Heidelbergcement India Limited. (HEIDELBERG) AI Stock Analysis

• Market Cap: ₹38.61B
• Dividend Yield: 4%
• Average Volume (3M): 9.69K
• Price to Earnings (P/E): 29.4
• Beta (1Y): 1.01
• Revenue Growth: 3.06%
• EPS Growth: -1.48%
• Country: IN
• Employees: 1,017
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 1.10
• Shares Outstanding: 226,613,110
• 10 Day Avg. Volume: 5,272
• 30 Day Avg. Volume: 9,688
• PEG Ratio: -1.16
• Price to Book (P/B): 3.20
• Price to Sales (P/S): 2.08
• P/FCF Ratio: 25.59
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹176.00 ▲(0.17% Upside)

The overall stock score of 57 reflects a mixed financial performance with strong balance sheet but declining income and cash flow metrics. Technical analysis indicates a neutral to slightly bearish trend, while valuation suggests potential overvaluation despite a decent dividend yield.

Positive Factors

Balance sheet strength

Conservative leverage and a robust equity ratio provide long-term financial flexibility. This durability supports capacity to fund maintenance capex, weather demand downturns without forced asset sales, and pursue strategic investments or bolt-on opportunities over multiple quarters.

Operating cash flow quality

Stable operating cash flow and healthy cash conversion underpin self-funding ability for working capital and routine capex. Over 2-6 months this reduces reliance on external financing and supports steady operations and distributor/channel payouts despite cyclical end-market swings.

Parent company affiliation

Being a subsidiary of a global materials group confers scale benefits: procurement, technology transfer, and brand credibility. Structurally this can lower input costs, accelerate adoption of best practices, and improve access to capital or know-how across multiple reporting periods.

Negative Factors

Margin erosion

Sustained margin compression weakens reinvestment capacity and competitive positioning. If cost pressures or pricing weakness persist, lower margins reduce ability to fund growth, dividends or absorb fuel/logistics shocks, increasing vulnerability over the medium term.

Weak free cash flow trends

Declining free cash flow limits the firm’s ability to fund capex, reduce debt, or sustain shareholder returns without external financing. Over several quarters this constrains strategic flexibility and heightens sensitivity to cost or demand shocks in a capital-intensive industry.

Top-line momentum concerns

Persistent or volatile revenue growth undermines economies of scale and pricing leverage in cement. Without stable top-line expansion, fixed-cost absorption worsens, pressuring margins and long-term return on invested capital, hampering growth initiatives over 2-6 months.

Heidelbergcement India Limited. Business Overview & Revenue Model

Company Description

HeidelbergCement India Limited manufactures and sells cement in India. The company offers Portland pozzolana cement and Portland slag cement under the mycem, mycem Primo, and mycem Power brand. It also provides concrete solution lab and mobile technical lab services. The company was formerly known as Mysore Cements Limited and changed its name to HeidelbergCement India Limited in April 2009. The company was incorporated in 1958 and is based in Gurugram, India. HeidelbergCement India Limited is a subsidiary of Cementrum I.B.V.

How the Company Makes Money

HeidelbergCement India Limited generates revenue primarily through the sale of its cement products, which are a critical component in the construction industry. The company benefits from a strong distribution network that enables it to reach customers across different regions in India. Key revenue streams include direct sales to builders, contractors, and retail customers. Additionally, HEIDELBERG may engage in strategic partnerships with construction firms and real estate developers, providing them with customized products and solutions. Factors contributing to its earnings include market demand for construction materials, pricing strategies, and operational efficiencies in production and logistics.

Heidelbergcement India Limited. Financial Statement Overview

Summary

Heidelbergcement India Limited exhibits a mixed financial profile. The balance sheet is strong with conservative leverage, but the income statement shows declining margins and negative revenue growth. Cash flows are stable, though declining free cash generation could impact future growth.

Income Statement

The income statement reveals mixed performance with fluctuating revenue and declining profitability metrics. The Gross Profit Margin and Net Profit Margin have shown some volatility, indicating inconsistent cost management. Revenue growth has been negative in recent years, suggesting challenges in maintaining revenue momentum. EBIT and EBITDA margins have also been decreasing, pointing to operational inefficiencies.

