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Heidelberg Cement India Ltd (HEIDELBERG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500292 NSE: HEIDELBERG Cement & Construction Materials | Small Cap | Heidelberg Cement Share Price

₹151.60 0.05 (0.03%)

As on 04-Jun'26 16:59

Heidelberg Cement India Ltd (HEIDELBERG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500292 NSE: HEIDELBERG Cement & Construction Materials | Small Cap | Heidelberg Cement Share Price

₹151.60 0.05 (0.03%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹3,435 Cr.
Current Price
₹151.6
52-Week Low / High
₹137 / 225
TTM EPS
₹5.9
TTM Sales
₹2,330 Cr.
Book Value per Share
₹60.5
P/E Ratio
25.64
Lower than its 5-year historical median
Industry PE
36.8
Price to Book (P/B)
2.50
Lower than its 5-year historical median
Price to Sales (P/S)
1.47
Lower than its 5-year historical median
EV/EBITDA
9.50
Lower than its 5-year historical median
Dividend Yield
3.54%
Profitability Efficiency
Return on Equity (ROE)
7.45%
In line with industry median
Return on Capital Employed (ROCE)
11.46%
Outperforms industry median
Return on Assets (ROA)
4.10%
Operating Profit Margin
11.2%
Net Profit Margin
4.97%
Gross Profit Margin
11.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-9.17%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-24.41%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-36.36%
Asset Quality
Promoter Holding
69.39%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,145 Cr.
Equity
₹226.6 Cr.
Face Value
₹10
All Time Low / High
₹4.05 / 300.00

Heidelberg Cement India stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Heidelberg Cement India Ltd a good quality company?
Heidelberg Cement India Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Heidelberg Cement India Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Heidelberg Cement India Ltd vs industry peers?
Heidelberg Cement India Ltd revenue CAGR is -0.19%, compared to the industry median CAGR of 5.89%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Heidelberg Cement India Ltd?
Promoters hold 69.39% of the Heidelberg Cement India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Heidelberg Cement India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 5.5% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Heidelberg Cement India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 7.5%11.3%16.9%24.8%27.7%25.2%21%10.7%16.2%11.5%-
Value Creation
Index
-0.5-0.20.20.81.00.90.5-0.20.2-0.2-

Growth Parameters

Sales 1,6481,7171,8892,1332,1702,1172,2972,2382,3662,1492,330
Sales YoY Gr.-4.2%10%12.9%1.7%-2.4%8.5%-2.6%5.7%-9.2%-
Adj EPS 1.53.45.89.711.913.811.14.47.44.75.9
YoY Gr.-118.2%73.8%66.4%21.9%16.7%-19.8%-60.1%67.7%-36.2%-
BVPS (₹) 39.542.746.251.75865.969.164.564.961.660.5
Adj Net
Profit
3576132220269313251100168107134
Cash Flow from Ops. 257361377393459439302226350265-
Debt/CF from Ops. 421.61.30.90.70.60.80.40.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 3%-0.2%-2.2%-9.2%
Adj EPS 13.3%-16.8%-24.7%-36.2%
BVPS5.1%1.2%-3.8%-5.1%
Share Price 3.6% -9.5% -3.8% -21.6%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
48.213.219.921.622.316.46.611.57.59.7
Op. Profit
Mgn %
1416.219.222.724.42418.911.213.411.212.3
Net Profit
Mgn %
2.14.4710.312.414.8114.57.155.8
Debt to
Equity
1.20.70.60.40.30.20.10.10.10.10
Working Cap
Days
134106959510212012912410210574
Cash Conv.
Cycle
-9-16-22-27-29-28-20-14-17-184

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,6481,7171,8892,1332,1702,1172,2972,2382,3662,149
Operating Expenses + 1,4171,4391,5261,6501,6421,6101,8621,9892,0491,909
Manufacturing Costs561536560616594615784921823735
Material Costs336360363386389372429401462442
Employee Cost 105115120124131127131133153157
Other Costs 414428483524528496519534611576
Operating Profit 231279363483528507435249317239
Operating Profit Margin (%) 14.0%16.2%19.2%22.7%24.3%23.9%18.9%11.1%13.4%11.1%
Other Income + 22242035534649455545
Exceptional Items 0000000000
Interest 108907475745136463529
Depreciation 10099101102109111112112110110
Profit Before Tax 45114208342398391335136227146
Tax 1037741211307683375939
Profit After Tax 357613322126831525299168107
PAT Margin (%) 2.2%4.4%7.1%10.3%12.4%14.9%11.0%4.4%7.1%5.0%
Adjusted EPS (₹)1.63.45.99.711.813.911.14.47.44.7
Dividend Payout Ratio (%)0%59.50%42.50%41.10%63.40%57.60%80.90%160%108.10%148.60%

