HeidelbergCement India Limited (HEIDELBERG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+153.2%

₹302.81

vs ₹119.58 price

Levered DCF

₹288.02

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.97

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	23.27×	41.79×	27.22×	36.75×	17.04×	16.81×	11.99×	18.87×
P/B	2.27×	3.2×	3.11×	2.5×	2.74×	3.54×	2.45×	3.56×
P/S	1.34×	2.08×	1.93×	1.63×	1.87×	2.5×	1.49×	1.97×
EV / EBITDA	9.87×	14.33×	11.23×	11.41×	8.53×	9.35×	5.45×	8.38×
Gross margin	41.9%	41.0%	31.4%	26.8%	33.0%	38.3%	78.5%	78.4%
Operating margin	7.6%	6.0%	9.0%	6.5%	14.5%	19.2%	21.8%	19.7%
Net margin	5.8%	5.0%	7.1%	4.4%	11.0%	14.9%	12.4%	10.5%
Current ratio	1.1×	1.09×	1.26×	1.31×	1.42×	1.09×	1.1×	0.97×
Debt / equity	0.01×	0.05×	0.09×	0.12×	0.13×	0.21×	0.32×	0.44×
Interest coverage	10.02×	4.43×	6.16×	3.18×	9.16×	7.97×	6.38×	5.54×
Dividend yield	5.1%	4.0%	3.5%	5.6%	4.2%	2.6%	3.8%	2.3%
Payout ratio	118.4%	169.2%	94.1%	205.0%	71.6%	43.0%	45.8%	43.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.8%	7.7%	11.4%	6.8%	16.1%	21.1%	20.4%	18.8%
Return on invested capital	8.2%	5.6%	8.7%	5.7%	12.4%	15.9%	15.9%	14.3%
Return on assets	5.5%	4.2%	6.3%	3.7%	8.9%	11.1%	9.6%	8.2%
Free cash flow yield	5.1%	3.9%	6.0%	5.4%	5.9%	7.4%	12.9%	8.4%
Earnings yield	4.3%	2.4%	3.7%	2.7%	5.9%	5.9%	8.3%	5.3%
Enterprise value	₹30.6B	₹40.8B	₹41.7B	₹33.6B	₹41.3B	₹51.7B	₹31.6B	₹43.4B
Net debt / EBITDA	-0.17×	-1.33×	-1.07×	-0.99×	-0.35×	-0.22×	-0.09×	0.35×
Cash conversion cycle (days)	-31	-26	-69	-51	41	-4	-18	-7