NCL Industries Ltd(NCLIND)

NSE: NCLINDBSE: 502168

₹ 159-3.20%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 719 crWebsite: www.nclind.comUpdated: 24 Oct 2026

About

NCL Industries makes cement, cement-bonded boards sold under the Bison brand, and ready mix concrete (RMC). It also has an energy business and a doors business. Cement is the core business and made up 83% of segment revenue in FY26. The company reported revenue of Rs 1422.08 Cr in FY26 and had 4 MTPA of cement capacity as of Q1 FY27.^[1][2]

Business segments

Cement made up 83% of segment revenue in FY26.^[1]
FY26 segment revenue: Cement Division Rs 1500.08 Cr, Boards Division Rs 163.4 Cr, Ready mix concrete Division Rs 130.89 Cr.^[3]
FY25 segment revenue: Cement Rs 1401.37 Cr, Boards Rs 188.82 Cr, RMC Rs 127.11 Cr, Doors Rs 48.73 Cr, Energy Rs 6.58 Cr.^[4]
The FY25 annual report said the doors division was making losses because production costs had risen steeply, and that the division was being streamlined.^[4]

Operations and capacity

Cement capacity stood at 4 MTPA in Q1 FY27.^[1]
Captive power meets about 30% of the company's needs.^[1]
The FY25 annual report said the Vizag grinding unit was nearing completion and would take cement capacity to about four million tons.^[4]

Key operating numbers

Cement production was 693k MT in Q1 FY27, against 2,768k MT for all of FY26, 2,712k MT in FY25 and 2,889k MT in FY24.^[1]
RMC sold 55,002 cu.m. in Q1 FY27.^[1]
Board production was 11,639 T in Q1 FY27.^[1]
Boards revenue was INR 361 Mn in Q1 FY27; RMC revenue was INR 280 Mn in Q1 FY27, against INR 1,023 Mn in FY26.^[1]

Distribution

The Bison board dealer network grew from 229 dealers in FY24 to 275 in FY25 and 329 in FY26.^[1]

Expansion and capex

The company plans a 130 MW solar-wind hybrid project at Tuticorin, Tamil Nadu, with a total capex of INR 919 Cr; 410 acres of land have been acquired.^[1]
Phase I of the Tuticorin project, 50 MW, is targeted for commissioning by FY28.^[1]
The Vizag grinding unit was funded by an HDFC Bank term loan of Rs 90 crores, repayable from June 2026.^[4]
Capital commitments outstanding on projects were 3,799.31 lakhs as of FY25.^[4]

Raw materials and limestone

The company acquired Vishwamber Cements Ltd (VCL), which holds a 322.06-acre limestone mining lease, and plans to merge VCL into NCL so the lease becomes a captive limestone source.^[1][4]
The FY25 annual report named steep swings in the prices of steel, coal and wood as a key risk.^[4]

Recent developments

For FY26 the board recommended a final dividend of Rs 2.00 per share (20%), subject to approval at the 45th AGM on 18 Sep 2026; the record date is 11 Sep 2026.^[5]
The APSHC joint venture had an order of Rs 1863 cr, but only Rs 46.07 crores had been executed as of the FY25 report.^[4]
HDFC Bank, Kotak Mahindra Bank and SBI sanctioned additional working capital, according to the FY25 annual report.^[4]

Market Cap

₹719 Cr

High / Low

₹214 / 148

Stock P/E

8.0

Price / Book

0.8

Book Value

₹208

EPS

₹21.1

No. of Shares

4.52 Cr

ROCE

13.7%

ROE

10.6%

OPM

11.4%

Debt / Equity

0.25

Sales

₹1,422 Cr

Net Profit

₹95 Cr

Promoter holding

41.6%

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Signal history

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Company data

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NCL Industries Ltd(NCLIND)

About

Business segments

Operations and capacity

Key operating numbers

Distribution

Expansion and capex

Raw materials and limestone

Recent developments

Signal history

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Company data

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