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The India Cements Limited (INDIACEM) fair value: what the stock is really worth

We calculate from audited financials what The India Cements Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Basic Materials · IN · ISIN INE383A01012

TI Thin data Sep 13, 2026

The India Cements Limited

INDIACEM · NSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value ₹417.42 · Undervalued (+20%)
!Quality 31/100
!Weak Growth (revenue 5y −0.1 %/yr)
!Loss-making · -1.5% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (5/10)
!Narrow moat 19/100
!Evidence only low, so the estimate is less certain
!The models disagree: range ₹417.42 to ₹1,608
!Weak on future: 13 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹478.30 ₹149.99 Fair Value ₹417.42 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range ₹149.99 – ₹478.30 · fair‑value band ₹417.42 – ₹1,608 · the ₹346.90 price screens below the ₹417.42 fair value. Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

The India Cements Limited manufactures and sells cement and cement related products in India. It offers cements under the Conkrete Super King, Coromandel King, Sankar Super Power, Raasi Gold, Halo Super King brands; specialty cements; and ready-mix concrete.

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The India Cements Limited manufactures and sells cement and cement related products in India. It offers cements under the Conkrete Super King, Coromandel King, Sankar Super Power, Raasi Gold, Halo Super King brands; specialty cements; and ready-mix concrete. The company also engages in the generation of power from windmills and thermal power plants; and provision of freight services, as well as sale of clinker products. The company was incorporated in 1946 and is based in Chennai, India. The India Cements Limited operates as a subsidiary of UltraTech Cement Limited.

Stock analysis

The India Cements Limited (INDIACEM) currently trades at ₹346.90, while our model-based Fair Value estimate is ₹417.42, implying the stock looks roughly 16.9% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ₹3,698 per share, and 2 of the 6 models we run sit above the ₹346.90 price.

Bear case: the Multiples group reads lowest at ₹245.54, and 4 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹417.42 (bear) to ₹1,608 (bull), the price of ₹346.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 31/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

The India Cements Limited reported revenue of ₹44.8B in FY2026 versus ₹48.6B in FY2022, a compound −2.0%/yr. Reported net income was −₹673M in FY2026.

Key figures

Market cap ₹178B (≈ $1.9B) · P/S ratio 3.97 · EPS (TTM) ₹−2.17 · Net margin −1.5% · Return on equity −0.7% · Return on assets (EBIT) 2.2% · Operating margin 6.3% · Revenue (TTM) ₹44.8B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 29% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −53% fair-value upside, at 20%, INDIACEM screens cheaper than that median.

Fair Value models

Bear ₹417.42 Fair Value ₹417.42 Bull ₹1,608
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV n/a ₹33.19 ₹99.33 67
ROIC Compounder n/a ₹33.19 ₹99.33 66
EV/EBITDA ₹1,123 ₹1,664 ₹2,204 65
All 6 models by family
Earnings-Based
EPV n/a ₹33.19 ₹99.33 67
Multiples
EV/EBIT ₹59.55 ₹245.54 ₹431.28 58
EV/EBITDA ₹1,123 ₹1,664 ₹2,204 65
EV/Revenue n/a ₹192.33 ₹399.35 49
Asset-Based
NCAV (Graham) ₹2,759 ₹3,698 ₹5,519 52
Economic Profit
ROIC Compounder n/a ₹33.19 ₹99.33 66

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Quality Score breakdown

Overall quality 31/100

Of which business quality 33 · Market factors (momentum, volatility) 42

Profitability 20
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 11/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
17.5% (2021) → 2.2% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 257 stocks

Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside +15% · Above median
Profitability
Return on assets 0% · Below median
Net margin (TTM) −2% · Bottom 25%
Operating margin (TTM) 6% · Below median
Growth and dividend
Revenue growth 3% · Above median
Balance sheet
Debt / equity 0.10× · Below median

Valuation Multiplesvs Building Materials median · lower = cheaper

P/S (TTM) 0.04× · Cheapest 25%
EV/EBITDA 2.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)60 · sector 24
FUTURE (revenue growth)13 · sector 2
PAST (return on equity)0 · sector 15
HEALTH (low debt)95 · sector 92
DIVIDEND (yield)0 · sector 45

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
CRH plc CRH $88.55 $69.69 −21%
Holcim AG HOLN CHF 70.44 CHF 33.05 −53%
Vulcan Materials Company VMC $252.74 $114.48 −55%
UltraTech Cement Limited ULTRACEMCO ₹11,000 ₹4,718 −57%
Martin Marietta Materials, Inc MLM $509.96 $215.31 −58%
China Jushi Co 600176 ¥44.66 ¥29.22 −35%
Amrize AG AMRZ $40.52 $31.93 −21%
Grasim Industries Limited GRASIM ₹3,282 ₹1,126 −66%
CEMEX, S.A. CX $10.69 $20.77 +94%
James Hardie Industries plc JHX A$39.01 A$9.64 −75%

