Mangalam Cement Ltd

₹ 750 0.94%

14 Jan

🔗 Website | BSE: 502157 | NSE: MANGLMCEM

Market Cap2,062

Current Price750

High / Low958

Stock P/E26.8

Book Value327

Dividend Yield0.20

ROCE9.87

ROE5.70

ABOUT

Mangalam Cement Limited, incorporated in 1976, is engaged in the manufacturing of Cement in India and is a professionally run company, managed by Smt. Vidula Jalan of the B.K. Birla group. The Co. has its own manufacturing plants in Morak (Rajasthan) and Aligarh (Uttar Pradesh). The company markets and sells its product under the brand name of Birla Uttam Cement.[1][2]

Stock Analysis

### Description Mangalam Cement Limited, incorporated in 1976, is engaged in the manufacturing of Cement in India and is a professionally run company, managed by Smt. Vidula Jalan of the B.K. Birla group. The company has its own manufacturing plants in Morak (Rajasthan) and Aligarh (Uttar Pradesh). The company markets and sells its product under the brand name of Birla Uttam Cement. ### Key Growth Triggers Quarterly results have shown revenue and profit growth in recent periods. The company approved opening a branch office in Dubai for raw material sourcing, aiming to improve supply chain efficiency and potentially secure more competitive pricing. ### Order Book Currently no data available for Order Book. ### Key Red Flags The rejection of the mining lease bid by the Rajasthan government is a significant development that may affect the company's raw material sourcing strategy and future cost structure. The company is evaluating the situation and considering legal options. ### Key Dates To Watch - January 2, 2026: Company received the order from the Government of Rajasthan rejecting its bid. - The company is examining the matter and considering its future course of action.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	UltraTech Cem.	12255.00	49.24	361129.32	0.63	1237.98	75.23	19606.93	20.33	10.89	81724.53	18.35	7334.75	1231.58	5.01	5.19	0.35
2.	Grasim Inds	2795.80	43.96	190260.27	0.36	1498.04	68.24	39899.58	16.59	7.50	159663.26	20.07	4327.58	553.48	1.91	1.69	2.06
3.	Ambuja Cements	549.55	23.64	135839.06	0.36	2302.28	233.64	9174.49	21.48	10.50	38772.67	18.83	5746.21	1935.75	2.42	7.02	0.02
4.	Shree Cement	27550.00	57.83	99402.46	0.40	309.82	303.60	4761.07	17.44	6.71	20146.65	23.33	1718.89	308.51	4.43	3.97	0.10
5.	J K Cements	5712.00	42.65	44135.62	0.26	159.25	275.56	3019.20	17.93	13.99	12883.19	18.56	1034.93	160.53	6.81	5.11	1.00
6.	Dalmia BharatLtd	2177.30	36.70	40838.73	0.41	239.00	413.04	3417.00	10.69	5.58	14325.00	20.13	1112.86	236.00	2.31	2.48	0.40
7.	ACC	1728.10	10.04	32451.52	0.43	1119.26	401.44	5931.67	27.99	17.44	24060.83	14.84	3230.72	1119.23	1.63	9.46	0.02
8.	Mangalam Cement	749.90	26.75	2062.02	0.20	20.11	513.11	394.88	9.95	9.87	1787.90	12.05	77.09	20.11	2.29	2.24	0.82

Quarterly Results

Figures in Cr.

