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Swing Capital

Deccan Cements Ltd

NSE: DECCANCE BSE: 502137Energy

Incorporated in 1979, Deccan Cements Ltd manufactures and sells Cement and does generation and selling of power from hydel and wind sources[1]

₹603
52W: ₹536 — ₹1184
PE 26.5 · Book ₹533 · +13% vs book
Market Cap₹845 Cr
Stock P/E26.5Price to Earnings
ROCE1.53%Return on Capital
ROE0.75%Return on Equity
Div. Yield0.1%Face Value ₹5

Strengths

  • +Stock is trading at 1.12 times its book value

Weaknesses

  • −The company has delivered a poor sales growth of -1.04% over past five years.
  • −Company has a low return on equity of 5.01% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 11.0% of profits over last 3 years
  • −Debtor days have increased from 26.0 to 40.0 days.

Shareholding Pattern

Promoters56.24%
FIIs14.3%
DIIs0.78%
Public28.66%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.24%56.24%56.24%56.24%56.24%56.24%56.24%56.24%
FIIs10.94%11.87%▲0.911.55%▼0.310.3%▼1.39.91%▼0.49.93%▲0.012.85%▲2.914.3%▲1.5
DIIs0.97%0.78%▼0.20.78%0.78%0.78%0.9%▲0.10.78%▼0.10.78%
Public31.85%31.1%▼0.831.42%▲0.332.67%▲1.333.06%▲0.432.92%▼0.130.11%▼2.828.66%▼1.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales167.25216.86223.24172.15120.46115.45118.92150.56140.31130.85
Expenses153.55188.28196.93160.83118.27106.7105.8122.68120.15119.47
Operating Profit13.728.5826.3111.322.198.7513.1227.8820.1611.38
OPM %8.19%13.18%11.79%6.58%1.82%7.58%11.03%18.52%14.37%8.7%
Net Profit4.7315.393.012.81-4.040.817.9515.359.07-0.55
EPS ₹3.3810.992.152.01-2.880.585.6810.966.48-0.39

AI Insights

Revenue Trend

TTM revenue at ₹541Cr, up 2.7% YoY. OPM at 13%.

Debt Position

Borrowings at ₹760Cr. Debt-to-equity ratio: 1.03x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹895Cr (230% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.78% (+0.29pp change). FIIs: 14.3% (+4.90pp change). Promoters hold 56.24%.

Margin & Efficiency

ROCE declining from 7% (Mar 2014) to 2% (Mar 2025). Working capital days: -65.

Valuation

PE 26.5x with 1.53% ROCE. Price is 13% above book value of ₹533. Dividend yield: 0.1%.

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