Mangalam Cement Ltd (MANGLMCEM) AI Stock Analysis

• Market Cap: ₹22.13B
• Dividend Yield: 0.19%
• Average Volume (3M): 1.76K
• Price to Earnings (P/E): 46.5
• Beta (1Y): 0.86
• Revenue Growth: 10.61%
• EPS Growth: 43.88%
• Country: IN
• Employees: 1,031
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 4.13
• Shares Outstanding: 27,497,297
• 10 Day Avg. Volume: 1,236
• 30 Day Avg. Volume: 1,758
• PEG Ratio: -1.93
• Price to Book (P/B): 2.50
• Price to Sales (P/S): 1.27
• P/FCF Ratio: 442.14
• 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): 62.4
• Revenue Forecast (FY): ₹18.57B

• Rating: 59 Neutral
• Price Target: ₹871.00 ▲(14.60% Upside)
• Action: Reiterated Date: 10/16/25
• Date: Action: Reiterated 10/16/25

Mangalam Cement Ltd's overall stock score reflects a mixed financial performance with challenges in profitability and cash flow stability. The technical analysis indicates neutral momentum, and the valuation suggests the stock is relatively expensive with a low dividend yield. These factors contribute to a moderate overall score.

Positive Factors

Regional distribution network

A diversified go-to-market mix across trade/retail and institutional channels provides durable demand access. Regional distribution reduces freight-driven cost swings and supports stable volume mix, helping sustain sales across construction and infrastructure cycles over months.

Balance sheet strength

A moderate debt-to-equity ratio and healthy equity base indicate financial flexibility. This manageable leverage supports capacity to fund maintenance capex, withstand cyclical downturns, and pursue selective investment without stressing liquidity over a multi-month horizon.

Positive operating cash and stable EBITDA

Consistent positive operating cash flow combined with a relatively stable EBITDA margin indicates the core manufacturing business can generate cash from operations. This underpins working capital needs and supports reinvestment or gradual deleveraging over time.

Negative Factors

Revenue volatility

Intermittent revenue growth and a recent decline signal sensitivity to regional demand and pricing. Persistent top-line variability undermines planning for capacity utilization, margin recovery and long-term investment allocation across the business over coming months.

Free cash flow volatility

Volatile free cash flow, including a notable recent decrease, constrains the company’s ability to fund capex, reduce debt, or return capital. Over a 2-6 month horizon this can limit financial flexibility and amplify exposure to working-capital or capex timing risks.

Margin and ROE pressure

Sustained margin compression and weakening ROE reduce long-term profitability and shareholder returns. Persistent cost pressures or pricing weakness can erode competitive reinvestment capacity and make it harder to improve returns within the next several months.

Mangalam Cement Ltd Business Overview & Revenue Model

Company Description

Mangalam Cement Limited manufactures and sells cement in India. The company offers Portland Pozzolana, 43 grade, and 53 grade cement under the Birla Uttam brand name. It also provides fly ash based PPC cement under the Mangalam ProMaxX brand name. Mangalam Cement Limited was incorporated in 1976 and is based in Kolkata, India.

How the Company Makes Money

Mangalam Cement Ltd primarily makes money by producing and selling cement to customers in the construction value chain. Its core revenue stream comes from domestic sales of cement, typically sold through a mix of (a) trade/retail channels (dealers, distributors, and retailers serving individual home builders and small contractors) and (b) non-trade or institutional channels (bulk customers such as infrastructure contractors, real-estate developers, and government-related projects). Revenue is recognized based on the volume of cement dispatched and the realized net selling price, which is influenced by regional demand-supply conditions, product mix, and freight terms. The company’s earnings are therefore driven by cement sales volumes, price realization per tonne/bag, and the ability to manage key input costs (power and fuel, raw materials, packing, and logistics) that affect operating margins. Information on significant partnerships or other distinct non-cement revenue streams is null.

Mangalam Cement Ltd Financial Statement Overview

Summary

Mangalam Cement Ltd exhibits a mixed financial performance. The income statement highlights profitability challenges with fluctuating revenue and pressure on margins. The balance sheet is robust, demonstrating a prudent capital structure and manageable leverage. However, the cash flow statement reveals inconsistencies, pointing to potential issues in cash flow management.