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	399	429	459	421	428	439	437	381	359	438	503	452	395
YOY Sales Growth %	6.25%	12.84%	1.7%	-18.15%	7.26%	2.38%	-4.79%	-9.5%	-16.13%	-0.24%	15%	18.7%	9.95%
Expenses	392	408	414	369	380	382	392	351	329	395	449	377	352
Material Cost %	15.04%	22.94%	10.87%	11.87%	12.49%	13.92%	14.55%	11.77%	12.93%	18.5%	27.07%	11.06%	10.09%
Employee Cost %	6.21%	6.61%	6.49%	7.21%	8.42%	6.94%	7.16%	9.28%	9.34%	7.08%	6.47%	8.28%	8.81%
Operating Profit	7	21	45	51	48	57	46	30	30	43	54	75	43
OPM %	2%	5%	10%	12%	11%	13%	10%	8%	8%	10%	11%	17%	11%
Other Income	-10	15	6	6	8	6	19	32	10	5	13	11	10
Exceptional items	-19.45	0	0	0	0	0	0	0	0	0	0	0	0
Other income normal	9.1	15.39	6.09	5.7	8.09	5.51	19.18	31.78	10.22	5.32	13.3	10.62	9.75
Interest	19	15	15	16	18	17	17	16	17	16	19	17	16
Depreciation	17	18	17	18	18	19	19	19	19	19	21	20	20
Profit before tax	-39	3	20	23	20	27	29	26	4	13	27	49	16
Tax %	-31%	83%	22%	36%	41%	41%	41%	35%	10%	40%	37%	34%	-22%
Net Profit	-27	1	16	15	12	16	17	17	3	8	17	32	20
EPS in Rs	-9.86	0.19	5.68	5.34	4.29	5.8	6.28	6.2	1.19	2.84	6.15	11.73	7.31

