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NCL Industries Ltd

NCLIND

NSE

₹163.24-1.02%19 Oct 2026

Reports

Cement

NCL Industries Ltd

NCLIND

NSE

₹163.24

-1.02%

19 Oct 2026

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Cement

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

NCL Industries is a building-materials maker built around one idea - take cement, the heavy, expensive-to-transport foundation of construction, and use it to create lighter, higher-value products that travel further. Founded in 1979 by a first-generation entrepreneur as a single cement plant, the company has spent four decades layering new businesses onto that original core, each one consuming cement or cement-based boards as its raw material. The recurring pattern is vertical integration in its home geography of Telangana and Andhra Pradesh: make the heavy stuff, then turn it into panels, doors, and ready-mixed concrete that capture more value closer to the customer.

Business segments

Four building-materials engines, all fed by the same cement core - a dominant cement business that supplies three downstream divisions making panels, doors, and ready-mixed concrete, plus a tiny hydro-power unit that helps run the factories.

1. Cement: the heavy anchor that everything else is built on

Roughly four-fifths of the company's output is cement sold under the "Nagarjuna" brand, made at three sites across Telangana and Andhra Pradesh and distributed through a network of over 2,200 dealers.

The product travels badly, so location is everything - cement is heavy and costly to move long distances, which means manufacturers fight for customers within a tight radius of each plant; the company's three grinding units in Telangana and coastal Andhra Pradesh let it serve southern markets without being undercut by distant rivals.
Capacity just grew by a fifth - a new grinding facility at Thallapalem near Visakhapatnam, commissioned in November 2025, lifted total cement capacity from 3.30 million tonnes per annum to 4.00 million tonnes per annum, adding reach in a coastal market.
Power is the swing cost, so it makes its own - an 8 MW waste-heat recovery system captures energy from the cement-making process itself, and third-party solar installations supply additional electricity, directly lowering the cost of each tonne produced.
Limestone is the long-term choke point - finding new limestone mines at reasonable cost is getting harder, and the industry's big players are consolidating capacity, which squeezes medium-sized operators like NCL that need fresh reserves to grow.

2. Cement-bonded particle boards: the only one of its kind in India

NCL is India's sole manufacturer of a board that is two-thirds cement and one-third wood - fireproof, termite-proof, and workable like timber - sold under the "Bison Panel" brand through more than 350 distributors.

A monopoly born from German know-how - commercial production started in 1993 in technical collaboration with Bison Werke of Germany, and the company later became the first in the world to laminate these boards, adding a decorative surface no competitor could match.
Three factories, 90,000 tonnes of capacity - two units sit alongside the cement plants at Simhapuri in Telangana, and a third is in Himachal Pradesh, giving the division national production reach from a compact asset base.
The applications keep expanding - originally a construction panel for prefab structures, Bison Panels are now specified for false ceilings, kitchen platforms, fixed furniture, and airport noise barriers, where their combination of strength and sound absorption wins against conventional materials.
Substitution is the threat - alternative panel products are emerging, and the company's R&D effort is a race to stay ahead of materials that could displace cement-bonded boards in their core applications.

3. Ready-mix concrete: cement's short-haul delivery arm

Concrete that is mixed in a factory and delivered wet to building sites within a three-to-five-hour window, sold under the "Nagarjuna RMC" brand from nine plants in Hyderabad and Visakhapatnam.

The clock governs everything - ready-mix concrete has a shelf life of just three to five hours, so every plant must be within a tight radius of its customers; the company's nine units in two cities are placed to cover those micro-markets before the material sets.
A brand play as much as a product - large developers prefer cement-company-owned RMC units because the parent brand signals quality control and reliable delivery, which is why more cement manufacturers are setting up their own RMC operations as a direct channel to construction sites.
Small, but it moves cement - the division is a relatively minor player in the RMC market, but it serves as a captive outlet for the parent company's cement, turning a commodity powder into a higher-value service.