Income Statement

Mangalam Cement Ltd shows a mixed performance in its income statement. The company has seen fluctuations in revenue growth, with a decline in the recent year, indicating potential market challenges. Profitability margins, such as the net profit margin and EBIT margin, have been under pressure, but EBITDA margin remains relatively stable. These trends suggest some strengths in operational efficiency but highlight challenges in maintaining revenue growth and controlling costs.

Balance Sheet

The balance sheet reflects a stable financial position with a moderate debt-to-equity ratio, indicating manageable leverage levels. The equity ratio remains healthy, suggesting a strong equity base relative to total assets. Return on Equity (ROE) has faced some pressure, reflecting challenges in profit generation. Overall, the company's balance sheet is solid, with a focus on maintaining a balanced capital structure.

Cash Flow

Cash flow analysis indicates some volatility in free cash flow, with a significant decrease in the latest period. Operating cash flow remains positive, but the ratio to net income has been inconsistent, reflecting potential inefficiencies in cash generation from operations. While the company can generate cash, the fluctuations in free cash flow suggest challenges in sustaining long-term cash flow stability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	17.88B	16.81B	17.25B	17.92B	15.64B	12.99B
Gross Profit	11.35B	7.03B	8.81B	5.76B	8.11B	5.49B
EBITDA	2.54B	2.18B	2.22B	1.38B	2.30B	2.58B
Net Income	770.84M	450.63M	597.17M	171.23M	777.05M	934.66M
Balance Sheet
Total Assets	23.50B	21.66B	20.68B	19.90B	19.28B	18.58B
Cash, Cash Equivalents and Short-Term Investments	2.12B	1.96B	2.16B	2.14B	2.56B	2.30B
Total Debt	7.34B	6.27B	6.07B	6.21B	6.28B	6.32B
Total Liabilities	14.50B	13.14B	12.56B	12.34B	11.86B	11.90B
Stockholders Equity	9.00B	8.52B	8.12B	7.56B	7.42B	6.68B
Cash Flow
Free Cash Flow	-1.21B	48.15M	837.11M	114.81M	640.27M	1.55B
Operating Cash Flow	175.06M	1.30B	1.82B	1.39B	1.89B	2.34B
Investing Cash Flow	-1.03B	-1.41B	-1.12B	-635.60M	-1.34B	-1.72B
Financing Cash Flow	625.23M	38.64M	-858.85M	-894.35M	-730.76M	-413.38M

Mangalam Cement Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 760.05
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANGLMCEM, the sentiment is Positive. The current price of 760.05 is below the 20-day moving average (MA) of 857.02, below the 50-day MA of 804.18, and below the 200-day MA of 760.87, indicating a neutral trend. The MACD of -1.09 indicates Positive momentum. The RSI at 49.97 is Neutral, neither overbought nor oversold. The STOCH value of 36.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANGLMCEM.

Mangalam Cement Ltd 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%
MANGLMCEM	59 Neutral	₹22.13B	46.52	―	0.19%	10.61%	43.88%
SAURASHCEM	55 Neutral	₹6.66B	-22.13	―	2.39%	2.37%	55.27%
DECCANCE	48 Neutral	₹9.03B	-467.16	―	0.08%	-28.32%	93.44%
SHREDIGCEM	45 Neutral	₹8.94B	-48.17	―	1.66%	3.09%	-50.15%

Mangalam Cement Ltd Corporate Events

Mangalam Cement Files Monthly Report on Physical Share Transfer Re-lodgement

Mangalam Cement Ltd has submitted to the stock exchanges its monthly report on the re-lodgement of transfer requests for physical shares, as required under a recent Securities and Exchange Board of India (SEBI) circular governing such transactions. For December 2025, the company’s registrar and share transfer agent, Mas Services Ltd, reported that two re-lodgement requests were received, one was rejected, none were approved, and one remains under process, with no average processing time applicable for the month. The disclosure underscores the company’s compliance with updated SEBI norms on physical share transfers and provides transparency for shareholders regarding the handling of legacy physical share certificates.