HeidelbergCement India Ltd(HEIDELBERG)

NSE: HEIDELBERGBSE: 500292

₹ 120.5+1.77%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,731 crNext results: 29 Oct 2026Website: www.mycemco.comUpdated: 27 Oct 2026

About

HeidelbergCement India Ltd manufactures and sells cement and clinker, operating primarily in Central India with a cement capacity of 6.25 MT as of Q4 FY25. The company recorded full-year sales volume of 4,912 KT in FY26 and revenue of ₹2,329.59 crore. It is a subsidiary of the global HeidelbergMaterials group and focuses on blended cement products sold under premium brands.^[1][2][3]

Capacity and plants

Cement capacity stood at 6.25 MT as of Q4 FY25, with clinker capacity of 3.1 MT after completing a debottlenecking project adding 200,000 tonnes/annum cement and 130,000 tonnes clinker capacity by June 2025.^[1]
Clinker capacity utilisation ran at ~95% for FY26, with clinker production of 3.05 MT in FY26.^[2]
Plants are located in Central India; a new blending unit is under construction at Khandwa, Madhya Pradesh.^[2]

Key operating numbers

FY26 sales volume reached 4,912 KT, up 8.8% YoY; Q4 FY26 volume of 1,354 KT was the highest-ever quarterly volume for the company, up 7.8% YoY.^[2]
FY26 EBITDA per tonne was ₹584/t, up ~10% YoY from ₹530/t in FY25. Q4 FY26 EBITDA/tonne was ₹649/t, down 10% YoY.^[2]
FY26 gross realisation per tonne was ₹4,743/t, down 0.3% YoY; Q4 FY26 gross realisation was ₹4,772/t, down 2.1% YoY.^[2]
FY25 sales volume was 4,515 KT, down 6.1% YoY, attributed to election-year disruption and severe monsoon in operating regions.^[1]

Products and premium mix

Premium products reached 52% of trade volume in FY26, up 9 percentage points YoY, reflecting three consecutive years of premiumisation strategy.^[2]
The company introduced OPC cement in FY25 to participate in road infrastructure projects near plants; OPC was ~2% of volumes and is described as situational, not strategic.^[1]

Power and fuel

Alternative fuel (AFR) share rose to 11% in FY26, up 3 percentage points YoY from 8% in FY25.^[2][1]
Share of non-grid power exceeded 50% during FY26; overall green power portfolio was above 40% in FY26.^[2]
Fuel cost (KCal cost) was ₹1.75/KCal for FY25.^[1]

Limestone reserves and mining

Declared preferred bidder for two limestone mining lease blocks in Kuria and Shivpur, MP, totalling ~700 hectares with combined ~167 MT of cement-grade limestone.^[2]
New limestone mines acquired at Suka Satara, MP in FY25 for central India expansion; site selection for a greenfield plant was underway.^[1]

Expansion and capex

Blending unit at Khandwa, MP under construction with capex of ~₹130 crores, expected to add ~35,000 tonnes/month (~0.4 MT/annum) cement capacity; capex split ~₹100 cr in FY27 and ~₹120 cr in FY28.^[2]
Gujarat greenfield expansion awaiting environmental clearance from the government; construction is estimated at 26 - 30 months post-clearance; capacity size to be decided after clearance.^[2][1]
Central India greenfield expansion targeting 2 - 3.5 MT clinker capacity; mines acquired in MP, site selection underway; minimum 3 years to production.^[1]

Balance sheet and financial position

Company became fully debt-free in FY26 after repaying an interest-free loan of ₹687 million; cash and bank balance stood at ₹4,037 million as of March 2026.^[2]
As of March 2025, net cash was ₹3,849 million against debt of ₹687 million; ₹694 million interest-free loan repaid during FY25.^[1]

Corporate structure

An eventual merger of the Karnataka entity and Zuari with HeidelbergCement India is planned; no timeline has been set.^[2]
The Karnataka subsidiary (Gulbarga entity) had a 2 MT clinker expansion underway as of FY25; merger process was expected to take at least 24 months from that date.^[1]

Market Cap

₹2,731 Cr

High / Low

₹207 / 117

Stock P/E

23.3

Price / Book

2.0

Book Value

₹61

EPS

₹5.9

No. of Shares

22.66 Cr

ROCE

14.6%

ROE

9.7%

OPM

8.9%

Debt / Equity

0.00

Sales

₹2,330 Cr

Net Profit

₹134 Cr

Promoter holding

69.4%

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