4. Readymade doors: the board, turned into a finished product

Doors built around a Bison Panel core - moisture-resistant, fire-resistant, and termite-proof - manufactured at a single factory in Telangana and sold under the "NCL Door" brand.

The core is the differentiator - because the door is made from the company's own cement-bonded particle board, it inherits the panel's durability and resistance to weather, fire, and pests, which sets it apart from conventional wooden or engineered doors.
Launched as India's largest door plant - the factory was set up in 2019 with scale ambitions and has since won large orders from major Indian builders, proving demand for a factory-finished door that arrives on site ready to hang.
Costs have run ahead of prices - a steep rise in production costs pushed the division into losses as of FY25, making it the one engine in the portfolio that is currently burning rather than generating cash.

Energy

Two small hydro-power plants with a combined 15.75 MW of capacity generate 40-50 million units of green electricity a year - but their output depends entirely on when the government releases water from the reservoirs they sit on.

Tucked into irrigation canals - one plant is at the head regulator of the Srisailam Right Bank Main Canal in Andhra Pradesh, the other on the Tungabhadra Dam's canal in Karnataka, meaning they generate power only when water is flowing for irrigation, not on demand.
A cost-saving tool, not a standalone business - the division contributes a negligible share of turnover, but the power it generates feeds the company's own factories, and the company is exploring solar and other renewable sources to further reduce its energy bill.

Group structure and partners

The company sits inside a web of related entities - two wholly owned subsidiaries acquired for their limestone and distillery assets, a 50% joint venture with a sister concern, and a history of terminated partnerships that show a disciplined willingness to walk away.

Limestone mines bought through a shell company - Vishwamber Cements Limited, a wholly owned subsidiary acquired in 2023, has never operated a cement plant but holds a lease on 322 acres of limestone-bearing land; the plan is to merge it into NCL and convert those mines into captive supply for the cement division.
A distillery that came from United Spirits - Tern Distilleries (P) Ltd (TDPL), a 100% subsidiary, was acquired from a United Spirits subsidiary in 2021, adding a non-building-materials asset to the group.
Two joint ventures were started and stopped - a Chinese steel-structures partnership was terminated in 2020 when bilateral relations soured, and a Czech modular-containers venture was scrapped in 2022 before any significant money was spent, with the company explicitly choosing to conserve resources for its existing lines of business.

