NSE: HEIDELBERG · BSE: 500292 · ISIN INE578A01017
HeidelbergCement India Limited stock analysis
HeidelbergCement India Limited ranks #2472 in the TickerSutra evidence-ranked universe with a score of 46/100 and 95% data confidence. The latest captured fundamentals show ROCE of 14.7%, quarterly sales growth of 5.1% and quarterly profit growth of -36.7%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.01×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,297cr | ₹435cr | ₹252cr | 19.0% |
| 2023 | ₹2,238cr | ₹249cr | ₹99cr | 11.0% |
| 2024 | ₹2,366cr | ₹317cr | ₹168cr | 13.0% |
| 2025 | ₹2,149cr | ₹240cr | ₹107cr | 11.0% |
| 2026 | ₹2,330cr | ₹287cr | ₹134cr | 12.0% |
| TTM | ₹2,360cr | ₹265cr | ₹116cr | 11.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
HeidelbergCement India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineHeidelbergCement India Ltd - 500292 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 28 Sept 2026Scrutinizer''s Report of 67th AGM
RoutineTrading WindowBSE · 25 Sept 2026HeidelbergCement India Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
This accomplishment highlights our strong cash-generating capability and prudent financial management. We also continued to operate with a negative working capital, further improving our Cash Conversion Cycle, demonstrating effective working capital discipline and superior cash flow management. The year also witnessed important strategic developments that will support our next phase of growth.
Market acceptance remains a key indicator of product performance and customer trust. During FY2025-26, HeidelbergCement India continued to strengthen customer acceptance of its composite cement portfolio while increasing the contribution of differentiated products within its overall sales mix. Power Shield remained a key contributor to this journey.
This marked the beginning of a strong growth trajectory. In the same year, the Company embarked on a brownfield capacity expansion in Central India, boosting its cement manufacturing capacity. T oday, HCIL ’s total cement grinding capacity stands at 6.26 MTPA.
The new Labour Codes not only simplify and standardize compliance requirements but also promote greater transparency, consistency, and ease of doing business. By reducing overlaps and ambiguities in the earlier regulatory framework, they are expected to minimize disputes, improve workforce management, and strengthen industrial relations over the long term. Looking ahead, the outlook for the Indian cement industry rem
Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative nancial instruments. The Company’s treasury department is entrusted with managing the overall market risks in line with the company’s established risk management policies which are approved by the Senior Management and Audit Committee. Interest rate risk Interest rate risk is the risk that the fair value
In parallel, the Company continues to advance its sales and marketing excellence initiatives through Project Rise. Initially launched to expand market reach, strengthen customer engagement, improve sales force effectiveness, and achieve superior price realization, the program has now evolved. It currently drives operational excellence across all sales and marketing workflows, enhances demand generation activities, an
Learnings from reported incidents are promptly disseminated across all plants to ensure collective risk mitigation. 103 Note: *Including in the contract workforce Accountability: • Violations of Safety Cardinal Rules result in formal warning letters to the responsible engineer or manager, reinforcing behavioral accountability. • Workers and contractors must strictly follow the Company’s Safety Cardinal Rules and wear
We are also witnessing pressure on raw material and other operating costs. These developments are already visible in the first quarter of FY27, where higher input costs impacted profitability despite continued revenue growth. Our response will be clear and multi-dimensional.
So right now, Central is no longer... Vaibhav Agarwal: The question was actually this is -- Central India has been under pricing pressure for quite some time now for maybe last 3, 4 quarters. Management: No, I have not under -- are you...
The packaging bag, the impact which was there has now substantially reduced. I think -- so what we are looking at is about anywhere between INR100 to INR160 a ton, which we are confident can be passed on. HeidelbergCement India Limited May 29, 2026 Page 6 of 15 Rajesh Ravi: Understood.
Freehold mining land is depreciated over 5 years, which is the expected period of mineral extraction. Depreciation on additions is provided on a pro-rata basis from the month of installation or acquisition and in case of Projects from the date of commencement of commercial production. Depreciation on deductions/disposals is provided on a pro-rata basis up to the month preceding the month of deduction/disposal.
The Company does not have higher concentration of credit risks to a single customer. Single largest customer has total exposure in sales 0.09% (31 March 2025: 0.10%) and in receivables 3.54% (31 March 2025: 3.68%). Financial instruments and cash deposits Credit risk from balances with banks and nancial institutions is managed by the Company’s treasury department in accordance with the Company’s policy.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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