | 37 | 59 | 39 | 51 |
|
| | -40.6 | 115.3 | 74.8 | 65.7 | 21.5 | 17.5 | -19.9 | -60.7 | 69.2 | -36.4 | 30.4 |
| 2.9 | 2.1 | 4.4 | 7.0 | 10.3 | 12.4 | 14.9 | 11.0 | 4.4 | 7.1 | 5.0 | 6.1 |
| 2.6 | 1.6 | 3.4 | 5.9 | 9.7 | 11.8 | 13.9 | 11.1 | 4.4 | 7.4 | 4.7 | 6.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 |
| 645 | 668 | 740 | 820 | 945 | 1,088 | 1,267 | 1,339 | 1,235 | 1,243 | 1,169 | 1,083 |
Current Liabilities Current LiabilitiesCr | 934 | 972 | 752 | 858 | 913 | 929 | 918 | 837 | 850 | 905 | 928 | 914 |
Non Current Liabilities Non Current LiabilitiesCr | 1,014 | 747 | 689 | 629 | 611 | 549 | 434 | 422 | 353 | 286 | 219 | 214 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 735 | 562 | 466 | 661 | 887 | 1,024 | 996 | 1,184 | 1,113 | 1,141 | 1,013 | 942 |
Non Current Assets Non Current AssetsCr | 2,085 | 2,053 | 1,942 | 1,872 | 1,808 | 1,769 | 1,849 | 1,640 | 1,552 | 1,520 | 1,529 | 1,495 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 257 | 361 | 377 | 393 | 459 | 439 | 302 | 226 | 350 | 265 |
Investing Cash Flow Investing Cash FlowCr | -108 | -40 | -14 | -26 | -14 | -173 | -35 | 144 | -48 | -73 |
Financing Cash Flow Financing Cash FlowCr | -287 | -315 | -165 | -242 | -314 | -304 | -328 | -267 | -242 | -271 |
|
Free Cash Flow Free Cash FlowCr | 135 | 317 | 359 | 351 | 415 | 394 | 255 | 199 | 277 | 165 |
| 726.0 | 474.2 | 283.2 | 178.2 | 171.1 | 139.5 | 119.7 | 228.0 | 208.4 | 247.9 |
CFO To EBITDA CFO To EBITDA% | 111.2 | 129.6 | 103.8 | 81.3 | 86.9 | 86.7 | 69.5 | 90.9 | 110.4 | 110.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,692 | 1,838 | 2,826 | 3,225 | 4,099 | 3,220 | 5,281 | 4,293 | 3,641 | 4,445 | 4,486 |
Price To Earnings Price To Earnings | 35.5 | 52.0 | 37.1 | 24.2 | 18.6 | 12.0 | 16.8 | 17.0 | 36.7 | 26.5 | 42.0 |
Price To Sales Price To Sales | 0.8 | 1.1 | 1.6 | 1.7 | 1.9 | 1.5 | 2.5 | 1.9 | 1.6 | 1.9 | 2.1 |
Price To Book Price To Book | 2.0 | 2.0 | 2.9 | 3.1 | 3.5 | 2.5 | 3.5 | 2.7 | 2.5 | 3.0 | 3.2 |
| 7.7 | 11.1 | 12.2 | 9.6 | 8.6 | 5.8 | 10.2 | 9.5 | 13.4 | 12.7 | 17.1 |
Profitability Ratios Profitability Ratios |
| 79.7 | 79.8 | 79.0 | 80.4 | 81.9 | 82.1 | 82.4 | 81.3 | 82.1 | 80.5 | 79.4 |
| 15.8 | 14.0 | 16.2 | 19.2 | 22.7 | 24.3 | 23.9 | 18.9 | 11.1 | 13.4 | 11.1 |
| 2.9 | 2.1 | 4.4 | 7.0 | 10.3 | 12.4 | 14.9 | 11.0 | 4.4 | 7.1 | 5.0 |
| 14.4 | 9.4 | 13.2 | 18.6 | 26.6 | 29.4 | 24.6 | 21.1 | 11.1 | 16.3 | 11.9 |
| 6.8 | 4.0 | 7.9 | 12.7 | 18.8 | 20.4 | 21.1 | 16.1 | 6.8 | 11.4 | 7.7 |
| 2.1 | 1.4 | 3.2 | 5.3 | 8.2 | 9.6 | 11.1 | 8.9 | 3.7 | 6.3 | 4.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
HeidelbergCement India Ltd (HCIL), a subsidiary of Heidelberg Materials Group (Germany), is a leading cement manufacturer in India with a strong regional presence, particularly in Central India. Since entering India in 2006 through the acquisition of Mysore Cements Limited and Indorama Cement Limited, HCIL has undergone significant transformation, rebranding, and capacity expansion. It now operates under the "mycem" brand portfolio and leverages its parent group’s 150-year legacy, German engineering excellence, and global sustainability leadership to achieve differentiation in a highly competitive market.
HCIL currently has a cement grinding capacity of **6.26 million tonnes per annum (MTPA)**, with operations in Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh), and Ammasandra (Karnataka). The company is strategically expanding capacity through brownfield and greenfield initiatives, including a major project in Gujarat. It also plays a key role as a **procurement hub** for the Heidelberg Materials Group, supporting the global network with equipment, spares, and consumables.
---
### **Strategic Growth & Market Position**
- **India’s Fastest-Growing Cement Market**: India is growing at **6–7% CAGR**, outpacing global cement growth (4–5% CAGR), driven by infrastructure, housing, and industrial demand. Asia-Pacific accounts for **70%** of global cement consumption.