Quick Ratios

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Balance Sheet

Cash Flow

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Mkt Cap

Market Capitalization

₹735Cr

Close Price

₹162.55

Industry

Cement

Price To Earnings

7.75

Price To Sales

0.51

Revenue

₹1,431Cr

Rev Gr TTM

Revenue Growth TTM

3.52%

PAT Gr TTM

PAT Growth TTM

182.96%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	391	505	419	355	330	341	375	335	345	343	400	344
Growth YoY Revenue Growth YoY%	7.1	20.5	-3.8	-19.4	-15.5	-32.4	-10.3	-5.5	4.4	0.3	6.5	2.5
Expenses ExpensesCr	352	448	371	319	297	322	352	284	296	306	349	304
Operating Profit Operating ProfitCr	39	57	48	36	34	19	24	52	49	37	51	40
OPM OPM%	10.0	11.3	11.5	10.2	10.2	5.7	6.3	15.4	14.3	10.7	12.8	11.5
Other Income Other IncomeCr	4	3	7	4	-7	5	9	4	-2	8	12	4
Interest Expense Interest ExpenseCr	7	6	5	6	5	5	5	5	4	5	5	6
Depreciation DepreciationCr	14	13	16	13	15	14	14	13	13	15	15	15
PBT PBTCr	23	41	34	21	7	5	14	38	29	25	43	24
Tax TaxCr	9	17	10	8	4	2	4	16	9	11	-23	6
PAT PATCr	14	25	24	13	3	3	7	20	20	13	42	17
Growth YoY PAT Growth YoY%	357.7	22.6	144.2	-58.6	-81.6	-87.9	-71.1	58.7	692.8	344.3	505.8	-14.3
NPM NPM%	3.5	4.9	5.7	3.6	0.8	0.9	1.9	6.0	5.8	3.9	10.5	5.1
EPS EPS₹	3.0	5.5	5.2	2.8	0.6	0.7	1.5	4.5	4.4	2.9	9.8	3.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	391	505	419	355	330	341	375	335	345	343	400	344
Growth YoY Revenue Growth YoY%	7.1	20.5	-3.8	-19.4	-15.5	-32.4	-10.3	-5.5	4.4	0.3	6.5	2.5
Expenses ExpensesCr	352	448	371	319	297	322	352	284	296	306	349	304
Operating Profit Operating ProfitCr	39	57	48	36	34	19	24	52	49	37	51	40
OPM OPM%	10.0	11.3	11.5	10.2	10.2	5.7	6.3	15.4	14.3	10.7	12.8	11.5
Other Income Other IncomeCr	4	3	7	4	-7	5	9	4	-2	8	12	4
Interest Expense Interest ExpenseCr	7	6	5	6	5	5	5	5	4	5	5	6
Depreciation DepreciationCr	14	13	16	13	15	14	14	13	13	15	15	15
PBT PBTCr	23	41	34	21	7	5	14	38	29	25	43	24
Tax TaxCr	9	17	10	8	4	2	4	16	9	11	-23	6
PAT PATCr	14	25	24	13	3	3	7	20	20	13	42	17
Growth YoY PAT Growth YoY%	357.7	22.6	144.2	-58.6	-81.6	-87.9	-71.1	58.7	692.8	344.3	505.8	-14.3
NPM NPM%	3.5	4.9	5.7	3.6	0.8	0.9	1.9	6.0	5.8	3.9	10.5	5.1
EPS EPS₹	3.0	5.5	5.2	2.8	0.6	0.7	1.5	4.5	4.4	2.9	9.8	3.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	980	938	1,384	1,633	1,610	1,643	1,411	1,422	1,431
Growth Revenue Growth%		-4.3	47.5	18.1	-1.4	2.1	-14.2	0.8	3.5
Expenses ExpensesCr	845	798	1,102	1,427	1,462	1,437	1,302	1,232	1,255
Operating Profit Operating ProfitCr	135	139	282	206	148	207	109	190	176
OPM OPM%	13.8	14.9	20.4	12.6	9.2	12.6	7.7	13.4	12.3
Other Income Other IncomeCr	6	3	8	11	19	19	11	22	22
Interest Expense Interest ExpenseCr	35	31	21	24	26	23	21	19	20
Depreciation DepreciationCr	45	42	44	47	49	56	57	55	58
PBT PBTCr	61	69	225	146	91	147	43	137	120
Tax TaxCr	14	18	79	52	47	53	18	14	3
PAT PATCr	47	51	145	94	44	93	25	124	93
Growth PAT Growth%		8.5	186.1	-35.1	-53.1	110.5	-73.0	391.1	183.0
NPM NPM%	4.8	5.4	10.5	5.8	2.8	5.7	1.8	8.7	6.5
EPS EPS₹	10.4	11.3	32.6	20.7	9.4	20.5	5.5	21.6	21.0