Valuation of Heidelberg Cement - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 8959671,0461,1711,3151,4941,5651,4611,4701,395
Share Capital 227227227227227227227227227227
Reserves 6687408209451,0881,2671,3391,2351,2431,169
Debt +74157546939228029419017412565
Long Term Debt671575469392280174157111560
Short Term Debt70000012034636965
Minority Interest0000000000
Trade Payables186191227278258271264263298296
Others Liabilities 793674791855940786804767769786
Total Liabilities 2,6152,4082,5332,6962,7932,8452,8242,6652,6612,542

Fixed Assets

Net Fixed Assets +1,9011,8771,8061,7371,6931,6181,5621,4901,4101,346
Gross Block2,0002,0752,1042,1342,1952,2202,2652,3022,3232,364
Accumulated Depreciation991982983985026017038129131,018
CWIP 566817161927628110
Investments 000000551420
Inventories178140127167146161173175176171
Trade Receivables26131925263340315557
Cash Equivalents 814212338471432382492555478
Others Assets 446358361411442582635465424359
Total Assets 2,6152,4082,5332,6962,7932,8452,8242,6652,6612,542

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 257361377393459439302226350265
PBT 45114208342398391335136227146
Adjustment 1851681551401291161001128894
Changes in Working Capital 4010459-177-1-78229874
Tax Paid -13-25-44-71-75-67-55-44-63-49
Cash Flow From Investing Activity + -108-40-14-26-14-173-35144-48-73
Capex -122-45-18-42-44-46-46-27-73-100
Net Investments 000000-50-9-6
Others 14451629-128161723433
Cash Flow From Financing Activity + -287-315-165-242-314-304-328-267-242-271
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -172-221-41-83-125-125-120-3400
Interest Paid -115-93-70-64-59-36-22-25-17-17
Dividend Paid 00-45-79-102-135-181-203-158-181
Others 00-9-16-28-7-5-4-67-74
Net Cash Flow -1386198125131-38-6110460-79

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)4.038.1913.2319.921.5722.4316.496.5511.457.45
ROCE (%)7.5211.2816.924.8327.725.220.9710.7316.211.46
Asset Turnover Ratio0.710.80.790.820.790.750.810.820.890.83
PAT to CFO Conversion(x)7.344.752.831.781.711.391.22.282.082.48
Working Capital Days
Receivable Days4.303.502.903.804.305.105.805.806.609.50
Inventory Days35.202924.8025.2026.3026.4026.5028.4027.1029.50
Payable Days204.50191.50210.20238.30251.80259.20227.80240221.40245.30

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Heidelberg Cement India Ltd FAQs

The current trading price of Heidelberg Cement on 04-Jun-2026 16:59 is ₹151.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Heidelberg Cement stood at ₹3,435.5 Cr

The latest P/E ratio of Heidelberg Cement as of 03-Jun-2026 is 25.64.

The latest P/B ratio of Heidelberg Cement as of 03-Jun-2026 is 2.50.

The 52-week high of Heidelberg Cement is ₹224.6 and the 52-week low is ₹136.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Heidelberg Cement is ₹2,330 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Heidelberg Cement India Ltd is a good quality company.

The key valuation ratios of Heidelberg Cement India Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Heidelberg Cement India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Heidelberg Cement India Ltd

Heidelberg Cement India is a subsidiary of Heidelberg Cement Group, Germany. The Company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh) and in Southern India at Ammasandra (Karnataka). HeidelbergCement India is a public company domiciled in India and is incorporated on May 13, 1958 under the provisions of the Companies Act, 1956. The Company’s equity is listed on BSE and National Stock Exchange of India.

One of the world's largest integrated manufacturers of building materials, Heidelberg Cement Group made its foray into India in early 2006. The move was motivated by its pursuit for growth which emanated from the opportunities available in the growing market of developing countries. As a part of its growth strategy, the Group acquired controlling stake in Mysore Cements Limited as well as the Indorama Cement Limited Joint Venture, which in 2008 was converted into a complete acquisition.

After the merger of Indorama Cement with Mysore Cements, in 2009, Mysore Cements was renamed Heidelberg Cement India Ltd. Since then there has been no looking back. In 2009, the Company undertook a brownfield capacity expansion in Central India to increase its cement manufacturing capacity from 2.1 million tonnes per annum to 5.4 million tonnes per annum. The company’s Mycem’ and ‘Mycem Power’ -  two brands - have become synonymous with 'quality' and 'reliability' the two factors that distinguish good and great cement.

Business area of the company

HeidelbergCement India is engaged in the manufacturing and selling of cement.