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	697	922	842	1,045	1,080	1,200	1,228	1,305	1,566	1,802	1,725	1,681	1,788
Sales Growth %	-1.24%	32.2%	-8.69%	24.15%	3.31%	11.11%	2.39%	6.24%	20.01%	15.04%	-4.22%	-2.58%	—
Expenses	642	831	797	927	997	1,142	1,029	1,060	1,348	1,654	1,523	1,520	1,572
Material Cost %	23%	21%	25%	16%	18%	18%	12%	17%	18%	16%	13%	18%	—
Raw material cost	132	221	187	153	199	199	197	219	270	279	291	297	—
Change in inventory	27	-32	22	18	-5	14	-55	5	6	14	-62	12	—
Manufacturing Cost %	29%	32%	27%	37%	32%	37%	32%	27%	33%	40%	58%	55%	—
Employee Cost %	6%	6%	9%	8%	8%	7%	9%	9%	8%	6%	7%	8%	—
Other Cost %	34%	31%	34%	28%	34%	33%	31%	28%	28%	30%	9%	9%	—
Operating Profit	56	90	45	118	82	57	200	245	218	148	203	161	216
OPM %	8%	10%	5%	11%	8%	5%	16%	19%	14%	8%	12%	10%	12%
Other Income	5	0	6	21	28	24	30	25	27	16	38	57	39
Exceptional items	0	-2	1	0	1	3	0	-0	1	-13	-0	-4	—
Other income normal	5	3	6	20	27	21	29	25	27	29	38	61	—
Interest	9	38	46	47	47	51	63	69	64	66	68	69	68
Depreciation	28	34	37	40	44	46	49	63	62	69	74	79	81
Profit before tax	24	19	-31	50	19	-16	117	138	119	28	99	70	106
Tax %	-24%	6%	-31%	27%	40%	-39%	35%	32%	35%	38%	40%	36%	—
Net Profit	30	18	-21	37	11	-10	76	93	78	17	60	45	77
Exceptional items AT	0	-2.26	0.81	0.1	0.3	2.63	0.16	-0.02	0.37	-8.12	-0.13	-2.32	—
Profit excl Excep	29.61	20.18	-22.27	36.53	11.08	-12.37	75.74	93.49	77.34	25.24	59.85	47.38	—
Profit for PE	29.61	20.18	-22.27	36.53	11.08	-12.37	75.74	93.49	77.34	25.24	59.85	47.38	—
Profit for EPS	29.61	17.92	-21.46	36.63	11.38	-9.74	75.9	93.47	77.71	17.12	59.72	45.06	—
EPS in Rs	11.09	6.71	-8.04	13.72	4.26	-3.65	28.43	35.02	28.26	6.23	21.72	16.39	28.03
Dividend Payout %	27%	30%	-6%	5%	12%	-14%	4%	4%	5%	24%	7%	9%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	27	27	27	27	27	27	27	28	28	28	28	28	28
Reserves	480	491	447	479	488	477	549	640	715	729	784	824	873
Borrowings	368	382	428	391	372	518	585	632	628	621	607	627	734
Long term Borrowings	343	290	281	228	189	292	348	413	363	291	245	194	232
Short term Borrowings	13	33	69	71	92	114	144	214	261	321	355	421	482
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	11	58	78	91	92	112	91	0	0	0	-0	-0	—
Other Liabilities	267	312	291	316	333	393	432	558	558	612	649	687	716
Trade Payables	69	104	111	126	144	167	180	194	177	249	235	245	274
Advance from Customers	15	15	14	22	17	18	15	35	42	32	24	20	—
Other liability items	184	193	166	168	172	209	236	328	339	331	390	423	442
Total Liabilities	1,142	1,212	1,192	1,213	1,220	1,414	1,593	1,858	1,928	1,990	2,068	2,166	2,350
Fixed Assets	515	757	744	814	831	821	915	980	1,141	1,170	1,165	1,185	1,155
Land	31.41	33.25	32.57	34.16	34.88	38.47	39.33	94.52	94.63	94.63	94.78	94.78	—
Building	38.97	40.02	40.39	65.5	67.33	87.41	112.48	124.81	186.15	213.15	258.12	275.24	—
Plant Machinery	759.11	1,000.05	657.65	733.67	787.64	796.5	910.08	974.1	1,133.09	1,201.75	1,214.89	1,271.14	—
Equipments	0.49	0.5	0.14	0.15	0.46	0.46	1.56	1.67	1.68	1.89	2.3	2.44	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	5.16	5.63	3.86	4.44	7.08	8.98	10.46	10.38	9.39	9.79	9.04	11.29	—
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	8.33
Other fixed assets	29.04	29.42	12.45	14.91	16.93	16.95	16.95	16.96	19.41	19.43	22.48	26.85	—
Gross Block	871.6	1,147.89	780.92	890.35	952.09	987.14	1,129.39	1,261.17	1,483.23	1,579.69	1,647.85	1,728.12	—
Accumulated Depreciation	356.59	391.24	36.66	76.76	120.81	166.23	213.96	280.97	342.21	409.78	483.19	543.24	—
CWIP	255	31	71	49	5	73	21	112	10	17	43	5	110
Investments	36	36	20	28	36	33	65	71	104	78	84	91	76
Other Assets	337	388	358	323	348	487	591	694	673	725	776	884	1,010
Inventories	116	159	116	102	112	117	164	224	203	257	308	275	365
Trade receivables	23	29	35	34	36	35	27	39	37	37	34	40	37
Receivables under 6m	22.39	28.12	23.17	34.34	36.49	35.24	26.91	41.8	30.09	36.49	34.2	39.05	—
Receivables over 6m	0.34	0.71	11.53	0	0	0	0	0	9.46	3.37	3.14	3.6	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	46	29	29	25	22	14	84	166	153	143	155	167	145
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	1,142	1,212	1,192	1,213	1,220	1,414	1,593	1,858	1,928	1,990	2,068	2,166	2,350