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	980	938	1,384	1,633	1,610	1,643	1,411	1,422	1,431
Growth Revenue Growth%		-4.3	47.5	18.1	-1.4	2.1	-14.2	0.8	3.5
Expenses ExpensesCr	845	798	1,102	1,427	1,462	1,437	1,302	1,232	1,255
Operating Profit Operating ProfitCr	135	139	282	206	148	207	109	190	176
OPM OPM%	13.8	14.9	20.4	12.6	9.2	12.6	7.7	13.4	12.3
Other Income Other IncomeCr	6	3	8	11	19	19	11	22	22
Interest Expense Interest ExpenseCr	35	31	21	24	26	23	21	19	20
Depreciation DepreciationCr	45	42	44	47	49	56	57	55	58
PBT PBTCr	61	69	225	146	91	147	43	137	120
Tax TaxCr	14	18	79	52	47	53	18	14	3
PAT PATCr	47	51	145	94	44	93	25	124	93
Growth PAT Growth%		8.5	186.1	-35.1	-53.1	110.5	-73.0	391.1	183.0
NPM NPM%	4.8	5.4	10.5	5.8	2.8	5.7	1.8	8.7	6.5
EPS EPS₹	10.4	11.3	32.6	20.7	9.4	20.5	5.5	21.6	21.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	45	45	45	45	45	45	45	45
Reserves ReservesCr	454	483	619	696	725	804	813	895
Current Liabilities Current LiabilitiesCr	317	366	307	347	317	327	404	299
Non Current Liabilities Non Current LiabilitiesCr	278	259	327	382	419	363	372	335
Total Liabilities Total LiabilitiesCr	1,095	1,153	1,299	1,471	1,506	1,539	1,635	1,574
Current Assets Current AssetsCr	328	345	338	419	412	441	461	369
Non Current Assets Non Current AssetsCr	767	809	961	1,051	1,094	1,098	1,173	1,205
Total Assets Total AssetsCr	1,095	1,153	1,299	1,471	1,506	1,539	1,635	1,574

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	45	45	45	45	45	45	45	45
Reserves ReservesCr	454	483	619	696	725	804	813	895
Current Liabilities Current LiabilitiesCr	317	366	307	347	317	327	404	299
Non Current Liabilities Non Current LiabilitiesCr	278	259	327	382	419	363	372	335
Total Liabilities Total LiabilitiesCr	1,095	1,153	1,299	1,471	1,506	1,539	1,635	1,574
Current Assets Current AssetsCr	328	345	338	419	412	441	461	369
Non Current Assets Non Current AssetsCr	767	809	961	1,051	1,094	1,098	1,173	1,205
Total Assets Total AssetsCr	1,095	1,153	1,299	1,471	1,506	1,539	1,635	1,574

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	71	106	238	72	206	183	86	145
Investing Cash Flow Investing Cash FlowCr	-69	-79	-136	-139	-94	-59	-111	-108
Financing Cash Flow Financing Cash FlowCr	4	-31	-52	10	-83	-110	-5	-49
Net Cash Flow Net Cash FlowCr	6	-4	50	-58	29	13	-30	-12
Free Cash Flow Free Cash FlowCr	2	27	102	-68	110	123	-28	37
CFO To PAT CFO To PAT%	151.2	208.1	163.6	75.9	465.3	196.1	342.1	117.2
CFO To EBITDA CFO To EBITDA%	52.5	75.9	84.5	34.7	139.4	88.4	78.9	76.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	71	106	238	72	206	183	86	145
Investing Cash Flow Investing Cash FlowCr	-69	-79	-136	-139	-94	-59	-111	-108
Financing Cash Flow Financing Cash FlowCr	4	-31	-52	10	-83	-110	-5	-49
Net Cash Flow Net Cash FlowCr	6	-4	50	-58	29	13	-30	-12
Free Cash Flow Free Cash FlowCr	2	27	102	-68	110	123	-28	37
CFO To PAT CFO To PAT%	151.2	208.1	163.6	75.9	465.3	196.1	342.1	117.2
CFO To EBITDA CFO To EBITDA%	52.5	75.9	84.5	34.7	139.4	88.4	78.9	76.3