Balance Sheet

The balance sheet is relatively strong with a low Debt-to-Equity Ratio, indicating conservative leverage. The Equity Ratio is robust, reflecting financial stability and strong asset backing. However, the Return on Equity has been under pressure due to declining net income, affecting the overall attractiveness of equity returns.

Cash Flow

Cash flow analysis shows a stable operating cash flow, but declining Free Cash Flow over recent periods. The Operating Cash Flow to Net Income ratio is healthy, indicating good cash conversion efficiency. However, Free Cash Flow to Net Income ratio has been declining, hinting at potential pressures on free cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.14B	21.49B	23.66B	22.38B	22.97B	21.17B
Gross Profit	13.32B	8.81B	7.43B	5.99B	7.59B	8.10B
EBITDA	2.93B	2.85B	3.71B	2.94B	4.84B	5.53B
Net Income	1.15B	1.07B	1.68B	991.70M	2.52B	3.15B
Balance Sheet
Total Assets	0.00	25.42B	26.61B	26.65B	28.24B	28.45B
Cash, Cash Equivalents and Short-Term Investments	4.78B	4.63B	5.68B	5.84B	4.98B	4.30B
Total Debt	0.00	754.10M	1.37B	1.82B	1.99B	3.06B
Total Liabilities	-13.95B	11.47B	11.91B	12.03B	12.59B	13.52B
Stockholders Equity	13.95B	13.95B	14.70B	14.61B	15.65B	14.94B
Cash Flow
Free Cash Flow	0.00	1.74B	2.76B	1.99B	2.55B	3.91B
Operating Cash Flow	0.00	2.84B	3.50B	2.26B	3.02B	4.39B
Investing Cash Flow	0.00	-1.09B	-479.10M	1.44B	-350.00M	-1.73B
Financing Cash Flow	0.00	-2.54B	-2.42B	-2.67B	-3.28B	-3.04B

Heidelbergcement India Limited. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 175.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HEIDELBERG, the sentiment is Neutral. The current price of 175.7 is above the 20-day moving average (MA) of 168.74, above the 50-day MA of 173.23, and below the 200-day MA of 191.96, indicating a neutral trend. The MACD of -2.02 indicates Negative momentum. The RSI at 50.96 is Neutral, neither overbought nor oversold. The STOCH value of 79.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:HEIDELBERG.

Heidelbergcement India Limited. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ORIENTCEM	60 Neutral	₹32.42B	10.46	―	0.29%	3.43%	100.99%
MANGLMCEM	59 Neutral	₹21.45B	26.86	―	0.19%	10.61%	43.88%
STARCEMENT	58 Neutral	₹88.78B	28.64	―	0.45%	18.13%	52.87%
HEIDELBERG	57 Neutral	₹38.61B	29.43	―	4.00%	3.06%	-1.48%
SAGCEM	48 Neutral	₹25.60B	-15.11	―	0.33%	3.34%	-112.79%
SANGHIIND	44 Neutral	₹15.62B	-3.68	―	―	32.54%	19.65%

Heidelbergcement India Limited. Corporate Events

HeidelbergCement India Opens Special Window for Share Transfer Requests

HeidelbergCement India Limited has announced a special window for the re-lodgement of transfer requests for physical shares, applicable to cases lodged before April 1, 2019, that were not processed due to documentation deficiencies or other reasons. This initiative, running from July 7, 2025, to January 6, 2026, aims to facilitate the transfer of shares in dematerialized form, potentially impacting shareholders by providing an opportunity to rectify past transfer issues.

HeidelbergCement India Reports No Transfer Re-lodgement Requests for October 2025

HeidelbergCement India Limited announced that there were no requests received for the re-lodgement of transfer requests in physical form during October 2025, as confirmed by their Registrar and Share Transfer Agent. This update aligns with the SEBI circular regarding the special window for such requests, indicating a stable operational status with no pending transfer issues for the company.