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The India Cements Limited · Fair Value
₹417.42 +17%Fair Value
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Cite: Fair Value Calculator (2026). "The India Cements Limited Fair Value". https://www.fairvalue-calculator.com/stock/INDIACEM

Frequently asked questions

Is The India Cements Limited (INDIACEM) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ₹417.42 versus a price of ₹346.90, about +20% upside (undervalued).
What is the fair value of INDIACEM?
Our model-based fair value for The India Cements Limited is ₹417.42 (as of Sep 13, 2026), built from audited fundamentals. The current price: ₹346.90.
What is the quality score of INDIACEM?
The India Cements Limited has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for The India Cements Limited (INDIACEM)?
Our model-based price target is the fair value of ₹417.42 (as of Sep 13, 2026) from 6 valuation models. Cautious scenario ₹417.42, optimistic scenario ₹1,608. It is a calculation from audited fundamentals, not an analyst target.
What is the The India Cements Limited stock forecast for 2026?
Our models put fair value at ₹417.42, about +20% upside versus a price of ₹346.90 (undervalued). Cautious scenario ₹417.42, optimistic scenario ₹1,608. The calculation is refreshed regularly with new filings.
What is the revenue of The India Cements Limited (INDIACEM)?
The India Cements Limited reported trailing-twelve-month revenue of about ₹44.8B (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of The India Cements Limited (INDIACEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The India Cements Limited it is ₹417.42 per share (as of Sep 13, 2026), against a price of ₹346.90. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is The India Cements Limited stock overvalued or undervalued in 2026?
As of Sep 13, 2026, INDIACEM trades below its calculated fair value: price ₹346.90, fair value ₹417.42, a gap of about +20% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDIACEM?
No. The price is what the market pays today (₹346.90); the fair value is what the company's own numbers justify (₹417.42). For The India Cements Limited the two are ₹70.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is The India Cements Limited worth?
The market values The India Cements Limited at about ₹178B (market capitalisation, as of Sep 13, 2026). Per share that is ₹346.90; our models calculate a fair value of ₹417.42 per share.
What do the bullish and bearish scenarios say about INDIACEM?
Our models span a range for The India Cements Limited: cautious scenario ₹417.42, base ₹417.42, optimistic ₹1,608 per share (as of Sep 13, 2026, price ₹346.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of The India Cements Limited (INDIACEM)?
Balance-sheet figures for The India Cements Limited (as of Sep 13, 2026): return on equity −0.7%, debt of 0.10 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is INDIACEM from its 52-week high?
The India Cements Limited trades at ₹346.90, about 29% below its 52-week high of ₹485.80 and 5% above the low of ₹329.75 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ₹417.42 is for.
Which stocks are comparable to The India Cements Limited?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is The India Cements Limited stock attractive at the current price?
The data as of Sep 13, 2026: price ₹346.90, calculated fair value ₹417.42 (+20%), Quality Score 31/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDIACEM calculated?
We run The India Cements Limited through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹417.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. The India Cements Limited currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with The India Cements Limited right now?
The price is below even our cautious bear case (₹417.42). The market is more pessimistic than our downside scenario. The model range is unusually wide (₹417.42 to ₹1,608). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of The India Cements Limited

How large is the market capitalisation of The India Cements Limited (INDIACEM)?
The market capitalisation of The India Cements Limited is ₹178B (≈ $1.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of The India Cements Limited (INDIACEM)?
The price-to-sales ratio of The India Cements Limited is 3.97 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of The India Cements Limited (INDIACEM)?
Earnings per share at The India Cements Limited are ₹−2.17. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of The India Cements Limited (INDIACEM)?
The net margin of The India Cements Limited is −1.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of The India Cements Limited (INDIACEM)?
The return on equity (ROE) of The India Cements Limited is −0.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of The India Cements Limited (INDIACEM)?
On an EBIT basis the return on assets of The India Cements Limited is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of The India Cements Limited (INDIACEM)?
The operating margin of The India Cements Limited is 6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at The India Cements Limited (INDIACEM)?
Revenue at The India Cements Limited is growing +2.6% versus a year earlier (3y avg −7.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at The India Cements Limited (INDIACEM)?
Earnings per share at The India Cements Limited are growing +276% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does The India Cements Limited (INDIACEM) generate?
The free cash flow of The India Cements Limited is −₹2.5B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does The India Cements Limited (INDIACEM) carry?
The net debt of The India Cements Limited is ₹12.4B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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