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	657	245	776	804	806	835	825	672	735
Price To Earnings Price To Earnings	14.0	4.8	5.3	8.5	18.2	8.9	32.7	7.0	7.8
Price To Sales Price To Sales	0.5	0.2	0.4	0.4	0.4	0.4	0.4	0.3	0.5
Price To Book Price To Book	1.3	0.5	1.2	1.1	1.1	1.0	1.0	0.7	0.8
EV To EBITDA EV To EBITDA	6.7	3.7	3.5	5.4	7.2	4.8	9.7	4.7	5.5
Profitability Ratios Profitability Ratios
GPM GPM%	24.2	31.9	37.0	32.6	25.0	21.4	16.8	43.9	43.9
OPM OPM%	13.8	14.9	20.4	12.6	9.2	12.6	7.7	13.4	12.3
NPM NPM%	4.8	5.4	10.5	5.8	2.8	5.7	1.8	8.7	6.5
ROCE ROCE%	12.5	12.3	26.4	16.1	11.1	15.9	5.7	13.3	13.3
ROE ROE%	9.4	9.6	21.9	12.7	5.8	11.0	2.9	13.2	13.2
ROA ROA%	4.3	4.4	11.2	6.4	2.9	6.1	1.5	7.9	7.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	657	245	776	804	806	835	825	672	735
Price To Earnings Price To Earnings	14.0	4.8	5.3	8.5	18.2	8.9	32.7	7.0	7.8
Price To Sales Price To Sales	0.5	0.2	0.4	0.4	0.4	0.4	0.4	0.3	0.5
Price To Book Price To Book	1.3	0.5	1.2	1.1	1.1	1.0	1.0	0.7	0.8
EV To EBITDA EV To EBITDA	6.7	3.7	3.5	5.4	7.2	4.8	9.7	4.7	5.5
Profitability Ratios Profitability Ratios
GPM GPM%	24.2	31.9	37.0	32.6	25.0	21.4	16.8	43.9	43.9
OPM OPM%	13.8	14.9	20.4	12.6	9.2	12.6	7.7	13.4	12.3
NPM NPM%	4.8	5.4	10.5	5.8	2.8	5.7	1.8	8.7	6.5
ROCE ROCE%	12.5	12.3	26.4	16.1	11.1	15.9	5.7	13.3	13.3
ROE ROE%	9.4	9.6	21.9	12.7	5.8	11.0	2.9	13.2	13.2
ROA ROA%	4.3	4.4	11.2	6.4	2.9	6.1	1.5	7.9	7.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SAGCEM	SHREDIGCEM	DECCANCE	NCLIND	BIGBLOC	SAURASHCEM	SHIVACEM
Market CapitalizationMkt CapCr	1,738	961	741	735	571	546	382
Close PriceClose₹	132.99	65.00	529.05	162.55	40.30	49.08	12.95
IndustryIndustry	Cement	Cement	Cement	Cement	Cement	Cement	Cement
Price To EarningsPE		53.28	125.96	7.75	335.83	81.80
Price To SalesPS	0.65	1.08	1.05	0.51	1.86	0.32	0.79
RevenueRevenueCr	2,685	890	704	1,431	306	1,699	481
Revenue Growth TTMRev Gr TTM%	13.4%	19.6%	39.4%	3.5%	33.5%	7.9%	50.3%
PAT Growth TTMPAT Gr TTM%	79.5%	-35.0%	-48.2%	183.0%	11.5%	-52.1%	22.8%

	SAGCEM	SHREDIGCEM	DECCANCE	NCLIND	BIGBLOC	SAURASHCEM	SHIVACEM
Market CapitalizationMkt CapCr	1,738	961	741	735	571	546	382
Close PriceClose₹	132.99	65.00	529.05	162.55	40.30	49.08	12.95
IndustryIndustry	Cement	Cement	Cement	Cement	Cement	Cement	Cement
Price To EarningsPE		53.28	125.96	7.75	335.83	81.80
Price To SalesPS	0.65	1.08	1.05	0.51	1.86	0.32	0.79
RevenueRevenueCr	2,685	890	704	1,431	306	1,699	481
Revenue Growth TTMRev Gr TTM%	13.4%	19.6%	39.4%	3.5%	33.5%	7.9%	50.3%
PAT Growth TTMPAT Gr TTM%	79.5%	-35.0%	-48.2%	183.0%	11.5%	-52.1%	22.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT

Transcript

Summary

Mar 26