India Cements Ltd, established in 1946 by S. N. N. Sankaralinga Iyer, is a prominent cement manufacturer headquartered in Chennai, Tamil Nadu, and is the 9th largest listed cement company in India by revenue. The company has grown significantly since setting up its first plant in Thalaiyuthu in 1949, now operating seven integrated cement plants across Tamil Nadu, Telangana, Andhra Pradesh, and Rajasthan through its subsidiary, Trinetra Cement Ltd., along with two grinding units in Tamil Nadu and Maharashtra. With popular brands like Sankar Cement, Coromandel Cement, and Raasi Gold, India Cements holds a leading market share of 28% in South India, supported by a robust distribution network of over 10,000 stockists. Led by N. Srinivasan, a key figure in both business and sports, the company has made strategic expansions while maintaining a strong connection to cricket, having owned the Chennai Super Kings IPL franchise from 2008 to 2015. Today, India Cements continues to strengthen its position in the industry through a combination of diverse product offerings, strategic growth, and market dominance in South India.
Recent News on India Cements Ltd
In a major corporate development, N. Srinivasan and his family have sold their 32.72% stake in India Cements Ltd to UltraTech Cement for a substantial amount of ₹3,954 crore. This transaction marks the end of Srinivasan’s deep-rooted association with India Cements, a company he has been closely linked to since its founding in 1946. Over the years, Srinivasan played a pivotal role in transforming India Cements into one of the leading cement manufacturers in the country, expanding its market reach and solidifying its position, particularly in South India. The sale to UltraTech, the largest cement producer in India, is expected to bring about significant changes in India Cements’ strategic direction and operational focus as it comes under the influence of a new ownership structure.
In parallel with this substantial change in its ownership, India Cements has also been active in regulatory compliance and corporate governance. The company has recently issued several regulatory announcements, which include disclosures about the loss of certificates and related information published in newspapers under Regulation 30 of the Listing Obligations and Disclosure Requirements (LODR). These actions underscore India Cements’ commitment to maintaining transparency and adhering to statutory requirements, even as it undergoes a significant transition in leadership and ownership.
The shareholding pattern of India Cements Ltd from June 2023 to June 2024 shows significant shifts among various investor groups. The Promoters maintained a steady stake of 28.42% throughout this period, while Foreign Institutional Investors (FIIs) fluctuated from 13.65% in June 2023 to 17.64% by June 2024, indicating growing foreign interest in the company. In contrast, the stake of Domestic Institutional Investors (DIIs) declined from 9.43% to 5.84%, suggesting a decrease in domestic institutional confidence. Public shareholding showed minor variations, moving from 48.52% in June 2023 to 48.08% by June 2024, with peaks and troughs in between. The total number of shareholders increased from 1,94,254 to 2,11,262, reflecting a growing investor base and dynamic market interest in India Cements over the year.
Below are the trading platforms that you can use to purchase India Cements Ltd shares:
- Zerodha
- Upstox
- Groww
- AngelOne
- ICICIDirect
| When | Maximum Price | Minimum Price |
| September 2024 | 377.45 | 328.22 |
| October 2024 | 373.72 | 324.97 |
| November 2024 | 388.67 | 337.97 |
| December 2024 | 392.55 | 341.35 |
In September 2024, the share price of India Cements is projected to reach a maximum of ₹377.45, while the minimum is expected to hover around ₹328.22. Moving into October 2024, the share price might see a slight dip, with the maximum anticipated at ₹373.72 and the minimum at ₹324.97. As we advance to November 2024, the prices could increase, with the maximum likely to be ₹388.67 and the minimum estimated at ₹337.97. By December 2024, India Cements is expected to see further growth, with the maximum price projected at ₹392.55 and the minimum price around ₹341.35.
