HeidelbergCement India Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹2,790 Cr
- P/E
- 22.95
- ROE
- 10.07%
- PEG
- 1.90
- Price to sales
- 1.19
- Debt to equity
- 0.01
- 52W high / low
- ₹200 / ₹118
- Sales growth (5Y)
- 1.94%
- EBITDA margin
- 11.24%
- Net profit margin
- 5.98%
- Promoter holding
- 69.39%
- Sales (last year)
- ₹2,360 Cr
Heidelberg Cement India is the Indian subsidiary of HeidelbergCement Group, Germany. The Company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh), and in Southern India at Ammasandra (Karnataka). [1]
Guidance scorecard · Q4 FY26 call
What HeidelbergCement India Ltd's management guided
and where it ranks in Cement & Cement Products
Cement & Cement Products
RevenueQ4 FY26 call
0–10%- Industry in Central India expected to grow at 7-7.5% annually (FY27, FY28).
- HeidelbergCement aims to grow volumes in line with industry growth but is nearing full capacity utilization, limiting upside.
- The company achieved highest-ever quarterly volume of 1.35 million tons and is optimistic about maintaining high utilization (~90%) in FY27 and FY28.
- Demand outlook is positive, supported by upcoming Uttar Pradesh elections and robust domestic consumption.
- A new blending unit in Khandwa (capex ~INR130 crores) expected to add ~35,000 tons capacity, supporting volume growth.
- Expansion and debottlenecking have slightly increased clinker and cement capacities, aiding growth.
2 more points from HeidelbergCement India Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what HeidelbergCement India Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Khandwa Blending Unit: Ongoing project with an investment of around INR 130 crores over 2 years, expected to add about 35,000 tons of extra cement. Capex split between FY27 and FY28; first year lighter, second year heavier.
- Sustainable Capex: Annual maintenance and scale business capex of INR 45-50 crores, approximately 40% of annual depreciation.
- Blending Unit Capacity Increase: Cement capacity increase by 30,000-35,000 tons per month (~0.4 million tons p.a.) due to blending unit.
2 more points from HeidelbergCement India Ltd's call on capex
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FundraisingQ4 FY26 call
See what HeidelbergCement India Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Ask what HeidelbergCement India Ltd said on the order book →
Full Q4 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Cement & Cement Products
on management's own guidance
- BIGBLOC Const.Good growth2
- Strong growth1
- J K Cements LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Cement & Cement Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1.99L Cr | 34.6 | |
| 2 | BIGBLOC Const. | 20–40% | Up 2%+ | ₹613 Cr | 364.4 |
| 3 | J K Cements Ltd | 20–40% | Flat | ₹37,843 Cr | 38.8 |
| 4 | 10–20% | Up 2%+ | ₹1,289 Cr | — | |
| 5 | 10–20% | Flat | ₹3.21L Cr | 37.3 | |
| 6 | 10–20% | Flat | ₹83,058 Cr | 50.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products rankingFinancials of HeidelbergCement India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
