Mangalam Cement is a 45-year-old cement maker from the B.K. Birla group, anchored by a single plant complex in Kota, Rajasthan, that it has been steadily expanding for decades. It was founded in 1976 and later absorbed a timber products business through a merger in 2021, but its identity remains overwhelmingly that of a regional cement manufacturer serving construction across northern and central India. The recurring approach is simple: own the limestone, generate your own power, and push a quality brand through a dense network of local dealers - a model built for cost control and pricing power in a commodity market. # Business segments A single cement engine, supplemented by a small timber-products division that came in through a merger - the company stands on one core business, with everything else feeding its efficiency. ## 1. Cement: the main engine, built on owned limestone and captive power **The company makes and sells grey cement in a six-state northern and central Indian market, controlling its two biggest input costs - limestone and power - to protect margins in a commodity business.** - **Owns the rock it needs** - almost all limestone comes from captive mines right next to the Morak plant, which eliminates transport costs on the heaviest raw material and insulates the company from market-price swings for this critical input. - **Makes its own electricity** - a 35 MW captive thermal plant, 13.65 MW of wind turbines in Jaisalmer, and an 11 MW waste-heat recovery unit that runs at full capacity together supply the bulk of the plant’s power, keeping the cost per unit below grid rates. A new 15.17 MW solar plant is being built by a partner under a group-captive model, with Mangalam taking all the output and a 26% stake in the project vehicle. - **Sells through a dense local network** - 1,104 dealers and 2,791 retailers, supported by 51 sales promoters, put bags of Mangalam cement into the hands of individual house builders, institutional contractors, and government infrastructure projects across Rajasthan, Uttar Pradesh, and Madhya Pradesh. The company runs a premium brand, Mangalam ProMaxX, marketed as an environment-friendly PPC with high early strength, and backs it with campaigns like the “Try 5” challenge to drive trial against competitors. - **Expands in small, deliberate steps** - the original Morak plant has been upgraded in increments: a kiln modification in 2021 added 0.3 million tonnes of clinker capacity and 0.4 million tonnes of cement capacity, and a new grinding unit at Aligarh commissioned in March 2026 brought total grey-cement capacity to 5.6 million tonnes per annum. A third plant at Nabarangpur in Odisha rounds out the manufacturing footprint. ## 2. MDF and timber products: a small diversification absorbed by merger **A medium-density fibreboard division, inherited from Mangalam Timber Products in 2021, that operates as a separate line within the company but remains a minor part of the whole.** - **Came through amalgamation, not organic build** - the timber division was created when Mangalam Timber Products Limited was merged into the cement company under a scheme approved by the NCLT in November 2021, with effect from April 2019. The merger was designed to pool financial and managerial resources and create a more competitive combined entity. - **Makes board products from fibre** - the erstwhile timber company’s objects covered manufacturing and trading all kinds of paper, boards, pulp, veneer, and plywood, and the division now operates as an MDF (medium-density fibreboard) unit. - **Small and improving** - the division showed strength in FY23 and improved further in FY24, with management expecting better performance in FY25, though it remains dwarfed by the cement business which accounts for 97-98% of turnover. # Group structure and partners **A standalone company with no subsidiaries or joint ventures, controlled by the Birla and Jalan families, and backed by a long-standing relationship with its bankers.** - **No holding company, no subsidiaries** - as of December 2024, Mangalam Cement has no holding, subsidiary, associate, or joint venture companies, making it a clean, single-entity structure listed on both the BSE and the NSE. - **Promoter group from two families** - the Birla family (through the B.K. Birla Foundation and entities like Century Textiles and Industries) and the Jalan family (with Shri Anshuman Vikram Jalan as Chairman and Whole Time Director) together form the promoter group, alongside Pilani Investment and Industries Corporation. - **The timber merger reshaped the share register** - when Mangalam Timber Products was absorbed, the company issued 803,518 new equity shares to MTPL shareholders at a 1:22 exchange ratio, raising paid-up capital to roughly Rs. 27.5 crore and extinguishing MTPL as a separate legal entity. - **Banking and audit relationships** - the company works with a syndicate of eight banks including Axis Bank, State Bank of India, HDFC Bank, and ICICI Bank, and its statutory auditor is Singhi & Co., Chartered Accountants.