Mangalam Cement Q4 FY22 Share Price & Earnings Call Analysis
- Market cap
- ₹2,414 Cr
- P/E
- 18.57
- ROE
- 16.30%
- PEG
- 0.22
- Price to sales
- 1.38
- Debt to equity
- 0.91
- 52W high / low
- ₹1,098 / ₹685
- Sales growth (5Y)
- 6.15%
- EBITDA margin
- 11.07%
- Net profit margin
- 8.48%
- Promoter holding
- 40.00%
- Sales (last year)
- ₹1,762 Cr
Mangalam Cement Limited, part of the B.K. Birla Group is a North and Central India-focused cement manufacturer selling under the Birla Uttam and Mangalam ProMaxX brands. It operates an integrated cement complex at Morak, Rajasthan, a grinding unit at Aligarh, Uttar Pradesh, and a small MDF-board division at Nabarangpur, Odisha.
Guidance scorecard · Q4 FY22 call
What Mangalam Cement Ltd's management guided
and where it ranks in Cement & Cement Products
RevenueQ4 FY22 call
10–20%- Mangalam Cement achieved an 18% growth in sales volume compared to last year.
- Highest ever dispatch of 9.66 lakh tons in Q4 against a capacity of 10 lakh tons, indicating near-optimal utilization.
- Annual cement production was 33.37 lakh tons with clinker production of 23.96 lakh tons and 83.43% utilization.
- The company is expected to sustain or slightly increase volumes but faces market pricing pressures and discount competition.
- Plans to increase capacity utilization further with a recently operational new unit and improved raw material availability (fly ash).
- Potential profitability improvement expected once linkage coal supply issues are resolved, reducing power and fuel costs.
2 more points from Mangalam Cement Ltd's call on revenue
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MarginsQ4 FY22 call
FlatSee what Mangalam Cement Ltd said on margins — free account, 30 seconds.
CapexQ4 FY22 call
Planned- Yaswant Mishra confirmed that Mangalam Cement has plans to buy a company as they are close to hitting optimum capacity in terms of volumes.
- The company states that this acquisition plan is 100%, but the announcement depends on the board's agreement and will be made soon if approved.
FundraisingQ4 FY22 call
See what Mangalam Cement Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY22 call
Ask what Mangalam Cement Ltd said on the order book →
Full Q4 FY22 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 Mangalam Cement Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Mangalam Cement Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 459 | 421 | 428 | 439 | 437 | 381 | 359 | 438 | 503 | 452 | 395 | 421 | 490 |
| Expenses + | 414 | 369 | 380 | 382 | 392 | 351 | 329 | 395 | 449 | 377 | 352 | 376 | 436 |
| Operating Profit | 45 | 51 | 48 | 57 | 46 | 30 | 30 | 43 | 54 | 75 | 43 | 45 | 54 |
| OPM % | 10% | 12% | 11% | 13% | 10% | 8% | 8% | 10% | 11% | 17% | 11% | 11% | 11% |
| Other Income + | 6 | 6 | 8 | 6 | 19 | 32 | 10 | 5 | 13 | 11 | 10 | 6 | -4 |
| Interest | 15 | 16 | 18 | 17 | 17 | 16 | 17 | 16 | 19 | 17 | 16 | 15 | 16 |
| Depreciation | 17 | 18 | 18 | 19 | 19 | 19 | 19 | 19 | 21 | 20 | 20 | 20 | 20 |
| Profit before tax | 20 | 23 | 20 | 27 | 29 | 26 | 4 | 13 | 27 | 49 | 16 | 16 | 13 |
| Tax % | 22% | 36% | 41% | 41% | 41% | 35% | 10% | 40% | 37% | 34% | -22% | 27% | -400% |
| Net Profit + | 16 | 15 | 12 | 16 | 17 | 17 | 3 | 8 | 17 | 32 | 20 | 11 | 65 |
| EPS in Rs | 5.68 | 5.34 | 4.29 | 5.80 | 6.28 | 6.20 | 1.19 | 2.84 | 6.15 | 11.73 | 7.31 | 4.13 | 23.72 |
Financials of Mangalam Cement Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 922 | 842 | 1,045 | 1,080 | 1,200 | 1,228 | 1,305 | 1,566 | 1,802 | 1,725 | 1,681 | 1,758 |
| Expenses + | 831 | 797 | 927 | 997 | 1,142 | 1,029 | 1,060 | 1,348 | 1,654 | 1,523 | 1,520 | 1,542 |
| Operating Profit | 90 | 45 | 118 | 82 | 57 | 200 | 245 | 218 | 148 | 203 | 161 | 217 |
| OPM % | 10% | 5% | 11% | 8% | 5% | 16% | 19% | 14% | 8% | 12% | 10% | 12% |
| Other Income + | 0 | 6 | 21 | 28 | 24 | 30 | 25 | 27 | 16 | 38 | 57 | 22 |
| Interest | 38 | 46 | 47 | 47 | 51 | 63 | 69 | 64 | 66 | 68 | 69 | 64 |
| Depreciation | 34 | 37 | 40 | 44 | 46 | 49 | 63 | 62 | 69 | 74 | 79 | 81 |