HeidelbergCement India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% | 69.39% |
| FIIs + | 4.33% | 4.48% | 4.42% | 3.13% | 2.31% | 2.27% | 1.35% | 1.42% | 1.18% | 1.15% | 1.07% | 1.01% |
| DIIs + | 10.01% | 10.82% | 10.81% | 11.89% | 12.67% | 13.27% | 13.98% | 14.08% | 14.24% | 14.21% | 13.87% | 13.35% |
| Government + | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public + | 16.12% | 15.16% | 15.25% | 15.43% | 15.49% | 14.91% | 15.13% | 14.76% | 15.18% | 15.25% | 15.66% | 16.24% |
| No. of Shareholders | 91,101 | 89,345 | 89,805 | 92,039 | 87,647 | 85,190 | 83,556 | 80,781 | 79,806 | 78,433 | 78,468 | 80,801 |
Financials of HeidelbergCement India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 566 | 607 | 597 | 532 | 461 | 543 | 612 | 598 | 512 | 574 | 646 | 628 | 568 |
| Expenses + | 497 | 542 | 508 | 454 | 424 | 510 | 522 | 509 | 454 | 521 | 558 | 561 | 520 |
| Operating Profit | 69 | 65 | 89 | 78 | 37 | 33 | 91 | 89 | 58 | 53 | 88 | 67 | 48 |
| OPM % | 12% | 11% | 15% | 15% | 8% | 6% | 15% | 15% | 11% | 9% | 14% | 11% | 8% |
| Other Income + | 14 | 13 | 14 | 12 | 13 | 9 | 11 | 9 | 9 | 1 | 4 | 6 | 7 |
| Interest | 9 | 8 | 9 | 9 | 9 | 7 | 5 | 6 | 6 | 4 | 1 | 3 | 3 |
| Depreciation | 27 | 27 | 28 | 28 | 26 | 28 | 27 | 27 | 27 | 28 | 27 | 29 | 29 |
| Profit before tax | 48 | 43 | 66 | 53 | 15 | 8 | 70 | 65 | 33 | 22 | 63 | 41 | 23 |
| Tax % | 26% | 26% | 27% | 25% | 26% | 31% | 27% | 25% | 26% | 31% | 28% | 25% | 26% |
| Net Profit + | 36 | 31 | 48 | 40 | 11 | 5 | 50 | 48 | 25 | 16 | 45 | 31 | 17 |
| EPS in Rs | 1.58 | 1.39 | 2.13 | 1.76 | 0.49 | 0.23 | 2.23 | 2.13 | 1.10 | 0.69 | 2.00 | 1.35 | 0.74 |
Financials of HeidelbergCement India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 15m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,044 | 1,648 | 1,717 | 1,889 | 2,133 | 2,170 | 2,117 | 2,297 | 2,238 | 2,366 | 2,149 | 2,330 | 2,416 |
| Expenses + | 1,783 | 1,417 | 1,439 | 1,526 | 1,650 | 1,642 | 1,610 | 1,862 | 1,989 | 2,049 | 1,909 | 2,043 | 2,160 |
| Operating Profit | 261 | 231 | 279 | 363 | 483 | 528 | 507 | 435 | 249 | 317 | 240 | 287 | 256 |
| OPM % | 13% | 14% | 16% | 19% | 23% | 24% | 24% | 19% | 11% | 13% | 11% | 12% | 11% |
| Other Income + | 135 | 22 | 24 | 20 | 35 | 53 | 46 | 49 | 45 | 55 | 45 | 24 | 18 |
| Interest | 139 | 108 | 90 | 74 | 75 | 74 | 51 | 36 | 46 | 35 | 29 | 18 | 12 |
| Depreciation | 138 | 100 | 99 | 101 | 102 | 109 | 111 | 112 | 112 | 110 | 110 | 109 | 113 |
| Profit before tax | 120 | 45 | 114 | 208 | 342 | 398 | 391 | 335 | 136 | 227 | 146 | 184 | 149 |
| Tax % | 50% | 22% | 33% | 36% | 35% | 33% | 20% | 25% | 27% | 26% | 27% | 27% | |
| Net Profit + | 60 | 35 | 76 | 133 | 221 | 268 | 315 | 252 | 99 | 168 | 107 | 134 | 108 |
| EPS in Rs | 2.63 | 1.56 | 3.36 | 5.88 | 9.74 | 11.83 | 13.90 | 11.13 | 4.38 | 7.40 | 4.71 | 5.91 | 4.78 |
| Dividend Payout % | 0% | 0% | 59% | 43% | 41% | 63% | 58% | 81% | 160% | 108% | 149% | 118% |
Financials of HeidelbergCement India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 | 227 |
