NCL Industries Ltd (IN:NCLIND)
:NCLIND
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NCL Industries Ltd
(NCLIND)
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Rating:63Neutral
Price Target:
₹195.00
▼(-6.05% Downside)
Action:Reiterated
Date:05/31/26
The score is driven primarily by improving fundamentals (earnings recovery and stronger balance sheet) offset by weak and inconsistent cash generation. Technical signals are mixed, while valuation looks supportive with a reasonable P/E and modest dividend yield.
Positive Factors
Stronger balance sheet and lower leverage
A materially lower debt-to-equity (~0.25) versus prior years meaningfully increases financial flexibility. This reduces interest burden and refinancing risk, enabling the company to fund maintenance or growth capex, withstand cyclical revenues, and pursue opportunistic investments without stressing liquidity.
Negative Factors
Inconsistent free cash flow generation
Earnings are not reliably converting to cash, with FCF volatile and covering only ~13% of net income in FY2026. This undermines capacity to self-fund capex, pay dividends, or accumulate cash buffers, forcing reliance on external funding in down cycles despite low leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet and lower leverage
A materially lower debt-to-equity (~0.25) versus prior years meaningfully increases financial flexibility. This reduces interest burden and refinancing risk, enabling the company to fund maintenance or growth capex, withstand cyclical revenues, and pursue opportunistic investments without stressing liquidity.
Read all positive factors
NCL Industries Ltd (NCLIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.69B
Dividend Yield1.52%
Average Volume (3M)3.83K
Price to Earnings (P/E)8.6
Beta (1Y)1.25
Revenue Growth1.18%
EPS Growth288.16%
CountryIN
Employees1,026
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)11.04
Shares Outstanding45,232,790
10 Day Avg. Volume3,091
30 Day Avg. Volume3,834
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.70
Price to Sales (P/S)0.46
P/FCF Ratio40.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NCL Industries Ltd Business Overview & Revenue Model
Company Description
NCL Industries Limited is an Indian enterprise primarily involved in the production and distribution of construction supplies. Its operations are diversified across five distinct divisions: Cement, Boards, Readymade Doors, Energy, and Ready Mix Co...
How the Company Makes Money
NCL Industries Ltd makes money mainly by manufacturing and selling cement and related building materials. Revenue is generated from (1) sales of cement to dealers/distributors, builders, and institutional customers for residential, commercial, and...
NCL Industries Ltd Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.08B | 14.22B | 14.11B | 18.71B | 16.10B | 16.33B |
| Gross Profit | 6.90B | 6.25B | 5.48B | 9.12B | 7.04B | 8.28B |
| EBITDA | 1.56B | 1.90B | 1.20B | 2.25B | 1.67B | 2.17B |
| Net Income | 500.84M | 953.91M | 251.97M | 932.19M | 442.87M | 943.50M |
Balance Sheet | ||||||
| Total Assets | 16.33B | 15.74B | 16.35B | 15.39B | 15.20B | 14.71B |
| Cash, Cash Equivalents and Short-Term Investments | 176.18M | 101.29M | 218.12M | 522.53M | 430.17M | 107.17M |
| Total Debt | 2.59B | 2.39B | 2.52B | 2.18B | 2.92B | 3.73B |
| Total Liabilities | 7.44B | 6.34B | 7.77B | 6.90B | 7.50B | 7.30B |
| Stockholders Equity | 8.89B | 9.40B | 8.58B | 8.49B | 7.70B | 7.41B |
Cash Flow | ||||||
| Free Cash Flow | 79.03M | 159.71M | -498.43M | 1.21B | 1.05B | -684.24M |
| Operating Cash Flow | 1.02B | 1.26B | 679.90M | 1.83B | 2.08B | 716.25M |
| Investing Cash Flow | -1.02B | -1.08B | -1.12B | -590.93M | -958.05M | -1.39B |
| Financing Cash Flow | -127.59M | -291.17M | 142.07M | -1.10B | -828.23M | 69.81M |
NCL Industries Ltd Technical Analysis
Positive
207.55
Price Trends
177.83
Positive
178.86
Positive
190.12
Positive
Market Momentum
4.65
Negative
62.89
Neutral
79.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NCLIND, the sentiment is Positive. The current price of 207.55 is above the 20-day moving average (MA) of 181.78, above the 50-day MA of 177.83, and above the 200-day MA of 190.12, indicating a bullish trend. The MACD of 4.65 indicates Negative momentum. The RSI at 62.89 is Neutral, neither overbought nor oversold. The STOCH value of 79.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NCLIND.
NCL Industries Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹8.69B | 8.63 | ― | 1.52% | 1.18% | 288.16% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | ₹6.56B | 45.55 | ― | 2.39% | 8.35% | 107.26% | |
53 Neutral | ₹11.26B | 44.86 | ― | 1.66% | 3.30% | -0.83% | |
49 Neutral | ₹3.46B | -11.78 | ― | ― | 5.86% | 64.40% | |
46 Neutral | ₹8.07B | 28.30 | ― | 0.08% | 20.62% | 280.12% | |
44 Neutral | ₹4.96B | -8.05 | ― | ― | 61.46% | 55.85% |
* Basic Materials Sector Average
IN:NCLIND
NCL Industries Ltd
192.05
-21.61
-10.11%
IN:ACL
Andhra Cements Limited
53.79
-12.84
-19.27%
IN:APCL
Anjani Portland Cement Limited
117.80
-17.05
-12.64%
IN:DECCANCE
Deccan Cements Ltd
576.20
-154.64
-21.16%
IN:SAURASHCEM
Saurashtra Cement Limited
58.98
-27.03
-31.43%
IN:SHREDIGCEM
Shree Digvijay Cement Co. Ltd.
76.17
-0.63
-0.82%
NCL Industries Ltd Corporate Events
NCL Industries Posts Modest Cement Growth as Non-Core Segments Slump in FY 2026
Apr 11, 2026
NCL Industries reported modest growth in its core cement business for the March 2026 quarter and full year, with cement production up 2% year-on-year to 8,02,600 MT for the quarter and 27,68,119 MT for the year, and dispatches also rising by up to...
NCL Industries Confirms SEBI-Compliant Dematerialisation of Shares for March Quarter
Apr 8, 2026
NCL Industries has disclosed that its registrar and transfer agent has certified compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 March 2026. The certificate confirms that phys...
NCL Industries Shareholders Clear Special Resolution to Appoint Independent Director
Apr 1, 2026
NCL Industries Ltd has announced the results of a postal ballot in which shareholders approved a special resolution to appoint Dr. Durga Prasad Subramanyam Anapindi as an independent director. The resolution, conducted through remote e-voting betw...
NCL Industries Reports Loss of Physical Share Certificates, Moves to Issue Duplicates
Mar 26, 2026
NCL Industries Ltd has disclosed to the stock exchanges that its registrar and transfer agent has reported the loss of certain physical share certificates held by investors. The company has notified the exchanges under SEBI’s Regulation 39(3...
NCL Industries Reports Loss of Physical Share Certificates, Moves to Issue Duplicates
Mar 3, 2026
NCL Industries Ltd has notified the stock exchanges about the reported loss of certain physical share certificates, in line with Regulation 39(3) of the SEBI Listing Obligations and Disclosure Requirements. The company, through its registrar and t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.