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Swing Capital

HeidelbergCement India Ltd

NSE: HEIDELBERG BSE: 500292Cement

Heidelberg Cement India is the Indian subsidiary of HeidelbergCement Group, Germany. The Company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh), and in Southern India at Ammasandra (Karnataka). [1]

₹153
52W: ₹136 — ₹225
PE 24.4 · Book ₹57.8 · +165% vs book
Market Cap₹3,460 Cr
Stock P/E24.4Price to Earnings
ROCE11.4%Return on Capital
ROE7.48%Return on Equity
Div. Yield4.58%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 139%

Weaknesses

  • −Stock is trading at 2.63 times its book value
  • −The company has delivered a poor sales growth of -0.19% over past five years.
  • −Company has a low return on equity of 8.47% over last 3 years.

Shareholding Pattern

Promoters69.39%
FIIs1.15%
DIIs14.21%
Public15.25%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.39%69.39%69.39%69.39%69.39%69.39%69.39%69.39%
FIIs4.42%3.13%▼1.32.31%▼0.82.27%▼0.01.35%▼0.91.42%▲0.11.18%▼0.21.15%▼0.0
DIIs10.81%11.89%▲1.112.67%▲0.813.27%▲0.613.98%▲0.714.08%▲0.114.24%▲0.214.21%▼0.0
Public15.25%15.43%▲0.215.49%▲0.114.91%▼0.615.13%▲0.214.76%▼0.415.18%▲0.415.25%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales566607597532461543612598512574
Expenses497542508454424510522509454521
Operating Profit69658978373391895853
OPM %12%11%15%15%8%6%15%15%11%9%
Net Profit3631484011550482516
EPS ₹1.581.392.131.760.490.232.232.131.10.69

AI Insights

Revenue Trend

TTM revenue at ₹2,296Cr, up 6.8% YoY. OPM at 13%.

Debt Position

Borrowings at ₹77Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Capex Cycle

CWIP at ₹133Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.21% (+5.17pp change). FIIs: 1.15% (-3.58pp change). Promoters hold 69.39%.

Margin & Efficiency

ROCE improving from 1% (Dec 2013) to 11% (Mar 2025). Working capital days: -67.

Valuation

PE 24.4x with 11.4% ROCE. Price is 165% above book value of ₹57.8. Dividend yield: 4.58%.

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