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	63	48	75	163	86	84	216	234	189	139	182	188
Profit from operations	56	91	47	118	97	69	207	251	231	148	215	197
Receivables	-11	-52	-6	0	-2	-46	40	-30	-25	-1	14	-55
Inventory	21	-43	43	14	-10	-5	-48	-41	21	-53	-51	32
Payables	8	52	7	15	17	66	28	70	-13	58	12	27
Loans Advances	0	0	-0	0	0	0	0	0	0	0	0	0
Other WC items	0	0	-15	17	-11	0	0	0	0	0	0	0
Working capital changes	17	-43	28	47	-6	16	20	-1	-17	4	-25	5
Direct taxes	-10	4	-0	-1	-5	0	-11	-17	-25	-14	-8	-14
Cash from Investing Activity	-226	-50	-62	-91	-17	-176	-156	-172	-134	-64	-112	-132
Fixed assets purchased	-231	-53	-66	-91	-19	-102	-167	-78	-125	-127	-99	-125
Fixed assets sold	0	0	1	3	1	1	1	0	1	2	0	11
Investments purchased	-0	-40	-20	-10	-23	-210	-110	-65	-55	-89	-0	-44
Investments sold	-0	41	21	5	18	219	80	30	25	123	-0	40
Interest received	5	1	2	2	2	3	8	15	16	10	10	9
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	—	—	—	—	—	—	—	—	—	—	—	—
Other investing items	-0	-0	-0	-0	4	-88	32	-74	4	18	-23	-23
Cash from Financing Activity	116	-18	-13	-77	-67	83	3	-41	-73	-89	-86	-63
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	0	40	104	39	48	227	229	223	203	135	100	134
Repayment of borrowings	0	-11	-69	-72	-85	-89	-160	-193	-204	-145	-110	-122
Interest paid fin	-8	-38	-42	-45	-47	-54	-63	-67	-66	-72	-69	-66
Dividends paid	-19	-9	-6	-2	-2	-2	-2	-3	-4	-4	-4	-4
Financial liabilities	0	0	0	0	0	0	-1	-2	-2	-3	-3	-5
Other financing items	143	0	0	2	20	0	0	0	0	0	0	0
Net Cash Flow	-46	-20	-0	-5	2	-9	63	20	-18	-14	-15	-7

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	12	11	15	12	12	11	8	11	9	8	7	9
Inventory Days	266	305	202	216	210	200	421	366	270	320	492	326
Days Payable	158	200	194	269	270	286	463	316	235	310	377	290
Cash Conversion Cycle	120	116	23	-40	-47	-75	-34	60	43	17	123	45
Working Capital Days	49	21	-21	-42	-43	-25	-37	-56	-54	-67	-77	-91
ROCE %	4%	7%	2%	11%	7%	3%	17%	17%	14%	8%	12%	10%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	31.95%	31.95%	34.35%	36.32%	36.63%	36.94%	36.94%	36.94%	37.82%	39.53%	39.53%	40.01%
Aditya Birla Real Estate Limited (Formally Century___	—	—	—	—	—	—	—	—	—	8.65	8.65	8.65
Anshuman Vikram Jalan	0.35	0.35	0.35	0.35	0.35	0.86	0.86	0.86	1.04	1.04	1.08	1.08
Ava Trading And Consulting Private Limited	—	—	—	—	—	—	—	—	0.02	0.07	0.07	0.21
Avayaan Vikram Jalan	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
B_ K_ Birla Foundation	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Basant Kumar Birla	0.04	0.04	0.04	—	—	—	—	—	—	—	—	—
Century Textiles And Industries Ltd	8.65	8.65	8.65	8.65	8.65	8.65	8.65	8.65	8.65	—	—	—
Cygnet Industries Limited	0	0	0	0	0	0	0	0	0	0	0	0
Estate Of Basant Kumar Birla	—	—	—	—	—	—	—	0.04	0.04	0.04	0	0
Late Basant Kumar Birla	—	—	—	0.04	0.04	0.04	0.04	—	—	—	—	—
Late Vidula Jalan	—	—	—	0.51	0.51	0	0	—	—	—	—	—
Manav Investment And Trading Company Limited	0	0	0	0	0	0	0	0	0	0	0	0
Mignonette Creations Private Limited	—	—	—	—	—	—	—	—	0.02	0.02	0.02	0.02
Pilani Investment And Industries Corporation Ltd	5.53	5.53	5.53	5.53	5.53	5.53	5.53	5.53	3.71	3.71	1.89	0.07
Rambara Trading Private Limited	3.76	3.76	6.16	8.13	8.44	8.66	8.66	8.66	9.5	10.82	11.73	12.64
Vaishnavi Jalan	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18
Vidula Consultancy Services Limited	12.47	12.47	12.47	12.47	12.47	12.55	12.55	12.55	14.19	14.52	15.43	16.68
Vidula Jalan	0.51	0.51	0.51	—	—	—	—	—	—	—	—	—
FIIs	6.33%	6.41%	6.75%	6.82%	6.2%	5.7%	6.32%	6.17%	6.07%	5.81%	5.87%	6.07%
Elm Park Fund Limited	1.52	1.52	1.52	1.52	4.46	4.46	4.46	4.46	4.46	4.46	4.46	4.46
Hypnos Fund Limited	2.94	2.94	2.94	2.94	—	—	—	—	—	—	—	—
DIIs	2.6%	2.6%	2.62%	2.62%	3.4%	4.36%	4.75%	4.78%	4.79%	4.98%	7.09%	6.94%
Government	—	—	—	—	—	—	—	—	—	—	—	—
Public	59.1%	59.04%	56.28%	54.26%	53.76%	53%	51.97%	52.1%	51.33%	49.69%	47.52%	46.97%
Others	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	36,553	36,201	35,831	34,988	32,210	34,065	32,431	33,027	33,427	31,750	31,516	31,949