| Reserves | 645 | 668 | 740 | 820 | 945 | 1,088 | 1,267 | 1,339 | 1,235 | 1,243 | 1,169 | 1,145 | 1,034 |
| Borrowings + | 1,299 | 1,039 | 705 | 619 | 517 | 413 | 306 | 199 | 182 | 137 | 75 | 14 | 13 |
| Other Liabilities + | 650 | 681 | 735 | 867 | 1,008 | 1,065 | 1,045 | 1,060 | 1,022 | 1,054 | 1,071 | 1,052 | 966 |
| Total Liabilities | 2,820 | 2,615 | 2,408 | 2,533 | 2,696 | 2,793 | 2,845 | 2,824 | 2,665 | 2,661 | 2,542 | 2,438 | 2,239 |
| Fixed Assets + | 1,794 | 1,901 | 1,877 | 1,806 | 1,737 | 1,693 | 1,618 | 1,562 | 1,490 | 1,410 | 1,346 | 1,392 | 1,338 |
| CWIP | 127 | 56 | 6 | 8 | 17 | 16 | 19 | 27 | 6 | 28 | 110 | 10 | 18 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 14 | 20 | 20 | 20 |
| Other Assets + | 899 | 657 | 524 | 719 | 941 | 1,084 | 1,208 | 1,230 | 1,164 | 1,209 | 1,065 | 1,016 | 862 |
| Total Assets | 2,820 | 2,615 | 2,408 | 2,533 | 2,696 | 2,793 | 2,845 | 2,824 | 2,665 | 2,661 | 2,542 | 2,438 | 2,239 |
Financials of HeidelbergCement India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 238 | 257 | 361 | 377 | 393 | 459 | 439 | 302 | 226 | 350 | 265 | 198 |
| Cash from Investing Activity + | 6 | -108 | -40 | -14 | -26 | -14 | -173 | -35 | 144 | -48 | -73 | -341 |
| Cash from Financing Activity + | -212 | -287 | -315 | -165 | -242 | -314 | -304 | -328 | -267 | -242 | -271 | -244 |
| Net Cash Flow | 32 | -138 | 6 | 198 | 125 | 131 | -38 | -61 | 104 | 60 | -79 | -386 |
| Free Cash Flow | 65 | 135 | 317 | 359 | 351 | 415 | 394 | 255 | 199 | 277 | 165 | 146 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 95% | 117% | 138% | 116% | 96% | 101% | 100% | 82% | 109% | 130% | 131% | 90% |
Financials of HeidelbergCement India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 6 | 3 | 4 | 4 | 4 | 6 | 6 | 5 | 8 | 10 | 9 |
| Inventory Days | 168 | 195 | 141 | 125 | 158 | 137 | 157 | 147 | 160 | 139 | 141 | 125 |
| Days Payable | 168 | 204 | 194 | 223 | 262 | 243 | 265 | 225 | 239 | 235 | 245 | 244 |
| Cash Conversion Cycle | 3 | -3 | -50 | -95 | -100 | -101 | -102 | -71 | -75 | -88 | -94 | -109 |
| Working Capital Days | -62 | -93 | -36 | -79 | -62 | -63 | -61 | -5 | -37 | -49 | -67 | -50 |
| ROCE % | 9% | 7% | 11% | 17% | 25% | 28% | 25% | 21% | 11% | 16% | 11% | 15% |
Guidance history
How HeidelbergCement India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY25 call → | 0–10% | Flat | Planned | Planned | — |
| Q4 FY24 call → | 0–10% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
9 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −35.6% | 15% |
| Last 6 months | −21.3% | 18% |
| Last 3 months | −19.4% | 20% |
The price is 52.9% below its all-time high of ₹265.95 (17 Sept 2021). Stocks more than 20% below their peak have their score halved, so 17 became 9.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HeidelbergCement India Ltd: 0.4 × 15 + 0.4 × 18 + 0.2 × 20 = 17, halved to 9 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What HeidelbergCement India Ltd's management said in earlier quarters
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