| Profit before tax | 19 | -31 | 50 | 19 | -16 | 117 | 138 | 119 | 28 | 99 | 70 | 94 |
| Tax % | 6% | -31% | 27% | 40% | -39% | 35% | 32% | 35% | 38% | 40% | 36% | -37% |
| Net Profit + | 18 | -21 | 37 | 11 | -10 | 76 | 93 | 78 | 17 | 60 | 45 | 129 |
| EPS in Rs | 6.71 | -8.04 | 13.72 | 4.26 | -3.65 | 28.43 | 35.02 | 28.26 | 6.23 | 21.72 | 16.39 | 46.90 |
| Dividend Payout % | 30% | -6% | 5% | 12% | -14% | 4% | 4% | 5% | 24% | 7% | 9% | 0% |
Financials of Mangalam Cement 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 28 | 28 | 28 | 28 | 28 | 28 |
| Reserves | 491 | 447 | 479 | 488 | 477 | 549 | 640 | 715 | 729 | 784 | 824 | 950 |
| Borrowings + | 382 | 428 | 391 | 372 | 518 | 585 | 632 | 628 | 621 | 607 | 627 | 888 |
| Other Liabilities + | 312 | 291 | 316 | 333 | 393 | 432 | 558 | 558 | 612 | 649 | 687 | 559 |
| Total Liabilities | 1,212 | 1,192 | 1,213 | 1,220 | 1,414 | 1,593 | 1,858 | 1,928 | 1,990 | 2,068 | 2,166 | 2,425 |
| Fixed Assets + | 757 | 744 | 814 | 831 | 821 | 915 | 980 | 1,141 | 1,170 | 1,165 | 1,185 | 1,308 |
| CWIP | 31 | 71 | 49 | 5 | 73 | 21 | 112 | 10 | 17 | 43 | 5 | 54 |
| Investments | 36 | 20 | 28 | 36 | 33 | 65 | 71 | 104 | 78 | 84 | 91 | 76 |
| Other Assets + | 388 | 358 | 323 | 348 | 487 | 591 | 694 | 673 | 725 | 776 | 884 | 987 |
| Total Assets | 1,212 | 1,192 | 1,213 | 1,220 | 1,414 | 1,593 | 1,858 | 1,928 | 1,990 | 2,068 | 2,166 | 2,425 |
Financials of Mangalam Cement 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 + | 48 | 75 | 163 | 86 | 84 | 216 | 234 | 189 | 139 | 182 | 188 | 94 |
| Cash from Investing Activity + | -50 | -62 | -91 | -17 | -176 | -156 | -172 | -134 | -64 | -112 | -132 | -297 |
| Cash from Financing Activity + | -18 | -13 | -77 | -67 | 83 | 3 | -41 | -73 | -89 | -86 | -63 | 183 |
| Net Cash Flow | -20 | -0 | -5 | 2 | -9 | 63 | 20 | -18 | -14 | -15 | -7 | -20 |
| Free Cash Flow | -4 | 10 | 76 | 68 | -17 | 50 | 156 | 65 | 14 | 84 | 73 | -224 |
| CFO/OP | 49% | 167% | 140% | 111% | 147% | 114% | 102% | 98% | 103% | 94% | 125% | 46% |
Financials of Mangalam Cement 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 | 11 | 15 | 12 | 12 | 11 | 8 | 11 | 9 | 8 | 7 | 9 | 8 |
| Inventory Days | 305 | 202 | 216 | 210 | 200 | 421 | 366 | 270 | 320 | 492 | 326 | 427 |
| Days Payable | 200 | 194 | 269 | 270 | 286 | 463 | 316 | 235 | 310 | 377 | 290 | 271 |
| Cash Conversion Cycle | 116 | 23 | -40 | -47 | -75 | -34 | 60 | 43 | 17 | 123 | 45 | 164 |
| Working Capital Days | 21 | -21 | -42 | -43 | -25 | -37 | -56 | -54 | -67 | -77 | -91 | -91 |
| ROCE % | 7% | 2% | 11% | 7% | 3% | 17% | 17% | 14% | 8% | 12% | 10% | 11% |
Momentum score · price trend
29 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 | +13.7% | 71% |
| Last 6 months | −4.9% | 48% |
| Last 3 months | −7.7% | 51% |
The price is 20.1% below its all-time high of ₹1,098.2 (3 Sept 2026). Stocks more than 20% below their peak have their score halved, so 58 became 29.
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 Mangalam Cement Ltd: 0.4 × 71 + 0.4 × 48 + 0.2 × 51 = 58, halved to 29 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 30 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 Mangalam Cement Ltd's management said in earlier quarters
Others in Cement & Cement Products this season
- Birla Corporation Ltd (Q2 FY27)
For the quarter ended 30th September 2026, standalone revenue from operations was ₹1,381.33 crore, up from ₹1,229.40 crore in Q3 FY25, a year-on-year increase…
- Andhra Cements Ltd (Q2 FY27)
Revenue from operations for the quarter ended September 30, 2026: ₹16,598 lakhs . Key results statement takeaways from Andhra Cements Ltd's Q2 FY27 results stat
- HeidelbergCement India Ltd (Q2 FY27)
Revenue for the quarter ended September 30, 2026 was ₹5,678 million, an 11.0% increase year-on-year (YoY) from ₹5,117 million in Q2 2025. Key results statement
- Ambuja Cements Ltd (Q2 FY27)
Consolidated Volume Q2 FY27:** 16.5 MnT, down 1% YoY (Page 23) . Key investor presentation takeaways from Ambuja Cements Ltd's Q2 FY27 investor presentation — a