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Swing Capital

Niraj Cement Structurals Ltd

NSE: NIRAJ BSE: 532986Cement

Niraj Cement Structurals Ltd (NIRAJ) is a Cement company listed on NSE: NIRAJ | BSE: 532986. With a market cap of ₹176 Cr and ROCE of 10.6%, ROE of 7.96%, it operates in the Indian Cement sector.

₹29.5
52W: ₹20.2 — ₹63.2
PE 7.36 · Book ₹42.8 · -31% vs book
Market Cap₹176 Cr
Stock P/E7.36Price to Earnings
ROCE10.6%Return on Capital
ROE7.96%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.68 times its book value
  • +Company has delivered good profit growth of 41.5% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding is low: 24.9%
  • −Company has a low return on equity of 7.21% over last 3 years.
  • −Earnings include an other income of Rs.11.6 Cr.

Shareholding Pattern

Promoters24.89%
FIIs0.09%
DIIs0%
Public75.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters24.26%24.26%22.53%▼1.724.89%▲2.424.89%24.89%24.89%24.89%
FIIs0.03%0.12%▲0.10%▼0.10%0%0%0.09%▲0.10.09%
DIIs0%0%0%0%0.63%▲0.60.63%0%▼0.60%
Public75.71%75.61%▼0.177.47%▲1.975.11%▼2.474.47%▼0.674.47%75.01%▲0.575.02%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales110.98126.18133.9982.39138.02119.7166.6194.44171.62139.75
Expenses108.82122.74125.6882.09132.64117.29158.3695.32161.63133
Operating Profit2.163.448.310.35.382.418.25-0.889.996.75
OPM %1.95%2.73%6.2%0.36%3.9%2.01%4.95%-0.93%5.82%4.83%
Net Profit0.850.997.470.814.052.228.141.19.186.1
EPS ₹0.210.251.860.21.010.511.360.181.541.02

AI Insights

Revenue Trend

TTM revenue at ₹572Cr, up 12.8% YoY. OPM at 4%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.09% (+0.09pp change). Promoters hold 24.89%.

Margin & Efficiency

ROCE improving from 1% (Mar 2014) to 11% (Mar 2025). Working capital days: 100.

Valuation

PE 7.36x with 10.6% ROCE. Price is -31% above book value of ₹42.8. Dividend yield: 0%.

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