India Cements Capital Limited (INDCEMCAP.BO) 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

-89.3%

₹3.24

vs ₹30.34 price

Levered DCF

₹24.64

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 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	-54.21×	55.08×	27.03×	25.33×	89.64×	-37.62×	509.43×	36.88×
P/B	1.38×	1.67×	2.3×	1.12×	1.38×	0.69×	0.38×	0.32×
P/S	4.51×	0.1×	0.11×	0.09×	0.34×	0.27×	0.01×	0.01×
EV / EBITDA	-34.38×	75.24×	34.87×	56.72×	131.69×	-230.83×	192.49×	102.29×
Gross margin	97.0%	0.5%	1.1%	0.3%	-0.4%	-2.1%	0.0%	0.3%
Operating margin	-2.4%	0.1%	0.5%	0.3%	-0.4%	-2.8%	-0.0%	-0.0%
Net margin	-8.3%	0.2%	0.4%	0.3%	0.4%	-0.7%	0.0%	0.0%
Current ratio	5.34×	4.92×	4.68×	4.27×	4.77×	4.62×	4.82×	4.24×
Debt / equity	0×	2.44×	2.49×	2.73×	2.87×	2.89×	2.81×	2.79×
Interest coverage	0×	45.07×	13.97×	140.97×	-4.55×	0×	-2.05×	-2.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.5%	3.0%	8.5%	4.4%	1.6%	-1.8%	0.1%	0.9%
Return on invested capital	-0.7%	0.4%	2.4%	0.8%	-0.3%	-1.8%	-0.0%	-0.1%
Return on assets	-2.2%	0.8%	2.3%	1.1%	0.4%	-0.4%	0.0%	0.2%
Free cash flow yield	169.3%	-0.2%	-0.3%	1.5%	-2.4%	16.1%	33.8%	-75.8%
Earnings yield	-1.8%	1.8%	3.7%	4.0%	1.1%	-2.6%	0.2%	2.7%
Enterprise value	₹134.4M	₹611.9M	₹716.8M	₹508.5M	₹539.3M	₹421M	₹368.4M	₹381M
Net debt / EBITDA	28.61×	37.53×	15.03×	36.48×	79.42×	-172.63×	161.87×	88.95×
Cash conversion cycle (days)	-3,030	-1	4	8	19	-8	1	2