- **Competitive Retail & Institutional Presence**: HCIL maintains strong **retail shelf space** and a balanced sales strategy across trade (distributors, dealers) and non-trade (direct institutional sales to developers, government agencies).
- **Expansion Strategy**:
- Secured a **60-million-tonne limestone block** in Sukha Satpara (Madhya Pradesh) through competitive bid, extending mine life by over 20 years and enabling future capacity expansion.
- Greenfield project in Gujarat to add **6.5 million TPY capacity** in two phases (3.5 MTPA in Phase I), with capex of ~₹2,500 crores.
- Debottlenecking projects underway to add **300,000 T clinker** and **500,000 T grinding capacity**.
---
### **Product Innovation & Brand Strategy**
HCIL continues to strengthen its premium product portfolio, leveraging innovation, German engineering, and customer insights.
- **mycem Power Shield (Launched Q1 2025)**:
- Water-repellent cement engineered to prevent seepage, dampness, and structural damage in residential construction.
- Commands a **price premium of ₹40–50 per bag (15% over standard PPC)** and accounts for **~10% of sales volume**.
- Used across **all RCC applications** (foundations, slabs, columns) and backed by **on-site technical support** for masons.
- **mycem Primo (Mid-Tier Product)**:
- Launched to fill pricing gap between standard and premium products.
- Priced **₹15 above standard cement**, it avoids cannibalization of the higher-end **mycem Power**.
- Features **3–30 micron particle size** for crack-free structures and **waterproof Box Bottom Bag packaging**.
- **Brand Refresh (FY24–FY25)**:
- Rebranded 'mycem' to emphasize **150-year German legacy and engineering excellence**.
- New packaging, strengthened brand recall, and enhanced top-of-mind perception.
- Mascot **'Chutkoo'** continues as a symbol of **durable, high-quality construction**, widely recognized in Central India.
---
### **Sales, Marketing & Customer Engagement**
HCIL employs a modern, digital-first marketing strategy combined with targeted traditional outreach.
- **Sales Excellence Program (RISE)**: Launched in FY24 to boost branding, customer service, and channel growth.
- Unified **CRM-SIAS platform** integrates data across sales, CRM, and logistics.
- Provides **360° visibility** into performance, enabling real-time sales tracking, territory planning, and mobile access for field teams.
- **Sambandh+ Mobile App (Influencer Loyalty Program)**:
- Targets **masons, contractors, engineers, and architects**.
- Users **self-register purchases** and earn points redeemable in **15–25 days** (industry benchmark: 45–50 days).
- Integrated with CRM to provide **primary, secondary, and tertiary sales data** and optimize promotions.
- Delivers **real-time promotional updates and technical content**, enhancing engagement.
- **Marketing Mix**:
- Increased focus on **digital and social media campaigns** (organic + paid).
- Maintains **BTL methods**: shop paintings, wall branding, on-site demos, and WhatsApp chatbots.
- **WhatsApp Business Platform**: Customers can message “Hi” to 7236955555 to access **authorized dealers, pricing, and construction advice**.
---
### **Digital Transformation & Operational Efficiency**
HCIL is a leader in digitalization, process automation, and sustainability across its value chain.
- **Automation & AI**:
- **Imlai plant operated remotely** from Narsingarh via Central Control Room, using **Simplehelp** (remote monitoring) and **AI-based Expert System** for autopilot process optimization.
- **Px Trend** system provides real-time performance dashboards and long-term trends across manufacturing units.
- **Smart Procurement & Global Sourcing**: Utilizes Heidelberg Materials’ global network for cost-effective, high-quality materials.
- **Energy Resilience & Green Initiatives**:
- **Solar Power**: Plants in Damoh (~6 MW), Jhansi (~15 MW), and Ammasandra (>90% green energy via long-term agreements).
- **Waste Heat Recovery (WHR)**: 13 MW WHR plant at Damoh reduces grid dependency.
- **Alternative Fuels Target**: 5% thermal substitution initially, aiming for double digits. Utilizes biomass, municipal waste, and plastic waste.
- **Carbon Capture & evoZero Cement**:
- Parent company **Heidelberg Materials launched evoZero**, the **world’s first net-zero carbon cement** (2023), using carbon captured at its **Brevik, Norway plant**.
- A **carbon capture facility** using **Linde’s amine scrubbing technology** is under development at its Indian plant, aligned with global decarbonization goals.
---
### **Leadership & Organizational Strength**
- **Mr. Joydeep Mukherjee** (Key Leadership Figure):
- Joined HCIL after leadership roles at **H&R Johnson (CEO & Board Member), RR Kabel (COO), and Prism Johnson Limited (Board Member)**.
- Earlier, served at **ACC Limited** in critical roles including **Chief Executive (South & West)** and **Director Sales (North & Central)**.
- Credited with launching **two premium cement products** and improving **revenue and plant efficiency** at ACC.
- Holds **MBA in International Business (IIFT)** and completed executive programs at **IMD Lausanne and ISB Hyderabad**.
- **Mr. S.P. Tiwari (Technical Leadership)**:
- Over **35 years of experience** in cement operations.
- Legal 'Occupier' under Factories Act and 'Owner' under Mines Act.
- Oversees technical operations, post-expansion integration, and WHR plant commissioning.
- **Non-Executive Director at Zuari Cement Limited**.
---
### **Sustainability & Corporate Responsibility**
- **Water Positive in Damoh**: Achieved despite operating in water-scarce region.
- **Green Manufacturing**: Focus on **waste reduction, alternative fuels, and automation**.
- **CSR & Community Engagement**:
- Trains masons and contractors on best practices.
- Free **Mobile Technical Labs (MTL)** provide on-site construction testing and guidance.
- **Concrete Solutions Lab** supports structural integrity and sustainability in building projects.