| When | Maximum Price | Minimum Price |
| January 2025 | 396.48 | 304.98 |
| February 2025 | 400.48 | 308.06 |
| March 2025 | 408.89 | 314.53 |
| April 2025 | 404.84 | 311.42 |
| May 2025 | 393.05 | 302.35 |
| June 2025 | 410.74 | 315.95 |
| July 2025 | 402.69 | 309.76 |
| August 2025 | 415.14 | 319.34 |
| September 2025 | 420.12 | 323.17 |
| October 2025 | 431.05 | 331.57 |
| November 2025 | 441.82 | 339.86 |
| December 2025 | 461.70 | 355.16 |
As we step into January 2025, India Cements’ share price is expected to range between ₹304.98 and ₹396.48. Moving through the year, prices might gradually rise, with February and March seeing highs of ₹400.48 and ₹408.89, respectively. A slight dip is expected in April and May, but recovery is anticipated by June, with a maximum of ₹410.74. From July to September, the price could climb steadily to ₹420.12, peaking in October and November at ₹431.05 and ₹441.82. By December 2025, the share price may reach its highest point at ₹461.70, while the minimum could be ₹355.16.
| When | Maximum Price | Minimum Price |
| January 2026 | 475.55 | 365.81 |
| February 2026 | 463.67 | 356.67 |
| March 2026 | 472.94 | 363.80 |
| April 2026 | 482.59 | 371.22 |
| May 2026 | 477.81 | 367.55 |
| June 2026 | 489.76 | 376.74 |
| July 2026 | 480.15 | 369.35 |
| August 2026 | 495.01 | 380.77 |
| September 2026 | 504.91 | 388.39 |
| October 2026 | 518.03 | 398.49 |
| November 2026 | 530.98 | 408.45 |
| December 2026 | 544.26 | 418.66 |
| When | Maximum Price | Minimum Price |
| January 2027 | 549.70 | 422.85 |
| February 2027 | 563.80 | 433.69 |
| March 2027 | 585.78 | 450.60 |
| April 2027 | 574.30 | 441.77 |
| May 2027 | 557.57 | 428.90 |
| June 2027 | 582.66 | 448.20 |
| July 2027 | 571.24 | 439.41 |
| August 2027 | 588.90 | 453.00 |
| September 2027 | 609.52 | 468.86 |
| October 2027 | 625.36 | 481.05 |
| November 2027 | 641.00 | 493.07 |
| December 2027 | 657.02 | 505.40 |
| When | Maximum Price | Minimum Price |
| January 2028 | 670.16 | 515.51 |
| February 2028 | 687.35 | 528.73 |
| March 2028 | 714.15 | 549.35 |
| April 2028 | 700.15 | 538.58 |
| May 2028 | 679.76 | 522.89 |
| June 2028 | 710.35 | 546.42 |
| July 2028 | 696.42 | 535.71 |
| August 2028 | 717.96 | 552.27 |
| September 2028 | 743.08 | 571.60 |
| October 2028 | 762.40 | 586.46 |
| November 2028 | 781.46 | 601.13 |
| December 2028 | 801.00 | 616.15 |
| When | Maximum Price | Minimum Price |
| January 2029 | 817.02 | 628.48 |
| February 2029 | 837.97 | 644.59 |
| March 2029 | 870.65 | 669.73 |
| April 2029 | 853.58 | 656.60 |
| May 2029 | 828.72 | 637.48 |
| June 2029 | 866.01 | 666.16 |
| July 2029 | 849.03 | 653.10 |
| August 2029 | 875.29 | 673.30 |
| September 2029 | 905.92 | 696.86 |
| October 2029 | 929.48 | 714.98 |
| November 2029 | 952.71 | 732.86 |
| December 2029 | 976.53 | 751.18 |
| When | Maximum Price | Minimum Price |
| January 2030 | 996.06 | 766.20 |
| February 2030 | 1,021.60 | 785.85 |
| March 2030 | 1,061.45 | 816.50 |
| April 2030 | 1,040.63 | 800.49 |
| May 2030 | 1,010.32 | 777.17 |
| June 2030 | 1,055.79 | 812.14 |
| July 2030 | 1,035.09 | 796.22 |
| August 2030 | 1,067.10 | 820.85 |
| September 2030 | 1,104.45 | 849.58 |
| October 2030 | 1,133.16 | 871.66 |
| November 2030 | 1,161.49 | 893.46 |
| December 2030 | 1,190.53 | 915.79 |
As we step into January 2030, India Cements is expected to have a share price ranging from ₹766.20 to ₹996.06. Throughout the year, the maximum price is anticipated to climb steadily, with February and March reaching ₹1,021.60 and ₹1,061.45, respectively. By April and May, the price might slightly adjust to around ₹1,040.63 and ₹1,010.32. However, a positive trend is projected to continue, with August seeing a peak at ₹1,067.10. The upward trajectory is likely to culminate in December 2030, where the share price could hit a high of ₹1,190.53 and a low of ₹915.79.