Products and services

  • mycem
  • mycempower
  • mycem ConcreteMAX
  • PPC
  • PSC

Awards

  • Amsa - Various awards from MSA on Drilling & blasting, Method of working, Best operator, Safe drilling & blasting practice, Transportation of mineral/debris, Best overall performance, Vocational training/HRD, Maintenance & service of heavy earthmoving machinery, Welfare amenities, Operation & maintenance of heavy earth moving machinery and Occupational health welfare amenities & safety card.
  • Damoh - Various awards from FICCI,Indian Bureau of Mines, Director General of Mines Safety for safety systems excellence awards for manufacturing and mining activities.
  • Amsa- Award for lowest injury frequency rate per lakh manshift metal mines-mechanised opencast with manshift lakhs.
  • Narsinghgarh Mines- Narsinghgarh Lime Stone Mine was adjudged Winner for the 'Lowest Injury Frequency Rate' in Metal Mines (Mechanised Opencast Mines) with Manshift< 0.5 lacs category at country level for the year 2009. The 'National Safety Award' was received from the Hon. President of India in the Award Presentation Ceremony held at VigyanBhawan, New Delhi on November 21, 2012.
  • Damoh- National energy conservation award: Certificate of Merit of national energy conservation awar
  • Narsinghgarh Mines- Narsinghgarh Limestone Mine awarded with 1st prize for “Overall Safety Performance” in Mechanized 'A' Category Mines, for the year 2012.
  • Amsa- Yerekatte Lime Stone Mines Awarded with 1st prize - Overall Performance State and Safety Management System during Mines Safety Week 2013-14.
  • Narsinghgarh & Imlai- A letter of appreciation by the Damoh Govt. authorities for sparing emergency resources and controlling & extinguishing the major fire spread out at damoh shopping complex
  • Narsinghgarh- Diamond Cement - Clinkerisation Unit (Narsinghgarh) Received ‘Green Manufacturing Excellence Award-2013 (Aspirants Level)’
  • Narsinghgarh- Narsinghgarh plant received 'FICCI Safety Systems Excellence Awards for Manufacturing-2013 – Certificate of Appreciation' for Good Safety Practices presented by Shri Kodikunnil Suresh, Hon'ble Minister of State for Labour & Employment in the award ceremony held at New Delhi on 10th Dec-13.
  • All plants & HO- HeidelbergCement India Limited certified for Integrated Management System (IMS) confirming to ISO 9001: 2008, ISO 14001: 2004 & OHSAS 18001: 2007 standards by TUV-SUD in Dec-13.
  • Narsingarh- Best Contributor Management by Honourable Labour Minister of Madhya Pradesh Mr Antar Singh Arya on 20th July 14.
  • Damoh- Damoh plant is awarded with certificate of merit for year 2012. Award ceremony held at CEA auditorium, sewa bhawan on September 23, 2014
  • National Energy Conservation Award- Narsingarh plant has been awarded with “National Energy Conservation Award - Second prize in the Cement sector“at the awards ceremony held at Vigyan Bhawan , New Delhi on December 14, 2014 .
  • Ammasandra- Yerekatte Lime Stone Mines received 2nd Prize – Overall Performance and 1st Prize - Safety Song/Slogans.
  • Jabalpur- Overall First prize in category of Fully Mechanised (B) of MEMCW 2013-14 under the aegis of Indian Bureau of Mines Jabalpur region.
  • Jhansi- Jhansi Unit awarded “Excellent Energy Efficient Unit” by Confederation of Indian Industry during the 17th Edition of CII’s National Awards for Excellence in Energy Management at Hyderabad - August 2016.
  • Narsingarh- Narsingarh Unit awarded as “Excellent Energy Efficient Unit” by Confederation of Indian Industry during the 17th Edition of CII’s National Awards for Excellence in Energy Management at Hyderabad - August 2016.

History & Milestones

  • HeidelbergCement Group entered India in 2006 through a 50:50 JV in Indorama Cement Limited and acquisition of the majority stake in Mysore Cement Limited.
  • HeidelbergCement Group acquired the balance stake of Indorama Cement in 2008 and merged the operations of the same with Mysore Cement Limited and capacity of the Company increased to 3.07 million tonnes per annum.The merged entity was renamed as HeidelbergCement India Limited w.e.f. April 09.
  • Having consolidated its operations, the Company completed brownfield expansion of its facilities in Central India in 2013 and cement capacity was increased to 6 million tonnes p.a.
  • Considering the infrastructural bottlenecks at the Raigad grinding unit, the plant was sold to JSW Steel Ltd. in Jan'14. Post the disposal, HeidelbergCement India's capacity stands at 5.4 Mn Tonne (Two Integrated Plants and One Grinding Unit).
  • The new manufacturing capacity has enabled the Company to increase its market share in Central India i.e. Madhya Pradesh and Uttar Pradesh and in markets of Bihar, Haryana and Uttarakhand. With the help of a committed sales team supported by quality product, the Company has carved a niche for its brand 'mycem' in new markets and has further improved its brand positioning in the existing ones.
  • Cement grinding Capacity enhanced to 6.26 million tonnes in 2020
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