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

Mangalam Cement Ltd.: Rajasthan Govt. Rejects Mining Lease Bid; Legal Recourse Considered

3 Jan 2026

Mangalam Cement Reports Strong YoY Profit Growth in Q2 FY26; Trading Window Closure Announced for Q3 FY26 Results

29 Dec 2025

Mangalam Cement: Promoter Inter-se Share Transfer Disclosure Follows Strong Q2 FY26 Results

20 Dec 2025

Mangalam Cement Reports Strong Q2 FY26 Results, Opens Dubai Branch, Faces CGST Penalty

19 Dec 2025

Mangalam Cement: Strong Q1 & Q2 FY26 Results, Dubai Expansion, and CGST Penalty Faced

19 Dec 2025

Other Websites

External media mentions

Promoter Boosts Stake as Mangalam Cement Unearths ₹25,000 Cr Treasure Trove!

18 Dec 2025

Indian Markets Dip: Top Small-Caps Soar Amidst Mixed Sector Performance!

3 Dec 2025

Indian Cement Sector Poised for Growth Amid Big Investments and Infrastructure Push

3 Sept 2025

56 Stocks Turn Ex-Dividend Today, Including Bharat Electronics and Bandhan Bank

14 Aug 2025

News Articles

Editorial & research coverage

Promoter Boosts Stake as Mangalam Cement Unearths ₹25,000 Cr Treasure Trove!

18 Dec 2025

Indian Markets Dip: Top Small-Caps Soar Amidst Mixed Sector Performance!

3 Dec 2025

Documents

Announcements

Intimation Under Regulation 30 Of SEBI ( LODR) Regulations, 2015

3 Jan - Rajasthan rejected Mangalam's Nimana Duniya mining lease bid (408.30 ha); final offer 35.05%; order dated 31-Dec-2025.

Closure of Trading Window

29 Dec - Trading window closed from 1 Jan 2026 until 48 hours after unaudited results for quarter/nine months ending 31 Dec 2025.

Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011

null

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

null

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

null

Annual Reports

FY Financial Year 2025

(from bse)

FY Financial Year 2024

(from bse)

FY Financial Year 2023

(from bse)

FY Financial Year 2022

(from bse)

FY Financial Year 2021

(from bse)

FY Financial Year 2020

(from bse)

FY Financial Year 2019

(from bse)

FY Financial Year 2018

(from bse)

FY Financial Year 2017

(from bse)

FY Financial Year 2016

(from bse)

FY Financial Year 2015

(from bse)

FY Financial Year 2014

(from bse)

FY Financial Year 2013

(from bse)

FY Financial Year 2012

(from bse)

FY Financial Year 2011

(from bse)

Credit Ratings

Rating update

3 Apr 2025 from care

Rating update

19 Mar 2024 from care

Rating update

1 Aug 2023 from fitch

Rating update

4 Aug 2022 from fitch

Rating update

7 Mar 2022 from care

Rating update

5 Aug 2021 from fitch

Concalls

May 2022

Transcript

Mangalam Cement Ltd

ABOUT

Stock Analysis

Peer Comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

News & Updates

BSE Announcements

Other Websites

News Articles

Documents

Announcements

Annual Reports

Credit Ratings

Concalls