Financial Condition of India Cements: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 5,186 | 4,511 | 4,858 | 5,608 | 5,112 | 4,702 |
| Expenses + | 4,588 | 3,715 | 4,373 | 5,749 | 5,008 | 4,636 |
| Operating Profit | 599 | 796 | 486 | -141 | 104 | 66 |
| OPM % | 12% | 18% | 10% | -3% | 2% | 1% |
| Other Income + | 24 | 32 | 23 | 224 | 102 | 356 |
| Interest | 343 | 271 | 198 | 242 | 244 | 268 |
| Depreciation | 256 | 247 | 226 | 219 | 226 | 228 |
| Profit before tax | 24 | 311 | 85 | -378 | -263 | -73 |
| Tax % | -126% | 33% | 23% | -55% | -18% | |
| Net Profit + | 51 | 209 | 87 | -125 | -227 | -81 |
| EPS in Rs | 1.62 | 6.67 | 2.53 | -4.09 | -7.34 | -2.62 |
| Dividend Payout % | 37% | 15% | 40% | -24% | 0% |
The financial performance of India Cements Ltd from March 2020 to March 2024 highlights fluctuations in both revenues and profitability. Over this period, sales initially dropped from ₹5,186 crore in March 2020 to ₹4,511 crore in March 2021 but rebounded to ₹5,608 crore in March 2023 before declining again to ₹5,112 crore in March 2024. However, the company’s expenses have generally remained high, peaking at ₹5,749 crore in March 2023, which resulted in fluctuating operating profits and a significant decline to a loss of ₹141 crore in March 2023, improving slightly to a profit of ₹104 crore in March 2024. The operating profit margin (OPM) deteriorated from 12% in March 2020 to -3% in March 2023, reflecting increased cost pressures, before marginally improving to 2% in March 2024.
The net profit also exhibited a downward trend, from ₹51 crore in March 2020 to a loss of ₹227 crore in March 2024, with the earnings per share (EPS) reflecting this decline, moving from ₹1.62 in March 2020 to -₹7.34 in March 2024. Despite an increase in other income, especially in March 2023 at ₹224 crore and further to ₹356 crore in the trailing twelve months (TTM), it was insufficient to offset the increased interest costs and depreciation. The company also saw a negative tax percentage in some years, such as -126% in March 2020 and -55% in March 2023, reflecting deferred tax adjustments or tax benefits claimed. Dividend payouts have varied, dropping to 0% in March 2024, indicating a strategic shift to retain earnings amidst challenging market conditions.
FAQS
By the end of 2024, it is expected that the per share price of India Cements will rise to ₹392.55.
The share price target of India Cements for 2025 might be around ₹461.70.
By the end of 2030, the share price of India Cements is expected to reach approximately ₹1,190.53 per share.
Also read:
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- NLC India Ltd Share Price Target 2024, 2025 to 2030
Conclusion: Should you buy India Cements in 2024?
India Cements Ltd is poised for a transformative period following the recent sale of a substantial 32.72% stake to UltraTech Cement for ₹3,954 crore. This significant shift in ownership heralds new strategic opportunities and a redefined operational focus, potentially enhancing the company’s market position and growth trajectory. Despite recent financial fluctuations, India Cements is projected to see a positive trend in its share price, with substantial increases expected through 2024, 2025, and even into 2030. The company’s ongoing commitment to regulatory compliance and governance reinforces its dedication to maintaining transparency and trust. With a solid market presence, strong distribution network, and historical strength in South India, India Cements is well-positioned to leverage these changes for sustained growth and improved financial performance in the coming years.
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