The India Cements Limited (INDIACEM.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

-116.7%

-₹53.02

vs ₹317.00 price

Levered DCF

-₹72.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.02

Grey zone

Rating

B-

Overall 2 / 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	-164.61×	-60.61×	-30.04×	-45.19×	82.74×	25.08×	65.4×	163.53×
P/B	1.09×	0.85×	1.23×	0.99×	1.09×	0.91×	0.6×	0.66×
P/S	2.46×	2.1×	1.37×	1.02×	1.34×	1.15×	0.63×	0.6×
EV / EBITDA	36.69×	-28.21×	91.06×	-60.71×	19.43×	10.33×	11.3×	10.93×
Gross margin	77.8%	35.2%	41.7%	34.0%	48.5%	55.8%	51.7%	49.2%
Operating margin	2.2%	3.7%	13.2%	-2.6%	10.1%	17.5%	11.7%	10.9%
Net margin	-1.5%	-3.5%	-4.5%	-2.3%	1.6%	4.6%	1.0%	0.4%
Current ratio	1.01×	1.27×	1×	1.21×	0.93×	0.74×	0.83×	0.93×
Debt / equity	0.13×	0.11×	0.47×	0.51×	0.52×	0.53×	0.66×	0.66×
Interest coverage	0.98×	0.59×	2.74×	-0.65×	2.6×	2.93×	1.87×	1.86×
Dividend yield	0.0%	0.0%	0.0%	0.5%	0.4%	0.3%	0.9%	0.9%
Payout ratio	0.0%	0.0%	-0.0%	-22.8%	36.9%	8.5%	56.6%	151.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.7%	-1.4%	-4.1%	-2.2%	1.3%	3.6%	0.9%	0.4%
Return on invested capital	0.8%	0.8%	6.0%	-0.6%	3.8%	5.5%	6.1%	3.4%
Return on assets	-0.5%	-1.0%	-2.1%	-1.1%	0.7%	1.9%	0.4%	0.2%
Free cash flow yield	-2.3%	-3.7%	3.2%	-1.3%	4.2%	17.0%	4.2%	-0.7%
Earnings yield	-0.6%	-1.6%	-3.3%	-2.2%	1.2%	4.0%	1.5%	0.6%
Enterprise value	₹122.9B	₹97.7B	₹93.8B	₹86.2B	₹95.4B	₹81.8B	₹68.4B	₹68.5B
Net debt / EBITDA	3.71×	-3.07×	24.74×	-20.3×	6.2×	3.78×	5.88×	5.44×
Cash conversion cycle (days)	-28	7	35	74	21	-4	3	4