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Swing Capital

NCL Industries Ltd

NSE: NCLIND BSE: 502168Cement

Incorporated in 1979, NCL Industries Ltd manufactures and sells Cement, RMC, CBPB, Doors, and operates 2 SHP projects[1]

₹166
52W: ₹148 — ₹239
PE 11.3 · Book ₹198 · -16% vs book
Market Cap₹750 Cr
Stock P/E11.3Price to Earnings
ROCE6.71%Return on Capital
ROE3.41%Return on Equity
Div. Yield1.8%Face Value ₹10

Strengths

  • +Stock is trading at 0.82 times its book value
  • +Company has been maintaining a healthy dividend payout of 28.1%

Weaknesses

  • −Company has a low return on equity of 6.86% over last 3 years.
  • −Promoter holding has decreased over last 3 years: -5.58%

Shareholding Pattern

Promoters41.56%
FIIs3.87%
DIIs0.2%
Public54.38%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.31%42.08%▼0.242.11%▲0.042.27%▲0.241.02%▼1.340.93%▼0.140.95%▲0.041.56%▲0.6
FIIs5.41%5.33%▼0.15.14%▼0.25.24%▲0.15.77%▲0.54.45%▼1.33.95%▼0.53.87%▼0.1
DIIs0.39%0.03%▼0.40.03%0.04%▲0.00.09%▲0.00.09%0.16%▲0.10.2%▲0.0
Public51.88%52.53%▲0.652.69%▲0.252.43%▼0.353.11%▲0.754.53%▲1.454.92%▲0.454.38%▼0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales391433419355330341383338345343
Expenses352376370319297322362288296307
Operating Profit39574936342021514936
OPM %10%13%12%10%10%6%5%15%14%11%
Net Profit14252413336202013
EPS ₹3.065.555.352.860.590.741.424.474.362.93

AI Insights

Revenue Trend

TTM revenue at ₹1,409Cr, down 21.7% YoY. OPM at 11%.

Debt Position

Borrowings at ₹259Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.

Capex Cycle

CWIP at ₹220Cr (24% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.2% (+0.17pp change). FIIs: 3.87% (+0.38pp change). Promoters hold 41.56%.

Margin & Efficiency

ROCE improving from 1% (Mar 2014) to 7% (Mar 2025). Working capital days: 6.

Valuation

PE 11.3x with 6.71% ROCE. Price is -16% above book value of ₹198. Dividend yield: 1.8%.

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